Federal Bank BUY - bsmedia.business-standard.com · Federal Bank BUY Maintained Transitioning away...

Please refer to important disclosures at the end of this report

Market Cap Rs109bn/US$1.5bn Year to Mar FY19 FY20 FY21E FY22E Reuters/Bloomberg FED.BO/FB IN NII (Rs bn) 41.8 46.5 48.2 55.1 Shares Outstanding (mn) 1,992.8 Net Profit (Rs bn) 12.4 15.4 9.3 17.8 52-week Range (Rs) 96/37 EPS (Rs) 6.3 7.8 4.7 8.9 Free Float (%) 100.0 % Chg YoY 32.3 23.4 -39.7 91.0 FII (%) 31.5 P/E (x) 8.7 7.1 11.8 6.2 Daily Volume (US$'000) 21,598 P/BV (x) 0.8 0.8 0.7 0.6 Absolute Return 3m (%) 39.6 Net NPA (%) 1.5 1.3 2.1 1.7 Absolute Return 12m (%) (35.6) Dividend Yield (%) 0.8 0.0 0.8 0.8 Sensex Return 3m (%) 24.9 RoA (%) 0.8 0.9 0.5 0.9 Sensex Return 12m (%) 3.5 RoE (%) 9.8 11.1 6.2 11.0

Equity Research August 20, 2020 BSE Sensex: 38220 ICICI Securities Limited is the author and distributor of this report

Banking Company update and TP revision Target price: Rs70 Target price revision Rs70 from Rs65 Shareholding pattern

Dec '19

Mar '20

Jun '20

Promoters 0.0 0.0 0.0 Institutional investors 70.5 70.4 68.1 MFs and UTI 27.1 26.0 26.4 Insurance Cos. 4.9 4.7 4.7 FIs and Banks 5.1 5.9 6.3 FIIs 33.4 33.8 31.5 Others 29.5 29.6 31.9

Source: CMIE

Price chart

20

40

60

80

100

120

140

Aug-

17Fe

b-18

Aug-

18

Feb-

19

Aug-

19

Feb-

20

Aug-

20

(Rs)

Federal Bank BUY Maintained Transitioning away from typical regional bank profile Rs55

Federal Bank’s earnings volatility and sub-1% RoA profile has disconcerted investors – leading to valuation discount and underperformance. However, through the turbulent journey in the past cycle, its structural transition away from ‘typical old generation regional bank mindset’ is comforting. Why do we say so – 1) revamped business architecture, state-of-the-art digital initiatives, consistent rise in market share; 2) similar to new private bank’s approach to build better rated corporate book (78% rated A & above), tread cautiously in SME and channelize retail to existing clientele; 3) strengthened liability muscle – core NR base, tapping HNIs, leveraging digital platform and fin-tech tie-ups. What gives confidence on improving return profile: 1) limited exposure to vulnerable sectors – can manage Covid disruption with worst case credit cost estimate of 2.7%; 2) opportunistically venturing into RoA-accretive segments (CV, PL/CC, MFI, etc), 3) better margin profile coupled with operating leverage benefit. Undoubtedly, fee income scale up is awaited. Valuations at 0.7x FY22E more than adequately captures pessimism and risk-reward is favorable. Reiterate BUY (more convincingly) with revised target price of Rs70 (earlier Rs65). Structural transition away from ‘typical old generation regional bank mindset’: It

revamped its business architecture: created separate business verticals, rolled out RM model in wholesale banking to capture end-to-end customer needs, integrated offering along the supply chain, 360-degree servicing points for retail network, navigated outside Kerala (network-2) - demonstrating encouraging results in most of these initiatives reflected in consistent rise in market segment across segments.

Granular liability franchise is so far under-appreciated: Retail deposits at >90%, cost of deposits at 5.4%, incremental peak FD rates closer to best-in-class and savings deposit rates at the lowest end at 2.5% - but still gaining deposit market share talks of its deposits franchise. Leveraging the brand and inherent geographical advantage, it has built granular deposit franchise focused on sticky non-resident base (~38% of total deposits). Incrementally it is deepening its presence with HNIs (currently forming 45% of CASA), actively chasing high value savings and at the same time targeting millennials through fin-tech tie-ups.

Asset mix - favorable in current cycle: Competitive deposit profile has helped it build better rated assets, following new private bank’s approach in scaling up the balance sheet - build better rated corporate book (78% rated A & above), tread cautiously in SME (mere 6% CAGR over FY18-20) and rising pie of retail skewed towards secured segments (mortgage contributes ~67% to total retail assets) and that too towards existing clientele. This coupled with lower exposure to vulnerable industries (at 5%) will help it navigate better through the crisis.

How effectively will it navigate current crisis – Besides above stated qualitative factors imbibing confidence, moratorium at ~24% (12th July’20) and ~11/12% adjusted for partial payments, is not unduly out of sync with similar profile banks. Even in the worst-case scenario building estimates for credit cost (at 2.7%), NIMs (30bps lower), fee income (20bps lower), the argument of networth erosion is not sustainable. In such circumstances, 0.7x FY22E BV seems factoring in lot of pessimism rending risk reward favorable. We, now more convincingly, reiterate our BUY.

