Buy Federal Bank; target of Rs 180: Anand Rathi

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Anand Rathi's research report on Federal Bank

Higher margins and fee income led to a ~12% sequential increase in core operating profits for Federal Bank. The strong operating performance and benign credit cost (38bps) led to the better RoA. Asset quality was stable. Given the bank’s strong liability franchise and capitalisation, it is set to gain market share in the near term.

Outlook

We maintain our positive view on it, with a Rs180 target price, valuing it at 1.3x P/ABV on its FY25e book.

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Federal Bank - 17 -01-2023 - anand