Anand Rathi recommended hold rating on Federal Bank with a target price of Rs 58 in its research report dated July 15, 2020.
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.
The moratorium book for the bank sharply declined. We maintain a Buy with a TP of `58 (earlier `55).
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