External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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....