IDFC First Bank records 24.5% YoY growth in loans and advances, deposits up over 44%; stock ends 2% up

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₹1,71,420 crore in June 2023 quarter, rising by 24.5% from ₹1,37,663 crore in Q1FY23. However, the growth was at a single-digit 6.7% sequentially. Further, customer deposits jumped by 44.4% to ₹1,48,508 crore in Q1 of the current fiscal, as against ₹1,02,868 crore in Q1FY23.

On a quarter-on-quarter basis, the growth was at 8.6%. CASA deposits jumped by 26.7% YoY in the quarter under review. According to IDFC First Bank, excluding the outflow of one large government banking current account (as already called out in Q4- FY23 results) the QoQ growth of Customer Deposits was 10.3%, and the QoQ growth of CASA was 2.9%.

In Q1FY24, the CASA ratio stood at 46.5% against 49.8% as of March 31, 2023. The bank raised more fixed deposits than CASA deposits in June 2023 quarterly period. It maintained an average Liquidity Coverage Ratio of 125.4% for the quarter that ended on 30 June 2023.

Also, the bank said, it " continues to maintain high asset quality parameters in its loan book." On BSE, IDFC First Bank's share price closed at ₹80.33 apiece up by 2.14%. Earlier, this week, IDFC First Bank announced a scheme of amalgamation of IDFC Limited under its ambit. As part of the scheme, the share exchange ratio for the amalgamation would be 155 equity shares of the face value of ₹10/- each fully paid-up of IDFC FIRST Bank for every 100 equity shares of the face value of ₹10/- each fully paid-up of IDFC Limited.