IDFC First Bank Q3 RESULTS
The stock of IDFC First Bank closed 0.74% higher at Rs 65.18 on Friday, compared to the previous close of Rs 64.70 on the BSE. Over the past year, the stock has experienced a 24.30% decrease, and in the last six months, it fell by 19.40%.
IDFC First Bank Ltd recently released its business updates for the third quarter ending on December 31, 2024. Loans and advances saw a significant increase of 21.9% to Rs 2,30,947 crore in the last quarter, up from Rs 1,89,475 crore as of December 31, 2023, with a quarter-on-quarter growth of 3.7%.
Customer deposits also showed growth, rising by 28.8% to Rs 2,27,266 crore as of December 31, 2024, compared to Rs 1,76,481 crore as of December 31, 2023. Specifically, CASA deposits increased by 32.3% to Rs 1,13,091 crore as of December 31, 2024, from Rs 85,492 crore as of December 31, 2023, with a quarter-on-quarter growth of 3.5%.
The CASA ratio for the third quarter was 47.8%, a slight increase from the previous year’s 46.8% and a decrease from the ratio of 48.9% as of September 30, 2024. However, the Credit-Deposit (CD) Ratio decreased to 95.7% as of December 31, 2024, down from 101.4% as of December 31, 2023, and 97.7% as of September 30, 2024.
IDFC First Bank has been actively reducing the Credit-Deposit Ratio since the merger between IDFC Bank and Capital First in December 2018 by retiring legacy (pre-merger) bonds & borrowings and by scaling retail customer deposits.
The lender reported that the Incremental Credit Deposit Ratio for the trailing 12 months, from December 31, 2023, to December 31, 2024, stood at 76.6%.
During the third quarter, total business (comprising Loans & Advances and Customer Deposits) experienced a significant growth of 25.2% year-on-year, reaching Rs 4,58,213 crore compared to Rs 3,65,956 crore as of December 31, 2023.
On Friday, IDFC First Bank’s stock closed 0.74% higher at Rs 65.18 on the BSE, up from the previous close of Rs 64.70. Over the past year, the stock has declined by 24.30% and by 19.40% in the last six months.
A total of 13.81 lakh shares of the company were traded, resulting in a turnover of Rs 8.93 crore. The market capitalization of the firm increased to Rs 47,712 crore on the BSE.
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Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Investors should conduct thorough research and consult with a qualified financial advisor before making any investment decisions.