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Tamilnad Mercantile Bank will now sell insurance products of these two insurers

Tamilnad Mercantile Bank will now sell insurance products of these two insurers

Tamilnad Mercantile Bank will now sell insurance products of these two insurers
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By CNBCTV18.com Nov 24, 2022 2:37:59 PM IST (Published)

The bank will offer general insurance products of Cholamandalam General Insurance and life insurance policies of Max Life Insurance Company.

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Tamilnad Mercantile Bank has entered into a corporate agency agreement with two private insurers – Cholamandalam General Insurance and Max Life Insurance Company Limited.
The Thoothukudi, Tamil Nadu, headquartered lender on Wednesday said that it has tied up with these insurance companies for marketing, distribution, and sale of their products.
The lender will offer general insurance products of Cholamandalam General Insurance and life insurance policies of Max Life Insurance Company.
Riding on a decline in bad loans, the bank reported a 37 percent increase in net profit to Rs 262 crore for the September quarter compared to Rs 191 crore in the same period a year ago. Its total income was Rs 1,141 crore against Rs 1,101 crore in the year-ago period.
The bank’s gross non-performing (NPAs) assets were down 1.70 percent against 3.31 percent in the year-ago quarter. Net NPAs were also down 0.86 percent against 1.82 percent in the year-ago period.
The provisions for NPAs and contingencies were at Rs 34 crore against Rs 39 crore in the year-ago quarter.
The bank is reportedly considering expanding its branch network and acquiring customers after the Reserve Bank India in October lifted its three-year ban that restricted the lender from opening new branches.
Shares of the bank are currently trading at Rs508.85, up 0.31 percent.
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