Chennai, Tamilnad Mercantile Bank (TMB) closed the third quarter of FY24 with a higher net profit of Rs 284.23 crore.
In a regulatory filing on Monday, TMB said that for the quarter ended December 31, 2023, it earned total interest income of Rs 1,229.15 crore (Q3FY23 Rs 1,012.12 crore) and net profit of Rs 284.23 crore (Rs 279.12 crore).
During the quarter under review, the bank’s provisions fell to Rs 2.37 crore (Rs 32.92 crore).
As on December 31, 2023 the gross and net non-performing assets of the bank stood at 649.13 crores (as on 31.12.2022 591.08 crores) and 375.34 crores (259.10 crores in 2022).
During the nine months ended December 31, 2023, the Bank reported five numbers of non-credit fraud cases amounting to Rs 4.70 lakh. TMB said the bank has recovered Rs 3.03 lakh and for the remaining Rs 1.67 lakh 100 per cent are provisions.