CHENNAI: Increased income, and reduced provisions has enabled Tamilnad Mercantile Bank Ltd (TMB) to log higher profit for the first quarter of FY24.

In a regulatory filing, the TMB said the bank closed the Q1FY24 with a total income of Rs 1,322.89 crore (Q1FY23 Rs 1,141.77 crore) and a net profit of Rs 261.23 crore (Rs 234.21 crore).

During the period under review, the bank had provided Rs 39 crore down from Rs 55.22 crore provided during the previous year corresponding period.

As on June 30, the TMB’s gross non-performing assets (GNPA) stood at Rs 580.72 crore (Rs 572.15 crore on June 30, 2022) and the net NPA at Rs 243.65 crore (Rs 310.92 crore).

The total business of the bank at the first quarter ended June 30 stood Rs 84,300 crore with a growth rate of 9.40 per cent.

The bank’s deposit and advance portfolio stood at Rs 47,008 crore and Rs 37,292 crore, respectively.