Tamilnad Mercantile Financial institution (TMB) on Thursday reported a 37 per cent rise in internet revenue at Rs 262 crore for the July-September quarter for FY23 on progress in earnings and fall in unhealthy loans.
The financial institution had earned a internet revenue of Rs 191 crore for the year-ago interval.
That is the primary quarterly outcomes after the itemizing of shares of the Tamil Nadu-based financial institution on bourses final month.
Complete earnings throughout the quarter rose to Rs 1,141 crore from Rs 1,101 crore a 12 months in the past, TMB mentioned in a regulatory submitting.
Curiosity earnings grew to Rs 997 crore throughout the quarter as in opposition to Rs 950 crore in the identical quarter a 12 months in the past.
Gross non-performing property (NPAs) had been diminished to 1.70 per cent of gross advances as of September 30, 2022 from 3.31 per cent by the tip of September 2021.
Web NPAs additionally got here all the way down to 0.86 per cent from 1.82 per cent.
The autumn in unhealthy loans ratio helped lower the provisions in the direction of NPAs and contingencies for Q2FY23 to Rs 34 crore from Rs 39 crore a 12 months in the past.
The overall enterprise of the financial institution stood at Rs 78,013 crore with a progress fee of seven.43 per cent on the finish of September 2022.
Web curiosity margin of the financial institution stood at 4.47 per cent whereas Provision Protection Ratio elevated to 88.58 per cent.
The financial institution’s inventory closed 6.21 per cent larger at Rs 518 on the BSE on Thursday