IDFC First Bank’s Customer Deposits Up 44% At Rs 1,34,681 Cr

IDFC First Bank’s customer deposits rose by 44 per cent year on year at Rs 1,34,681 crore, excluding a short-term deposit of Rs 2131 crore received at yearend.

According to a statement, CASA is at 49 per cent excluding the deposit mentioned above and loans and advances up 24 per cent at Rs 1,60,599 crore.

Bank’s retail wholesale deposits proportion changed from 27:73 to 76:24 as of 31 March 2023. Bank also showed the highest-ever quarterly profit of Rs 803 crore in Q4 FY 23 (Rs 701 crore excluding one-time gains) and the highest ever-yearly profit of Rs 2,437 crore in FY23 (up from Rs 145 crore in FY 22). 

Operating Profit grew 67 per cent YoY from Rs 2,753 crore in FY22 to Rs 4,607 crore in FY23. For context, Core operating profit has increased 4 times in 4 years, from Rs 1105 crore post-merger (H2 FY 19 annualised) to Rs 4607 crore in FY 23.

Its bank-level GNPA stood at 2.51 per cent and NNPA at 0.86 per cent. Cheque and NACH bounce is down to 6.6 per cent from 10 per cent on First EMI because of continuous underwriting improvement. So the lesser need for field or Tele collections.

Pre NPA Stage 31-60 DPD (SMA1) + 61- 90 DPD (SMA2) down to 1.1 per cent of principal outstanding as of 31 March 2023, lowest ever (down from 2.2 per cent as on 31 March 2022).