IDFC First Bank Retail Deposits Up 157 Per Cent

Money & Banking

Mumbai | Updated on April 13, 2020 Published on April 13, 2020

IDFC First Bank reported a sharp rise of 157 per cent in its retail deposits, but deposit certificates fell by 75 per cent in the year ended March 31, 2020.

During 2019-20, the bank’s retail deposits surged to Rs 33,898 crore from Rs 13,214 crore a year ago. It also registered a 16 per cent increase on a quarterly basis.

“Certificates of Deposits outstanding came down sharply from Rs 28,754 crore as of March 31, 2019 to Rs 7,111 crore as of March 31, 2020, a reduction of 75 per cent,” it said in a regulatory filing.

“As part of the stated strategy of the bank, it continued to reduce large wholesale loans and increase the retail loan book as per trend of the earlier quarters,” it further said.

Retail assets grew by 32.4 per cent to Rs 54,027 crore as on March 31, 2020 from Rs 40,812 crore a year ago. Wholesale funded assets declined by 29 per cent to Rs 40,415 crore as on March 31, 2020 from Rs 56,665 crore a year ago.

The liquidity coverage ratio of the bank was 140 per cent as on March 31, 2020, as against 114 per cent on December 31, 2019.

Published on April 13, 2020