IDFC First Bank jumps after Q4 FY22 gross funded assets rise 13% YoY

IDFC First Bank climbed 4.56% to Rs 43.60 after gross funded assets stood at Rs 1,32,067 crore as of 31 March 2022, recording a growth of 12.8% over Rs 1,17,127 crore as of 31 March 2021 and 8.1% rise over Rs 1,22,219 crore as of 31 December 2021.

Customer Deposits were at Rs 93,138 crore as of 31 March 2022, registering a growth of 12.6% over Rs 82,725 crore as of 31 March 2021 on a rise of 8.5% from Rs 85,818 crore as of 31 December 2021.

The bank reported a 12% growth in CASA deposits to Rs 51,407 crore as of 31 March 2022 as against Rs 45,896 crore as of 31 March 2021 and 7.4% increase from Rs 47,859 crore as compared to 31 December 2021. CASA ratio stood at 48.7% as of 31 March 2022 as compared to 51.7% as of 31 March 2021. Average CASA for the quarter stood at 49.3%. Average LCR for Q4 FY22 was at 135%.

The bank reported a 2.7% fall in borrowings to Rs 39,382 crore as of 31 March 2022 as against Rs 40,456 crore as of 31 March 2021 on a 1% increase from Rs 38,978 crore as compared to 31 December 2021.

Retail business (home loans, loan against property, vehicles, consumer loans, credit cards and other retail loans) and commercial business (SME business banking, business loans, commercial vehicles and other loans) grew by 26.4% YoY as of 31 March 2022. Retail loan growth was led by growth in the home loans book, which grew by 52.1% YoY as of 31 March 2022.

Retail business represented 63.4% of the overall funded assets as of 31 March 2022 and commercial business constitutes 8.8% of the total funded assets. Infrastructure loans de-grew by 36.2% YoY as of 31 March 2022. Infrastructure loans constituted 5.2% of the total funded assets as of 31 March 2022 as compared to 9.2% as of 31 March 2021. Corporate loans grew 6% YoY. Corporate loans and credit investments constitutes 22.6% of the total funded exposure.

Overall asset quality trends remained strong. Cheque/ NACH bounce rates and collections efficiencies have improved during Q4 FY22 and have become better than pre-COVID levels, as per the company's press statement.

IDFC First Bank was founded by the merger of IDFC Bank and Capital First in December 2018. The bank provides a range of financial solutions to individuals, small businesses and corporates.

The bank reported 117% jump in net profit to Rs 281.06 crore on a 7.4% increase in total income to Rs 5,197.79 crore in Q3 FY22 over Q3 FY21.

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