Skip to main content

Tamilnad Mercantile Bank Records 58% Increase In FY20 Net Profit



Private sector lender Tamilnad Mercantile Bank (TMB) has recorded a 57.66% jump in its net profit to Rs 407.69 crore for FY20, against Rs 258.58 crore in the previous fiscal. The bank’s deposits have increased to Rs 36,825.03 crore as compared to Rs 35,136.23 crore, with a growth rate of 4.81%, while the CASA position has increased to Rs 9,518.08 crore with a growth rate of 9.99%. The advances level of the bank has increased to Rs 28,236.18 crore with a growth rate of 4.51%, TMB said in a press release.

The non-interest income of the bank stood at Rs 526.45 crore as compared to Rs 414.31 crore while the net interest income (NII) has increased to Rs 1,319.51 crore from Rs 1,230.16 crore. The bank’s interest income stood at Rs 3,466.11 crore with a 7.49% increase from previous year’s figure of Rs 3,224.46 crore.


The release said the gross NPA as a percentage to total advances reduced to 3.62% from 4.32% and net NPA dropped to 1.80% from 2.40%. The capital adequacy ratio (Basel III) of the bank increased to 16.74% from 16.17%. The provision coverage ratio of the bank stood increased to 80.75% from 73.61%.

 

The bank has been giving continued thrust on advances to priority sectors like agriculture, MSME, education and housing constituting 68.49% of its adjusted net bank credit (ANBC), above the regulatory requirement of 40%. The advances to priority sector has increased to `18,711.73 crore from `16,933.90 crore, with a growth rate of 10.50%.

 

The bank’s advances to agriculture sector stood at ?6,993.90 crore which constitutes 25.60% of total advances, above the regulatory requirement of 18%. Credit to MSME sector has increased to Rs 10,706.08 crore as against Rs 10,082.77 crore, logging growth rate of 6.18%.

 

According to the release, the bank has disbursed 10,005 fresh advances totally to the tune of Rs 927.63 crore under the Emergency Credit Line Guarantee Scheme (ECLGS) during the Covid-19 outbreak. Around 67% of eligible accounts availed the moratorium announced under Covid-19 scheme. Besides, provisions to the tune of Rs 36.19 crore have been made for the standard assets as against the RBI provision of 5% under the Covid-19 scheme. 


Sandip Ginodia , CEO

 

ALTIUS INVESTECH PVT LTD

 

We deal in over 60 unlisted companies with 15 years of experience 

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com

Labels:

Comments

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated that it will continue t
Post a Comment
Read more

TCS merger with TCS e serve

The board of Tata Consultancy Services (TCS) in its meeting on 18 October 2012 has approved the composite scheme of arrangement between TCS, TCS e-Serve (e-Serve) and TCS e-Serve International (TEIL). The composite scheme of arrangement provides for merger of e-Serve into TCS and demerger of TEIL's special economic zone (SEZ) undertaking(s) to TCS. The appointed date proposed for this scheme is 01 April 2013. TCS holds 96.26% of the paid up equity share capital of e-Serve. TEIL is a wholly owned subsidiary of e-Serve. As per the terms of the scheme of arrangement, shareholders of e-Serve (other than TCS) will receive 13 equity shares of Re 1 each of TCS for every 4 equity shares of Rs 10 each of e-Serve held by them. The board has approved the scheme of merger of Computational Research Laboratories (CRL) and Retail FullServe (RFL) with TCS. The proposed appointed date for the merger of CRL is 01 October 2012 and for the merger of RFL is 01 April 2012. Computational Res
2 comments
Read more

Stock broker SMC Global files for IPO

F inancial services company SMC Global Securities has filed draft red herring prospectus with SEBI for public issue of 1,58,67,380 equity shares of face value of Rs 2 each. The issue comprises a fresh issue of 79,33,690 equity shares by the company and an offer for sale of 79,33,690 shares by Millennium India Acquisition Company Inc. As of September 30, 2012, "We service our broking clients through a network of 43 branches and 2,521 registered sub-brokers and authorized persons spread in more than 500 cities and towns. We have also established an office in Dubai for brokerage and trading activities in that region," the company said. SMC has reported a loss of Rs 0.42 crore and total revenues of Rs 292.24 crore in the year ended March 31, 2012. "The proceeds of the fresh issue shall be utilised for margin maintenance with stock exchanges; part repayment of term loan; investments into subsidiary, SMC Comtrade; and general corporate purposes," according to p
10 comments
Read more