INDIA

Research Analysts:

Renish Bhuva [email protected] +91 22 6637 7465 Kunal Shah [email protected] +91 22 6637 7572 Abhijit Tibrewal, CFA [email protected] +91 22 6637 7230

Federal Bank, August 20, 2020 ICICI Securities

2

Key charts Chart 1: Steady improvement in loan market share with balanced loan mix

Chart 2: Consistent improvement in deposit market share reflects FB’s strong liability franchise

1.061.07

1.12 1.121.13 1.13

1.161.18 1.18 1.18

1.001.021.041.061.081.101.121.141.161.181.20

Q4F

Y18

Q1F

Y19

Q2F

Y19

Q3F

Y19

Q4F

Y19

Q1F

Y20

Q2F

Y20

Q3F

Y20

Q4F

Y20

Q1F

Y21

(%)

Market share - Credit

0.950.97

1.001.03 1.03

1.051.07

1.09 1.09 1.10

0.85

0.90

0.95

1.00

1.05

1.10

1.15

Q4F

Y18

Q1F

Y19

Q2F

Y19

Q3F

Y19

Q4F

Y19

Q1F

Y20

Q2F

Y20

Q3F

Y20

Q4F

Y20

Q1F

Y21

(%)

Market share - Deposits

Chart 3: Steady improvement in NR deposit base across cycles

Chart 4: Asset portfolio is well-diversified across sub-segments…

74 83 112153

207259

326386

451

532607

0

100

200

300

400

500

600

700

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

(Rs

bn)

NRI deposit

27% 27% 27% 28% 28% 29% 30% 30% 31% 31%

10% 10% 10% 10% 10% 10% 10% 10% 10% 11%9% 9% 8% 8% 9% 8% 8% 9% 9% 9%11% 11% 11% 11% 10% 10% 10% 10% 10% 10%

42% 43% 44% 43% 43% 42% 41% 41% 41% 40%

0%

20%

40%

60%

80%

100%

Q4F

Y18

Q1F

Y19

Q2F

Y19

Q3F

Y19

Q4F

Y19

Q1F

Y20

Q2F

Y20

Q3F

Y20

Q4F

Y20

Q1F

Y21

Loan mix Segment-wise

Retail Agri Business BankingCommercial Banking Corporate business

Chart 5: …with improving market share in each retail product

Chart 6: Greater share of ‘A’ and above rated corporate book is likely to ensure better asset quality going ahead

4.3% 4.3% 4.6%5.2%

1.0% 1.3% 1.5%2.1%2.3% 2.4% 2.7%

0.1% 0.1%0.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

FY17 FY18 FY19 Sep'19

Market share trend

Home loans (amongst Pvt Banks) Auto loans (amongst Pvt Banks)

Gold loan MFI

42%65% 71% 76% 73% 78%

15%

7%19% 15%

11%11%

43%28%

10% 9% 16% 11%

0%10%20%30%40%50%60%70%80%90%

100%

FY15 FY16 FY17 FY18 FY19 FY20

Rating of Corporate Advances

A & above BBB >BBB rated

Note - >BBB including not rated exposures.


3

Chart 7: Margin levers in place Chart 8: Superior asset quality performance across cycles

115

80 100

115

80 80

150 150 165

150

- 20 40 60 80

100 120 140 160 180

SBI Axis HDBK Kotak Federal

1 Yr MCLR rate bps (cut during Sep'19 to July'20)

Peak TD rates bps (cut during Sep'19 to July'20)

2.8

4.1 4.03.7

4.2

2.8

2.3

3.0 2.9 2.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

FY16 FY17 FY18 FY19 FY20

Private Banks - GNPL % Federal Bank - GNPL %

Source: Company data, I-Sec research

Table 1: Even in worst-case scenario, we do not foresee net-worth erosion Particulars FY20 No of shares BVPS Cumulative BVPS Core Banking Net-worth/ BV 1,40,554 1,993 70.5 Net NPLs 11,081 5.6 65.0 Adjusted Net-worth/BV 1,29,473 65.0 65.0 Credit cost (worst case) 25,391 12.7 52.2 NIM socialism 7,897 4.0 48.3 Wage revision/retirement benefit 0 0.0 48.3 Fee income 5,265 2.6 45.6 Operating profit (base case) 53,923 27.1 72.7


Table 2: In a stressed scenario, we estimate 4.4% incremental stress and 2.7% credit cost (worst case)

(Rs mn) Exposure GNPLs GNPLs

% Incremental

stress Net Slippage LGD Provision Credit cost Overall loan portfolio 12,34,370

4.4% 54,308

33,855 2.74%

Corporate 4,95,420 10,390 2.1% 5.3% 26,406 70% 18,484 3.73% AAA

AA A 79% 2.0%

BBB 10% 10% BB & below 11% 25% Retail 3,79,080 6,950 1.8% 3.6% 13,501 50% 6,751 1.78%

- Home loans 1,82,010

3.0% 5,460 - Auto 31,340

5.0% 1,567

- LAP 70,090

4.0% 2,804 - Personal 15,510

3.0% 465

- Others 80,130

4.0% 3,205 Agri 1,36,450 5,860 4.3% 1.5% 2,047 50% 1,023 0.75%

Business Banking 1,05,120 6,600 6.3% 5.0% 5,256 50% 2,628 2.50% Commercial Banking 1,18,300 6,750 5.7% 6.0% 7,098 70% 4,969 4.20%

Note – We have assigned relatively lower delinquency rate in Agri as we assumes ~73% of Agri book (Rs100bn) is gold loan. Source: Company data, I-Sec research

Table 3: We arrive at 5.3% incremental stress in corporate book assuming 10%/25% PD in ‘BBB & below’ book

Particulars Rating PD Incremental stress A & above rated 79.0% 2.0% 1.6% BBB 10.0% 10.0% 1.0% >BBB 11.0% 25.0% 2.8% Total

5.3%



4

Valuation Initiatives such as strengthening the risk management system, centralised process for loan sanctioning, exhaustive credit monitoring, expansion ex-Kerala, and intent to boost other income streams are some of the key takeaways from Mr. Srinivasan's (MD & CEO) latest strategy. These measures would not only help Federal Bank (FB) have better credit monitoring, but also improve its earnings profile in our view.

