IDFC First Bank rises on recording 25% growth in loans and advances during Q1FY24

IDFC First Bank is currently trading at Rs. 80.50, up by 0.17 points or 0.21% from its previous closing of Rs. 80.33 on the BSE.

IDFC First Bank
IDFC First Bank

The scrip opened at Rs. 80.35 and has touched a high and low of Rs. 81.09 and Rs. 79.75 respectively. So far 1840112 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 84.52 on 19-Jun-2023 and a 52 week low of Rs. 33.05 on 15-Jul-2022.

Last one week high and low of the scrip stood at Rs. 82.10 and Rs. 77.10 respectively. The current market cap of the company is Rs. 53443.05 crore.

The promoters holding in the company stood at 39.99%, while Institutions and Non-Institutions held 30.96% and 29.06% respectively.

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, 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 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, the Bank raised more fixed deposits than CASA deposits. The bank continues to maintain high asset quality parameters in its loan book. The Bank maintained average Liquidity Coverage Ratio at 125.4% for the quarter ended on June 30, 2023.

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