TMB Ltd Q4FY24 results:
Guidance vs Performance :
Guided for a 12 – 15% growth | YoY, Advances grew by 6.5% and the total business grew by 4.8%.
Aimed to open 50 new branches this Fiscal year | Ended up opening only 22 new branches.
GNPA < 2% | GNPA – 1.44%
NNPA < 1% | NNPA – 0.85%
PCR > 85% | PCR – 87.52%
NIM > 4% | NIM – 4.11%
Cost to Income around 44% | Cost to Income – 47%
Slippage ratio < 1% | Slippage ratio – 1.36%
ROA – 1.75 to 2% | ROA – 1.84%
On the liability side, the deposits grew by 3.6%.
CRAR stands at 29.37%
Book Value per share stands at Rs.500.23 ( 14.33% YoY )
Net Profit for the year stands at Rs.1072.03Cr ( 4.15% YoY )
Yesterday in the ConCall, when asked about the underwhelming rate of growth at which the bank is currently growing ( 5 to 7%), CEO shared that this is mainly because the bank is currently going through a transformational phase. It may take upto a year to stabilize and once it stabilizes, the bank aims to grow at 15%.
In summary, the bank widely underperformed it’s FY24 growth guidance but achieved it’s guidance at the asset quality side.
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