The stock is currently trading at 0.8x/0.7x P/ABV FY21E/22E respectively. We believe current valuation is not fully factoring-in FB’s favourable asset mix (well diversified across sub-segments), likely margin expansion (~70bps of deposit rate cut yet to flow in P&L as per our judgment) and even in worst-case scenario no risk of net-worth erosion. Further, we believe, even after adjusting for Covid-related uncertainties, FB will still deliver 0.9% RoA in FY22E. We maintain our BUY rating on the stock with a target price of Rs70/sh.

Chart 9: P/BV at 0.7x FY22E - Current valuation not fully capturing likely improvement in return ratios

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1.1

0.00

0.50

1.00

1.50

2.00

2.50

Aug-

15

Nov

-15

Feb-

16

May

-16

Aug-

16

Nov

-16

Feb-

17

May

-17

Aug-

17

Nov

-17

Feb-

18

May

-18

Aug-

18

Nov

-18

Feb-

19

May

-19

Aug-

19

Nov

-19

Feb-

20

May

-20

Aug-

20

P/BV 1 year forward - TTM RoA

P/BV (x) TTM RoA (%) - RHS



5

Consistent improvement in credit market share; realigned business architecture driving dominance FB’s market share in systemic credit improved to 1.2% in Jun’20 from 1.06% in Mar’18. During FY18, it revamped its business architecture by creating separate verticals for key segments, viz.: 1) corporate & institutional banking, 2) commercial banking, 3) business banking, 4) rural & micro lending, and 5) retail. Further, it strategically planned to strengthen its position outside Kerala (network-2) and successfully demonstrated encouraging results in the initial stage.

Key Initiatives undertaken during revamping of business architecture –

Spilt of wholesale portfolio into – A) Large corporate and B) Commercial Banking in Q2FY18 with roll out of RM model to ensure meeting end-to-end needs of customers. By Q1FY20, it completed mapping of all commercial Banking customers with dedicated Relationship manager.

Set-up of dedicated vertical to scale up supply chain business.

Launch of state-of-the-art integrated digital transaction banking platform - Fed-e-Biz; steady increase in volumes indicates initial success in integrating Fed-e-Biz with customers and converting FB’s account into primary/preferred account.

Roll-out of doorstep digital Gold loan and digital platform named GoNoGo across the entire sales channel to ensure better TAT, bring down the cost of acquisition, and ensure a better digital experience

Entry into CV/CE segment in FY19.

Chart 10: Steady improvement in market share with balanced loan mix.

1.061.07

1.12 1.121.13 1.13

1.161.18 1.18 1.18

1.001.021.041.061.081.101.121.141.161.181.20

Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21

(%)

Market share - Credit


Incremental credit market share is 1.5% as at Sep’19.


6

Chart 11: While maintaining dominant position in Kerala with 11% market share as at Sep’19, FB is strategically ramping up its positioning in select locations

32%

25% 26%

32%

26%

17%

22%24%

10%13% 12% 11%

0%

5%

10%

15%

20%

25%

30%

35%

Maharashtra Tamil Nadu Karnataka Gujarat

Loan CAGR (FY15-19)

FB Pvt Banks Overall


Chart 12: Perfect blend of loan mix between wholesale – Retail; like Industry leaders

46% 46% 46% 46% 47% 47% 49% 49% 49% 50%

54% 54% 54% 54% 53% 53% 51% 51% 51% 50%

0%10%20%30%40%50%60%70%80%90%

100%

Q4FY18 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21

Loan mix

Retail Wholesale


Chart 13: Asset portfolio is well-diversified across sub-segments

27% 27% 27% 28% 28% 29% 30% 30% 31% 31%

10% 10% 10% 10% 10% 10% 10% 10% 10% 11%9% 9% 8% 8% 9% 8% 8% 9% 9% 9%

11% 11% 11% 11% 10% 10% 10% 10% 10% 10%

42% 43% 44% 43% 43% 42% 41% 41% 41% 40%

0%10%20%30%40%50%60%70%80%90%

100%


Loan mix Segment-wise

Retail Agri Business Banking Commercial Banking Corporate business



7

Chart 14: Revamped business architecture to ensure long-term growth and profitability sustainability

Retail - Personal Banking Business Banking Agri, Rural and Micro Banking

Corporate & Institutional Banking Commercial Banking

Catering to Retail, Small Business, Agri, Rural and Micro Banking Clients.

Leveraging Branch distribution, Relationship Managers, Digital, Fedfina, Fintechs and BCs to garner business.

Historical strength of neighborhood Banking with wide product suite

Branch as the 360 degree servicing point. Gramjeevan Branches functioning as a Financial Hub to rural India

Micro lending through tech driven BC arrangements and tie ups.

