Buy Federal Bank; target of Rs 58: Anand Rathi

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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).

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