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ICICI Direct's Report
Tamilnad Mercantile Bank Ltd. has ~100 year's legacy with ~80% of its customers associated with the bank for more than five years. The focus on low cost current accounts and savings account deposits is expected to keep borrowing cost lower.
The bank's focus on new geographies coupled with southern states to accelerate growth.
Tamilnad Mercantile Bank focuses on increasing its digital footprint, which, in turn, has improved its operational processes, which has reduced costs resulting in improving profitability.
The bank has 369 branches, 949 ATMs in Tamil Nadu with a share of ~75% in total business.
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