The Hindu Business Line : TMB net up by 29% in H1

The unaudited financial results of the Tuticorin-based Tamilnad Mercantile Bank (TMB) report an increase in net profit by 29.29 per cent for the half-year ended September 30.

The net profit has increased to Rs 68.47 crore from Rs 52.96 crore on year-on-year basis, said Mr S. Selvan Rajadurai, General Manager, Business Development, TMB, in a press release.

Deposits, advances

Its total business has increased by 18.67 per cent at Rs 16,747.97 crore from Rs 14,113.41 crore. The total deposits have increased by 20.97 per cent and advances by 15.58 per cent. The advances to agriculture have increased from Rs 917.28 crore to Rs 1,249.83 crore and for micro and small enterprises, from Rs 888.84 crore to Rs 937.07 crore. The bank has revamped its anywhere banking current accounts with customer friendly features in all its 215 branches, including Internet banking facility. Efforts through special drives have been taken to mobilise CASA deposits and NRI deposits.

The bank has plans to introduce a standalone life insurance product under tie-up arrangement with insurance company, venture into bancassurance tie-up for life insurance business, introduce bio-metric ATMs to serve the rural mass, issue debit cards and offer online share trading for customers, the release further said.

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