IDFC FIRST Bank has announced its Q2 business update, reporting strong growth across key financial metrics. Loans and advances increased by 21.3% year-on-year (YoY), reaching ₹2,22,188 crore as of September 30, 2024, up from ₹1,83,236 crore a year ago. Customer deposits also surged by 32.2%, rising from ₹1,64,726 crore in Q2 FY23 to ₹2,17,738 crore in Q2 FY24.
The bank’s CASA deposits grew by 37.6%, totaling ₹1,09,345 crore, with the CASA ratio improving to 48.9%, up from 46.4% in the previous year. Additionally, rating agencies CRISIL and CARE reaffirmed IDFC FIRST Bank’s long-term credit rating at AA+ Stable, indicating the bank’s financial strength and stability.
This update follows the successful merger of IDFC Limited into IDFC FIRST Bank, effective October 1, 2024, positioning the bank as an independent entity with no promoter holding.
