Federal Bank - Stable Results
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NII:
8.5% YoY
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Deposits:
19% YoY and
3% QoQ
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Advances:
18% YoY and
3% QoQ
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PPOP:
13% YoY - 1437 Cr
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PAT:
25% YoY - 1007 Cr (Highest ever)
- Provisions: 431 Cr vs 371 Cr QoQ and 471 Cr YoY
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Financial Ratios:
- ROE: 14.8%, down from 15.9%
- ROA: 1.39%
- NIMs: 3.19% vs 3.55%
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Asset Quality:
- Slight deterioration QoQ
- GNPA: 2.29%
- NNPA: 0.64%
- PCR: 71%
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Branch Expansion:
- Total 30 Branches added in Q3
- Total Branch count now at 1418
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Valuation Metrics:
- Book Value: 115.41
- P/B: 1.3 / Annual EPS: 16.54
- TTM P/E: 9
- Valuations are considered cheap
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Outlook:
- Compression on NIMs observed
- Expectation for NIM improvement after rate cuts, a matter of time
- Favorable compared to many PSU banks trading above 1 P/B
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