IDFC First

IDFC First Bank on Saturday reported a two-fold jump in its net profit to Rs 605 crore for the quarter ending December 2022, driven by growth in operating income. The private sector bank had reported a profit of Rs 281 crore for the October-December period of 2021-22. The bank's total income increased to Rs 7,064.30 crore in the third quarter this fiscal from Rs 5,197.79 crore in the corresponding quarter of 2021-22, IDFC First Bank said in a stock exchange filing. The bank further said customer deposits increased by 44 per cent from Rs 85,818 crore as of December 31, 2021, to Rs 1,23,578 crore at end-December 31, 2022. CASA deposits grew by 39 per cent year-on-year from Rs 47,859 crore as of December 2021 to Rs 66,498 crore as of December 2022. On the asset quality, it said the gross NPA improved from 3.96 per cent at end-December 2021 to 2.96 per cent as of December 2022. The Net NPA at quarter ending December 2022 improved to 1.03 per cent from 1.74 per cent in the year-ago ..

In CBDC, the core banking will have a one-time debit for currency purchase, but all subsequent transactions, which move from wallet to wallet

Retail business comprised 66.4 per cent of overall funded assets as of September 30, says private lender

A consortium led by Bandhan Financial Holdings is leading the race to acquire IDFC mutual fund business.

The merger would be subject to the shareholders, creditors, statutory and regulatory approvals of the respective entities

Earlier in July, the Reserve Bank of India allowed IDFC Ltd to exit as the promoter of IDFC First Bank as the five year lock-in period ended

IDFC announced receiving the RBI's approval in a notification to the exchanges

The IDFC Bank was created by demerger of the infrastructure lending business of IDFC to IDFC Bank in 2015

Both the banks have relied on inorganic options for growth and diversification

PEs have deep pockets with the ability to recapitalise the bank as and when needed

Indian banks will have a hard task when RBI's moratorium ends this month. Those that do not get capital will have to show their true health, writes Tamal Bandyopadhyay

The FPIs are in advanced talks with an Indian bank to act as a custodian.

From now on, the system should open up systematically as people's financial cushions could vanish soon, he says

IDFC First Bank CEO talks about the journey so far and the road ahead for the bank

Reasonable improvement in deposit accretion and sharp increase in profitability are the key achievements in Sept quarter

The profit before tax came at Rs 100 crore, as against a loss of Rs 583 crore in the year-ago period

Newly formed bank has to compete in a tough market, push past legacy issues