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Buy Federal Bank; target of Rs 92: HDFC Securities

HDFC Securities is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 92 in its research report dated January 21, 2021.

January 28, 2021 / 03:50 PM IST
 
 
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HDFC Securities' research report on Federal Bank

FB’s 3QFY21 operating performance increasingly demonstrates an improving franchise that is beginning to find and consistently exercise pricing power (a gradual 9bps QoQ NIM expansion and strong fee traction). Provisions remained sticky (~130bps ann.), as FB continued to cover pro forma slippages. Even as we continue to monitor asset quality outcomes, we revise our earnings upwards as we foresee a sustained improvement in operating metrics.

Outlook

Maintain BUY with a target price of Rs 92 (1.0x FY23E ABV).