IDFC First Bank gains after total deposits rises 36% YoY in Q2

IDFC First Bank gained 5.78% to Rs 52.20 after the total customer deposits rose 35.9% to Rs 1,14,004 crore as on 30 September 2022 as against Rs 83,889 crore as on 30 September 2021.

The customer deposits increased 10.8% last quarter compared with Rs 1,02,868 crore as on 30 June 2022.

CASA ratio was 51.34% as on 30 September 2022 as compared with 50.04% as on as on 30 June 2022. CASA deposits stood at Rs 63,378 crore as on 30 September 2022, up 11.7% QoQ and up 37% YoY.

Gross funded assets aggregated to Rs 1,45,322 crore as on 30 September 2022, up 24.8% YoY and up 5.6% QoQ.

Retail business (home loans, loan against property, vehicles, credit cards, and other personal credit) represents 66.4% of the overall funded assets as on 30 September 2022.

Mortgage business including home loans grew by 29% on a YoY basis and constituted 36.9% of the retail book. Infrastructure Loans de-grew by 40.9% YoY basis as on 30 September 2022. Infrastructure loans as a percentage of total funded assets further reduced from 4.9% as of 30 June 2022 to 4.1% as of 30 September 2022.

The bank's borrowings was nearly flat year on year to Rs 40,609 crore as of 30 September 2022 from Rs 40,592 crore while increased 4.1% sequentially from Rs 39,026 crore.

The bank said that the key input parameters of asset quality such as cheque/ NACH bounces on presentation, which are indicators of future asset quality of advances continued to improve. Asset quality of the loans booked during last 1 year, on a like-to-like vintage comparison basis, has performed better than prior vintage periods, indicating improvement in asset quality going forward.

IDFC First Bank is an Indian Private Sector Bank that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015, after receiving a universal banking licence from the Reserve Bank of India in July 2015.

The bank reported a net profit of Rs 474 crore in Q1 FY23 as against a net loss of Rs 630 crore in Q1 FY22. Total income increased by 17% YoY to Rs 5,777 crore in Q1 FY23.

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