 "RBI, Reserve Bank of India")
RBI, Reserve Bank of India(Photo: Reuters)
Tamilnad Mercantile Bank (TMB) shares surged up to 4.35 per cent at Rs 470.80 a piece on the BSE during intraday trading on Monday. This came after the Reserve Bank of India (RBI) approved the appointment of Salee Sukumaran Nair as the Managing Director & Chief Executive Officer of the Bank.
Nair is being appointed as the new MD and CEO for a period of 3 years, from the date of assuming charge, and subject to the approval of the shareholders, the company said in an exchange filing on Friday.
Nair, a post-graduate in Applied Electronics, began his banking career in 1987 as a Probationary Officer at State Bank of India (SBI). Over his 35-year career, he has worked in various roles, including managing large corporate accounts and international assignments in New York and Sydney.
He has extensive experience in stressed asset management, serving as Chief General Manager and later as Deputy Managing Director in the Stressed Assets Resolution Group of SBI, reducing peak non performing assets (NPA) from 10.96 per cent to 4.90 per cent.
His recent roles include overseeing SME, Agriculture, and Financial Inclusion segments, and he was the Deputy Managing Director and Chief Credit Officer at SBI until May 2024.
Tamilnad Mercantile Bank reported a 10 per cent increase in net profit for the first quarter of the financial year 2024-25 (Q1FY25), reaching Rs 287.3 crore, up from Rs 261.23 crore. The bank achieved its highest-ever figures for net profit, operating profit, total income, and interest income during this period.
Total income for Tamilnad Mercantile Bank grew by 15 per cent to Rs 1,515 crore in the first quarter of the financial year 2024-25, compared to Rs 1,323 crore in the same period last fiscal.
Tamilnad Mercantile Bank reported a 23 per cent increase in operating profit, rising to Rs 469 crore from Rs 380 crore year on year. The net interest margin improved to 4.12 per cent, up from 4 per cent last year. Interest income grew by 11 per cent to Rs 1,281 crore, compared to Rs 1,156 crore in the first quarter of 2023-24.
The bank’s gross non-performing assets (NPA) increased to Rs 587.66 crore from Rs 575.06 crore in the March quarter, while net NPA decreased to Rs 261.56 crore from Rs 335.82 crore during the same period last year.
At 01:34 PM; the shares of the bank were trading 2.73 per cent higher at Rs 463.45 per share. By comparison, the BSE Sensex was down 0.02 per cent to 80,421 levels.
First Published: Aug 19 2024 | 1:47 PM IST
