IDFC First Bank has reported strong growth across key financial metrics for the quarter ending 30th September 2024. Loans and advances grew by 21.3% year-on-year, rising from ₹1.83 lakh crore as of 30th September 2023 to ₹2.22 lakh crore in the same period this year.

Customer deposits witnessed an even stronger increase, surging by 32.2% year-on-year. Total deposits stood at ₹2.17 lakh crore as of 30th September 2024, up from ₹1.64 lakh crore in the previous year. This growth is largely driven by the bank’s focus on raising funds to repay legacy borrowings.

The need for such rapid deposit growth is expected to slow down once these liabilities are fully cleared, the bank said in a statement on Friday.

The bank also reported a sharp rise in its Current Account Savings Account (CASA) deposits, which jumped 37.6% year-on-year to ₹1.09 lakh crore. Consequently, the CASA ratio improved to 48.9%, up from 46.4% in the corresponding period last year, reflecting a healthier low-cost funding structure.

In the statement, IDFC First Bank also noted the successful completion of its merger with IDFC Limited, which became effective from 1st October 2024. With this, the bank now operates as an independent institution with no promoter holding.

As of 30th September 2024, the proforma shareholding structure reflects 43.78% ownership by the public, while FIIs and DIIs hold 27.84% and 19.27%, respectively. The Government of India holds a 9.11% stake.

Further affirming the bank’s stability, credit rating agencies CRISIL and CARE have both reaffirmed IDFC First Bank’s long-term credit ratings at AA+ with a stable outlook, highlighting confidence in the institution’s financial health and risk management practices.