Mumbai, Jul 24 (PTI) Tamilnad Mercantile Bank Monday reported an 11.5 per cent on-year increase in net profit at Rs 261.23 crore for the June quarter.

The Tamil Nadu-based bank said its deposits grew 8.7 per cent to Rs 47,008 crore and advances jumped 10.26 per cent to Rs 37,292 crore for the reporting three months period, taking the balance sheet to Rs 84,300 crore, up 9.4 per cent.

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Its asset quality improved marginally with gross NPAs at 1.56 per cent down from 1.69 per cent and net NPAs 0.66 per cent from 0.93 per cent in Q1FY23 and the provision coverage ratio stood at 88.08 per cent, down from 90.49 per cent a year ago.

Interest income improved to Rs 1,156 crore from Rs 1002 crore of and non-interest income rose to Rs 167 crore from Rs 140 crore.

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* * * * * * Spandana reports Rs 119 cr profit for June quarter

"Microfinance player Spandana Sphoorty Financial Monday reported a Rs 119 crore net income for the June quarter of the current fiscal as against a net loss of Rs 220 crore a year-ago on improved loan sales and the resultant interest income.

Its said its total interest income doubled to Rs 527 crore, while disbursement rose 26 percent to Rs 1,664 crore, taking the total loan book Rs 8,848 crore, up 60 percent on-year.

Overall asset quality improved with GNPA falling to 1.63 per cent from 2.07 per cent and NNPA inching down to 0.49 per cent from 0.64 per cent.

Margin jumped to 14.2 per cent from 9.9 per cent giving it interest income of Rs 328 crore, which jumped 102 per cent over the last 12 months period.

* * * * * * * NPCI issues over 10,000 Rupay cards in Bhutan

*Mumbai: The National Payments Corporation said its subsidiary NPCI International Payments has issued over 10,000 Rupay cards in Bhutan within a very short period of its acceptance there.

Rupay has issued the card along with its local partner the Royal Monetary Authority of Bhutan (Bhutan National Bank). These debit cards are accepted at over 265,994 ATMs and 7.9 million PoS terminals deployed by the member banks of NPCI for cash withdrawals, balance inquiries, and purchases in India.

These cards allow Bhutanese citizens to withdraw cash and make payments through all ATM and PoS terminals in India. Currently, Bhutan National Bank is the only bank in Bhutan that issues Rupay cards.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)