Tamilnad Mercantile Bank Q2 Update: Advances, deposits grow from last year, sequentially

Private sector lender Tamilnad Mercantile Bank Ltd on Friday, October 3, reported 11.47% year-on-year growth in its total business to ₹1,02,417 crore for the second quarter of the current financial year.

Total business, which indicates overall operational size, grew from ₹91,875 crore in the same quarter last year and 3.53% growth from ₹98,923 crore in the June quarter this year.    

Deposits registered a 12.32% year-on-year growth to ₹55,421 crore (provisional figure), up from ₹49,342 crore in the year-ago period.  Deposits grew 3.01% sequentially from ₹53,803 crore in the June quarter.

The private sector lender saw advances increase by 10.49% year-on-year to ₹46,996 crore from ₹42,533 crore in the year-ago period. It recorded a 4.16% sequential growth from ₹45,120 in the previous quarter.

Tamilnad Mercantile Bank saw a 9.3% year-on-year growth in its Current Account Savings Account (CASA) deposits to ₹ 15,163 crore from ₹13,873 crore. It grew 5.2% from 14,411 in the June quarter this year.   

Shares of Tamilnad Mercantile Bank are trading little changed at ₹424.5. The stock remains below its IPO price.