Tamilnad Mercantile Bank Q4 Results: Net profit flat at Rs 253 crore

Kolkata: Private sector Tamilnad Mercantile Bank has reported a flat net profit at Rs 253 crore for the fourth quarter to March 31, 2024, despite setting aside more than half funds as provisions and contingencies.

Operating profit for the quarter was lower at Rs 367 crore as compared to Rs 404 crore. Net interest income during the quarter was however 5.6% higher over the year-ago period.

Managing Director S Krishnan, who put down his papers last September citing personal reasons, declared the results. He is expected to continue heading the bank till the bank finds his successor.


The bank renewed a search as the Reserve Bank of India rejected the bank's previous proposals.

On Monday, the board of the bank recommended a 100% dividend, or Rs 10 per share for FY24.

The bank's advances rose 6.4% year-on-year to Rs 39970 crore while the asset quality slipped marginally to 1.44% at the end of the fiscal year as against 1.39% a year back.

Deposits grew at a slower 3.7% pace during the year to Rs 49575 crore.

The bank said that the stressed assets ratio decreased to 2.70% from 3.18% a year back.