Tamilnad Mercantile Bank reports 58% rise in net profit

Tamilnad Mercantile Bank (TMB) has disbursed over 10,000 fresh advances amounting to ₹927.63 crore under the Emergency Credit Line Guarantee Scheme (ECLGS). Sixty seven per cent of eligible accounts claimed the moratorium under the Covid-19 scheme, said the bank’s Managing Director and Chief Executive Officer KV Rama Moorthy.

The Thoothukudi-headquartered bank has reported a 57.6 per cent increase in its net profit for the year ended March 2020 at ₹407.69 crore compared with the year-ago’s profit of ₹258.58 crore.

Sandip Ginodia , Director

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