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Buy Federal Bank; target of Rs 98: Hem Securities

Hem Securities is bullish on Federal Bank has recommended buy rating on the stock with a target price of Rs 98 in its research report dated May 30, 2022.

May 31, 2022 / 07:37 PM IST
 
 
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Hem Securities report on Federal Bank


Federal Bank advances increased by 3% QoQ / 10% YoY to Rs 1,476 billion, owing to strong growth in Agri and SME loans. The bank's asset quality improved, with GNPA falling to 2.8 percent from 3.06 percent in the previous quarter, thanks to stronger recoveries and upgrades. Stressed book percent of assets fell to 2.36 percent from 2.61 percent in the previous quarter.



Outlook


We value the company at 8.99x FY23 EPS to arrive at the target of 98.

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first published: May 31, 2022 07:37 pm
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