Tamilnad Mercantile Bank reports 10% increase in Q1 net profit

Tamilnad Mercantile Bank has announced a 10% rise in its net profit for the first quarter of FY25, ending June 30.

Key Financial Highlights:

Advertisement

Metric Current Quarter Previous Year Change
Net Profit ₹287.3 crore ₹261.23 crore +10% YoY
Net Interest Income ₹174.8 crore ₹161.9 crore +8% YoY
Gross NPA ₹587.66 crore ₹575.06 crore Flat
Net NPA ₹261.56 crore ₹335.82 crore -22%
Net NPA Ratio 0.65% 0.85% -20 bps
Gross NPA Ratio 1.44% 1.44% Flat

Performance Insights:

  • Net Profit: The bank’s net profit increased to ₹287.3 crore, up from ₹261.23 crore in the same quarter last year.
  • Net Interest Income: Net interest income grew by 8% to ₹174.8 crore.
  • Asset Quality: Gross non-performing assets (NPA) were ₹587.66 crore, slightly higher than ₹575.06 crore in the March quarter. However, net NPA improved significantly to ₹261.56 crore, down from ₹335.82 crore previously.
  • NPA Ratios: The net NPA ratio decreased to 0.65% from 0.85% in the previous quarter, while the gross NPA ratio remained stable at 1.44%.

Tamilnad Mercantile Bank’s financial results reflect a solid performance in the June quarter, with improved asset quality and a notable increase in net profit

Stocks to watch today