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    Buy Federal Bank, target price Rs 170: ICICI Securities

    Synopsis

    Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 26.2 per cent, DIIs 42.12 per cent.

    Federal BankIANSHINDI
    Federal Bank, incorporated in the year 1931, is a banking company (having a market cap of Rs 29764.66 Crore).
    ICICI Securities has buy call on Federal Bank with a target price of Rs 170. The current market price of Federal Bank is Rs 141.05.


    Federal Bank, incorporated in the year 1931, is a banking company (having a market cap of Rs 29764.66 Crore).

    Federal Bank key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment, Interest and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.

    Financials
    For the quarter ended 31-12-2022, the company has reported a Consolidated Total Income of Rs 5262.58 Crore, up 7.69 % from last quarter Total Income of Rs 4886.58 Crore and up 27.57 % from last year same quarter Total Income of Rs 4125.30 Crore. The bank has reported net profit after tax of Rs 843.25 Crore in latest quarter.

    Investment Rationale

    Given the improving visibility on higher credit growth and sustainability of >1.2% RoA in FY23E/FY24E, the brokerage maintains BUY with a revised target price of Rs170 (earlier: Rs155), valuing at PBV of 1.6x (1.5x
    earlier) on FY24E BVPS.

    Promoter/FII Holdings
    Promoters held 0 per cent stake in the company as of 30-Jun-2022, while FIIs owned 26.2 per cent, DIIs 42.12 per cent.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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