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Tamilnad Mercantile Bank’s Q3FY23 profit rises but business growth sluggish

Lower provisions led to Q3 earnings growth but loan book growth muted and deposit trend weak

January 25, 2023 / 01:17 PM IST
Tamilnad Mercantile Bank’s Q3FY23 profit rises but business growth sluggish

TMB's shares got listed on the Indian stock exchanges on September 15, 2022.

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Muted loan book growth Weak deposit trends, CASA growth healthy Margins expand but sustainability will be a challenge Asset quality metrics trending up, high provision coverage ROA healthy on low credit cost Valuation reasonable  Tamilnad Mercantile Bank (TMB; CMP: Rs. 477; M Cap: Rs 7,540 crore) has reported a mixed set of numbers for the third quarter of FY23. While net profit rose 38 percent year on year (YoY) to Rs 280 crore in Q3FY23, led by better margins, controlled expenses, and lower provisions, business...

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