Federal Bank's asset quality deteriorated slightly with GNPA inches up by 12bps QoQ to 2.96% as, conservatively one corporate account (UAE exchange exposure of Rs.1.7bn) treated as NPA during the quarter. Credit growth declined to 8% YoY (vs 11% FY20) due to complete lockdown situation in first 2 months of the quarter (Q1FY21). Net Interest Income grew by 12% YoY led by improvement in NIMs, while PAT grew at a lower rate of 4% YoY due to higher provisions (up 105% YoY; Rs930mn Covid-19). Operating profit grew by 15.5% YoY driven by a 24% growth in Non-Interest Income. NIMs improved sequentially to 3.07%, while cost to income ratio improved by 246bps QoQ to 47.8%....