Chennai, Jan 23 (IANS): The Tamilnad Mercantile Bank, one of India's oldest private banks, closed the third quarter of FY23 with a higher net profit of Rs 279.70 crore.

The bank closed the quarter ended December 31, 2022 with a net interest income of Rs 534.27 crore (Q3FY22 Rs 452.76 crores) and an after tax profit of Rs 279.70 crore (Rs.202.88 crore), Managing Director S. Krishnan said.

During the period under review, the bank's total income stood at Rs 1,172.88 crore down from Rs 1,213.36 crore earned during the corresponding period the previous year.

According to Krishnan, the slippages in the quality of loans during the period under review was about Rs 66.52 crore and the recovery was about Rs 68.78 crore.

The net non-performing assets (NPA), as on December 31, 2022, stood at Rs 259.10 crore, down from Rs.452.36 crore for previous year's corresponding period.

The total business of the bank at the third quarter ended December 31, 2022 stood at Rs 78,242 crores with a growth rate of 5.69 per cent.

Its deposit and advance portfolio stood at Rs 43,440 crore and Rs 34,802 crore, respectively.