We believe that the Federal Bank is approaching the end of recognition of stressed loan cycle, which along with improving PCR clearly indicates a sharp moderation in credit cost from FY20E onwards. We believe that the Bank will continue to deliver further improvement in operational performance, going forward led by steadily improving loan book and asset-liability mix. Further, we do not anticipate the recent floods to impact its profitability in any significant way. Looking ahead, we expect strong traction in earnings to continue owing to robust growth in loan book, moderate credit cost and healthy margin. We continue to maintain our BUY recommendation...