MUMBAI: Healthy margin expansion, better asset quality and a surge in non-interest income helped the old-generation private sector lender Tamilnad Mercantile Bank (TMB) to report better set of numbers, recording the highest quarterly net income of Rs 287 crore in the June quarter, up 10 per cent from Rs 261 crore a year ago.
The 102-year-old Thoothukudi, Tamil Nadu-headquartered babnk said its net interest margin has increased to 4.12 per cent from 4 per cent, boosting its interest income to Rs 1,281 crore in the reporting period from Rs 1,156 crore a year ago, while non-interest income has soared to Rs 234 crore from Rs 167 crore, taking the total income to Rs 1,515 crore from Rs 1,323 crore.
Total business rose to Rs 90,041 crore from Rs 84,300 crore. The low-cost Casa deposits increased to Rs 13,789 crore from Rs 13,101 crore, taking total deposits to Rs 49,188 crore from Rs 47,008 crore while total advances rose Rs 40,853 crore from Rs 37,292 crore, the bank said in a statement Friday. Total bad loans came down from 1.56 per cent to 1.44 per cent while net NPAs remained flat at 0.65 per cent as against 0.66 per cent.