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During the quarter, PGHH’s operating revenue grew by 13.4% year-on-year to Rs 1002.2 crore - up from Rs 889.1 crore. The company follows a July to June financial year.
IDFC First Bank plans to double its branch network in five years, while reducing bad loans. The bank aims to expand assets by 20% annually and deposits by 25%. With a stable operating business and improved visibility, the bank is confident in achieving its targets. It has successfully improved CASA and increased its loan book. The bank plans to open branches based on deposit goals and grow deposits at a CAGR of 25%. Loans and advances will see a CAGR of 20.3% while keeping asset quality under control.
During the discussion on 'Financial Roadmap To $5 Trillion Economy', Vaidyanathan talked about changes in infrastructure financing, digital infrastructure, cyber risk, and the arrival of more NBFCs (Non-Banking Financial Companies).
“The really good news for the bank is customer deposits are growing thick and strong for the bank, it is up like 44%. So, if not 44%, at least 40% is very much sustainable for the rest of the year. The route is very clear to us. As for ROA, there will be a year-on-year growth and it has moved out literally from 0 to 1 in four years.”
IDFC First Bank on Saturday announced its financial results for the second quarter of FY 2023-2024. The bank's Profit After Tax for the quarter stood at Rs 751.3 crore vs Rs 555.6 crore, which was up 35.2 per cent on Year on Year basis. The shares of IDFC First Bank on Friday closed at Rs 86.70, 1.75 or 2.06 per cent up from previous day's closing., Markets News, Times Now
In an interview, IDFC First Bank's CEO and MD V Vaidyanathan discusses innovative strategies, technological advancements and India's financial transformation over the last decade, , Idfc first bank, CEO and MD, v vaidyanathan, interview
The dry spell in August has caused downtrading in the fast-moving consumer goods (FMCG) sector in India. Buyers are shifting from larger packs to smaller ones due to financial stress and inflationary pressures. Smaller packs have grown at a faster pace than mid or high-priced packs across most FMCG categories. The rain deficit in August is believed to be fueling this downtrading phenomenon.