Tamilnad Mercantile Bank Q1 results: Net profit rises 9.9% to Rs 287.29 cr

Over century-old private sector Tamilnad Mercantile Bank has recorded a 9.97 per cent rise in its net profit for the April-June 2024 quarter at Rs 287.29 crore on account of rise in interest income.

The Tamil Nadu-based bank had registered a net profit of Rs 261.23 crore during the corresponding quarter of last year.

For the financial year ending March 31, 2024 the net profit stood at Rs 1,072.03 crore.

Total income during the April-June 2024 quarter went up to Rs 1,046.03 crore from Rs 942.98 crore registered in the year ago period.

For the financial year ending March 31, 2024 the total income stood at Rs 5,492.85 crore.

According to a press release, the bank's deposits rose to Rs 49,188 crore during the April-June 2024 quarter, from Rs 47,008 crore registered in the same quarter of last year.

The advances of the bank has increased to Rs 40,853 crore with a growth of 10 per cent year-on-year basis.

The Net Interest Income stood at Rs 567 crore for the April-June 2024 quarter, a