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Motilal Oswal Report
Federal Bank's profit after tax was higher than our estimates supported by treasury gains. However, core fee income declined sharply impacted by the lockdown and tepid loan growth.
On the asset quality front, one large corporate account slipped during the quarter (healthcare sector, indicated in fourth quarter for fiscal 20) while loans under moratorium declined to 24% (earlier 35%).
We have fine-tuned our FY21/FY22E estimates as we have moderated our fee growth assumptions and slightly increased business growth projections.
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