Federal Bank Share Price: Accumulate Federal Bank, target price Rs 62: DART

DART has given accumulate rating to Federal Bank with a target price of Rs 62. The share price moved down by 0.09 per cent from its previous close of Rs 56.25. The stock’s last traded price is Rs 56.20.

Federal Bank Ltd., incorporated in the year 1931, is a banking company (having a market cap of Rs 11242.55 Crore).

The Bank has reported a Gross Non Performing Assets (Gross NPAs) of Rs 3591.72 Crore (.00 % of total assets) and Net Non Performing Assets (Net NPAs) of Rs 1249.85 Crore (.00% of total assets). For the quarter ended 30-09-2020, the company reported a Consolidated Interest Income of Rs 2853.76 Crore, up .92 % from last quarter Interest Income of Rs 2827.74 Crore and up 4.88 % from last year same quarter Interest Income of Rs 2720.87 Crore. The bank reported net profit after tax of Rs 315.70 Crore in latest quarter.

Investment Rationale
The brokerage maintains ACCUMULATE recommendation on the stock with a revised TP of Rs62, valuing it at 0.9x P/ABV. The stock currently trades at 0.7x Sep-22E P/ABV.

Promoter/FII Holdings
Promoters held 0 per cent stake in the company as of Sept 30, 2020 while FIIs held 33.3 per cent, DIIs 37.1 per cent and public and others 29.9 per cent.

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