TMB total biz grows by 3.7% to Rs 56,000 cr

By NT Bureau Published on Jun 26, 2018 03:08 PM IST

Chennai: Thoothukudi headquartered Tamilnad Mercantile Bank (TMB) has revealed its audited results for the financial year 2017-18 and said its total business stood at Rs 56,197.05 crore, with a growth rate of 3.76 per cent.

The bank’s deposit and advance portfolio stood at Rs 32,428.33 crore and Rs 23,768.72 crore respectively.

The results were released by the board of directors of TMB in the presence of chairman S Annamalai and MD and CEO of the bank, K V Rama Moorthy. They said the business targets for FY 2018-19 were to cross Rs 71,500 crore in total business with an aim to achieve a net profit of Rs 520 crore.

They said the advances to priority sector has increased to Rs 14,651.54 crore with a growth rate of 13.05 per cent.

The Bank’s Advances to agriculture sector stood at Rs 5,153.40 crore. The advances to agriculture sector constitute 21.35 per cent of total advances, above the regulatory requirement of 18 per cent, they said.

Regarding network expansion, the board said four new branches were opened and 68 new ATMs were added this year and the total number of ATMs stood at 1,131. They added that TMB inaugurated dedicated MSME cells in Chennai, Coimbatore and Thoothukudi.

TMB has a pan-India presence with 509 branches and 12 regional offices across 16 States and four Union Territories. It serves to more than four million customers.