Federal Bank reported a decline in its credit growth at 15% YoY (vs 19% Q1FY20) due to a cautious approach towards its corporate portfolio. Net Interest Income grew by 10% YoY led by decline in NIMs, while PAT grew by 56% YoY due to corporate tax rate cut benefit (effective tax rate at 11% vs 35% in Q1FY20). Operating profit grew by 15% YoY driven by a 30% growth in Non-Interest Income. GNPA due to higher slippages in the quarter increased by 8bps sequentially to 3.07%. With NIM declined by 14bps QoQ to 3.01%, cost to income ratio increased by 410bps QoQ to 53.5%. We revise down the PAT estimates by 4%/10% for FY20/21 and re-iterate BUY' with a new TP of Rs.110 (Rs...