**Tamilnad Mercantile Bank Reports 6% Increase in Q3 Net Profit to ₹300.24 Crore**
Chennai, Jan 29 – Tamilnad Mercantile Bank Ltd, a private sector bank based in Tuticorin, has announced a net profit of ₹300.24 crore for the October-December 2024 quarter, reflecting a 6% increase compared to ₹284.23 crore in the same quarter of the previous financial year. The bank’s net profit for the nine-month period ending December 31, 2024, rose to ₹890.71 crore, up from ₹818.97 crore in the corresponding period last year.
Total income for the reviewed quarter increased to ₹1,519.94 crore, compared to ₹1,387.13 crore in the previous year. For the nine-month period ending December 31, 2024, total income grew to ₹4,599.69 crore, up from ₹4,075.24 crore in the same period last year.
Salee S Nair, the bank’s MD and CEO, stated, “We have achieved a year-on-year growth of 6% in net profit for Q3FY25, driven by sustained growth in our core lending and deposit businesses. We remain focused on expanding our reach and enhancing customer experience.” He also noted that the bank opened five new branches in key markets during this quarter, further strengthening its distribution network.
As of December 2024, the bank’s total business reached ₹94,042 crore, marking a 10.40% increase from ₹85,185 crore in the same period last year. The gross NPA as of December 31, 2024, was 1.32%, down from 1.69% a year earlier, while net NPA stood at 0.41%, compared to 0.98% in the previous year.
The RAM (Retail, Agriculture, and MSME) segment increased to 92% for Q3FY25, up from 91% in Q3FY24. Nair added, “We have formed strategic partnerships with companies like Oracle, Deloitte, and Bajaj Broking to leverage their expertise in digital transformation and operational efficiency, which will enhance customer growth. We believe these initiatives, along with our commitment to responsible lending and prudent risk management, will support sustainable and profitable growth in the future.
