CHENNAI: Public sector Punjab National Bank on Wednesday said it closed the first quarter of FY24 with a net profit of Rs 1,255.41 crore.

In a regulatory filing, the bank said it closed the Q1FY24 with a total income of Rs 28,579.27 crore (Q1FY23 Rs 21,294.03 crore) and a net profit of Rs 1,255.41 crore (Rs 308.44 crore).

As on June 30, the bank’s gross non-performing assets (GNPA) stood at Rs 70,899.34 crore (as on June 30, 2022 Rs 90,167.10 crore) and the net NPA at Rs 17,129.47 crore (Rs 31,744.31 crore).

During the period under review, the Punjab National Bank had raised Rs 3,090 crore by issuing Basel III compliant Tier II bonds.

Further, during the same period, the bank has redeemed Basel III compliant Tier II Bonds of Rs 500 Crore due to maturity.

The bank’s deposit and advance portfolio stood at Rs 12,97,905.21 crore and Rs 8,63,731.70 crore, respectively.

Pending settlement of the bipartite agreement on wage revision (due from November 1, 2022), an adhoc amount of Rs 283.84 crore has been provided during the quarter ended June 30, 2023 towards wage revision.

The aggregate provision held by the bank in this regard is Rs 743.35 crore as on June 30, 2023.