IDFC First Bank Q3 update :

Last updated: 08 Jan, 2021 | 02:49 pm

IDFC First Bank Q3 update :

In its business update for the quarter ended December 2020, IDFC First Bank has reported some strong numbers on credit and deposit growth.

  • Robust deposit growth: Customer Deposits of the Bank saw a 41% yearly growth. This was largely led by a 100% yearly growth in retail deposits to ₹ 58,435 crore. However Wholesale Deposits of the Bank decreased to ₹18,854 crore, yearly degrowth of 26% and sequential degrowth of 5%.
  • Flat growth in advances: Overall funded assets of the Bank increased to ₹1,10,499 crore from ₹1,09,698 crore as on 31 December 2019. This was at ₹1,06,828 Cr as on 30 September 2020. Retail assets constitute 64% of the overall funded assets which grew 24% yearly ₹ 66,635 crore
  • CASA ratio (Current Account Savings Account Ratio): CASA ratio which determines how costly the deposits of the bank are (Current Account deposits are a cheap source of funds), spiked to 44.6%, this was 36.5% in the previous quarter and 20.9% in the same quarter a year ago. 

INDmoney Analysis

  • Overall, the banking industry has seen good growth in deposits but IDFC First had outperformed its peers with stupendous growth numbers.
  • Loan growth, in line with the industry, remained muted. This is after the fact that the previous quarter loan growth was supported by the festive season and pent up demand. Thus, the recovery in loan growth may become slower than anticipated. 
  • With strong traction in both retail loans and deposits, the bank seems well on track to become a more retail-oriented lender.

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