Maintain NEUTRAL with a TP of Rs 103 (1.5x Mar-20E ABV of Rs 69). In the wake of catastrophic floods in Kerala, rumours have surfaced surrounding the ability of banks to function, loss of physical assets and data. Admirably, Federal Bank (FB) has been the first to come forth and address these issues. In the concall, FB quashed apprehensions regarding any operational challenges owing to the floods. However, we believe there could be persistent jolts as clarity emerges over the next few quarters around assets affected by the floods.