Stock Report

Tamilnad Mercantile Bank Ltd Q1 FY2024 net profit up at Rs. 261.23 crores

Posted On : 2023-07-24 18:04:48( TIMEZONE : IST )

Tamilnad Mercantile Bank Limited has reported Standalone financial results for the period ended June 30, 2023.

Financial Results (Q1 FY2024) - QoQ Comparison

The company has reported total income of Rs. 1322.89 crores during the period ended June 30, 2023 as compared to Rs. 1254.01 crores during the period ended March 31, 2023.

The company has posted net profit / (loss) of Rs. 261.23 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs. 253.05 crores for the period ended March 31, 2023.

The company has reported EPS of Rs. 16.50 for the period ended June 30, 2023 as compared to Rs. 15.98 for the period ended March 31, 2023.

Financials	Q1 FY2024	Q4 FY2023	% Change
Total Income	₹ 1322.89 crs	₹1254.01 crs	5.49%
Net Profit	₹261.23 crs	₹253.05 crs	3.23%
EPS	₹16.50	₹15.98	3.25%

Financial Results (Q1 FY2024) - YoY Comparison

The company has reported total income of Rs. 1322.89 crores during the period ended June 30, 2023 as compared to Rs.1141.77 crores during the period ended June 30, 2022.

The company has posted net profit / (loss) of Rs.261.23 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs.234.21 crores for the period ended June 30, 2022.

The company has reported EPS of Rs.16.50 for the period ended June 30, 2023 as compared to Rs.16.43 for the period ended June 30, 2022.

Financials	Q1 FY2024	Q1 FY2023	% Change
Total Income	₹ 1322.89 crs	₹1141.77 crs	15.86%
Net Profit	₹261.23 crs	₹234.21 crs	11.54%
EPS	₹16.50	₹16.43	0.43%

Asset Quality:

Asset Quality	Q1 FY2024	Q4 FY2023	Q1 FY2023
Gross NPA	₹580.72 crs	₹521.46 crs	₹572.15 crs
Gross NPA %	1.56%	1.39%	1.69%
Net NPA	₹243.65 crs	₹229.82 crs	₹310.92 crs
Net NPA %	0.66%	0.62%	0.93%

Gross NPA was at ₹ 580.72 crs in Q1 FY2024 against ₹ 572.15 crs in Q1 FY2023. The same was at ₹ 521.46 crs in Q4 FY2023.

Net NPA was at ₹ 243.65 crs in Q1 FY2024 against ₹ 310.92 crs in Q1 FY2023. The same was at ₹ 229.82 crs in Q4 FY2023.

GNPA was at 1.56% of Gross advances as on June 30, 2023 as compared to 1.69% as on June 30, 2022 and 1.39% as of March 31, 2023.

Net NPA was at 0.66% of Gross advances as on June 30, 2023 as compared to 0.93% as on June 30, 2022 and 0.62% as of March 31, 2023.

Ratios	Q1 FY2024	Q4 FY2023	Q1 FY2023
RoA %	1.85%	1.93%	1.83%
CAR (BASEL III) %	26.57%	26.26%	21.67%

Return on Average Assets (RoA) is at 1.85% for Q1 FY2024 against 1.93% in Q4 FY2023 and 1.83% in Q1 FY2023.

In Q1 FY2024, Bank's total Capital Adequacy Ratio (CAR) was at 26.57%, as compared to 26.26% in Q4 FY2023 and 21.67% in Q1 FY2023.

Shares of Tamilnad Mercantile Bank Limited was last trading in BSE at Rs. 439.05 as compared to the previous close of Rs. 429.00. The total number of shares traded during the day was 25600 in over 1090 trades.

The stock hit an intraday high of Rs. 450.10 and intraday low of 433.00. The net turnover during the day was Rs. 11252622.00.