TMB declares highest-ever dividend

The board of Tuticorin-headquartered Tamilnad Mercantile Bank (TMB) has approved an interim dividend of Rs 900 per share of Rs 10 each (2012-13), which is the highest in terms of percentage.

Bank’s managing director and chief executive officer AK Jagannathan said this would translate to around Rs 25 crore. He was speaking after launching its mobile banking solution.

“This is the first time in the history of the bank that such a big interim dividend is being paid and it will be one of the highest in the banking industry in the country,” said Jagannathan.

The 90-year-old Tamilnad Mercantile Bank has reported 25 per cent growth in net profit, at Rs 313 crore, in 2011-12, and set a target of Rs 500 crore by 2015, with a total business of Rs 62,000 crore. The Nadar community-promoted bank is one of the fastest growing among the 17 small-sized banks in the country .

Jagannathan said year-on-year the bank grew 26 per cent and between April and December during the current fiscal, deposits grew 15 per cent, while advances 19 per cent. By the end of the current fiscal, the bank will touch a total business of Rs 31,000 crore and Rs 50,000 crore by 2014, including deposits of Rs 28,000 crore and advances of Rs 22,000 crore.

Sandip Ginodia

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