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Last Updated : Jul 18, 2020 04:49 PM IST | Source: Moneycontrol.com

Buy Federal Bank; target of Rs 58: Anand Rathi

Anand Rathi recommended hold rating on Federal Bank with a target price of Rs 58 in its research report dated July 15, 2020.

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Anand Rathi 's research report on Federal Bank


Higher Treasury income and NIM expansion led to strong, 19%, y/y growth in Federal Bank’s Q1 operating profits. Higher provisions (incl. `930m Covid-related) led to flat 4% y/y earnings growth. Higher accelerated provisions led to a 510bp sequential increase in PCR.



Outlook


The moratorium book for the bank sharply declined. We maintain a Buy with a TP of `58 (earlier `55).





For all recommendations report, click here


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First Published on Jul 18, 2020 04:49 pm
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