ICICI Securities Ltd | Retail Equity Research Federal Bank looks well poised for a healthy earnings trajectory, going ahead. This is on account of its superior fundamentals given its relative strength with CASA deposit at 34.7%, ability to generate higher NIMs of 3.2-3.3% and a healthy capital base (Tier at 12%). Further, credit growth, which was muted in FY12-16 at 9% CAGR has improved to >20% YoY in FY17E. We expect this healthy traction in advances to sustain in FY1719E. Asset quality, which along with poor credit growth was impacting bank's earnings, has witnessed an improvement since FY16. Slippages,...