Tamilnad Mercantile Bank net profit slips 21%

The net profit of Thoothukudi-headquartered Tamilnad Mercantile Bank slipped 21 per cent to Rs 317 crore in 2016-17 fiscal against Rs 402 crore clocked during the corresponding 12 months of the earlier fiscal.

Sharing the audited results, TMB Chairman S Annamalai has in a release pointed that the operating profit of the bank rose 20 per cent to Rs 875 crore in FY16-17 (Rs 725 crore), while the net profit slipped 21 per cent.

The bank’s gross and net NPA rose to 2.91 per cent (1.86 per cent) and 1.74 per cent (0.89 per cent), respectively, advances dropped by 2.68 per cent to Rs 21,972 crore (Rs 22,578 crore) and deposits grew 6 per cent to Rs 32,190 crore (Rs 30,369 crore).

CASA swelled by 27 per cent to Rs 7,478 crore (Rs 5,891 crore). The bank would focus on accelerated growth of CASA, retail, agriculture and MSME segments during the current fiscal.

Book value of the share (with face value of Rs 10) stood at Rs 226.23.