CHENNAI: With an all-round increase in revenues and a drastic reduction in provisions for loan loss, the government-owned Indian Bank on Thursday said it had closed the first quarter with a net profit of Rs 1,708.83 crore.

In a regulatory filing, the Indian Bank said it closed Q1FY24 with a total income of Rs 14,758.99 crore (against Q1FY23's Rs 11,758.29 crore) and a net profit of Rs 1,708.83 crore (Rs 1,213.44 crore).

For the period under review, Indian Bank’s provision for non-performing assets (NPA) came down to Rs 929 crore from Rs 2,002.15 crore provided during previous year's corresponding period.

Total provisions for Q1FY24 was Rs 1,740.64 crore - including for NPA - down from the previous year corresponding period figure of Rs 2, 218.93 crore. As on June 30, 2023, the bank’s gross NPA (GNPA) stood at Rs 26,226.92 crore (Rs 34,573.34 crore on June 30, 2022) and the net NPA at Rs 3,197.55 crore (Rs 8,470.72 crore).

Pending settlement of the bipartite agreement on wage revision (due from November 1, 2022), an ad hoc amount of Rs 166 crore has been provided during the quarter ended June 30, 2023 towards wage revision.

The cumulative provision held by the Bank in this regard is Rs 418 crore as on June 30, 2023.