Abhishek Securities

  Tamilnad Mercantile Bank  Ltd (TMB) has reported a 60 per cent jump in net profit to Rs 241.54 crore during the half year ended September 2020, from Rs 151.07 crore during the same period last year. The total business of the bank for the half-year ended September 2020 was up 9.72 per cent at Rs 66,765.27 crore. Its deposits and advances stood at Rs 37,161.40 crore and Rs 29,603.87 crore respectively. Gross NPA dropped 25 per cent to Rs 1,010.53 crore from Rs 1,346.65 crore, in per centage dropped to 3.41 per cent from 4.91 per cent. Bank's provision coverage ratio increased to 86.92 per cent from 75.77 per cent. Net NPA dropped by 46.24 per cent to Rs 335.61 crore from Rs 624.29 crore, while in per centage terms it dropped to 1.16 per cent from 2.40 per cent. The bank is targeting to close the fiscal with total business in excess of Rs 72,500 crore, deposits of over Rs 40,500 crore and advances in excess of Rs 32,000 crore. The lender expects its CASA to cross Rs 10,800 cror...

  The  Madras High Court  (HC) has revealed that Tamilnad Mercantile Bank’s (TMB) initial public offering (IPO) resolution has been passed, including the election of its directors. All the resolutions — submitted to the court in a sealed cover — were passed with more than one third of the votes polled. The bank has, since 2016, been seeking the nod of its shareholders, who are largely from the Nadar community, to go public, but a majority has been rejecting the proposal. At the 93rd annual general meeting (AGM) held in 2016, when the proposal for an  IPO  was placed before the shareholders for the first time, it was declined. The lender held four AGMs between 2015-16 and 2018-19 (94th AGM to 97th AGM), and the one held last month was under the supervision of the Madras HC. The voting results were given to the court in a sealed cover. While the formal order of the court was not uploaded, it dictated the voting results wherein it was stated nearly 75 per cent of t...

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) o...