Whalesbook
Federal Bank ne FY26 ke Q4 mein ₹1,259.10 Crore ka standalone net profit report kiya hai, jo pichhle saal ke muqable 22.22% zyada hai. Yeh jump primarily ₹4.56 billion ke tax refund par interest ke karan aaya hai.
Core Operations Aur Asset Quality:
Achhi baat yeh hai ki bank ki core operations aur asset quality filhaal ekdum mast hai. Credit growth 12.7% tak badh gaya hai aur CASA ratio bhi 32.94% par hai, jo fund costs manage karne mein help karta hai. Gross NPA record low 1.62% par hai aur Net NPA toh bas 0.20%. Fee income growth bhi dikh raha hai.
Par, Chhupi Hui Concerns Kya Hain?
Asli khel ab shuru hota hai. Bank ne FY26 ke liye apna provisions aur contingencies 150.55% badha diya hai, jo ek badi amount hai aur pure saal ke profit growth ko 1.61% par limited rakhta hai. Aur toh aur, bank ka P/E ratio ab 17-18x chal raha hai, jo historically 9-12x se kaafi zyada hai. Sabse badi chinta yeh hai ki bank ka profit non-core income par bahut zyada depend kar raha hai. Is quarter mein Profit Before Tax ka 74.57% sirf is tax refund wale non-operating income se aaya hai, jo long term mein sustainable nahi lagta.
Regulatory History Aur Valuation:
Iske alawa, bank ka regulatory history bhi hai; jaise RBI ne February 2025 mein rules violation par fine lagaya tha. Yeh sab factors investors ke liye caution signal hain. Competitors jaise Axis Bank, ICICI Bank, aur HDFC Bank bhi is space mein hain, aur unke valuations bhi compare karne layak hain.
Analyst Views Aur Future:
Analysts ka kehna hai ki bank ka RoE 150-200 basis points tak badh sakta hai FY26-28 mein. Consensus EPS forecast next financial year ke liye ₹16.14 hai. Bank retail liabilities aur funding costs ko optimize karne par focus kar raha hai, aur NR deposit book mein ₹1 lakh crore cross karna ek positive sign hai. Par, badhe hue valuation aur non-core income par dependency ko nazarandaaz nahi kar sakte.