Tamilnad Mecantile Bank to focus on CASA growth

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Chennai | Published: June 26, 2018 2:49:07 AM

The bank has reported a 30% drop in its net profit at Rs 221.92 crore for FY 2017-18 as compared to Rs 316.66 crore in FY 2016-17.

The south-based bank will be soon rolling online current account opening facility.

Tuticorin-based private sector lender Tamilnad Mecantile Bank (TMB) on Monday said the bank will be empowering CASA growth even while focusing on credit growth with specific thrust on retail lending, in FY 2018-19.

The unlisted bank will be expanding branch network in 30 new new centres, setting up 10 more e-lobbies and a specialised NRI desk in Mumbai.

The south-based bank will be soon rolling online current account opening facility, said K V Rama Moorthy, MD & CEO, TMB, in a statement.

The bank has reported a 30% drop in its net profit at Rs 221.92 crore for FY 2017-18 as compared to Rs 316.66 crore in FY 2016-17.

The total business of the bank at the end of FY 2018 stood at Rs 56,197 crore with a growth of 3.76%.
The bank’s CASA position has increased to Rs 8,211 crore, registering a growth of around 10% while the net interest income (NII) has increased to Rs 1,210 crore from Rs 1,151 crore in the previous year.

The gross NPA as a percentage to total advances stood at 3.6% while net NPA was at 2.16%.

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