IDFC First Bank, headquartered in Mumbai, which began its operations in October 2015, mentioned in its quarterly update that the Q2FY23 witnessed a strong momentum of deposits, with customer deposits surging up at 35.9 percent on a year-on-year basis.

On Tuesday, the shares of IDFC First Bank surged 10 percent, reaching a 52-week high of ₹ 54.15 in intraday deals. As the bank posted a strong business update about its Q2 results of the current fiscal, IDFC shares surged up to finally settle at 8.11 percent higher at ₹ 53.35.

Another Private sector bank, Yes Bank, also jumped up today, rising at 5.19 percent to stabilize at ₹ 16.20. The bank mentioned its deposits came at ₹ 2 lakh crore till 30^th September this year, up by 13.2 percent, on a yearly-on-year basis. Loans and advances counted to ₹ 1,92,809 crore, of which gross retail disbursements amounted to ₹ 12,182 crores.

S Ranganathan, Research Head, LKP Securities, said, “Indices surged buoyed by positive global cues and encouraging quarterly updates on advances and collections from banks during the second quarter (Q2).”