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Federal Bank Ltd.’s core performance remains steady, while muted treasury gains affected pre-provision operating profit (8% YoY decline).
However, lower provisions enabled healthy growth in net earnings (7% above our estimate).
The bank fully utilised its Covid-19 related provision buffer.
On the business front, advances growth sequentially improved 5% QoQ, led by both retail and wholesale.
Deposit growth was led by current account and savings account.
On the asset quality front, total slippages stood at Rs 5.98 billion in Q4 FY21 (annualized: 1.8% of loans).
Total slippages stood at 1.4% of loans In FY21, broadly similar to pre-pandemic levels.
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