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Business Standard
03-08-2025
- Business
- Business Standard
Tamilnad Mercantile Bank targets completion of digital push by FY26
Private sector Tamilnad Mercantile Bank is set to complete its digital transformation programme -- commenced last year -- in a phased manner within the financial year. Last year, the Tuticorin-based bank had earmarked ₹150 crore to implement a range of technology-driven upgrades. These include development of Oracle Human Capital Management (HCM) software, Oracle CX-Customer Relationship Management (CRM) software, Vendor Management software for centralised expense management, and paperless automation of approvals. "A sophisticated net banking platform (DEH) has been designed to enhance digital banking experiences for both retail and corporate clients. Ongoing projects such as website and mobile banking revamps are slated for phased completion within the current financial year," the bank's MD and CEO Salee S Nair told PTI. The bank was also engaged in completely revamping the internet banking and have roped in IT major Infosys for this. "I think, by December end we should also have that in place as an offering to customer through which whatever requirement you have at the branch you will be able to satisfy yourself. I think 70 odd services will be available through the internet banking," he said. On July 25, the lender declared its financial performance for April-June 2025 quarter registering a 6.27 per cent growth in net profit to Rs 305 crore, as compared to a net profit of Rs 287 crore recorded in the corresponding quarter of last financial year. Nair noted that the reduction in provisions led to the growth in net profit during the June quarter. Total income of the bank rose to Rs 1,617 crore during the quarter under review as compared to Rs 1,515 crore registered in the year ago period. On the focus areas during the current financial year, he said during the second half of the financial year, the bank is expected to reap the benefits from various initiatives it had taken including expansion of branch network, upgrading technology, focus on MSME sector, gold loan portfolio among others. "In my analysts call, I did mention that the growth in deposits will be in excess of 10 per cent year-on-year and our advances portfolio will be close to 15 per cent. This is all riding on the fact that the initiatives we have put in place. CASA (Current Account, Savings Account) which has been negative last year, has now come into positive territory at a growth of 4.51 per cent," he said. "The initiatives (taken by the bank) appear to bear fruits on the deposits side and the pace of growth in deposits is up from 4.64 per cent year-on-year to 9 per cent (April-June 2025) quarter and it will get accelerated in the second half. When we close the financial year (FY 25-26) we hope to close the year with much better numbers," he remarked.
News18
03-08-2025
- Business
- News18
Tamilnad Mercantile Bank targets completion of digital push this FY
Chennai, Aug 3 (PTI) Private sector Tamilnad Mercantile Bank is set to complete its digital transformation programme — commenced last year — in a phased manner within the financial year. Last year, the Tuticorin-based bank had earmarked Rs 150 crore to implement a range of technology-driven upgrades. These include development of Oracle Human Capital Management (HCM) software, Oracle CX-Customer Relationship Management (CRM) software, Vendor Management software for centralised expense management, and paperless automation of approvals. 'A sophisticated net banking platform (DEH) has been designed to enhance digital banking experiences for both retail and corporate clients. Ongoing projects such as website and mobile banking revamps are slated for phased completion within the current financial year," the bank's MD and CEO Salee S Nair told PTI. The bank was also engaged in completely revamping the internet banking and have roped in IT major Infosys for this. 'I think, by December end we should also have that in place as an offering to customer through which whatever requirement you have at the branch you will be able to satisfy yourself. I think 70 odd services will be available through the internet banking," he said. On July 25, the lender declared its financial performance for April-June 2025 quarter registering a 6.27 per cent growth in net profit to Rs 305 crore, as compared to a net profit of Rs 287 crore recorded in the corresponding quarter of last financial year. Nair noted that the reduction in provisions led to the growth in net profit during the June quarter. Total income of the bank rose to Rs 1,617 crore during the quarter under review as compared to Rs 1,515 crore registered in the year ago period. On the focus areas during the current financial year, he said during the second half of the financial year, the bank is expected to reap the benefits from various initiatives it had taken including expansion of branch network, upgrading technology, focus on MSME sector, gold loan portfolio among others. 'In my analysts call, I did mention that the growth in deposits will be in excess of 10 per cent year-on-year and our advances portfolio will be close to 15 per cent. This is all riding on the fact that the initiatives we have put in place. CASA (Current Account, Savings Account) which has been negative last year, has now come into positive territory at a growth of 4.51 per cent," he said. 'The initiatives (taken by the bank) appear to bear fruits on the deposits side and the pace of growth in deposits is up from 4.64 per cent year-on-year to 9 per cent (April-June 2025) quarter and it will get accelerated in the second half. When we close the financial year (FY 25-26) we hope to close the year with much better numbers," he remarked. PTI VIJ ROH view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
28-07-2025
- Business
- Business Standard
TMB eyes home advantage in Thoothukudi's investment wave; to tap MSMEs
