IPO-Bound Tamilnad Mercantile Bank Ltd. posted 36.23% growth in Net Profit - Rs. 821.91 crore in FY22
To commemorate 100 years, Bank declares special dividend of Rs. 4 per equity share over and above final dividend of Rs. 6 per share
IPO-bound Tamilnad Mercantile Bank Ltd., one of the oldest and leading old private sector banks in India with a history of 100 years, has posted a net profit of Rs. 821.91 crore in FY22 (up 36% from Rs. 603.33 crore in FY21) while declaring its FY 2022 results in its Annual Report for FY22.
The Bank has given notice of its 100th Annual General Meeting (including the 98th and 99th ones) to be held on 9th June 2022.
The Bank has had a successful 100th year of operations and performance and its total business increased to Rs. 78,424.65 crore (up 8.86%) from Rs. 72,040.02 crore. The 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. 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
Total Advances increased by 7.8% to Rs. 33,491.54 crore as compared to Rs. 31,069.6 crore for the previous year
Other highlights - Yearly Result Performance FY 2022 Vs FY 2021
The network of the Bank continues to be at 509 branches and it has added 52 new e-lobbies of which 4 are mobile e-lobbies. The Bank's ATM and alternate delivery channel network stood at 1141 ATMs, 282 CRMs, 101 e-lobbies covering 16 States and 4 Union Territories. The Bank offers a wide range of banking and financial services primarily to micro, small and medium enterprises (“MSME”), agricultural and retail customers (“RAM”). For corporate customers, the Bank offers various kinds of loans to corporates, in textiles and other industries, with its assortment of banking products and services including working capital, term financial, trade financial, structured finance services, foreign exchange business funding in domestic and foreign currencies.
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 ₹ 10 each (“Equity Shares”). 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 10.00% 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.
The Bank proposes to utilize the Net Proceeds from the Fresh Issue towards augmenting its Tier–I capital base to meet its future capital requirements.
The key strategies of the Bank as per its DRHP filed with SEBI are to continue to strengthen product portfolios across deposits and advances; achieve transformation through technology to improve efficiency and customer experience; and continue to improve asset quality.
The Bank’s key strengths are: Strong legacy, loyal customer base and focus on improving servicing framework; Strong presence in Tamil Nadu with focus to increase presence in other strategic regions; Advances with focus on MSME, agricultural and retail segments; Consistently growing deposit base with focus on low-cost retail CASA; Professionally managed Bank with experienced senior management team and board of directors; Strong asset quality, underwriting practices and risk management policies and procedures; and Consistent financial performance.
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