Tamilnad Mercantile Bank's Q1 net profit rises 10% to Rs 287 cr; asset quality improves

Gross non-performing assets (NPA) were at Rs 587.66 crore in the June quarter against Rs 575.06 crore in the March quarter, while the net NPA were at Rs 261.56 crore compared to Rs 335.82 crore in the preceding quarter.

Tamilnad Mercantile Bank on August 2 posted 10 percent rise in net profit at Rs 287.3 crore in the first quarter of FY25 as compared to Rs 261.23 crore in the corresponding quarter of the previous financial year, the lender said in an exchange filing.

The lender's net profit in the March quarter stood at Rs 253.06 crore.

Its net interest income grew 8 percent at Rs 174.8 crore in the quarter under review over Rs 161.9 crore in the year-ago period.

Gross non-performing assets (NPA) were at Rs 587.66 crore in the June quarter as against Rs 575.06 crore in the March quarter, while the net NPA were at Rs 261.56 crore, compared to Rs 335.82 crore in the preceding quarter.

The net NPA improved to 0.65 percent in Q1FY25 as compared to 0.85 percent in the Q4FY24, while the gross NPA was flat at 1.44 percent sequentially.

On August 2, the stock price of the lender ended 0.97 percent lower at Rs 451.3 on NSE.