A recent press report said that Tamilnad Mercantile Bank has planned to increase its base and benchmark prime lending rates by 50 basis points each. The base rate is being revised to 10.5 per cent (10 per cent) and the BPLR to 16 per cent (15.50 per cent). The hike will result in the increase in the borrowal of home loan, personal loans, car loan etc.
Reports also said that the bank has registered a 10.53 per cent jump in net profits in the first quarter of the current fiscal, touching Rs 50.47 crore as against Rs 45.66 crore in the corresponding quarter of the previous year.
The total business of the bank has increased by Rs 4,194.01 crore from Rs 20,239.73 crore to Rs 24433.74 crore on year-on-year basis registering a growth of 20.72 per cent. Deposits have recorded a growth of 17.78 per cent; it has gone up by Rs 2,085.73 crore from Rs 11,733.92 crore to Rs 13,819.65 crore and advances have gone up by Rs 2,108.28 crore, recording a growth of 24.79 per cent.
The bank has recently opened its 240th branch at Thuraiyur in Tamil Nadu along with an Onsite ATM.