Tamilnad Mercantile Bank Q3 Results: Profit rises 6% to Rs 300 crore
Tamilnad Mercantile Bank reported a 6% rise in third quarter net profit at Rs 300 crore against Rs 284 crore in the year ago quarter.
Operating profit was 10% higher at Rs 408 crore against Rs 370 crore, buoyed by 20% expansion in non interest income at Rs 189 crore.
Its net interest income was at Rs 570 crore, up 6% over Rs 537 crore seen in the year-ago quarter.
The bank's advances grew 13.7% year-on-year to Rs 43,650 crore while deposits rose 7.7% to Rs 50,392 crore
Gross non-performing assets ratio fell to 1.32% at the end of December from 1.69% a year back. Net NPA was at 0.41% against 0.98% with the provision coverage ratio being at 69%, up from 41.93%.
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