Federal Bank

Federal Bank's net profit rose 40.7% to INR 13.2 bil in 2018

By Helgi Analytics - November 3, 2019

Federal Bank made a net profit of INR 13.2 bil under revenues of INR 56.4 bil in 2018, up 40.7% and 16.2% respectively compared to th...

Federal Bank's price/earnings (P/E) fell 22.7% to 14.6 in 2018

By Helgi Analytics - November 3, 2019

Federal Bank stock traded at INR 96.1 per share at the end 2018 implying a market capitalization of USD 2,745 mil. Since the end of 201...

Federal Bank's share price (end of period) rose 5.21% to INR 96.1 in 2018

By Helgi Analytics - November 3, 2019

Federal Bank stock traded at INR 96.1 per share at the end of 2018 implying a market capitalization of USD 2,745 mil. Since the end of ...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 31.3 36.9 43.2
Net Fee Income INR bil 5.76 6.37 7.81
Other Income INR bil 5.08 5.24 5.36
Total Revenues INR bil 42.1 48.5 56.4
Operating Profit INR bil 19.6 23.4 28.0
Provisions INR bil 11.1 14.3 15.4
Net Profit INR bil 8.67 9.35 13.2
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 28.8 40.6 36.3
Customer Loans INR bil 741 930 1,115
Debt Securities INR bil 277 304 314
Total Assets INR bil 1,155 1,392 1,606
Shareholders' Equity INR bil 89.5 123 136
Interbank Borrowing INR bil 0 0 0
Customer Deposits INR bil 977 1,120 1,349
Issued Debt Securities INR bil 63.5 127 91.1
Ratios 2016 2017 2018
ROE % 10.2 8.81 10.2
ROA % 0.825 0.735 0.878
Costs (As % Of Assets) % 2.14 1.97 1.89
Costs (As % Of Income) % 53.4 51.7 50.3
Capital Adequacy Ratio % 12.6 14.9 14.4
Net Interest Margin % 2.98 2.90 2.88
Loans (As % Of Deposits) % 75.9 83.1 82.7
NPLs (As % Of Loans) % 2.31 2.97 2.88
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 2,322 2,763 2,745
Share Price (End Of Period) INR 90.3 91.4 96.1
Price/Earnings (P/E) 18.2 18.8 14.6
Price/Book Value (P/BV) 1.76 1.43 1.41
Dividend Yield % 0.984 1.12 1.45
Earnings Per Share (EPS) INR 4.96 4.86 6.61
Book Value Per Share INR 51.3 63.7 68.1
Dividend Per Share INR 0.889 1.02 1.40

