NEW DELHI: Private sector lender Tamilnad Mercantile Bank (TMB) on Monday posted a 11.45 per cent rise in its net profit for the fourth quarter ended March 2023 at Rs 253 crore, helped by decline in bad loans.
The bank had earned a net profit of Rs 227 crore for the year-ago period.
Total income during the quarter rose to Rs 1,204 crore, from Rs 1,200 crore a year ago, TMB said in a regulatory filing.
Interest income grew to Rs 1,070 crore during the quarter, as against Rs 986 crore in the same quarter a year ago.
The board of directors have recommended a dividend of 100 per cent of which 50 per cent has already been paid in March 2023 as interim dividend, it said.
Gross non-performing assets (NPAs) were reduced to 1.39 per cent of gross advances as of March 31, 2023 from 1.69 per cent by the end of March 2022.
Net NPAs also came down to 0.62 per cent from 0.95 per cent.
The fall in bad loans ratio helped cut the provisions towards NPAs and contingencies for Q4FY23 to Rs 57 crore from Rs 146 crore a year ago.