IDFC First Bank records a 25% growth in loans & advances during Q1FY24!

IDFC First Bank’s loans and advances grew from Rs 1,37,663 crore as of June 30, 2022 (Q1FY23) to Rs 1,71,420 crore as of June 30, 2023 (Q1FY24), Year-on-Year (YoY) growth of 24.5%. The quarter-on-quarter (QoQ) growth was 6.7%. Its customer deposits grew from Rs 1,02,868 crore as of June 30, 2022, to Rs 1,48,508 crore as of June 30, 2023, a YoY growth of 44.4%. The QoQ growth was 8.6%. CASA deposits increased by 26.7% on a Y-o-Y basis.

Excluding the outflow of one large government banking current account (as already called out in Q4FY23 results) the QoQ growth of Customer Deposits was 10.3%, and the QoQ growth of CASA was 2.9%. CASA Ratio stood at 46.5% as of June 30, 2023, as compared to 49.8% as of March 31, 2023, as incrementally during Q1FY24, it raised more fixed deposits than CASA deposits. It continues to maintain high asset quality parameters in its loan book. The bank maintained an average Liquidity Coverage Ratio of 125.4% for the quarter ended on June 30, 2023.

IDFC First Bank provides a range of financial solutions to individuals, small businesses, and corporates. The bank has three business verticals: corporate banking, consumer banking, and rural banking. It had a network of 576 branches as on December 31, 2020. Additionally, it has 271 business correspondent branches and 560 ATMs including recyclers across the country.

Today, the stock opened at Rs 80.70, with a high and low of Rs 80.80 and Rs 79.10. The stock is trading at Rs 79.41, down by 1.37%. The shares of the company have gained over 30% in the last six months, and investors should keep a close eye on this stock.

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