South-based private sector lender Tamilnadu Mercanatile Bank (TMB) on Monday reported a 11.5% rise in its net profit at Rs 261 crore for the first quarter of FY24, compared with Rs 234 crore in the year-ago period, owing to an increase in interest income and drop in bad assets.
Total income stood at Rs 1,323 crore, compared with Rs 1,142 crore, registering a growth of around 16%.
But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure.
S Krishnan, MD & CEO, said the performance has improved on a year-on-year basis on all the parameters. “Going forward, we expect the bank to post 12-15% growth in deposits and advances. We also expect to keep gross and net non-performing assets below 2% and 1%, respectively.”