IDFC First Bank rises after total deposits grow 21% YoY in Q1

IDFC First Bank gained 4.48% to Rs 33.80 after the total customer deposits rose 20.6% to Rs 1,02,363 crore as on 30 June 2022 as against Rs 84,893 crore as on 30 June 2021.

The customer deposits increased 9.8% last quarter compared with Rs 93,214 crore in Q4 March 2022.

CASA ratio was 50.3% as on 30 June 2022 as compared with 48.4% as on as on 31 March 2022. CASA deposits stood at Rs 56,794 crore as on 30 June 2022, up 11% QoQ and up 22.3% YoY.

Gross funded assets aggregated to Rs 1,37,685 crore as on 30 June 2022, up 21% YoY and up 6.7% QoQ.

Retail business (home loans, loan against property, vehicles, credit cards, and other personal credit) represents 65.7% of the overall funded assets as on 30 June 2022 and commercial business (CV, business banking etc.) constitutes 7.8% of the total funded assets.

Mortgage business including home loans grew by 31.9% on a YoY basis and constituted 37.5% of the retail book. Infrastructure Loans de-grew by 35% YoY basis as on 30 June 2022. Infrastructure loans as a percentage of total funded assets further reduced from 9.1% as of 30 June 2021 to 4.9% as of 30 June 2022.

The bank's borrowings rose 2% YoY to Rs 39,026 crore as of 30 June 2022 from Rs 38,262 crore while declined 0.9% sequentially from Rs 39,382 crore.

The bank said that all asset quality parameters on the portfolio and overall collection efficiency continued to improve during Q1 FY23 and are in line with improving trend of the past quarters. Overdues between 1 to 90 days of the bank, SMA position have also improved during Q1 FY23. SMA as a percentage of total portfolio is now significantly lower than the pre-COVID level. SMA indicating quality of portfolio has become better than Pre - COVID levels.

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 157.3% surge in net profit to Rs 352.31 crore on 11.9% increase in total income to Rs 5,384.83 crore in Q4 FY22 over Q4 FY21.

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