Tamilnad Mercantile Bank Ltd Share Price – NSE  /  BSE

Banks, Small Cap

Tamilnad Mercantile Bank will hold a meeting of the Board of Directors of the Company on 2 August 2024.

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Tamilnad Mercantile Bank has opened a new branch at 3/46, Main Road, ACC Selvam Complex,Pattukottai Taluk, Thiruchitrambalam,Thanjavur District, Tamil Nadu - 614 628 on 28 June 2024.

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The Board of Tamilnad Mercantile Bank at its meeting held on 07 June 2024 has accepted the to relieve S.Krishnan from the position of Managing Director & CEO of the Bank at the closing of business hours as on 07 June 2024.

The Reserve Bank of India (RBI) had approved the appointment of a Committee of Executives (CoE) as an interim arrangement to oversee the operations and administration of the bank in the absence of MD & CEO.

The CoE would consist of the following three members:
a. S.Narayanan, General Manager (Credit),
b. D.Ramesh, General Manager (HR), and
c. P.R.Ashok Kumar, General Manager (PDRM)

As such, the CoE appointed by the RBI will assume charge as an Interim Arrangement with effect from the opening of business hours as on 08 June 2024, for a period of three months or till the new MD & CEO assumes charge, whichever is earlier.

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Net profit of Tamilnad Mercantile Bank remain constant at Rs 253.06 crore in the quarter ended March 2024 and also during the previous quarter ended March 2023. Total Operating Income rose 17.16% to Rs 1253.71 crore in the quarter ended March 2024 as against Rs 1070.08 crore during the previous quarter ended March 2023.

For the full year,net profit rose 4.16% to Rs 1072.03 crore in the year ended March 2024 as against Rs 1029.26 crore during the previous year ended March 2023. Total Operating Income rose 18.79% to Rs 4847.91 crore in the year ended March 2024 as against Rs 4081.04 crore during the previous year ended March 2023.

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