Catering to Commercial, Mid Market and CorporateClients

Leveraging Relationship Managers to garner business. Significant thrust given to leverage the relationships

to improve Salary Accounts, Current Accounts andFees

Visible presence in key geographies Integrated offerings along the supply chain to create

better value for SME clients

Business Structure

Retail Banking Wholesale Banking


Segment-wise details

Wholesale banking: FB segregated its wholesale banking business into two separate verticals: a) corporate and institutional banking (~81% of wholesale loans), and b) commercial banking (~19% of wholesale loans). These two verticals were formed in Q2FY18 with rollout of a relationship management model to ensure meeting end-to-end needs of customers.

Currently, FB operates its wholesale banking verticals through nine dedicated CCSC with a total of 44 relationship managers and 127 clients.

Chart 15: FB continues to build on its expertise in wholesale banking… Group Penetration

Sectoral Expertise

Peer Bank Relationships

Deeper Geography

Mid Market Expansion

Mar

ket

Shar

eG

ains



8

Chart 16: … with focus on deepening relationship with existing customer base

Vendor

Group Companies

• Loans• Credit Substitute• Bespoke Solutions• FCY

• Non Fund Based• Trade Credit• Fx & Derivatives

• Collections• Payments• Liability Products

• ECM/DCM/M&A• Salary• Wealth• Insurance

Financing Trade & Treasury Transaction Banking

Advisory & Cross Sell

Dealer

Salary/ Key opinion Makers


Chart 17: Calibrated growth in commercial banking amid deteriorating macro environment; FB cautiously expanded its corporate book mainly towards better-rated corporates

6%

13%

15%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Commercial Banking Corporate Banking Total loans

Loan CAGR (FY18-20)


Chart 18: Commercial Banking - Series of initiatives taken to strengthen customer relationships, increase wallet share and accelerate new customer acquisition

Q1FY19 Q2FY19 Q3FY19 Q1FY20 Q2FY20

Technology enablers in place for new client acquisition focusing on Supply Chain financing.

Strengthened the RM force for deeper penetration in different markets.

Lateral hiring to fill talent gap and strengthen CB division

Initiated Retail Finance for medium and entry-level passenger car segments in 34 centres, through dealer relationships.

Significant increase in RM/ Sales training –100% mapping of accounts in Commercial Banking.

Formed dedicated vertical to handle & scale up Supply Chain Business


During Q2FY19, FB prudently initiated in-depth analysis of its commercial banking portfolio and exited accounts worth Rs7bn not fitting into its revised risk framework.


9

Launch of state of the art integrated digital transaction banking platform, Fed-e-Biz

Chart 19: Transaction volumes on Fed-e-Biz platform

3.1

12.8

23.8

31.435.0

48.144.9

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21

Transaction volume (Rs bn)

Source: Company data, I-Sec research Retail Banking: FB segregated its retail banking business into three separate verticals: a) agri banking (~11% of total loans); b) business banking (~9% of total loans) – formed in early FY18 to focus exclusively on SME loans below Rs50mn; driven by traditional branches and relationship managers to deepen existing relationships and source new customers; and c) core retail (~31% of total loans).

Chart 20: Retail loan mix (as % of total loans)

13% 13% 13% 14% 14% 14% 14% 15% 15% 15%

5% 5% 5% 5% 5% 5% 6% 6% 6% 6%2% 2% 2% 2% 2% 2% 2% 3% 3% 3%0% 0% 0% 1% 1% 1% 1% 1% 1% 1%8% 7% 7% 7% 6% 6% 6% 6% 6% 6%

0%

5%

10%

15%

20%

25%

30%

35%


Retail loan mix

Housing Mortgage Auto Personal Others



10

Chart 21: Renewed focus on select products backed by robust digital platform helped FB gain market share

15%

7%

25%22%

0%

5%

10%

15%

20%

25%

30%

Housing Mortgage

Loan CAGR

FY15-17 FY18-20


Chart 22: Improving market share in each retail product

4.3% 4.3% 4.6%5.2%

1.0% 1.3% 1.5%2.1%2.3% 2.4% 2.7%

0.1% 0.1% 0.5%

0.0%1.0%2.0%3.0%4.0%5.0%6.0%

FY17 FY18 FY19 Sep'19

Market share trend

Market share in Home loans (amongst Private Banks)Market share in Auto loans (amongst Private Banks)Market Share in Gold loan (%)Market Share in MFI (%)

Chart 23: While expanding retail portfolio, FB carefully calibrated the ratio of New-To-Bank customers

50%62% 65%

99%

50%38% 35%

1%

0%10%20%30%40%50%60%70%80%90%

100%

Home Loan LAP Auto Personal Loans

Customer profile

ETB NTB


During Q2FY19, FB deployed a state of the art technology for MFI loans. The technology is scalable for onboarding different BCs for different geographies in same quarter; it also introduced first of its kind, app-based doorstep gold loan facility in association with a fintech partner.

During Q3FY19, FB selected was by Kerala government to offer housing loans of its employees.

During Q2FY20, FB signed a dealer financing MoU with Maruti Suzuki (MSIL). MSIL has recognised FB as a preferred partner.

99% of personal loans are fully digital and approved in <10 seconds onboarding.

During Q1FY21, FB rolled out the digital platform named GoNoGo across the entire sales channel to ensure better TAT, bring down the cost of acquisition, and ensure a better digital experience.


