Shares of Tamilnad Mercantile Bank (TMB) have jumped over 5 percent today, August 5, as investors got continued to cheer the bank’s stellar earnings posted for the fiscal first quarter. Net profit increased by 10 percent at Rs 287.29 crore, which was led by an increase in net interest income. This is its highest-ever net profit.
The bank’s NII, that is, the difference between interest earned and interest paid by the bank, was up 8 per cent year-on-year at Rs 174.8 crore in Q1FY25.
At 10:24 a.m., TMB shares traded 4.6 percent higher at Rs 472 on the National Stock Exchange. In contrast to this strong performance, this stock had slipped around 6 percent year-to-date, against the benchmark Nifty’s return of approximately 14 percent for the same period.
Other news: TMB has sent a fresh list of four candidates to the Reserve Bank of India (RBI) for managing director, chief executive officer, and executive director posts; this is after the RBI had rejected the bank’s first list, citing that the following candidates were not suitable. According to reports, there is a new list of ex-officials at state-run banks, including the State Bank of India and Indian Bank. For the ED post, candidates with experience in private banking are said to be under active consideration.
The strategy aims to provide stability in leadership and a place for continuing growth at the bank, matching its recent financial performance and market aspirations.
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Source: Moneycontrol
News Desk
