IDFC First Bank share rises over 7% after retail deposits surge 100% in Q3
BusinessToday.In January 7, 2021
IDFC First Bank share was trading 7.68% higher on Thursday after the lender reported a rise in retail deposits by 100% Y-o-Y and 18% Q-o-Q.
IDFC First Bank reported a 41% rise in customer deposits in the third quarter of the fiscal to Rs 77,289 crore as on 31 December 2020 from Rs 54,631 crore as on 31 December 2019, it said in a regulatory filing. This was up 11% QoQ from Rs 69,368 crore as on 30 September 2020.
Retail Deposits (CASA and Term Deposits) increased 100% YoY to Rs 58,435 crore as on 31 December 2020 from Rs 29,267 crore as on 31 December 2019 and 18% QoQ from 49,610 crore as on 30 September 2020.
IDFC First Bank stock opened with a gain of 5.08% today at Rs 43.45 and later rose 7.13% to an intraday high of Rs 44.3 on BSE. The stock also hit an intraday low of Rs 42.35 against the last closing of Rs 41.35. The stock has risen 19.1% in the last 6 days.
Market cap of the lender stood at Rs 25,499.73 crore today.
The stock trades 4.24% away from 52 week high of Rs 45.5. The stock has touched a 52-week low of Rs 17.75.
IDFC First Bank share has risen 19% in one week and 20% in one month. In the last one year, the stock has risen 1.38%.
Average CASA ratio (on average deposit for the quarter) for Q3-FY21 was 44.6% as compared to 20.9% for Q3 FY20 and 36.5% for Q2 FY21. CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
Overall funded assets of the bank increased 0.7% YoY to Rs 1,10,499 crore as on 31 December 2020 from Rs 1,09,698 crore as on 31 December 2019. This was up 3% QoQ from Rs 1,06,828 crore as on 30 September 2020.