Tamilnad Mercantile Bank (TMB) has said that, as a local bank, it is betting big on tapping more salary accounts and the micro, small, and medium enterprises (MSME) segment lending opportunities, as Thoothukudi is witnessing a boom in investments to the tune of over Rs 1 trillion, driven by global majors like Vietnam's electric vehicle maker VinFast and Singapore's Sembcorp. The Thoothukudi-based bank has maintained its business growth outlook of 14 per cent for the current financial year, owing to its growth initiatives in the last year, including technology upgrades. The bank said that its focus area will be the Retail, Agriculture, and MSME (RAM) segment, as it accounts for 93 per cent of its total advances. Including VinFast and Sembcorp, Thoothukudi is expected to witness investments to the tune of Rs 1 trillion in the next few years. The bank's strategy is to attract salary business, in addition to developing a strong footprint in the supplier ecosystem of large players, which mainly includes MSMEs. "Action in Thoothukudi is something that we will certainly try and leverage to our benefit as the hometown bank in Thoothukudi. Not just salary accounts. We are also looking to re-establish our footprint in the MSME area. That is where I see a lot of potential for CASA," said Salee S Nair, managing director and chief executive officer of TMB. He added that the bank has increased its engagement with Thoothukudi port too and has also been enrolled in the National Logistics Portal recently. Nair said that during the second half of the financial year, the bank will start reaping benefits from initiatives like establishing MSME hubs, expanding its branch network, and improving technology, among others. After Nair took charge in August 2024, the bank roped in global consultancy firm McKinsey to develop its MSME strategy, mainly to bring in innovative solutions and improved lending capabilities. Its transformation initiatives also include the revamping of CRM systems, upgrading internet banking, and giving more focus to the gold loans portfolio. 'We expect the second half of the current fiscal to show the impact of all our initiatives. We may see over 10 per cent growth in deposits and 15 per cent growth in advances,' he said. The bank posted its highest-ever quarterly net profit of Rs 304.9 crore during the first quarter of the financial year 2025-26, up 6 per cent from Rs 287.3 crore during the April to June quarter of the last financial year. "We will look at corporates seriously after we put in place a system, both in terms of skill set and technology improvement," he added. At present, the corporate segment contributes to around 7 per cent of its advances. The bank's gross non-performing assets (NPA) improved by 22 basis points to 1.22 per cent from 1.44 per cent. Its net NPA also decreased to 0.33 per cent from 0.65 per cent, improving by 32 basis points during the first quarter of FY26. TMB's deposits increased to Rs 53,803 crore during the period, from Rs 49,188 crore last year. The advance level also increased to Rs 45,120 crore with a growth rate of 10.44 per cent on a year-on-year basis. The bank said that an increase of 4.5 per cent in CASA during the quarter is a positive sign. Nair mentioned that the bank is putting a lot of effort into improving its CASA. This includes appointing relationship managers to attract more current accounts and setting up an elite services group in Q1 to ensure personalised end-to-end service in select branches for high-value customers.
Business Standard
23-04-2025
- Business
- Business Standard
Tamilnad Mercantile Bank Q4 results: Net profit up by 15% to ₹292 crore
Thoothukudi-headquartered Tamilnad Mercantile Bank (TMB) has posted a 15 per cent rise in net profit during the fourth quarter of 2024–25 to Rs 291.9 crore, up from Rs 253.06 crore in 2023–24. During the financial year 2025, it was seen up 10.35 per cent to Rs 1,183 crore from Rs 1,072 crore in FY24, driven by continued growth in our core lending and deposit businesses. "We remain committed to our strategic priorities of expanding our reach and enhancing customer experience. In this year, we have opened 26 new branches across key markets, further strengthening our distribution network," said Salee S Nair, managing director and chief executive officer, Tamilnad Mercantile Bank. "We have also entered into several strategic partnerships for a digital transformation of the bank and increasing operational efficiency to enhance customer growth. We believe that these strategic initiatives, coupled with our focus on responsible lending and cautious risk management practices, will pave the way for sustainable and profitable growth in the years to come," he added. During the year under review, its operating profit improved to Rs 1,746 crore from Rs 1,482 crore, registering a growth of 17.81 per cent. Interest income improved to Rs 5,291 crore from Rs 4,848 crore, Y-o-Y growth of 9.14 per cent. Total income increased to Rs 6,142 crore from Rs 5,493 crore, Y-o-Y growth of 11.82 per cent. Total business increased to Rs 98,055 crore from Rs 89,485 crore, posting a Y-o-Y growth of 9.58 per cent. The RAM segment increased to 93 per cent from 91 per cent, up 200 basis points Y-o-Y. Gross NPA decreased to 1.25 per cent from 1.44 per cent, improved by 19 basis points. Net NPA decreased to 0.36 per cent from 0.85 per cent, improved by 49 basis points. The bank's deposits increased to Rs 53,689 crore, up from Rs 49,515 crore last fiscal. The advance level of the bank increased to Rs 44,366 crore with a growth rate of 11 per cent on a Y-o-Y basis. Non-interest income improved to Rs 851 crore from Rs 645 crore, an increase of 31.94 per cent. Net interest income too improved to Rs 2,301 crore from Rs 2,151 crore, an increase of 6.97 per cent. The bank's net worth increased to Rs 9,009 crore (previous year Rs 7,921 crore) with an absolute rise of Rs 1,088 crore, registering a growth rate of 13.74 per cent. The board of directors of the bank has recommended the payment of a final dividend of Rs 11 per equity share of the face value of Rs 10 each (110 per cent) for the financial year 2024–25, subject to the approval of the shareholders at the ensuing AGM of the bank.
