Hold Federal Bank; target of Rs 100: ICICI Direct

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ICICI Direct's research report on Federal Bank

Federal Bank is an old private sector bank based out of Kerala with 1282 branches and 1885 ATM across various states. Strong liability franchisee with over 94% of total deposits being retail • Balanced loan mix with retail: wholesale mix of 55:45.

Outlook

We value Federal Bank at ~1.1x FY24E ABV and revise our target price from Rs 120 to Rs 100 per share.

For all recommendations report, click here

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