Tamilnad Mercantile Bank (TMB) has requested the Reserve Bank of India (RBI) to extend the timeline for listing its shares.
“Despite the best efforts of your bank, the timeline of December 31, 2021, given by RBI for listing of shares could not be met for reasons beyond the bank’s control.
“Hence, your bank requested RBI to extend the timeline further so that your bank’s endeavour to become a listed entity becomes a reality,” Managing Director and Chief Executive Officer KV Rama Moorthy and Director A Niranjan Sankar told shareholders in a written communication.
Headquartered in Thoothukudi (Tamil Nadu), the bank had filed its draft red herring prospectus (DRHP) in early September 2021 and subsequently with the NSE and BSE.
The communication to shareholders mentioned that the bank was in the process of getting an in-principle approval from regulators.
As at March-end 2022, the top 10 shareholders of the bank included Robert and Ardis James Company (4.94 per cent); Starship Equity Holdings (4.72 per cent); Subcontinental Equities (4.64 per cent); East River Holdings (3.72 per cent); Swiss Re Investors (Mauritius) Ltd (3.55 per cent); FI Investments (Mauritius) Ltd (1.89 per cent); and Shanmuga Priya (1.66 per cent).
The century-old private sector bank reported a 36 per cent year-on-year (y-o-y) increase in net profit to ₹822 crore in FY22 against ₹603 crore in FY21.
Net interest income was up about 18 per cent y-o-y at ₹1,815 crore in FY22 (₹1,538 crore in FY21). Other income rose about 28 per cent y-o-y to ₹823 crore (₹644 crore).
Provisions and contingencies increased about 18 per cent to ₹705 crore (₹599 crore).
Deposits were up about 10 per cent y-o-y at ₹44,933 crore as at March-end 2022. Gross advances rose about 7 per cent y-o-y at ₹33,748 crore.
Gross non-performing assets (GNPAs) declined to 1.69 per cent of gross advances as at March-end 2022, against 3.44 per cent as at March-end 2021. Net NPAs declined to 0.95 per cent of net advances against 1.98 per cent.
The board of directors has recommended a final dividend of ₹10 per equity share of ₹10 face value.