http://banking.contify.

com/company/tamilnad-mercantile-bank-ltd RBI urges Tamilnad Mercantile Bank to get listed in stock exchange

Posted: Sat, May 7, 2011 | 3:46 PM IST Tuticorin (Tamil Nadu), May 7: The Reserve Bank of India (RBI) has urged the Tuticorinheadquartered lender Tamilnad Mercantile Bank (TMB) to list its shares via an initial public offering (IPO), said a top official of the bank. We are one of few unlisted banks in the country and the RBI wants us to get listed as soon as possible. We would be considering this proposal provided a couple of pending cases are resolved, A K Jagannathan, managing director and chief executive officer of Tamilnad Mercantile Bank, said after releasing of the bank's results. After the RBI's order, the bank's hands have been freed to make key operational decisions, Jagannathan said. Now, the annual general meeting holds the key, where the proposals for IPOs, bonus and rights issue can be made, he added. However, there are a few lawsuits in courts which have to be settled to go ahead with the annual general meeting, he further added. The bank will conduct its annual general meeting on June 15 to consider IPO and related issues. Tamilnad Mercantile Bank Ltd is an India-based financial company. Till 1921, it was known as Nadar Bank Ltd. Its services include saving account, fixed deposits, recurring deposits, retail services, retail loans, credit cards, education loans, vehicle loans, pension loan, etc. At present, the bank has 263 branches and 11 extension counters all over India. Type Private Year of Establishment 1935 Products Savings account Fixed deposits Recurring deposits Retail services Retail loans Credit cards Education loans Vehicle loans Pension loan

Revenue (Rs. Crore) Not available Employee None Corporate Office 57, V.E. Road Tuticorin, Tamil Nadu Website http://www.tmb.in/ Last Updated 15 February, 2012
Tamilnad Mercantile Bank's A K Jagannathan quits as managing director

Posted: Sat, Feb. 11, 2012 | 12:16 PM IST

Chennai: Indian private sector lender Tamilnad Mercantile Bank's A K Jagannathan has resigned as managing director and chief executive officer citing personal reasons, media reports said. "I will be there for another three months, till a new person takes over. The decision is purely because of personal reasons," Jagannathan told the Business Standard. His resignation comes amid deep differences between two factions of the founding Nadar community for control of the 90-year old bank, headquartered in Tamil Nadu's coastal town of Tuticorin. Jagannathan, who has over 30 years of experience in the banking industry, had joined Tamilnad Mercantile Bank in October 2010.

Jagannathan's resignation was the second high profile exit in the banking sector this week. Earlier this week, Dhanlaxmi Bank's Amitabh Chaturvedi quit as managing director and CEO due to alleged differences with the bank's board.
amilnad Mercantile Bank's Oct-Dec net profit up 16.41% to Rs 780 mln

Posted: Thu, Jan. 26, 2012 | 12:34 PM IST

Coimbatore: Indian private sector lender Tamilnad Mercantile Bank's fiscal third quarter (October-December) net profit grew by 16.41% to Rs 780 million from Rs 670 million in the same quarter a year ago. The bank's net interest income for the quarter ending December 31, 2011 rose 19.28% to Rs 1.67 billion from Rs 1.4 billion in the same period previous fiscal 2010-11. Tamilnad Mercantile Bank's incremental year-on-year increase in total deposits was 26%, while its advances grew by 31%. The company's gross non-performing assets (NPAs) for the current financial year 2011-12, fell by 1.47% against the 1.61% of previous fiscal. Founded in 1921, Tamilnad Mercantile Bank is headquartered in Tuticorin city in the southern state of Tamil Nadu.
Tamilnad Mercantile Bank Jul-Sep net profit drops 1.5% on-yr to Rs 647.4 mln on high provisioning

Posted: Sat, Oct. 29, 2011 | 4:55 PM IST

Coimbatore: Indian private sector lender Tamilnad Mercantile Bank's fiscal second quarter (July-September) net profit marginally declined by 1.5% to Rs 647.4 million from Rs 657.3 million in the same quarter a year ago on account of high provisioning. The bank's provision and contingencies in the three months to September 30 rose over nine-fold to Rs 288.2 million as against Rs 29.3 million in the same period a year ago, Tamilnad Mercantile Bank said in a statement. Advances grew 30% on-year to Rs 112.66 billion in the September quarter from Rs 86.38 billion, while deposits rose 24% on-year to Rs 144.94 billion as compared to Rs 117.08 bilion. The company's gross non-performing assets (NPAs), or bad loans, fell to 1.58% of advances as on September 30 from 1.67% in the previous year, while its net NPAs rose to 0.66% from 0.54%.

Net interest margin (NIM) of the bank during the quarter increased to 4.05% from 4.01% in the corresponding period last year. Founded in 1921, Tamilnad Mercantile Bank is headquartered in Tuticorin city in the southern state of Tamil Nadu.