Federal Bank credit growth slowed down to 9% YoY vs 12% YoY (Q4FY25) vs 16% YoY (Q3FY25) due to reorientation of strategy towards fixed rate book. further, deposit growth declined to 8% YoY vs 12% YoY (FY25) led by term deposits. We expect credit growth at 13% CAGR (FY25-27). NIMs declined by 18bps QoQ during Q1FY26 led by decline in yields backed by repo rate cut impact. Asset quality deteriorated with GNPA at 1.91% vs 84% QoQ. NII grew by 2% YoY led by decline in NIMs; higher non-interest income (up 22% YoY) supported the operating profits (up 4% YoY). Higher provisions impacted profitability (down 15% YoY). This resulted...