Federal Bank reported a decline in its credit growth at 13% YoY (vs 15% Q2FY20) due to settlement (Air India exposure Rs.2bn) and write off of accounts (~Rs.3bn). Net Interest Income grew by 7% YoY led by decline in NIMs, while PAT grew by 32% YoY due to corporate tax rate cut benefit and lower provisions (down 15% YoY). Operating profit grew by 5% YoY driven by a 18% growth in Non-Interest Income. GNPA% improved to 2.99% vs 3.07% however slippages remain elevated. NIMs remain stable sequentially at 3.0%, while cost to income ratio improved by 106bps QoQ to 52.4%. We revise down...