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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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