IDFC FIRST Bank Reports 35.8% Surge in Deposits for Q1 FY25

IDFC FIRST Bank's Board approved its unaudited financial results for Q1 FY25, showcasing a 35.8% increase in total deposits, a 22% rise in loans, and a 25% growth in Net Interest Income. The Bank saw improvements in asset quality with Gross NPA dropping to 1.90%. Retail deposits surged by 43.5%, with customer deposits up 37.8% YOY.

Mumbai, Maharashtra, India - IDFC FIRST Bank's Board of Directors approved the unaudited financial results for the quarter ending June 30, 2024. The Bank achieved a 35.8% year-on-year increase in total deposits, climbing from Rs. 1,54,427 crore in June 2023 to Rs. 2,09,666 crore by June 2024.

Customer deposits grew significantly by 37.8% from Rs. 1,48,474 crore to Rs. 2,04,572 crore. CASA deposits marked a 36.1% increase, reaching Rs. 97,692 crore, establishing a CASA ratio of 46.6%. Retail deposits saw a notable upsurge, growing by 43.5% to Rs. 1,64,001 crore.

Improvements in asset quality were visible as Gross NPA dropped from 2.17% to 1.90%, while Net NPA reduced to 0.59%. Furthermore, Net Interest Income rose by 25% YOY to Rs. 4,695 crore. Despite challenges such as floods in Tamil Nadu affecting JLG provisions, the Bank's profitability reflected resilience.