Federal Bank, for Q1FY19, reported decent set of numbers with net interest income growing 22.4% YoY. Pre-provisioning profit grew at a slower pace of 8.1% due to 118bps YoY increase in cost-income ratio (CI%) at 51.8% vs. 50.6% in the corresponding quarter last year. Net profit grew 25.0% to Rs263 crore led by a 15.8% decline in provisions & contingencies. Asset quality, at the end of the quarter, remained stable with gross non-performing assets (NPAs) unchanged at 3.00%. Net NPA increased 3bps QoQ to 1.72%, on lower provisioning. View: Post FY18, the stock of Federal Bank had corrected ~11% (since our last...