Latest news with #Thoothukudi-headquartered
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Business Standard
13-06-2025
- Business
- Business Standard
K Ramachandran appointed part-time chairman of Tamilnad Mercantile Bank
The board of Thoothukudi-headquartered Tamilnad Mercantile Bank (TMB) has appointed veteran banker K Ramachandran as an Additional Director (Non-Executive Independent) and also cleared his name as the Non-Executive Part-Time Chairman of the bank. While the appointment as Additional Director will be for three years from Friday, the appointment as Part-Time Chairman will be effective from the date of approval by the Reserve Bank of India (RBI), up to 11 June 2028. Ramachandran is a veteran banker with over three decades of extensive experience across various domains of banking. He began his career as an officer and steadily rose through the ranks to become a Whole-Time Director. He served as Executive Director at both Allahabad Bank and Indian Bank. In addition, he held directorial positions at Indbank Merchant Banking Services and Indbank Housing Finance. He was also nominated by Allahabad Bank to serve as a Nominee Director at Universal Sompo General Insurance Ltd. During his tenure as Executive Director, he led several strategic initiatives, including total branch automation, the implementation of core banking with electronic delivery channels, and centralisation of key banking operations such as retail loan processing, centralised KYC, and centralised account opening — efforts aimed at ensuring uniformity and improved operational control.
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Business Standard
23-04-2025
- Business
- Business Standard
Tamilnad Mercantile Bank Q4 results: Net profit up by 15% to ₹292 crore
Thoothukudi-headquartered Tamilnad Mercantile Bank (TMB) has posted a 15 per cent rise in net profit during the fourth quarter of 2024–25 to Rs 291.9 crore, up from Rs 253.06 crore in 2023–24. During the financial year 2025, it was seen up 10.35 per cent to Rs 1,183 crore from Rs 1,072 crore in FY24, driven by continued growth in our core lending and deposit businesses. "We remain committed to our strategic priorities of expanding our reach and enhancing customer experience. In this year, we have opened 26 new branches across key markets, further strengthening our distribution network," said Salee S Nair, managing director and chief executive officer, Tamilnad Mercantile Bank. "We have also entered into several strategic partnerships for a digital transformation of the bank and increasing operational efficiency to enhance customer growth. We believe that these strategic initiatives, coupled with our focus on responsible lending and cautious risk management practices, will pave the way for sustainable and profitable growth in the years to come," he added. During the year under review, its operating profit improved to Rs 1,746 crore from Rs 1,482 crore, registering a growth of 17.81 per cent. Interest income improved to Rs 5,291 crore from Rs 4,848 crore, Y-o-Y growth of 9.14 per cent. Total income increased to Rs 6,142 crore from Rs 5,493 crore, Y-o-Y growth of 11.82 per cent. Total business increased to Rs 98,055 crore from Rs 89,485 crore, posting a Y-o-Y growth of 9.58 per cent. The RAM segment increased to 93 per cent from 91 per cent, up 200 basis points Y-o-Y. Gross NPA decreased to 1.25 per cent from 1.44 per cent, improved by 19 basis points. Net NPA decreased to 0.36 per cent from 0.85 per cent, improved by 49 basis points. The bank's deposits increased to Rs 53,689 crore, up from Rs 49,515 crore last fiscal. The advance level of the bank increased to Rs 44,366 crore with a growth rate of 11 per cent on a Y-o-Y basis. Non-interest income improved to Rs 851 crore from Rs 645 crore, an increase of 31.94 per cent. Net interest income too improved to Rs 2,301 crore from Rs 2,151 crore, an increase of 6.97 per cent. The bank's net worth increased to Rs 9,009 crore (previous year Rs 7,921 crore) with an absolute rise of Rs 1,088 crore, registering a growth rate of 13.74 per cent. The board of directors of the bank has recommended the payment of a final dividend of Rs 11 per equity share of the face value of Rs 10 each (110 per cent) for the financial year 2024–25, subject to the approval of the shareholders at the ensuing AGM of the bank.
