CHENNAI: Tamilnad Mercantile Financial institution (TMB) on Monday posted a flat web revenue at Rs 253 crore within the quarter ended March 31, 2024 towards the corresponding quarter final 12 months on the again of provisions for enhance in workers’ wage.
On a sequential foundation, the personal 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 fall FY24, which was at Rs 404 crore through the 12 months in the past quarter.
Nonetheless, the financial institution recorded its highest ever web revenue Rs 1,072 crore for the entire 12 months in 2023-24, registering the expansion charge of 4.2% over 2022-23.
TMB MD & CEO S Krishnan stated the financial institution made a provision of practically Rs 28 crore in direction of the potential enhance within the workers’ wages through the fourth quarter of FY24.
“It is among the main causes for the discount. The opposite one pertains to an NPA, the place we’ve got determined as a matter of prudence, that we’ll 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 fall (FY24),” he instructed reporters via a digital press convention.
Whereas the slippage ratio decreased to 0.16% in This fall FY24 from 0.21% within the corresponding quarter final 12 months, the online NPA stood at 0.85% over the last quarter of 2023-24. “The slippage ratio in This fall 2023-24 is the bottom prior 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 towards 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.
On a sequential foundation, the personal 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 fall FY24, which was at Rs 404 crore through the 12 months in the past quarter.
Nonetheless, the financial institution recorded its highest ever web revenue Rs 1,072 crore for the entire 12 months in 2023-24, registering the expansion charge of 4.2% over 2022-23.
TMB MD & CEO S Krishnan stated the financial institution made a provision of practically Rs 28 crore in direction of the potential enhance within the workers’ wages through the fourth quarter of FY24.
“It is among the main causes for the discount. The opposite one pertains to an NPA, the place we’ve got determined as a matter of prudence, that we’ll 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 fall (FY24),” he instructed reporters via a digital press convention.
Whereas the slippage ratio decreased to 0.16% in This fall FY24 from 0.21% within the corresponding quarter final 12 months, the online NPA stood at 0.85% over the last quarter of 2023-24. “The slippage ratio in This fall 2023-24 is the bottom prior 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 towards 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.
)
