IDFC First Bank Q2 update, Loan and Advances Grow 21.3% To Rs 2.22 Lakh Crore

by Psu Connect
Date: 05-10-24
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Further, the merger of IDFC Ltd. into IDFC First Bank has been completed and is effective from Oct. 1, 2024. As a result, IDFC First Bank is an independent institution with no promoters holding any shares, the filing said.

New Delhi: IDFC First Bank Ltd.'s loans and advances grew by 21.3% year-on-year to reach Rs 2.22 lakh crore in the July-September quarter of FY 2025. This is an increase from Rs 1.83 lakh crore reported in the same quarter of the previous financial year, according to provisional numbers disclosed to exchanges.

The customer deposits of the lender surged to Rs 2.17 lakh crore, denoting a 32.2% growth for the quarter ended Sept. 30 in financial year 2025. This compares to Rs 1.64 lakh crore for the same quarter of fiscal 2024.

"The bank grows deposits at a relatively high pace as compared to loan growth, as the bank also raises funds for repaying legacy borrowings," the filing said.

Meanwhile, the Current account savings account deposits grew by 37.6% year-on-year to reach Rs 1.09 lakh crore, suggesting the CASA ratio of 48.9% as of Sept. 30, 2024.

Further, the merger of IDFC Ltd. into IDFC First Bank has been completed and is effective from Oct. 1, 2024. As a result, IDFC First Bank is an independent institution with no promoters holding any shares, the filing said.

Additionally, On Sept. 19, IDFC First Bank got RBI's approval to reappoint V. Vaidyanathan as the managing director and chief executive officer of the bank. Vaidyanathan will serve in the position for a term of three years starting from Dec. 19, 2024, to Dec. 18, 2027.