Tamilnad Mercantile Bank's net profit climbs 79.43% to Rs 90.56 cr in Q1

COIMBATORE: Scheduled private sector lender Tamilnad Mercantile Bank witnessed a impressive growth of 79.43 per cent in its net profit to Rs 90.56 cr for the quarter ended June 30, 2012 as compared to the corresponding quarter of the previous fiscal.

Bank's total income zoomed to Rs 642.74 crore (Rs 451 crore) and the total expenditure (excluding provisions and contingencies) also grew to Rs 499.31 crore (Rs 361.46 crore).

However, TMB's gross NPA dropped from 1.48 per cent, as of end June 2011, to 1.37 per cent at the close of the first quarter of the current fiscal, its net NPA increased from 0.37 per cent to 0.56 per cent.

The net interest margin (NIM) of the bank increased to 4.2 per cent from 3.94 per cent. Deposits increased by 27.84 per cent to Rs 17,649 crore and advances by 37 per cent to Rs 14,553 crore.

In the ongoing financial year, the bank is mulling to open 50 branches.