Company Update : IDFC First Bank by Motilal Oswal Financial Services Ltd
Strong business growth supported by USD3.6b of FCNR(B) inflows; CD ratio stands at ~97%
* Including FCNR(B) of INR344b: IDFCFB reported 29.9% YoY (+13.7% QoQ) growth in loans and advances to INR3.39t. Loan growth was above our estimate 27.3% YoY/11.1% QoQ. Excluding FCNR(B) mobilization, advances grew 20.4% YoY/5.4% QoQ.
* Including FCNR (B) mobilization: Total deposits grew 25.9% YoY/11.8% QoQ to INR3.49t (above our estimate of 22.9% YoY/9% QoQ). Excluding FCNR(B), bank reported total deposit growth of 17.0% YoY/3.8% QoQ.
* Including FCNR(B), customer deposits rose 26.9% YoY/14% QoQ with CASA ratio at 47.6%. Excluding FCNR(B), customer deposits grew 17.6% YoY/ 5.7% QoQ.
* Due to strong FCNR (B) mobilization, bulk term deposits as % of total deposits declined to 13.9% from 17.1% in 1QFY27. LCR stood at 125%.
* Strong credit growth has resulted in increase in CD ratio to ~97% from 95.5% in 1QFY27.
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SEBI Registration number is INH000000412
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