Tamilnad Mercantile Bank Records Highest Ever Net Profit of ₹1,072 Cr in Q4FY24, Announces Dividend of Rs 10/share
Bank’s Performance Highlights
- Total Business has increased to ₹ 89,485 crore from ₹85,348 crore Y-o-Y
- CASA has increased to ₹ 14,676 crore from ₹ 13,736 crore Y-o-Y
- Book Value of Share has increased to ₹500 from ₹438 Y-o-Y
- Net profit has surged to ₹1,072 crore from ₹1,029 crore Y-o-Y
- Interest income has improved to ₹4,848 crore from ₹4,081 crore Y-o-Y
- Total income has moved to ₹5,493 crore from ₹4,710 crore Y-o-Y
- The RAM segment has increased to 91% from 87% Y-o-Y
- The CRAR% has increased to 29.37% from 26.26% Y-o-Y
- Total SMA to Gross Advances has reduced to 3.97% from 6.51% Y-o-Y
- StressedAssets ratio has decreased to 2.70% from 3.18% Y-o-Y
| Parameters | March 2023 (Q4) | March 2024 (Q4) | Growth – YoY % |
| CASA | 13,736 | 14,676 | 6.84% |
| Total Deposits | 47,766 | 49,515 | 3.66% |
| Total Advances | 37,582 | 39,970 | 6.35% |
| Total Business | 85,348 | 89,485 | 4.85% |
| Retail, Agri & MSME (RAM) | 32,760 | 36,484 | 11.37% |
| Networth | 6,928 | 7,921 | 14.33% |
| Book Value (₹) | 437.53 | 500.23 | – |
| Gross NPA | 1.39% | 1.44% | – |
| Net NPA | 0.62% | 0.85% | – |
| Provision Coverage Ratio | 90.90% | 87.52% | – |
| ROA | 1.97% | 1.84% | – |
| ROE | 16.78% | 14.44% | – |
| EPS (₹) | 68.06 | 67.70 | – |
| CRAR | 26.26% | 29.37% | – |
₹ in Crore
FY 2023-24 Performance
- CASA has increased by ₹940 crore to ₹14,676 crore as at 31st March 2024 from ₹13,736 crore
as YoY basis.
- The Bank’s deposit has increased to ₹49,515 crores (PY same period ₹47,766 crores)
- The advance level of the Bank has increased to ₹39,970 crore with a growth rate of 6.35%
- The Net Profit is at ₹1072 crores as on 31.03.2024 as against ₹1029 Crores for the year ended 31.03.2023 registering the growth rate of 4.18%.
- The Net Interest Income (NII) has increased to ₹2,151 crore as on 31.03.2024 (₹2,094 Crores as on 31.03.2023) registering a growth rate of 2.72%.
- Return on Asset at 1.84 % & Return on Equity at 14.44 % (PY 1.97 % and 16.78% respectively)
- The Bank’s Net worth increased to ₹7921 crores (PY ₹6,928 crores) with an absolute rise of
₹ 993 crores registering a growth rate of 14.33 %
- The Gross NPA as a percentage to Total Advances stood at 1.44 % and Net NPA stands at
0.85 %. (PY 1.39% and 0.62 % respectively)
Q4 FY2023 24 Performance
- During the Quarter ended March’24 – CASA increased by 5.85% over the previous
- Quarter (Q3FY24)
- During Q4 the total deposits increased by 5.80% over the previous quarter (Q3FY24) & by 3.66 % over the Q4FY23.
- While the advances of the Bank increased by about 4.13% during Q4FY24 over the position as on the previous quarter (Q3FY24), it increased by 6.35% over the position as on Q4 of FY2022-23.
- The Net Interest Income during the Q4FY24 increased by 5.59% over the corresponding
- previous Quarter (Q3FY24).
Dividend Recommendation
Ø Board of Directors of the bank has recommended the payment of final dividend of Rs.10/- (100%) per equity share of the face value of Rs.10 each for the financial year 2023-24 subject to the approval of the shareholders at the ensuing AGM of the Bank.
New initiatives
- Opened 22 branches during the financial year 2023-24. We have plans to open another 50 branches in the financial year 2024-25.
- To tap the emerging MSME Market with focused attention, MSME Loan Processing HUB has been started at Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Madurai, Mumbai, Thoothukudi, Trichy, Salem
- Launched Enhanced Business Correspondent (BC) Services.