IDFC First Bank reported a rise in loans and advances by 24.5% to Rs 1.71 lakh crore for the fiscal first quarter ended June 2023, from Rs 1.38 lakh crore a year ago. The sequential growth was at 6.7%.

Customer deposits jumped by 44.4% to Rs 1.49 lakh crore in the June quarter, from Rs 1.02 lakh crore in the earlier-year quarter. On a quarter-on-quarter basis, the growth was at 8.6%.

CASA (current account savings account) deposits grew 26.7% YoY in the quarter under review.

According to IDFC First Bank, excluding the outflow of one large government banking current account (as already called out in Q4- FY23 results), the QoQ growth of customer deposits was 10.3%, and the QoQ growth of CASA was 2.9%.

In Q1FY24, the CASA ratio stood at 46.5% versus 49.8% in the preceding quarter. The private lender raised more fixed deposits than CASA deposits in June 2023 quarterly period.

IDFC First Bank maintained an average liquidity coverage ratio of 125.4% for the quarter that ended on 30 June 2023. The lender said it continues to maintain high asset quality parameters in its loan book.

IDFC First Bank had earlier announced a reverse merger with IDFC, which is expected to complete in 10-12 months. 

As per the scheme of amalgamation, shareholders of IDFC Ltd will get 155 equity shares of IDFC First Bank for every 100 shares held.

IDFC Ltd holds about 40% stake in IDFC First Bank through IDFC Financial Holding. IDFC Ltd is 100% held by the public.