Tamilnadu Mercantile Bank (TMB), has posted a total business at the third quarter ended December 2022 stood at 78,242 Crores with a growth rate of 5.69%.
The Bank’s deposit and advance portfolio stood at 43,440crore and 34,802crorerespectively. According to a press release from the bank the performance in terms of credit to Agriculture and MSME, Education and Housing sectors constitute 79.67%of its ANBC, above the regulatory requirement of 40%.The Bank has been giving continued thrust on advances to Priority Sectors like Agriculture, MSME, Education, Housing etc. constituting.
The Advances to Priority sector has increased to 25,636Crores (PY 23,235Crores) with a growth rate of 10.33%. As regards Y-O-Y Performance: (Q3FY23 viz-a-viz Q3FY22), the Bank’s deposits has increased to 43,440crores (PY same period 42,035crores). The Bank’s CASA position has increased to 12,851crores with a growth rate of 10.15%. The Operating Profit is at 404.81Crores for Q3FY23 as against 401.12Crores for Q3FY22. The Net Profit is at 279.70crores for Q3FY23 as against Q3FY22 202.88Crores) registering the growth rate of 37.86%.
As regards new initiative, the bank has opened two branches during the Q3FY23. We have plans to open another 25 branches before the end of the current fiscal year.The Bank has embarked into various digital tie ups for providing many digital services to our customers in a phased manner, according to an official communication from the bank.