Federal Bank earnings of Rs3.67bn (PLe: Rs4.64bn) was a large miss on back of 2x provisions than expected as slippages were high at Rs6.4bn and additonal restructuring of Rs8.5bn. Opeartionally, despite slower NII it has been able to demonstrate strong core PPOP growth of 40% YoY led by cost efficiencies. Although, H1FY22 will be cautious on asset quality we expect...