Q2-FY24 Results
-Tamilnad Mercantile Bank Ltd (TMB) on Friday (October 27) reported a 4.3% year-on-year (YoY) jump in net profit at ₹273.5 vs ₹262 crore YoY
-Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors, rose 4.8%, coming at ₹532.8 crore against ₹508.6 crore in the corresponding quarter of FY23.
-The gross non-performing asset (GNPA) stood at 1.70% in the September quarter against 1.56% in the June quarter. Net NPA came at 0.99% against 0.66% quarter-on-quarter.
-The total business of the bank at the second quarter ended 2023-24 stood at Rs 85,092 crore with a growth rate of 9.07 per cent. “Our interest income has gone up by 21 per cent. This is one of the major reasons for the rise in profit. Our bank has been consistently showing profits all the years,” said S Krishnan, managing director and chief executive officer of the bank.
Could you please enlighten me how that’s a red flag?
Disc: holding a meaningful position
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