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Tamilnad Mercantile Bank Q4 Results: Profit rises 36% to Rs 822 crore

IPO-bound Tamilnad Mercantile Bank on Thursday said it posted a net profit of Rs 821.91 crore in FY22, which is up 36% from Rs 603.33 crore during the same period last year.

It is also declaring a special dividend of Rs. 4 per equity share over and above the final dividend of Rs. 6 per share to commemorate 100 years, the bank said while declaring its FY 2022 results in its Annual Report for FY22.

The bank’s 100th Annual General Meeting (including the 98th and 99th ones) will be held on June 9, 2022.

The bank said its total business increased to Rs. 78,424.65 crore (up 8.86%) from Rs. 72,040.02 crore. Gross NPAs and net NPAs both decreased in absolute and percentage terms and gross NPAs as a percentage of total advances decreased to 1.69% compared to the 3.44% in the previous year, the company said.

Net NPAs decreased to 0.95% for FY 2022 as compared to 1.98% for the previous year.

Total deposits increased by 9.67% to Rs. 44,933.11 crore as compared to Rs. 40,970.42 crore for the previous year while total advances increased by 7.8% to Rs. 33,491.54 crore as compared to Rs. 31,069.6 crore for the previous year.

Further, total interest earned increased by 6.23% to Rs. 3,833.86 crore for FY 2022 as compared to Rs. 3,609.05 crore for the previous year. Total income of the bank increased by 9.48% to stand at Rs. 4,656.42 crore for FY 2022 as compared to Rs. 4,253.22 crore for the previous year. Earnings per share increased to Rs. 57.67 from Rs. 42.34 while the book value increased to Rs. 374.41 from Rs. 321.38.

On 4 September 2021, the bank had filed for an Initial Public Offering of up to 15,840,000 equity shares of face value of Rs 10 each. The offer comprised a fresh issue of 15,827,495 equity shares and an Offer for Sale of up to 12,505 equity shares.

The offer will constitute 10% of the bank’s post offer Paid-Up Equity Share Capital. The Bank’s issued and paid up capital stood at Rs. 142.51 crore as on 31 March 2022. TMB said it will utilize the net proceeds from the fresh issue towards augmenting its Tier–I capital base to meet its future capital requirements.

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