- Customer Deposits of the Bank increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 (YoY growth of 41%). This was Rs. 69,368 Cr as on 30 September 2020 (QoQ growth of 11%).
- Retail Deposits (CASA and Term Deposits) of the Bank increased to Rs. 58,435 Cr as on 31 December 2020 from Rs. 29,267 Cr as on 31 December 2019 (YoY growth of 100%). This was Rs. 49,610 Cr as on 30 September 2020 (QoQ growth of 18%).
- Top 20 Depositors as a % of Customer Deposits has reduced from 23.0% as of 31 December 2019 to 9.7% at 31 December 2020. This was 12.4% as of 30 September 2020
- Average CASA ratio (on average deposit for the quarter) for Q3-FY21 was 44.6% as compared to 20.9% for Q3 FY20 and 36.5% for Q2 FY21. CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
- Retail Funded Assets increased to Rs. 66,635 Cr as on 31 December 2020 from Rs. 53,685 Cr as on 31 December 2019 (YoY growth of 24.1%). This was at Rs. 59,860 Cr as on 30 September 2020 (QoQ growth of 11.3%).
- The Overall Funded Assets of the Bank increased to Rs. 1,10,499 Cr as on 31 December 2020 from Rs. 1,09,698 Cr as on 31 December 2019 (YoY growth of 0.7%). This was at Rs. 1,06,828 Cr as on 30 September 2020 (QoQ growth of 3%).
My Interpretation: The CASA growth has been quite phenomenal. It beats even the most optimistic expectations that even I had. CASA ratio of 48% on Dec 31 is quite fantastic. They’re right up there with the likes of Kotak Mahindra bank. This is despite having cut the deposit interest rates a bit on Sep 15. This also demonstrates the stickiness and the granularity of the CASA. Good growth in the loan book as well. 3% QoQ loan book growth is quite conservative. Would be interesting to see how the RoAs and the provisions are looking like now.
Disc: Invested, Full PF here.