TMB posts 7.43 % growth

Mr. S.Krishnan, Managing Director and CEOof the Tamilnad Mercantile Bank Ltd (TMB) declared results for the half year ended September 2022 at the Board of Directors meeting held on October 27. The total business of the bank at the halfyear ended September 2022 stood at 78,013.18 Crores with a growth rate of 7.43%. 

According to an official communication from TMB, The Bank has been giving continued thrust on advances to priority sectors like Agriculture, MSME, Education, Housingetc. constituting 66.64% of its ANBC, above the regulatory requirement of 40%. The Advances to Priority sector has increased to 25,079.09Crores (PY 22,878.78Crores)with a growth rate of 9.61%. 

The Bank’s deposits has increased to 43,136.65 crores (PY 41,022.21crores) while the CASA position has increased to13,192.64 crores with a growth rate of 15.32%. The Bank has raised a Capital of Rs.831.68 Cr through IPO which contributed to the increase in the Capital. 

The restriction on branch opening is lifted by RBI wef 21.10.2022 based on the listing of shares of the bank in BSE & NSE.