South-based private sector lender Tamilnad Mercantile Bank (TMB) on Tuesday reported a 96% jump in its net profit to Rs 181 crore for the third quarter of FY21, compared to Rs 92 crore in the corresponding quarter of the previous fiscal. Its total income stood at Rs 1,083.45 crore as against Rs 998.91 crore same quarter a year ago, registering 8.46% growth. K V Rama Moorthy, MD & CEO of TMB , said the bank could achieve the profits owing to the higher net interest income, lower provisioning and increase in the operating profit.
He said the bank is planning to file papers for its initial public offering (IPO) over the next nine to 12 months. He said, the bank’s NII stood at Rs 428.73 crore in Q3 against Rs 338.72 crore, with 26.57% growth.
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