BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
Federal Bank Ltd. reported a muted Q4 FY22 with operational performance below our expectations, except for lower than expected provisions resulting in a beat on profit after tax.
Advances grew by 10% YoY and the management expects the growth momentum to improve going into FY23E and expects the book to grow at 15% with most key segments contributing to the growth.
Federal Bank's asset quality improved, with gross non-performing asset at 2.8% versus 3.1% QoQ.
Slippages came in at Rs 399 crore and included a one-off from the agri portfolio. Slippage ratio stood at 1.1% versus 1.3% QoQ.
Asset quality improvement was aided by improved recoveries and upgrades which stood at Rs 417 crore. Collection efficiency remained stable at ~95%.
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