Federal Bank Research Report By HDFC Sec

Tagged: Federal Bank, HDFC Securities

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December 23, 2014 at 9:34 pm #1434

Vidhi Khanna
Keymaster

Growth momentum to continue

Our interaction with Federal Bank (FB) management corroborates our positive stance on the stock. FB trades at 1.3x FY17E ABV (Rs 111) with RoAs/RoEs of 1.3/~15%. We retain FB as a top pick within mid-tier PVT banks as we see a case for an expansion in both earnings and multiple. Maintain a BUY rating with a TP of Rs 177.

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