i. K.V. Rama Moorthy is a MD & CEO of the Bank. He holds a bachelor’s degree in science (agriculture) from Andhra Pradesh Agricultural University, Hyderabad and is a certified associate of Indian Institute of Bankers. He has over 40 years of banking experience, including in Bank of Baroda and as an Executive Director in United Bank of India. He was also associated with Shahjahanpur RRB as Chairman during June 2005 to January 2006. He was Chief Executive, Territorial Head, UAE Dubai of Bank of Baroda during 2011-2014. He was nominated as a director on the board of in Nainital Almora Kshetriya Gramin Bank by the Bank of Baroda from February 2014 to June 2014. Prior to joining us, he was Executive Director in United Bank of India till 2017. ii. Niranjan Sankar A. is a Non-Executive Director of the Bank. He holds a bachelor’s degree in textile technology from Indian Institute of Technology, Delhi and a post graduate diploma in management from Indian Institute of Management, Bengaluru. He has over 22 years of experience in small scale undertakings. He is also an Executive Director of Pioneer Jellice India Private Limited since November 1, 2019 and has been associated with Sree Ayyanar Spinning and Weaving Mills Private Limited in various capacities from 1999 to 2020. iii. S. R. Ashok is a Non-Executive Director of the Bank. He is a doctor by profession. He holds a bachelor’s degree in medicine and surgery from Madurai Kamaraj University, Madurai and a diploma in orthopaedics from Gulbarga University. He presently serves at the Thoothukudi Medical College Hospital. He served abroad, under the Ministry of Health, Kingdom of Saudi Arabia from June 2005 to May 2008 and served as a senior resident at the Pondicherry Institute of Medical Science from May 2010 to October 2013.

Parameter	2021	2020	2019	2018	2017	2016	2015
Total Business	72040	65601	61624	56197	54162	52946	44986
Deposits	40970	36825	35136	32428	32190	30368	25650
Advances	31070	28236	26487	23768	21972	22577	19336
Net Profit	603	407	258	221	316	402	379
CASA	28.52%	25.00%	24.64%	25.32%	23.23%	19.40%	19.63%
NIM	3.75%	4.76%	3.65%	3.61%	3.48%	3.52%	3.53%
G.NPA	3.49%	3.62%	4.32%	3.60%	2.91%	1.84%	1.63%
Net NPA	1.98%	1.80%	2.40%	2.16%	1.74%	0.89%	0.67%

Particulars (in Cr)	March-22	March-21	March-20
Net Interest Income	1815	1529	1320
Other Income	822	644	526
Total Income	2637	2173	1846
Operational Cost	1111	979	850
Profit before Provisioning	1526	1194	996
Provisioning	704	598	587
Profit after Provisioning	822	596	409
PAT	821	603	407
No. of Shares	15.5	15.5	15.5
EPS	53.0	38.9	26.3
Book Value	364	311	274
G.NPA	1.69%	3.44%	3.62%

Review and Recommendation of TMB Bank IPO by IZ team is 5/10 1. TMB bank has shown decent growth in the Gross Advances in the last 3 years despite covid-19. The Gross Advances have increased from ~28000 Crores in Fy20 to ~38000 Crores in Fy22. 2. G.NPA have also come down from 3.62% in FY20 to 1.69% in FY22. 3. Tamilnad Mercantile Bank is one of the oldest and leading old private sector banks in India with a history of almost 100 years. It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (“MSME”), agricultural and retail customers (“RAM”). As of March 31, 2022, it has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. 4. It has built a strong presence in the state of Tamil Nadu, with 369 branches and 949 automated teller machines (“ATMs”) and 255 cash recycler machines (“CRMs”) as of March 31, 2022. it has sizeable presence in the states of Maharashtra, Gujarat, Karnataka, and Andhra Pradesh with presence across 90 branches and 125 ATMs and 18 CRMs as of March 31, 2022. However, the major dependency only on Tamilnadu is a cause of worry if there is any political or any other issue in state. 5. Then there are some legal case going on against the bank by its shareholders. RBI has already put some restriction on bank to open new branches. 6. Asking P/B is around 1.40x which looks reasonable priced. 7. The GMP is around Rs.20.

Tamilnad Mercantile Bank Limited No. 57, Victoria Extension Road Thoothukudi – 628 002, Phone: +91 461 2325136 Email: secretarial@tmbank.in Website: http://www.tmb.in/