TMB Q4 PAT up 66% at Rs. 120.09 crore

Written by Sajan C Kumar | Chennai | Updated: May 5 2012, 08:52am hrs
Tuticorin-based private sector lender Tamilnad Mercantile Bank (TMB) has posted a profit after tax of R120.09 crore for the fourth quarter against R72.34 crore it logged in the same quarter the previous fiscal, registering a growth of 66%.

The net interest income has increased from R157.49 crore to R182.11 crore during Q4. Other income has grown 34.44% from R61.43 crore to R82.72 crore due to recovery in written-off accounts.

For the full year, the total income of the bank recorded a growth of 35.60% to reach R2,114 crore compared to R1,559 crore during the preceding financial year. Sustaining the core earnings growth, the bank's interest income recorded a growth of 37.30%.

AK Jagannathan, MD & CEO, TMB, said the bank has achieved tremendous momentum and progress towards sustained growth during the fiscal year 2011-12. The bank has added several new products and services to cater to the needs of the customers, he said.

The non-interest income for the whole year has grown to R231.54 crore from R188.03 crore due to the sustained initiative taken by the bank in cross-selling its various third-party products and good recovery in written-off accounts.

The capital-to-risk adjusted assets ratio (CRAR) as per Basel-II stood at 14.69%, which is above the minimum required level of 9% stipulated by RBI, Jagannathan said.