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Net Interest Income INR bil                       20.4 40.5 24.3 25.7 31.3    
Total Revenues INR bil                       27.0 43.9 33.0 33.8 42.1    
Operating Profit INR bil                       14.8 14.7 16.4 14.4 19.6    
Net Profit INR bil                       8.53 8.50 10.6 4.86 8.67    
balance sheet                                    
Interbank Loans INR bil                       9.78 14.3 14.0 16.5 28.8    
Customer Loans INR bil                       443 437 515 584 741    
Debt Securities INR bil                       208 237 240 248 277    
Total Assets INR bil                       710 746 829 947 1,155    
Shareholders' Equity INR bil                       62.7 69.2 52.1 80.6 89.5    
Interbank Borrowing INR bil                       0 0 0 0 0    
Customer Deposits INR bil                       576 597 708 792 977    
Issued Debt Securities INR bil                       52.7 57.9 24.1 52.5 63.5    
ratios                                    
ROE %                       14.4 12.9 17.4 7.33 10.2    
ROA %                       1.30 1.17 1.34 0.548 0.825    
Costs (As % Of Assets) %                       1.86 4.01 2.12 2.18 2.14    
Costs (As % Of Income) %                       45.3 66.5 50.5 57.2 53.4    
Capital Adequacy Ratio %                       14.9 15.3 15.8 14.3 12.6    
Net Interest Margin %                       3.11 5.57 3.09 2.89 2.98    
Interest Income (As % Of Revenues) %                       75.6 92.4 73.6 76.0 74.3    
Fee Income (As % Of Revenues) %                       11.3 7.61 11.5 13.1 13.7    
Equity (As % Of Assets) %                       8.82 9.28 6.29 8.51 7.75    
Loans (As % Of Deposits) %                       76.9 73.2 72.8 73.8 75.9    
Loans (As % Assets) %                       62.4 58.5 62.2 61.7 64.2    
NPLs (As % Of Loans) %                       3.51 2.49 2.05 2.82 2.31    
valuation                                    
Market Capitalisation (End Of Period) USD mil                       1,501 265 1,797 1,205 2,322    
Number Of Shares (Average) mil                       1,711 1,711 1,712 1,726 1,747    
Share Price (End Of Period) INR                       48.1 9.58 66.2 46.3 90.3    
Earnings Per Share (EPS) INR                       4.98 4.97 6.18 2.82 4.96    
Book Value Per Share INR                       36.6 40.5 30.5 46.7 51.3    
Dividend Per Share INR                       0.900 0.200 1.10 0.698 0.889    
Price/Earnings (P/E)                       9.64 1.93 10.7 16.4 18.2    
Price/Book Value (P/BV)                       1.31 0.237 2.17 0.991 1.76    
Dividend Yield %                       1.87 2.09 1.67 1.51 0.984    
Earnings Per Share Growth % ...                     13.1 -0.342 24.4 -54.4 76.1    
Book Value Per Share Growth % ...                     12.0 10.5 -24.8 53.4 9.67    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                    
Interest Income INR bil                       62.5 87.8 74.9 78.3 87.8    
Interest Cost INR bil                       42.1 47.3 50.6 52.6 56.5    
Net Interest Income INR bil                       20.4 40.5 24.3 25.7 31.3    
Net Fee Income INR bil                       3.05 3.34 3.81 4.41 5.76    
Other Income INR bil                       3.53 0.012 4.91 3.68 5.08    
Total Revenues INR bil                       27.0 43.9 33.0 33.8 42.1    
Operating Cost INR bil                       12.2 29.2 16.7 19.3 22.5    
Operating Profit INR bil                       14.8 14.7 16.4 14.4 19.6    
Provisions INR bil                       6.28 6.41 6.23 9.56 11.1    
Extra and Other Cost INR bil                       -0.026 -0.208 -0.454 0.004 < -0.001    
Pre-Tax Profit INR bil                       8.53 8.50 10.6 4.88 8.53    
Tax INR bil                       0 0 0 0 0    
Minorities INR bil                       0 0 0 0 0    
Net Profit INR bil                       8.53 8.50 10.6 4.86 8.67    
Dividends INR bil                       1.54 0.342 1.89 1.20 1.55    
growth rates                                    
Net Interest Income Growth % ...                     3.19 98.4 -40.0 5.57 22.0    
Net Fee Income Growth % ...                     21.2 9.47 14.1 15.6 30.7    
Total Revenue Growth % ...                     7.77 62.5 -24.8 2.20 24.8    
Operating Cost Growth % ...                     21.4 139 -42.9 15.8 16.6    
Operating Profit Growth % ...                     -1.38 -0.583 11.3 -11.7 35.9    
Pre-Tax Profit Growth % ...                     -25.6 -0.341 24.5 -53.9 74.9    
Net Profit Growth % ...                     13.1 -0.341 24.5 -54.0 78.2    
market share                                    
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...   1.14 1.63 1.09 1.00 1.05   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...   1.44 1.58 1.94 1.18 ... ... ...
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                    
Cash INR bil                       27.5 31.1 33.8 37.8 45.8    
Interbank Loans INR bil                       9.78 14.3 14.0 16.5 28.8    
Customer Loans INR bil                       443 437 515 584 741    
Debt Securities INR bil                       208 237 240 248 277    
Fixed Assets INR bil                       4.12 4.36 4.73 5.24 4.92    
Total Assets INR bil                       710 746 829 947 1,155    
Shareholders' Equity INR bil                       62.7 69.2 52.1 80.6 89.5    
Of Which Minority Interest INR bil                       0 0 0 0 0    
Liabilities INR bil                       647 677 777 866 1,065    
Interbank Borrowing INR bil                       0 0 0 0 0    
Customer Deposits INR bil                       576 597 708 792 977    
Sight Deposits INR bil                       420 411 40.6 46.3 56.5    
Term Deposits INR bil                       157 187 668 745 920    
Issued Debt Securities INR bil                       52.7 57.9 24.1 52.5 63.5    
Other Liabilities INR bil                       18.5 22.0 44.6 22.3 25.2    
asset quality                                    
Non-Performing Loans INR bil                       15.5 10.9 10.6 16.7 17.3    
Gross Loans INR bil                       443 437 515 591 749    
growth rates                                    
Customer Loan Growth % ...                     16.8 -1.41 17.9 13.4 26.8    
Total Asset Growth % ...                     17.3 5.14 11.1 14.2 21.9    
Shareholders' Equity Growth % ...                     12.0 10.5 -24.7 54.7 11.0    
Customer Deposit Growth % ...                     17.7 3.68 18.6 11.8 23.4    
market share                                    
Market Share in Customer Loans % ... ... ...                 0.803 0.680 0.726 0.733 0.897   ...
Market Share in Total Assets %                       0.818 0.738 0.744 0.751 0.813   ...
Market Share in Customer Deposits %                       0.915 0.830 0.868 0.866 0.917   ...
ratios Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                    
ROE %                       14.4 12.9 17.4 7.33 10.2    
ROA %                       1.30 1.17 1.34 0.548 0.825    
Costs (As % Of Assets) %                       1.86 4.01 2.12 2.18 2.14    
Costs (As % Of Income) %                       45.3 66.5 50.5 57.2 53.4    
Capital Adequacy Ratio %                       14.9 15.3 15.8 14.3 12.6    
Tier 1 Ratio %                       14.1 14.6 15.0 13.7 12.1    
Net Interest Margin %                       3.11 5.57 3.09 2.89 2.98    
Interest Spread % ...                     2.47 4.92 2.55 2.41 2.51    
Asset Yield %                       9.51 12.1 9.51 8.81 8.36    
Cost Of Liabilities % ...                     7.03 7.14 6.95 6.40 5.85    
Payout Ratio %                       18.1 4.03 17.8 24.8 17.9    
Interest Income (As % Of Revenues) %                       75.6 92.4 73.6 76.0 74.3    
Fee Income (As % Of Revenues) %                       11.3 7.61 11.5 13.1 13.7    
Other Income (As % Of Revenues) %                       13.1 0.027 14.9 10.9 12.0    
Equity (As % Of Assets) %                       8.82 9.28 6.29 8.51 7.75    
Loans (As % Of Deposits) %                       76.9 73.2 72.8 73.8 75.9    
Loans (As % Assets) %                       62.4 58.5 62.2 61.7 64.2    
NPLs (As % Of Loans) %                       3.51 2.49 2.05 2.82 2.31    
Cost of Provisions (As % Of Loans) %                       1.53 1.46 1.31 1.74 1.67    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                    
Employees                       10,059 10,467 10,981 11,287 11,593    
Sight (As % Of Customer Deposits) %                       72.8 68.8 5.73 5.85 5.79    

