External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We incorporate the recent equity infusion and revise our FY22/FY23E PAT estimates upwards by 1% each and maintain BUY with a revised TP of INR 98 (earlier INR 97). Federal Banks (FB) Annual Report 2020-21 reinforces a steady franchise that is gradually adding new guardrails (FinTech partnerships in white spaces and high-ROA businesses such as CVs, MFI and credit cards) to its conventional moats (granular deposits, strong underwriting architecture and a secular NR franchise). Despite conservative impairment recognition during the pandemic year, FB carries limited baggage, albeit with negligible provisioning buffers.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We incorporate the recent equity infusion and revise our FY22/FY23E PAT estimates upwards by 1% each and maintain BUY with a revised TP of INR 98 (earlier INR 97). Federal Banks (FB) Annual Report 2020-21 reinforces a steady franchise that is gradually adding new guardrails (FinTech partnerships in white spaces and high-ROA businesses such as CVs, MFI and credit cards) to its conventional moats (granular deposits, strong underwriting architecture and a secular NR franchise). Despite conservative impairment recognition during the pandemic year, FB carries limited baggage, albeit with negligible provisioning buffers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Federal Bank (Annual Report Analysis): New guardrails under construction for new profit pools....

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend BUY with TP of Rs. 100/share.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend BUY with TP of Rs. 100/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Federal Bank Limited operates branches and regional offices throughout India. The Bank offers a wide range of financial services, including merchant banking, international banking and foreign exchange, leasing facilities, money markets and agricultural advances. The Bank also provides lending for hi-tech agricultural and government sponsored schemes.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Federal Bank (FB IN)

Federal Bank (Annual Report Analysis): New guardrails under construction for new profit pools....

We incorporate the recent equity infusion and revise our FY22/FY23E PAT estimates upwards by 1% each and maintain BUY with a revised TP of INR 98...

HDFC Securities

Pick of the Week:14 JUN 2021

We recommend BUY with TP of Rs. 100/share.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)