*The Federal Bank Ltd.* | *CMP* Rs. 95 | *M Cap* Rs. 20055 Cr | *52 W H/L* 97/50
(Nirmal Bang Retail Research)
*Result is marginally above expectations* due to lower provisions
Net Interest Income came at Rs. 1479 Cr vs expectation of Rs. 1468 Cr, YoY Rs. 1380 Cr, QoQ Rs. 1418 Cr
Non Interest Income came at Rs. 444 Cr vs expectation of Rs. 538 Cr, YoY Rs. 509 Cr, QoQ Rs. 650 Cr
PBP came at Rs. 865 Cr vs expectation of Rs. 1017 Cr, YoY Rs. 1007 Cr, QoQ Rs. 1135 Cr
Provisions came at Rs. 245 Cr vs expectation of Rs. 489 Cr, YoY Rs. 592 Cr, QoQ Rs. 642 Cr
Adj. PAT came at Rs. 460 Cr vs expectation of Rs. 396 Cr, YoY Rs. 308 Cr, QoQ Rs. 367 Cr
Gross NPA came at Rs. 4446 Cr vs QoQ Rs. 4649 Cr at 3.24% vs QoQ 3.5%
Net NPA came at Rs. 1502 Cr vs QoQ Rs. 1593 Cr at 1.12% vs QoQ 1.23%
Slippage details are awaited
Quarter EPS is Rs. 2.2
Share is trading at P/E of 8.1x FY23E EPS & 1.2x trailing P/Adj. BV