Tamilnad Mercantile Bank(TMB), which opened 21 branches in FY 2022-23 is planning to open another 50 branches in FY 2023-24, said the bank’s Managing Director and CEO S Krishnan.
TMB has a pan-India presence with 530 branches and 12 regional offices across 17 states and 4 union territories serving more than 5 million customers. TMB is one of the renowned old private sector banks, having its headquarters in Thoothukudi.
The bank’s deposit increased to Rs 47,766 crores in 2022-23 (Rs 44,933 crore in the previous FY). The advance level of the bank has increased to Rs 37,582 crore with a growth rate of 11.36%. Net profit is at Rs 1,029 crore as of March 31, 2023 and net interest income (NII) has increased to Rs 2,094, registering a y/y growth rate of 15.37%.
