Healthy Operating Performance; Consistency Key to Valuations Federal Bank has delivered an in-line set of numbers in 1QFY20 led by NII growth of 18% YoY, a healthy 25% YoY growth in core fee-based income and 30% YoY growth in PPoP. However, slippages were higher than our estimate mainly led by elevated retail slippages, though higher write-offs aided GNPA ratio (+7bps QoQ). Further, NIM declined sequentially despite sharp rise in lending yields owing to continued pressure on cost of funds and one-off in 4QFY19. Notably, advances and deposits grew by 19% YoY each. Loan growth during the quarter was driven by retail loans, which grew by 26% YoY. CASA ratio continued to move southwards. Nonetheless,...