11

Chart 24: Digital Gold loan evolution

Q2FY19 Q1FY20 Q2FY20 Q4FY20 Q1FY21

Doorstep gold loan delivery model in partnership with a fintech partner extended to 5 cities.

Introduced first of its kind, app based door step Gold loan facility in association with Fintech partner

Ramped up further adding more centres and reached a run rate of Rs1bn per month.

Loan disbursement through Fintech enabled digital Gold and Micro lending platforms crossed Rs10bn

Gold Loans crossed Rs100bn milestone



12

Pursuing newer revenue streams While in a few select segments (credit card and business banking), FB has already made inroads, CV/CE/MFIs are its relatively new ventures and the bank is planning to ramp them up going forward. It has already initiated several measures to ensure better risk-adjusted returns while scaling up these businesses.

MFI: Scalable and capital-efficient credit delivery using block chain ecosystem

Chart 25: Scalable and capital-efficient credit delivery using block chain ecosystem

Rational behind entering MFI space Flexibility to accommodate changing product and compliance norms

Highly scalable for expanding business through multiple BCs

Risk mitigation through cherry picking geographies and partners

Enables connect with strong regional players and seasoned customer base

Capital-efficient compared to MFI acquisition route

Higher RoA by leveraging operational efficiency


13

Tapping opportunities in CV/CE business: Loanbook stands ~Rs6bn as on Mar’20 with good mix between new/old vehicles

Forayed into CV/CE business in late FY19

Strategically selected two states offering high-growth opportunities, viz. Tamil Nadu and Maharashtra; FB will slowly scale up in other geographies.

Built a strong 25-member team with experience in the same customer profile for business origination, credit underwriting and collection.

Currently concentrating more on lending to purchase of new vehicles with plans to enter into other segments in the coming years.


14

Strengthening liability muscle Federal Bank (FB), over the years, has built a strong and granular liability franchise with retail deposits contributing >90% of total deposit base. On the back of its inherent geographical advantage of being headquartered in Kerala (a major recipient of foreign remittances), FB has leveraged its strong brand image and built a sticky NR deposit base, which currently contributes 38% to total deposit base. FB’s CASA ratio at 31% is highest amongst mid-sized banks. Most importantly, FB does not offer higher differentiated rates to mobilise SAs as reflected in the fact that the rate it offers is one of the lowest at 2.5% as at July’20.

It remained committed in strengthening its liability franchise and initiated several strategic measures over past of couple years – i) securing current account relationship with all credit clients, ii) strengthened RM force to deepen existing liability relationships, iii) tied-up with MoneyGram for fast & cost effective remittances, iv) roll-out of Celesta savings account to deepen HNI relationship - share of CASA from HNI segment improved to 45.3%, v) thrust on securing salary account of large corporates – resulted in 45% increase in SA balance,

Chart 26: … enabled FB to improve its deposit market share consistently

0.950.97

1.001.03 1.03

1.051.07

1.09 1.09 1.10

0.85

0.90

0.95

1.00

1.05

1.10

1.15

Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21

(%)

Market share - Deposits



15

Chart 27: Strategic initiatives taken over the past couple of years…

Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q4FY20

Empanelled in 15 states, catering to 200 govtentities & select PSUs in meeting their Banking needs.

Empanelled in 13 states, catering to 156 government entities & select PSUs in meeting their Banking needs

Strengthened the RM force for deeper penetration in different markets.

Empanelled in 15 states, catering to 210 Government entities & select PSUs in meeting their Banking needs.

Current Account Capability reinforced through packaged offering of Cash Management, Supply Chain Management services, Dealer-vendor management facilities etc and also by securing current account relationship of all credit clients

Empanelled in 16 states, catering to 252 Government entities & select PSUs in meeting their Banking needs.

CA focus by 100% coverage of existing accounts/ exploring opportunities for escrow accounts-Trust and retention/ RERA etc

First Bank in the country to launch online Demat account opening through Net banking. Healthy growth in corporate CASA to cross Rs10bn– YTD growth of 64% over PY and 12.7% QoQ growth

Thrust on onboarding salary accounts of large corporates, with over 60 new mandates, with focus on higher AMBs resulting in 45% increase in SB Salary account balances


Other Initiatives

Increased focus on tapping HNI segment: As a result, the share of CASA from HNI segment to total CASA improved to 45.3% in FY20 vs 40.7% in FY19. Total HNI customer base increased to ~0.2mn in FY20 (up 11% YoY). To deepen relationship with HNIs, FB launched in Nov’19 its flagship savings scheme for HNIs – Celesta savings account (for both residents and NRs). This account is clubbed with the premium debit card variant Celesta and offers a host of exclusive offerings like airport pickup and drop, exclusive lifestyle offerings, concierge services, exclusive relationship managers for financial and wealth management advisory, etc. Since the launch, it gained much popularity adding >1,100 accounts with a balance of ~Rs5bn in HNI portfolio.

Continued to focus on-boarding new relationships through a dedicated team of relationship managers, ensuring acquisition of high-value savings accounts and corporate salary accounts including salary accounts of state and Central government entities. FB is also leveraging its commercial / institutional banking clients’ employee salary account in a meaningful way.

Focusing on more tie-ups with fintech partners via API and open banking programmes paving the way for more opportunities and access to the millennial segment with special thrust on salaried clients. These projects are scheduled to go live in FY21.


16

Chart 28: Leveraging the power of digital platform

Account opening solution powered by e-KYC.

