Mumbai: Mr V Vaidyanathan, Managing Director and CEO, IDFC FIRST Bank, said, “Within just two years we have made tremendous progress at the bank. Our CASA ratio is high at 50.86% despite reducing savings account interest rates by 200 bps recently, which points to the trust customers have in our Bank and service levels. Because of our low-cost CASA, we can now participate in prime home loans business, which is a large business opportunity.”
“Regarding the loss during the quarter, we have made prudent provisions for COVID second wave, and expect provisions to reduce for the rest of the three quarters in the FY 22. We guide for achieving pre- COVID level Gross and Net NPA, with targeted credit loss of only 2% on our retail book by Q4 FY 22 and onwards, assuming no further lockdowns.”
“Our Core Operating Profits even without treasury operations have reached the highest ever level at Rs. 601 crore. Thus from now on, with reduced expected provisions, the Bank will be well on its path of creating a wonderful profitable franchise.”
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