<ul><li>CLSA initiates coverage on Federal Bank, giving it an 'outperform' rating and a 12-month target of Rs 230 per share.</li><li>Federal Bank is unique due to its strong non-residential deposit base, contributing to 30% of its total deposits.</li><li>The bank aims to transform into a larger bank with improved return metrics over the next three years.</li><li>In the near-term, Federal Bank will focus on profitability over loan growth, which may lead to a decline in net interest margin.</li></ul>

Federal Bank's 'Inexpensive' Stock Gets CLSA Initiation, 18% Upside Seen

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