Federal Bank has reported decent numbers on most of the parameters. Earnings are 12% ahead of our expectations, on the back of lower provisions. Driven by lower slippages, GNPA has improved by 22bps sequentially to 2.9%. Credit growth is robust at 20%, driven by retail, which has grown by 25%. NIMs were stable at 3.2%. Core fee income has grown by 21%. Opex grew by 14% with C/I ratio improving 290bps YoY to 50%. Credit cost has dropped by 72bps YoY to 51bps. We largely retain our numbers on...