- Tamilnad Mercantile Bank's total business rose 23% to Rs 1.22 lakh crore by June 30
- Total deposits increased 19.7% year-on-year to Rs 64,409 crore in the quarter ended June
- Gross advances grew 27% year-on-year to Rs 57,306 crore, driven by lending expansion
Tamilnad Mercantile Bank reported a strong business update for the quarter ended June 30, with total business rising 23% from a year earlier, driven by robust growth in advances.
The private sector lender's total business stood at Rs 1.22 lakh crore as of June 30, marking a 23% increase compared with the corresponding period last year.
Total deposits grew 19.7% year-on-year to Rs 64,409 crore, reflecting healthy deposit mobilisation during the quarter.
Gross advances registered stronger growth, rising 27% year-on-year to Rs 57,306 crore as the bank continued to expand its lending portfolio.
Tamilnad Mercantile Bank will repurpose more than half its staff towards sales as it shifts focus from maintaining its long-standing customer relationships to increasing revenues, a top official told PTI in February.
ALSO READ: Tamilnad Mercantile Bank To Shift 50% Workforce Into Sales Roles In Two Years Amid Tech Automation
This will be done through the technology-led investments which lead to automation benefits in a lot of repeat jobs, its Managing Director and Chief Executive Salee S Nair told PTI, underlining that there will not be any layoffs.
Overall employee count is expected to rise by over 200 from the current strength of 5,000, said Nair, a career SBI banker who joined the south-based lender in August 2024.
"Two years down the line, about 50-60% of the employees will get repurposed into sales. We will be training them for the new roles," he said, speaking on the sidelines of an event to announce its tie-up with tech major Oracle.
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