Built on 3 pillars JanDhan, Aadhar, Mobile(JAM).

A relationship created in 8 minutes & 6 accounts opened per minute

Instant gratification though active Debit card, chequebook, Mobile banking, internet banking and UPI.

92% of accounts opened through digital channels.

Leveraging the power of JAM

Source: Company data, I-Sec research Chart 29: Retail deposits contribute 90% to total deposit base (one of the highest amongst private sector banks)

98%

94% 94%

91%90%

131%143%

162% 164%185%

0%20%40%60%80%100%120%140%160%180%200%

86%

88%

90%

92%

94%

96%

98%

100%


Retail Deposit

Share of Retail Deposits (%) LCR (%)


Chart 30: Steady improvement in NR deposit base across cycles

74 83112

153207

259326

386451

532

607

0

100

200

300

400

500

600

700

FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20

(Rs

bn)

NRI deposit



17

Chart 31: NR-specific initiatives taken by FB

Q4FY19 Q1FY20 Q2FY20 Q4FY20

Launched digital platfrom helping NRIs to send money through Exchange houses and Banks using an easy to remember Virtual Payment Address (VPA) of the beneficiary . Entered into strategic partnership with Ripple Inc, a block chain supported global remittance company, for cross border remittances.

On NR front, it started exploring newer geographies like Kenya, Mozambique and Botswana.

OCR based Tablet Banking introduced for NRI customers in GCC to facilitate Instant Account Opening

On NR front, started cost effective and fast remittances arrangements from Japan, Hong Kong & Saudi Arabia. Remittances through Federal Bank increased to 15.7%.

Tied up with MoneyGram for cost effective, fast and easy rupee remittance directly into the bank account


Chart 32: Steady improvement in NR-related market share

8.0%9.0%10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%

3.0%3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

FY15 FY16 FY17 FY18 FY19 2HFY20

Market share trend

Market Share in NR business (LHS)

Market share in Inward Remittances (RHS)

Source: Company data, I-Sec research FB’s sticky deposit customer base gives flexibility in managing interest rate risk much better than peers. This is reflected in the fact that, over the past one year, it cut 1-year MCLR rate by only 80bps while it cut peak TD rate by 150bps. Further, FB was the first private sector bank to link SA rate to repo rate thereby immediately managing interest rate movement. Interest saving in FY21E will strengthen FB’s P&L enough to absorb any higher than expected credit cost and repo-linked savings deposit rate to help sustain margins at the current level of 3%.


18

Chart 33: Strong liability franchise – FB’s peak TD rate is at par with industry leaders

6.5 7.0 7.0 6.8 7.1 8.0 6.8

5.4 5.5 5.5 5.1

5.5

7.0

5.8

110

150 150

170 160

105 100

-

20

40

60

80

100

120

140

160

180

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

SBI Axis HDBK Kotak Federal DCB CUBK

bps

%

Sep-19 Jul-20 Diff


Chart 34: Saving deposit mobilization remained robust at 7% QoQ growth - despite it not offering differentiated SA rates

2.5 2.7 3.0/3.5 3.0/3.53.5/4.0

7.3

5.05.5

4.9

0.0

1.0

2.0

3.04.0

5.0

6.07.0

8.0

Federal SBI Axis HDBK Kotak

(%)

Saving Account Rate & QoQ growth in Q1FY21

SA rate Q1FY21 ( SA growth QoQ)


Chart 35: With increasing credit risk, FB has been conservative in cutting lending rates

8.2 8.5 8.5 9.6 8.8 10.1 9.0

7.0 7.7 7.5

9.1

7.6

9.5

8.2 115

80

100

50

115

61

80

-

20

40

60

80

100

120

140

-

2.0

4.0

6.0

8.0

10.0

12.0

SBI Axis HDBK IIB Kotak Bandhan Federal

bps

%

Sep-19 Jul-20 Diff



19

Chart 36: FB best placed to improve margins in the short term

115

80 100

115

80

110

150 150 170

160

- 20 40 60 80

100 120 140 160 180

SBI Axis HDBK Kotak Federal

1 Yr MCLR rate bps (cut during Sep'19 to July'20)

Peak TD rates bps (cut during Sep'19 to July'20)



20

Fee income progression, post-realigned process, has been encouraging – but still lagging industry leaders While revamping its business architecture, FB strategically conducted in-depth analysis of each revenue stream for core fee income. Accordingly, to leverage its strong NR and liability customer base it initiated several measures - collaboration with TATA AIG & HDFC Ergo for General Insurance, dedicated call center for cross-selling products, Investment managers across all geographies to leverage Ultra HNI customer base etc. to boost non-interest income. Even during framing new policies in each of the business verticals, ‘cross sell & fee income’ remained at the core of business strategy, which reflects in the measures taken by FB over the past couple of years.

Chart 37: Strategic initiatives taken over past one year

Q3FY19 Q1FY20 Q2FY20 Q4FY20

New partnerships in General Insurance with Tata AIG and HDFC Ergo to augment fee income

Opened new Call Centre for Cross Selling products like Credit Card, Insurance and to extend exclusive support to Ultra HNI and NR Customers.

