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Federal Bank - Q2FY21 First Cut - ICICI Securities

Posted On: 2020-10-16 10:33:53


(CMP - Rs. 52, MCap - Rs. 10387 crore)

Federal Bank reported a healthy operational performance led by stable business growth. Surge in provisioning dented PAT growth. Expect restructuring to the tune of 2.5-3% of advances.

Q2FY21 Earnings Summary

- Provisions for the quarter was elevated at Rs. 592 crore (~48 bps of advances). Covid provisions made during the quarter stood at Rs. 402 crore. Total contingent provisions held as on Q2FY21 stood at Rs. 588 crore (~48 bps of advances). PCR for Q2FY21 improved to 64.65% as against 58.54% in Q1FY21. On the back of standstill asset quality norms, slippages remained muted at Rs. 3 crore. Subsequently, GNPA & NNPA dipped 23bps/60 bps QoQ to 2.84% and 0.99% respectively.

- On the back of Covid-19 led lockdown, advances growth decelerated to 6.1% YoY to Rs. 122912 crore (broadly in line with industry growth rate). Corporate book declined 4% YoY to Rs. 46706 crore, while retail loan growth was strong at 16.7% YoY to Rs. 54081 crore. Deposit growth was up 12.3% YoY to Rs. 1567474 crore, led by strong growth in savings deposit. CASA ratio improved by 213 bps YoY to 33.68%. NRE deposits for the quarter was resilient at Rs. 61560 crore, up 16.8% YoY.

- NII came in Rs. 1380 crore, up ~22.8% YoY, largely due to healthy margins. NIM for the quarter was up ~12 bps YoY to 3.13% mainly on account of healthy accretion in low cost deposits. Stable fee income and recoveries supported other income growth to come in at Rs. 509 crore. Operational performance remained strong led by healthy other income growth and steady opex. Accordingly, PPP came in at Rs. 1006 crore, up 40% YoY. However, higher provisioning impacted PAT at Rs. 308 crore, down 36.2% YoY.

- Outstanding Covid provision at Rs. 588 crore (~48 bps of advances) remains low on relative basis. Management has indicated restructuring at 2.5-3% of advances, which remain at the lower end.

We would be coming out with a detailed report soon.

Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.52.25 as compared to the previous close of Rs. 51.75. The total number of shares traded during the day was 3987594 in over 6589 trades.

The stock hit an intraday high of Rs. 53.45 and intraday low of 51.45. The net turnover during the day was Rs. 209739414.


Source: Equity Bulls

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