South-based private sector lender Tamilnad Mercantile Bank (TMB) on Tuesday reported a 96% jump in its net profit to Rs 181 crore for the third quarter of FY21, compared to Rs 92 crore in the corresponding quarter of the earlier fiscal. Its total revenue stood at Rs 1,083.45 crore as against Rs 998.91 crore very same quarter a year ago, registering 8.46% development. K V Rama Moorthy, MD & CEO of TMB , mentioned the bank could obtain the earnings owing to the greater net interest revenue, decrease provisioning and boost in the operating profit.
He mentioned the bank is preparing to file papers for its initial public supplying (IPO) more than the next nine to 12 months. He mentioned, the bank’s NII stood at Rs 428.73 crore in Q3 against Rs 338.72 crore, with 26.57% development.