IDFC FIRST Bank Reports Strong Growth in Q1 FY25 Despite Challenges
IDFC FIRST Bank announced a significant increase in deposits and advances for Q1 FY25 despite natural disaster challenges. The bank reported a 30% growth in core operating profit and maintained high asset quality. Provisions rose due to Tamil Nadu floods but are expected to normalize next quarter.
- Country:
- India
In a significant announcement from Mumbai, the Board of Directors of IDFC FIRST Bank approved the unaudited financial results for Q1 FY25, showcasing considerable growth in several key areas.
Total deposits surged by 35.8% year-on-year to Rs. 2,09,666 crore, with customer deposits increasing by 37.8% to Rs. 2,04,572 crore. The CASA ratio stood at 46.6%, with retail deposits constituting 80.2% of total customer deposits.
Loans and advances saw a 22% increase to Rs. 2,09,361 crore, while gross NPA improved to 1.90%. Despite a rise in provisions due to Tamil Nadu floods, the bank's net profit for Q1 FY25 stood at Rs. 681 crore. Provisions are expected to normalize from Q3 FY25 onwards.
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