India's Tamilnad Mercantile Bank rises as profit jumps

Tamilnad Mercantile Bank

27/10/2022 08:44

** Shares of Tamilnad Mercantile Bank Ltd  TAMI.NS  rise as
much as 3.1% to 502 rupees, their biggest intraday pct gain
since Oct. 19
    ** TAMI reported a 37.5% increase in the second-quarter
profit to 2.62 billion Indian rupees ($31.80 million), as
provisions slipped 12.6%  urn:newsml:reuters.com:*:nFWN31S01T    
    ** Gross bad loan ratio, a measure of asset quality, largely
steady at 1.70% vs 1.69% previous quarter    
    ** The private lender listed on exchanges on Sept. 15
    ** About 107,185 shares change hands by 0722 GMT vs the
30-day moving avg of 152,161 shares
($1 = 82.3880 Indian rupees)
 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))