The Hindu Business Line : TMB achieves Rs 13,098-cr biz

Tuticorin-based Tamilnad Mercantile Bank has achieved a business volume of Rs 13,098.45 crore in the financial year 2007-08. Mr G. Narayana Moorthy, Managing Director and CEO of the bank, in a release said that during the year business had grown by 28.21 per cent over the previous year and comprised deposits of Rs 7,667.24 crore and advances of Rs 5,431.21 crore. Priority sector lending stood at 19.08 per cent against the RBI stipulated norm of 18 per cent. Lending to se lf-help groups increased by 210.52 per cent over the previous year. The education loan portfolio also registered an increase by 91.05 per cent on a year-on-year basis. The bank opened 18 branches and 53 new ATMs during the year. Recently, the bank introduced SMS banking and intends to introduce Internet banking shortly. The bank has plans to open 17 new branches before September 2008, he added.

— Our Bureau

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