Tamilnadu Mercantile Bank releases year end results for 2020

TUTICORIN
The Board of Directors of the Tamilnad Mercantile Bank adopted the audited results of the Bank for the financial year ended March 31, 2021 in their meeting held at Thoothukudi on April 27, 2021.


The Bank has been giving continued thrust on advances to Priority Sectors like Agriculture, MSME, Education, Housing etc and the same is constituting 79.06% of its Adjusted Net Bank Credit (ANBC) well above the regulatory requirement of 40%.


The Advances to Priority sector has increased to Rs.22,540.97Crores (PY Rs.18,711.73 Crores) with a growth rate of 20.46%.

The Bank’s Advances to Agriculture sector stood at Rs.8,645.66 Crores.

The Advances to Agriculture Sector constitute 30.33% of total advances, above the regulatory requirement of 18%.Credit to MSME sector has increased to Rs.12,036.34 Crores (PY Rs.10,169.86 Crores) with a growth rate of 18.35%.


The Bank’s deposits increased to Rs.40,970.42 crores (PY Rs.36,825.03 crores) with a growth rate of 11.27% whereas the average growth was 9.39%.

The Bank’s CASA position has increased to Rs.11,685.27 crores with a growth rate of 22.77% and the average growth was 18.37%. The advance level of the Bank has increased to Rs.31,541.81 crores with a growth rate of 11.71% and the average growth was 9.98%.

In the financial year 2021-22 the bank plans to set up 50 more e-Lobbies to reach 100 in total on our Centenary Year celebration. Launching Mobile e-lobbies on the centenary year.


In the presence of Board of Directors of the Bank, Mr. K.V. Rama Moorthy, Managing Director and CEO of the bank has declared the financial results of the Bank for the year 2020-21.General Managers of the Bank were also present at the event.

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