Assigned dedicated Investment Relationship Managers across all geographies to cater to the investment needs of ultra HNIs

First Bank in the country to launch online Demataccount opening through Net banking.

launch an online Mutual Fund platform by the name ‘InstaInvest’,


Table 4: Fee income breakup – most revenue streams showing encouraging trend

Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

Cards 520 520 584 570 640 700 Third-party 230 230 124 240 150 270 Banking commi & exchange 210 360 320 330 320 360 Processing fees 500 500 490 610 630 560 Service charge 590 700 750 830 850 760 Forex 740 540 430 640 560 760 Core Fee Income 2,790 2,850 2,698 3,220 3,150 3,410 Treasury 550 740 910 820 650 3,690 Recovery in w/offs a/cs 110 530 310 170 270 10 Total Non-interest income 3,450 4,120 3,918 4,210 4,070 7,110



21

Chart 38: Strategic initiatives yielding positive outcome – but still scope for further improvement

0.6%

0.7%0.7%

0.7%

0.7%

0.8%

0.7%0.8%

0.5%

0.6%

0.6%

0.7%

0.7%

0.8%

0.8%

Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20

Core fee income (% of assets)

Note - Core fee income is calculated as ex-Treasury, recovery in w/off accounts. Source: Company data, I-Sec research

Chart 39: Steady improvement in debit card spends ensuring sustainable card fee income

4.23.6

4.34.7 4.8 4.8

5.2 5.0 5.05.5 5.5

6.26.05.3

6.36.9

7.3 7.17.8

8.3 8.2 8.27.8

9.2

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Jan Feb March April May June July August Sep Oct Nov Dec

Debit {POS+E-Comm) Spends Growth (Rs bn)

2018 2019


From Q2FY19 onwards, FB accelerated the pace of its presence in e-commerce space at regular intervals with offers on shopping, travel, dining, entertainment, etc. to enhance brand association. In Q2FY20, FB introduced EMI facility for debit card purchases through POS terminals in association with Pinelabs. In Q1FY21, FB partnered with Amazon to offer debit card EMI facility to customers.


22

Superior asset quality performance – backed by better risk management and underwriting It clearly stands out with peak GNPL ratio touching only 3% between FY16-FY19 (period of corporate NPA cycle) vs 4% for private sector banks – and the same reflects management prudence in staying away from many stressed groups.

We believe FB is well positioned to tackle the current challenges with minimal impact on its asset quality given that its retail+SME portfolio is mostly secured while ~77% of corporate portfolio is rated ‘A’ & above.

Chart 40: Superior asset quality performance across cycles

2.8

4.1 4.03.7

4.2

2.8

2.3

3.0 2.9 2.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5


Private Banks - GNPL % Federal Bank - GNPL %



23

Chart 41: Strong risk management

Rigour in Monitoring(Proactive and Intensive)

Automated Internal Tools

Loan Management System (LMS) –Auto alerts

Dashboard Customer 360 D view

External Sources/Platform

Save Risk/ Probe42 Watch out investors CRISIL Quantix Media Alerts and other sources

Vigorous Follow-up

Remedial Management

Early Detection

Debulking/ derisking

Exit & Reduction in time

Could derisk/exit many potential Bad Loans Source: Company data, I-Sec research

Chart 42: Greater share of ‘A’ and above rated corporate book is likely to ensure better asset quality going ahead

42%65% 71% 76% 73% 78%

15%

7%19% 15%

11%11%

43%28%

10% 9% 16% 11%

0%10%20%30%40%50%60%70%80%90%

100%

FY15 FY16 FY17 FY18 FY19 FY20

Rating of Corporate Advances

A & above BBB >BBB rated

Source: Company data, I-Sec research Note - >BBB including not rated exposures.


24

Credit Monitoring and Collection Automated Early Warning Signal (EWS) reports

Comparison of actual behaviour of the customer visa-a-vis envisaged earlier

Dedicated monitoring team for quick corrective measures

Product-wise, bucket-wise collection

Chart 43: Portfolio under moratorium in retail and corporate largely in line with private sector banks, while in CB/BB appears higher

34%

20%

31%38%

79%

53%

20%

31% 35%

0%10%20%30%40%50%60%70%80%90%

Retail BB CB Corporate Agri Total

Portfolio under Moratorium (by value)

April'20 - Pvt Banks May'20 - Federal bank



25

Financial summary Table 5: Profit and loss statement (Rs mn, year ending March 31)

FY19 FY20 FY21E FY22E Interest Income 1,14,190 1,32,108 1,42,853 1,60,354 Interest Expense 72,427 85,619 94,629 1,05,295 Net Interest Income 41,764 46,489 48,224 55,058 % NII Growth 16.6 11.3 3.7 14.2 Treasury Income 2,290 6,070 4,249 3,824 Non-interest income 13,510 19,314 18,928 21,578 Net Revenue 55,274 65,803 67,152 76,636 Employees Expenses 13,778 17,724 17,560 19,316 Other Op. Expenses 13,865 16,033 16,674 18,341 Operating Profit 27,631 32,047 32,919 38,979 % OP Growth 20.6 16.0 2.7 18.4 Tax 6,634 4,898 3,109 5,938 Total Provisions 8,559 11,722 20,482 15,225 Net Profit 12,439 15,428 9,327 17,815 % PAT Growth 41.5 24.0 (39.5) 91.0 Source: Company data, I-Sec research

Table 6: Balance sheet (Rs mn, year ending March 31)

