CHENNAI: Tamilnad Mercantile Financial institution (TMB) on Monday posted a flat web revenue at Rs 253 crore within the quarter ended March 31, 2024 in opposition to the corresponding quarter final yr on the again of provisions for enhance in workers’ wage.
On a sequential foundation, the non-public sector financial institution’s web revenue dropped by round 11% when in comparison with Rs 284 crore through the third quarter of FY24.The working revenue additionally dipped by 9% at Rs 367 crore in This autumn FY24, which was at Rs 404 crore through the yr in the past quarter.
Nonetheless, the financial institution recorded its highest ever web revenue Rs 1,072 crore for the entire yr in 2023-24, registering the expansion fee of 4.2% over 2022-23.
TMB MD & CEO S Krishnan mentioned the financial institution made a provision of almost Rs 28 crore in the direction of the potential enhance within the workers’ wages through the fourth quarter of FY24.
“It is likely one of the main causes for the discount. The opposite one pertains to an NPA, the place we now have determined as a matter of prudence, that we are going to make a full provision and it additionally got here to Rs 13-14 crore, So, all this have resulted in including a flat revenue in This autumn (FY24),” he instructed reporters by a digital press convention.
Whereas the slippage ratio decreased to 0.16% in This autumn FY24 from 0.21% within the corresponding quarter final yr, the online NPA stood at 0.85% over the last quarter of 2023-24. “The slippage ratio in This autumn 2023-24 is the bottom up to now 4 quarters of FY24,” he added.
On an annual foundation, the CASA elevated by Rs 940 crore to Rs 14,676 crore as on March 31, 2024 in opposition to Rs 13,736 crore in FY23, whereas the advances grew by 6.3% and stood at Rs 39,970 crore within the fiscal finish of FY24.



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