The Tamilnad Mercantile Bank (TMB) has opened its 216th branch, at Chembur, Mumbai. The branch is computerised and offers safe deposit locker facility along with ATM service. This takes the banks total ATM count to 138.
Managing Director and CEO, Mr G. Nagamal Reddy, said the bank intends to open 68 new branches during the next one year, out of which three will be situated in Maharastra. This will take the total number of branches in the state to 11. Branches would also be opened would be opened in Bihar, Chatisgarh, Haryana, Madhya Pradesh and Dadra Nagar, Haveli.
Mr. Reddy said the branches are being opened with a medium-term vision of achieving Rs 50,000-crore business, a net profit of Rs 500 crore and a network of 500 branches by the end of March 2013.
This financial year, the bank has budgeted to achieve a business volume of Rs 20,045 crores against Rs 16,747.97 crores as at the end of September and hopes to earn a profit of Rs 183 crores and bring down the NPA to less than 0.50 per cent.
As of September end, the bank has a net worth of Rs 1,000 crore and a capital-adequacy ratio of 13.86 per cent as per Basel I.