FY19 FY20E FY21E FY22E Capital 3,970 3,985 3,985 3,985 Reserves and Surplus 1,28,760 1,41,191 1,50,333 1,66,469 Deposits 13,49,543 15,22,901 16,75,191 19,18,094 Borrowings 77,813 1,03,724 77,793 89,462 Other Liabilities & Provisions 33,313 34,579 36,308 38,124 Total liabilities 15,93,400 18,06,381 19,43,611 22,16,134 Cash & Balances with RBI 64,192 61,749 87,649 90,340 Bal. with banks/ call money 36,476 63,997 49,084 48,181 Investment 3,18,245 3,58,927 3,85,294 4,12,390 Loans and advances 11,02,230 12,22,679 13,20,493 15,44,977 Fixed Assets 4,720 4,800 5,623 6,004 Other Assets 67,537 94,229 95,468 1,14,242 Total assets 15,93,400 18,06,381 19,43,611 22,16,134 Source: Company data, I-Sec research

Table 7: Key ratios (Year ending March 31)

FY19 FY20 FY21E FY22E Per Share Data Book value per share (INR) 67.0 72.8 77.4 85.5 Adj. BVPS (INR) 59.2 64.9 67.6 76.1 Price/Book value 0.8 0.8 0.7 0.6 Price/ Adj. Book value 0.9 0.8 0.8 0.7 EPS(INR) 6.3 7.8 4.7 8.9 P/E Ratio 8.7 7.1 11.8 6.2 DPS 0.7 0.7 0.7 0.7 Asset Quality Gross NPA (Rs mn) 32,607 35,308 57,110 54,334 Gross NPA (%) 2.92 2.84 4.32 3.52 Net NPA (Rs mn) 16,262 16,072 28,084 26,927 Net NPA (%) 1.48 1.31 2.13 1.74 % coverage of NPA 50.1 54.5 50.8 50.4 Delinquencies (%) 1.6 1.6 3.0 1.6 Capital Adequacy Ratio RWA (Rs mn) 9,37,700 10,57,860 11,42,489 13,36,712 Tier I (%) 13.4 13.3 12.9 11.8 Tier II (%) 0.5 1.1 1.1 1.1 Total CAR (%) 13.9 14.3 14.0 12.8 Business Ratios Credit / Deposit (%) 81.7 80.3 78.8 80.5 Investment / Deposit (%) 23.6 23.6 23.0 21.5 CASA (%) 32.4 31.8 32.1 32.4 RoaA (%) 0.8 0.9 0.5 0.9 Core RoE (%) 9.8 11.1 6.2 11.0 Earnings Ratios Interest Inc. / Avg.assets (%) 7.7 7.8 7.6 7.7 Interest Exp./ Avg. assets (%) 4.9 5.0 5.0 5.1 NIM (%) 2.8 2.7 2.6 2.6 Int. exp/ Int earned (%) 63.4 64.8 66.2 65.7 Oth. Inc./ Tot. Inc. (%) 24.4 29.4 28.2 28.2 Staff exp/Total opt. exp (%) 49.8 52.5 51.3 51.3 Cost/ Income Ratio (%) 50.0 51.3 51.0 49.1 Prov./ Operating Profit (%) 31.0 36.6 62.2 39.1 Loan loss prov./Avg. loans (bps) 84.7 100.8 161.1 106.3 Source: Company data, I-Sec research

Table 8: RoA tree (%, year ending March 31)

FY19 FY20 FY21E FY22E Interest income/Assets 7.7 7.8 7.6 7.7 Interest expenses/Assets 4.9 5.0 5.0 5.1 Net interest income/Assets 2.8 2.73 2.57 2.65 Treasury income/Assets 0.2 0.4 0.2 0.2 Other Inc. from operations/Assets 0.9 1.1 1.0 1.0 Total income/Assets 3.7 3.9 3.6 3.7 Total Exp./Assets 1.9 2.0 1.8 1.8 Operating profit/Assets 1.9 1.9 1.8 1.9 Tax/Assets 0.4 0.3 0.2 0.3 Loan loss provisions/Assets 0.6 0.7 1.1 0.7 Net profit/Assets 0.8 0.91 0.50 0.86 Source: Company data, I-Sec research


26

This report may be distributed in Singapore by ICICI Securities, Inc. (Singapore branch). Any recipients of this report in Singapore should contact ICICI Securities,

Inc. (Singapore branch) in respect of any matters arising from, or in connection with, this report. The contact details of ICICI Securities, Inc. (Singapore branch) are

as follows: Address: 10 Collyer Quay, #40-92 Ocean Financial Tower, Singapore - 049315, Tel: +65 6232 2451 and email: [email protected],

[email protected].

"In case of eligible investors based in Japan, charges for brokerage services on execution of transactions do not in substance constitute charge for research

reports and no charges are levied for providing research reports to such investors."

New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)

BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

ANALYST CERTIFICATION I/We, Renish Bhuva, CFA (ICFAI); Kunal Shah, CA; Abhijit Tibrewal, PGDM; authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report. Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities Limited is a SEBI registered Research Analyst with SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com. ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as opposed to focusing on a company's fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view the Fundamental and Technical Research Reports. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Institutional Research. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Retail Research. The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the companies mentioned in the report in the past twelve months. ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. This report has not been prepared by ICICI Securities, Inc. However, ICICI Securities, Inc. has reviewed the report and, in so far as it includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be guaranteed.

Federal Bank BUY - bsmedia.business-standard.com · Federal Bank BUY Maintained Transitioning away...

Documents

Transcript of Federal Bank BUY - bsmedia.business-standard.com · Federal Bank BUY Maintained Transitioning away...