Tamilnad Mercantile Bank Q1 Results: Net profit up 6% to Rs 305 crore on lower provisions
Tamilnad Mercantile Bank reported a 6% YoY rise in Q1 net profit to ₹305 crore, aided by sharply lower provisions, despite a 12% fall in operating profit. NII and other income remained nearly flat, while asset quality improved.
By Atmadip Ray, ET Bureau |
ETMarkets.com
Sharply lower provisions helped Tamilnad Mercantile Bank to report about 6% year-on-year rise in net profit for the first quarter while its pre-provision operating profit dipped 12% on flat net total income.
Net profit for the quarter stood at Rs 305 crore against Rs 287 crore a year ago. Operating profit was at Rs 412 crore against Rs 469 crore. Provisions and contingencies were at Rs 8.3 crore as compared with 85.4 crore for the same period.
The bank's net interest income for the quarter was merely Rs 13 crore higher at Rs 579 crore as compared with Rs 566 crore in the year ago period. Other income was lower at Rs 231 crore against Rs 234 crore.
Its gross non-performing assets fell to 1.22% at the end of June from 1.44% a year back.
Net profit for the quarter stood at Rs 305 crore against Rs 287 crore a year ago. Operating profit was at Rs 412 crore against Rs 469 crore. Provisions and contingencies were at Rs 8.3 crore as compared with 85.4 crore for the same period.
The bank's net interest income for the quarter was merely Rs 13 crore higher at Rs 579 crore as compared with Rs 566 crore in the year ago period. Other income was lower at Rs 231 crore against Rs 234 crore.
Its gross non-performing assets fell to 1.22% at the end of June from 1.44% a year back.
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