Brokerage sees 23% upside on Federal Bank; recommends ‘buy’ after Q1FY24 results; do you own?
Federal Bank reported a net profit of ₹853.74 crore for the first quarter of FY24, registering a growth of 42.2 per cent from ₹600.66 crore in the corresponding period last year. ‘’We believe the asset quality is likely to stay stable with significant improvement in profitability.
We have incorporated steady provision requirements along with stable growth in the balance sheet and thus expect it to deliver RoA/ RoE of 1.2%/15 per cent by FY24E. We reiterate BUY with target price of ₹160 (based on 1.2x FY25E Adj.
BVPS); a potential upside of 23 per cent,'' said LKP Securities on Federal Bank's outlook after April-June quarter results. This copy is being updatedGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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