IDFC First Bank share jumps over 5% after total deposits grow 21% YoY in Q1

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IDFC First Bank's total customer deposits increased 20.6% to Rs 1,02,363 crore
CASA ratio was 50.3% as of 30 June 2022, up from 48.4%
The bank recorded a 157.3% increase in net profit to Rs 352.31 crore in Q4 FY22

Written By:Yash

Updated: July 03 2022 08:24:17 PM ET

IDFC First Bank shares jumped 5.72% to Rs 34.20 after total customer deposits increased 20.6% to Rs 1,02,363 crore as of June 30, 2022, compared to Rs 84,893 crore as of June 30, 2021.

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Customer deposits climbed 9.8% in the last quarter, compared to Rs 93,214 crore in the fourth quarter of 2022. CASA ratio was 50.3% as of 30 June 2022, up from 48.4% as of 31 March 2022.

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CASA deposits amounted to Rs 56,794 crore as of 30 June 2022, up 11% quarter on quarter and 22.3% year on year. Gross funded assets were Rs 1,37,685 crore as of 30 June 2022, up 21% year on year and 6.7% quarter on quarter.

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As of 30 June 2022, retail business (home loans, loans against property, vehicles, credit cards, and other personal credit) accounts for 65.7% of total funded assets, while commercial business (CV, business banking, and so on) accounts for 7.8% of total funded assets.

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The mortgage sector, including house loans, increased by 31.9% year on year and accounted for 37.5% of the retail books. As of 30 June 2022, infrastructure loans had shrunk by 35% year on year.

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Infrastructure loans as a proportion of total financed assets fell further, from 9.1% in June 2021 to 4.9% in June 2022. Borrowings at the bank increased by 2% year on year to Rs 39,026 crore as of 30 June 2022, up from Rs 38,262 crore, but decreased by 0.9% sequentially from Rs 39,382 crore.

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IDFC First Bank is a private sector bank in India that is a subsidiary of IDFC, an integrated infrastructure finance corporation.

After getting a universal banking licence from the Reserve Bank of India in July 2015, the bank began operations on October 1, 2015. In Q4 FY22, the bank recorded a 157.3% increase in net profit to Rs 352.31 crore on an 11.9 % increase in total income to Rs 5,384.83 crore over Q4 FY21.