Private lender IDFC First Bank on Wednesday said that its deposits rose 41% at the end of the December quarter while its retail loans grew 24% year-on-year. The provisional figures showed that customer deposits increased to Rs 77,289 core at the end of the December quarter against Rs 54,631 crore same period last year. This was Rs 69,368 crore as on September 30, registering a sequential growth of 11%.
Out of this retail deposits a combination of current, saving accounts and term deposits increased to Rs. 58,435 crore at the end of the December quarter versus Rs. 29,267 crore as on 31 December 2019, registering a 100% growth. This was Rs. 49,610 crore at the end of the September quarter clocking a sequential growth of 18%.
Wholesale Deposits of the bank fell to Rs. 18,854 crore at the end of December from Rs. 25,364 crore as December 2019, registering a de-growth of 26%. This was Rs. 19,758 crore as on 30 September 2020, a sequential degrowth of 5%.
The overall funded assets of the bank recorded a flat growth of 0.7% and increased to Rs. 1,10,499 crore at the end of the December quarter from Rs. 1,09,698 crore at the end of same period last year.
Retail funded assets grew at a strong pace of 24.1% and increased to Rs. 66,635 crore at the end of the December quarter versus from Rs. 53,685 crore same period last year. Retail assets registered a sequential growth of 11.3%.
Retail funded assets, including the priority sector lending buyouts where the underlying assets are retail in nature, constituted 64% of the overall funded assets at the end of the December quarter provisional numbers released by the bank showed.
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