Message from the CEO Desk
a message from our managing director and ceo
Tamilnad Mercantile Bank Ltd., has to its credit, the history of 90 successful years and the trust reposed on the Bank by millions of customers shows that the Bank is enjoying an admirable position in the banking industry.
The quality and consistency of the growth of the Bank is reflected in deposits, credit and networth for the financial year 2011 as shown below.
- TMB’s Deposits has gone up from Rs. 11,639 to Rs. 13,793 crore (18.51%).
- Credit has gone up from Rs. 8,287 to Rs. 10,758 crore (29.82%).
- Net Profit grown from Rs. 184.53 to Rs. 250.90 crore (35.97%).
- Networth has increased from the previous year’s level of Rs. 1,148.18 to Rs. 1,366 crore (18.97%).
The Bank now has 251 branches and 261 ATMs across the country. It has plans to increase the branch and ATM network to 275 branches and 300 ATMs before March 2012 by identifying Rural / Semi-urban centres where there is huge untapped potential.
The Bank is focusing on increased deployment to Retail sector with the intention to protect and improve the yield from advances.
Business World / Price Waterhouse Coopers Survey 2011:
The Business World / Price Waterhouse Coopers Survey 2011 have ranked TMB as follows:
- Tamilnad Mercantile Bank has been rated 2nd Best Bank in Small Banks Category (Asset size less than Rs. 30,000 crore) (Out of 17 Banks).
- Tamilnad Mercantile Bank has been rated 3rd Socially Responsible Bank among 57 Banks of the Country.
- Tamilnad Mercantile Bank has been rated 5th Fastest Growing Bank among 17 Small Sized Banks.
Our Bank is rated as CRISIL A1+ by CRISIL which refers Highest Degree of Safety for our Bank’s Certificate of Deposit programme.
Leveraging the CBS platform, the Bank has always given top priority in adding value to the customers through innovative customer centric products and services. The Bank has launched various technology driven products such as Internet Banking, SMS Banking, Mobile Banking and other e-payment channels like RTGS / NEFT etc. The Bank provides financial products such as Mutual Fund Investments (in tie-up with six Asset Management Companies) and General Insurance (in tie-up with United India Insurance Co Ltd).
Initiatives in its 90th year of successful operations:
- Online share trading facility 3 in 1 account with the advantage of savings, Demat and trading facilities is offered by the bank.
- The bank also provides other financial products such as Life Insurance (in tie up with LIC).
- Tie-up with IDBI Bank for making e-tax payment online.
- Online Fixed Deposit opening through TMB e-connect facility.
- SMS alert introduced for NRI customers.
- Introduction of International prepaid and Credit Card is on anvil.
- POS machines are put in merchant establishments.
- Introduction of mobile banking is in final stage and testing is going on.
The Bank targets a business of Rs. 31,650 crore and net profit of Rs. 325 crore in the financial year 2011-12.
The new slogan in the Bank is to attain Gold Standard in all our activities.
With Best Wishes.
A.K. Jagannathan
Managing Director & CEO
[ CEO Message as narrated on Dec 12, 2011 ]
