Federal Bank Q4 Review - Business Growth Outlook Improving: ICICI Direct
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ICICI Direct Report
Federal Bank Ltd. reported mixed results wherein it saw an improvement in business growth and stable asset quality but with utilisation of Covid-19 provisions in the current quarter, additional provisioning buffer has reduced.
Net interest income declined 1.2% QoQ to Rs 1420 crore. This was below our expectations.
Reversals worth Rs 21 crore for interest on interest relief were party responsible for slower net interest income growth.
Net interest margins remained stable at 3.23% versus 3.22% on a QoQ basis aided by lower cost of funds.
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