IDFC FIRST Bank Reports 31% Growth in Core Operating Profit Despite Flood Impact

IDFC FIRST Bank's unaudited financial results for Q1 FY25 reveal a 31% year-over-year growth in Core Operating Profit, strong deposit growth, and improvements in asset quality despite the impact of massive floods in Tamil Nadu. The bank continues to advance its digital and social banking initiatives.

Mumbai, Maharashtra [India], July 29: IDFC FIRST Bank's Board of Directors approved the unaudited financial results for Q1 FY25 during its meeting today. The bank reported a significant growth in its core operating profit and an increase in deposits despite external challenges due to floods.

Total deposits increased by 35.8% year-over-year, reaching Rs. 2,09,666 crore as of June 30, 2024, while customer deposits surged 37.8%. CASA deposits saw a 36.1% increase, solidifying the bank's CASA Ratio at 46.6%. Retail deposits now constitute 80.2% of total customer deposits.

Loans and advances witnessed a 22.0% year-over-year growth to Rs. 2,09,361 crore. Asset quality improved with Gross NPA down to 1.90% and Net NPA at 0.59%. Despite increased provisions due to the flood impact in Tamil Nadu, the bank's Net Interest Income grew by 25%, while Core Operating Profit rose 31% YOY, excluding trading gains.