This banking stock is lit on July 4!

Why is this private sector bank surging on Monday afternoon? Let's find out.

The week has started on a flat note and the Sensex keeps on bouncing between gains and losses. The markets opened in green but soon slipped into red and have reversed again. At 1 pm, the S&P BSE 500 is at 53,009.22, a 0.19 per cent gain. 

IDFC First Bank which is a part of the S&P BSE 200, is engaged in the business of Banking Services. The bank reported figures with respect to the quarter ending June 30, 2022. 

A few highlights were: 

1. CASA ratio stood at 50.3 per cent as of June 30, 2022, as compared to 48.4 per cent as of March 31, 2022. 
2. The retail business represents 65.7 per cent of the overall funded assets as of June 30, 2022, and the Commercial business constitutes 7.8 per cent of the total funded assets. 
3. The mortgage business including home loans grew by 31.9 per cent on a Y-o-Y basis and constituted 37.5 per cent of the retail book. 
4. The infrastructure Loans were reduced by 35.0 per cent YOY basis as of June 30, 2022. Infrastructure loans as a percentage of total funded assets were further lowered from 9.1 per cent as of June 30, 2021, to 4.9 per cent as of June 30, 2022. 
5. Overdues of the bank between 1 to 90 days have also improved during Q1FY23. The SMA as a total per cent of the portfolio is now considerably lower than the pre-COVID level SMA showing that the quality of the portfolio has become better than Pre - COVID levels. 

The shares jumped by 5.56 per cent and the scrip is trading at Rs 34.15.