Federal Bank’s 4QFY3/21 PAT grew 59% yoy because of NII growth of 16.8% yoy and lower provisions (which formed 27.4% of PPoP). End-4QFY21 delinquencies were at 0.5% of one-year lagged loans (vs 0.91% in 3Q proforma). COVID-related restructuring stood at 1.1% of advances. We raise our FY22F PAT by 5% to reflect better revenue progression partially offset by increase in credit cost. Reiterate Add with an unchanged TP of Rs110.
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