Tamilnad Mercantile Bank (TMB) has reported a 10% rise in its net profit at ₹287 crore for the quarter ending June 2024, compared to ₹261 crore in the corresponding quarter of the previous year. This growth is driven by an increase in both interest income and non-interest income, despite higher provisions.
Financial Performance Highlights
Operating Profit:
- TMB’s operating profit for Q1 FY25 stood at ₹469 crore, up from ₹380 crore in the same quarter last year.
Interest Income:
- Interest income for Q1 FY25 increased to ₹1,281 crore, compared to ₹1,156 crore in Q1 FY24.
Non-Interest Income:
- Non-interest income rose to ₹234 crore in Q1 FY25, up from ₹167 crore in the year-ago quarter.
Net Interest Income (NII):
- The bank’s NII grew by 10%, reaching ₹567 crore, compared to ₹514 crore in the same period last year.
Total Expenditure:
- Total expenditure for Q1 FY25 was ₹1,046 crore, up from ₹943 crore in Q1 FY24.
