Nifty Bank Top Gainer: Jumps 6% on Q1 Biz Update, Customer Deposit Rallies 21%

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Nifty Bank Top Gainer: Jumps 6% on Q1 Biz Update, Customer Deposit Rallies 21%

By Malvika Gurung -- Shares of the private sector lender IDFC First Bank (NS: IDFC ) jumped 5.9% to Rs 34.15 apiece at the time of writing, after surging over 6% earlier in the session.

The private bank is a constituent of the sectoral index Nifty Bank and was trading the highest compared to all 12 stocks listed under the index, at the time of writing. 

The stock rallied after the lender shared its business update for the Apr-Jun quarter of FY23. Its total customer deposits jumped 20.6% YoY to Rs 1,02,363 crore in the period, compared to Rs 84,893 crore in the year-ago period. On a sequential basis, the figure rose 9.8% compared to the March 2022 ending quarter.

Its CASA ratio, a key indicator of a financial institution’s operating efficiency rose to 50.3% in Q1 FY23 from 48.4% in Q4 FY22, and CASA deposits jumped 22.3% YoY and 11% sequentially to Rs 56,794 crore in the quarter under focus.

As per the lender’s statement, as of June 30, 2022, its retail business which includes home loans, loans against property, vehicles, credit cards, and other personal credit, represents 65.7% of its overall funded assets, while its commercial business makes up 7.8% of the total funded assets.

The lender's gross funded assets averaged 21% YoY and 6.7% QoQ higher to Rs 1,37,685 crore as of June 30, 2022. Its mortgage business grew 31.9% YoY and infrastructure loans shrank 35% YoY in the quarter.

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