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IDFC First Bank total deposits rise 43% YoY
07-Apr-21   14:56 Hrs IST

Sequentially, the bank's deposits have risen 7% as on 31 March 2020 from Rs 77,289 crore as on 31 December 2020.

CASA deposits of the bank improved 122.74% to Rs 46,022 crore at the end of 31 March 2021 from Rs 20,661 crore on 31 March 2020. CASA ratio improved to 51.95% on 31 March 2021 from 48.31% in 31 December 2020 and 31.87% as on 31 March 2020. Average CASA ratio 31 March 2021 stood at 50.23% compared with 44.66% as of 31 December 2020 and 27.72% as of 31 March 2020.

The private lender said that top 20 depositors as a percentage of customer deposits has reduced to 7.76% as of 31 March 2021 from 9.69% as of 31 December 2020. The same was 20.26% as of 31 March 2020.

Meanwhile, the bank on 6 April 2021 raised Rs 3,000 crore through Qualified Institutional Placement to marquee international and domestic investors by issuing 52.31 crore fresh equity shares having face value of Rs 10 each, at a price of Rs 57.35 per share. Out of this, 68.33% of the allotment was made to foreign investors and 31.67% of the allotment was made to the domestic investors.

IDFC First Bank was founded by the merger of IDFC Bank and Capital First in December 2018. The bank provides a range of financial solutions to individuals, small businesses and corporates. As of 31 December 2020, the bank has 576 branches and 541 ATMs across the country. The bank reported a net profit of Rs 130 crore in Q3 FY21 as compared to a net loss of Rs 1,639 crore in Q3 FY20. Total income during the quarter improved by 0.7% year-on-year (YoY) to Rs 4711.72 crore.

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