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Federal Bank's net interest income rose 17.1% to INR 43.2 bil in 2018

By Helgi Analytics - November 3, 2019

Federal Bank generated total banking revenues of INR 56.4 bil in 2018, up 16.2% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 56.4 bil in 2018 and an al...

Federal Bank's net interest margin fell 0.507% to 2.88% in 2018

By Helgi Analytics - November 3, 2019

Federal Bank's net interest margin amounted to 2.88% in 2018, down from 2.90% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 5.57% in 2013 and an all time low of 2.88% in 2018. The average margin ...

Federal Bank's capital adequacy ratio fell 3.02% to 14.4% in 2018

By Helgi Analytics - November 3, 2019

Federal Bank's capital adequacy ratio reached 14.4% at the end of 2018, down from 14.9% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 22.5% in 2007 and an all time low of 10.6% in 2001. The Tier 1 ratio amounted...

Federal Bank's customer loan growth fell 22.0% to 19.9% in 2018

By Helgi Analytics - November 3, 2019

Federal Bank's customer loan growth reached 19.9% in 2018, down from 25.5% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 34.1% in 2005 and an all time low of -1.41% in 2013. In the last decade, the averag...

Federal Bank's customer deposits rose 20.5% to INR 1,120 bil in 2018

By Helgi Analytics - November 3, 2019

Federal Bank's customer deposits reached INR 1,120 bil in 2017, up 14.7% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Federal Bank accounted for 1.02% ...

Federal Bank's total revenues rose 16.2% to INR 48.5 bil in 2018

By Helgi Analytics - November 3, 2019

Federal Bank generated total banking revenues of INR 48.5 bil in 2017, up 15.1% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year. A...

Federal Bank's customer loans rose 19.9% to INR 930 bil in 2018

By Helgi Analytics - November 3, 2019

Federal Bank's customer loans reached INR 930 bil in 2017, up 25.5% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Federal Bank accounted for 1.05% of all cu...

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Finance

Federal Bank has been growing its revenues and asset by 18.6% and 19.2% a year on average in the last 3 years. Its loans and deposits have grown by 24.1% and 19.4% a year during that time and loans to deposits ratio reached 82.7% at the end of 2018. The company achieved an average return on equity of 9.73% in the last three years with net profit growing 39.4% a year on average. In terms of operating efficiency, its cost to income ratio reached 50.3% in 2018, compared to 51.8% average in the last three years.

Equity represented 8.46% of total assets or 12.2% of loans at the end of 2018. Federal Bank's non-performing loans were 2.88% of total loans while provisions covered some of NPLs at the end of 2018.

Valuation

Federal Bank stock traded at INR 96.1 per share at the end of 2018 resulting in a market capitalization of USD 2,745 mil. Over the previous five years, stock price rose by 904% or 58.6% a year on average. That’s compared to an average ROE of 10.8% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 14.6x and price to book value (PBV) of 1.41x in 2018.