Tamilnad Mercantile Bank(TMB) said it has kickstarted the process of identifying the candidate for the post of MD & CEO and will appraise the Reserve Bank of Indda (RBI) of the progress made so far on the search before October 31. S Krishnan has tendered his resignation as MD & CEO on September 28, a week after a Chennai cab driver was wrongly credited with Rs 9,000 crore in his TMB account.
Announcing that the MD has quit, TMB had then informed the stock exchanges that though the board has accepted his resignation, he will continue to at the helm, till the guidance/advice received from the RBI.
TMB has reported a 3.4% rise in its net profit at Rs 274 crore for the second quarter of FY24 as compared to Rs 262 crore in the corresponding quarter of last fiscal. Total income has improved to Rs 1,365 crore from Rs 1,141 crore.
TMB’s gross NPA stood at 1.70% maintaining the level of the year-ago-period while net NPA marginally went up to 0.99% from 0.86%.
On the outlook for FY24, he said the bank had given guidance of 12-15% business growth. 展e are confident that we will be able to honour the commitment. Business growth is higher normally during the second half. Today, it is around 10 %, and I hope, we will achieve the growth as per our guidance,he said.
The total business of the bank stood Rs 85,092 crore with a growth rate of 9.07%. Its deposit and advance portfolio stood at Rs 47,314 crore and Rs 37,778 crore respectively. The net worth of TMB has increased to Rs 7,384 crore from Rs 6,461 crore and the book value of share has increased to Rs 466 from Rs 408.
The bank has been giving continued thrust on advances to priority sectors like agriculture, MSME, education and housing constituting 75% of its adjusted net bank credit (ANBC), above the regulatory requirement of 40%. To tap the emerging MSME market with focused attention, MSME loan processing hubs have been started at Bengaluru, Hyderabad, Trichy and Salem. The bank had opened five branches during the Q2 FY24.
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