Tamilnad Mercantile Bank logs Rs 284 crore PAT for Q3

Tamilnad Mercantile Bank logs Rs 284 crore PAT for Q3January 22, 2024Chennai, Jan 22 (IANS) Tamilnad Mercantile Bank (TMB) closed the third quarter of FY24 with a higher net profit of Rs 284.23 crore. In a regulatory filing on Monday, TMB said for the quarter ended December 31, 2023 it had earned a total interest income of Rs 1,229.15 crore (Q3FY23 Rs 1,012.12 crore) and a net profit of Rs 284.23 crore (Rs 279.70 crore).During the quarter under review, the bank’s provisions came down to Rs 2.37 crore (Rs 32.92 crore).As on December 31, 2023 the bank’s gross and net non-performing assets stood at Rs 649.13 crore (as on 31.12.2022 Rs 591.08 crore) and Rs 375.34 crore (Rs 259.10 crore in 2022).During the nine months ended December 31, 2023, the Bank has reported five numbers of non-credit fraud cases amounting to Rs 4.70 lakh. The bank has recovered Rs 3.03 lakh and for the remaining Rs 1.67 lakh 100 per cent provision is made, TMB said.–IANSvj/dpb