Page 5 - Banking Finance February 2023

BANK UPDATE

Banking

News

IDFC First Bank Q3 net (CASA) deposits grew 39% y-o-y to Rs proval from the Reserve Bank of India
66,498 crore as on December 31. (RBI) for Chawla's appointment.
doubles to Rs 605 crore
CASA ratio fell to 50% as on December Paytm founder Vijay Shekhar Sharma,
IDFC First Bank's net profit rose 115%
31 from 51.6% a year ago. Retail de- who is the chairman of the payments
year-on-year in October-December
posits constitutes 77% of total cus- bank, owns 51% stake in the entity,
due to a growth in its net interest in-
tomer deposits as of December 31. while the listed company One 97 Com-
come.
Legacy High Cost Borrowings fell to Rs munications Ltd holds the remaining
The bank posted a bottom-line of Rs 18,762 crore as on December 31 from 49% stake.
605 crore in the December quarter, Rs 26,163 crore a year ago.
"I am pleased to welcome Surinder to
up nearly 9% on quarter. The bank's
The bank's gross non-performing asset Paytm Payments Bank to drive our
net interest income grew 27% year-on-
ratio fell to 2.96% as on December 31 unwavering commitment to deepening
year to Rs 3,285 crore in October-De-
from 3.96% a year ago. Net non-per- financial inclusion and offering an ex-
cember. The net interest income was
forming asset ratio fell to 1.03% as on ceptional mobile-first banking experi-
aided by a growth in the bank' funded December 31 from 1.74% a year ago. ence in India," Sharma said. "His rich
assets. experience in banking and deep under-
The funded assets, which includes ad- standing of the Indian financial land-
Paytm Payments Bank ap-
scape will bring the necessary exper-
vances and credit substitutes, rose 25%
points MD and CEO tise to further empower Paytm Pay-
year-on-year to Rs 1.5 trillion as on
December 31. Paytm Payments Bank has appointed ments Bank's mission."
Surinder Chawla as managing director
The bank continues to wind down in-
and CEO, Paytm's parent entity One 97 Lakshmi Vilas Bank inte-
frastructure financing, as per stated
Communications said in a regulatory
strategy. It reduced its infrastructure grations is complete; DBS
filing.
financing book by 31% year-on-year.
now looks to grow
He replaces Deependra Singh Rathore,
The book now constitutes only 3.7% of
who was made interim CEO after Satish Two years after the amalgamation of
total funded assets, the bank said in a
Kumar Gupta retired in October 2022. DBS with Lakshmi Vilas Bank (LVB), the
press release.
Singapore bank is all set to grow its
Chawla joins from RBL Bank, where -
Also, exposure to top 20 single borrow- balance sheet from 2023. With the in-
as head of branch banking - he had fo-
ers reduced to 7% as on December 31 tegration of all platforms, systems,
cused on expanding its current account,
from 11% a year ago. Customer depos- and people from both banks now com-
savings account (CASA) base, fee rev-
its rose 44% year-on-year to Rs 1.2 plete, the bank believes it would now
enue and cross-selling across channels.
trillion as on December 31. Specifi- be able to leverage its growth from
cally, Current account savings account The payments bank has received ap- 530 branches spread across 350 cities.
BANKING FINANCE | FEBRUARY | 2023 | 5