'IDFC First Bank conducted a concall on 26 October 2024 to discuss the financial results for the quarter ended September 2024 and prospects of the bank. V. Vaidyanathan, MD&CEO of the bank addressed the call:
Highlights:
The bank has recorded strong 32% growth in the deposits in September 2024. The retail deposits have jumped 37% to Rs 1.75 lakh crore despite the bank reducing the savings bank deposit rate to 3% about 2 quarters ago.
The Casa deposits surged 38%, while the Casa deposit ratio of the bank has improved to 48.9%.
The cost of funds is stable at 6.46% for Q2FY2025, while the cost of funds excluding the high cost pre-merger liabilities stands lower at 6.37%.
The bank has recorded strong 21.5% growth in the overall loan book end September 2024 with a 25% surge in the retail loan book. The retail asset quality is maintained well with GNPA ratio at 1.57% and the net NPA ratio at 0.52% end September 2024.
The bank has started g...
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