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Federal Bank Ltd Research Report - 01st Dec 2016

Banking | Published on Dec 01st 2016


In Q1FY17, the bank reported 19% loan growth, which further accelerated to 27% in Q2FY17, backed by 47% jump in corporate loan book. Retail loans also were strong. Gold loan, which had been under pressure and also saw degrowth in previous quarters, saw a comeback thus contributing to the growth. While the process of demonetization is likely to have an impact and loan growth might slow down in Q3 & Q4FY17, we expect Federal Bank to bounce back to 17-18% YoY loan growth trajectory in FY18. Federal Bank has already recognized large part of the troubled assets as NPAs. While there could be incrementally some degree of stress on the SME book, we believe gradually there should be overall improvement in the asset quality backed by the corporate loan book. At the CMP, the stock is trading at 1.4x it FY18 Adj BV. We upgrade the stock to BUY with a target price of Rs85.

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CMP 71
Target Price 85
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Public & Others23.0
Grand Total100.0

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