The Federal Bank Ltd.

National Storage Mechanism | Additional information

RNS Number : 2172R

Federal Bank Ltd (The)

03 November 2021

SD/153/2021-22 November 03, 2021

To,

The London Stock Exchange

Dear Sir,

We enclose herewith the Unaudited Standalone and Consolidated Financial Results of the Bank for the quarter and half year ended September 30, 2021 along with Limited Review Report issued by the Joint Central Statutory Auditors of the Bank, which were reviewed and recommended by Audit Committee of the Board and duly approved by the Board of Directors at their respective meetings held on October 22, 2021.

Kindly take the same on your record.

For The Federal Bank Limited

Sd/-

Samir P Rajdev

Company Secretary

Varma & Varma Borkar & Muzumdar

Chartered Accountants, Chartered Accountants

No.53/2600, Kerala Varma Tower 121/168, Anand Nagar, Om Co-op

Off Kunjanbava Road, Hsg Society, Anand Nagar Lane Vytilla, Santacruz (East) Off Nehru Road,

Kochi -682019 Mumbai - 400 055

Limited Review Report on Unaudited Consolidated Financial Results of The Federal Bank Limited for the quarter/half year ended 30th September 2021, pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

The Board of Directors,

The Federal Bank Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of The Federal Bank Limited (the 'Bank') and its Subsidiaries (the Bank and its subsidiaries together referred to as 'the Group') and its share of the net profit after tax of its Associates for the quarter and half-year ended 30th September 2021 (the 'Statement'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), except for the disclosures relating to consolidated Pillar 3 disclosure, as at 30th September 2021, including Leverage Ratio and Liquidity Coverage Ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the aforesaid Statement, which have not been reviewed by us.

2. The Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard -25 'Interim Financial Reporting' ('AS-25'), prescribed under section 133 of the Companies Act, 2013, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time (the 'RBI Guidelines'), SEBI circular CIR/CFD/FAC/62/2016 dated 5th July, 2016 (hereinafter referred to as the 'SEBI Circular'), and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4. Our review primarily is conducted on the basis of review of the books of account and records of the Bank. We have also relied on the information and explanations furnished to us by the Bank and the returns as considered necessary by us for the review.

5. This Statement includes the results of the following entities:

a. Fedbank Financial Services Limited (Subsidiary)

b. Federal Operations and Services Limited (Subsidiary)

c. Ageas Federal Life Insurance Company Limited (Associate)

d. Equirus Capital Private Limited (Associate)

6. Based on our review conducted and procedures performed as stated in Paragraphs 3 and 4 above and based on the consideration of the review reports of other auditors referred to in Paragraphs 9, 10 and 11 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable accounting standards, the RBI Guidelines, the SEBI circular and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) including the manner in which it is to be disclosed, except for the disclosures relating to consolidated Pillar 3 disclosure, as at 30th September 2021, including Leverage Ratio and Liquidity Coverage Ratio under Basel III Capital Regulations as have been disclosed on the Bank's website and in respect of which a link has been provided in the aforesaid Statement, which have not been reviewed by us, or that it contains any material misstatement.

Emphasis of Matter

7. We draw attention to Note No.12 of the accompanying Statement of Unaudited Consolidated Financial results, regarding the impact of COVID-19 pandemic on the Bank's operations and financial position for the quarter/half year ended 30th September, 2021, which will depend on various uncertain aspects, including actions taken to mitigate the same and other regulatory measures.

Our conclusion on the Statement is not modified in respect of this matter.

8. We draw attention to Note No.14 of the Statements regarding amortisation of the additional liability by the Bank on account of revision in family pension amounting to ` 17,731.55 Lakhs. As stated therein, the Bank has charged an amount of ` 1,182.10 Lakhs to the Profit and Loss account for the quarter and half year ended September 30, 2021 and the balance unamortised expenditure amounting to ` 16,549.45 lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the profits for the quarter and half year ended September 30, 2021 would have been lower by ` 16,549.45 lakhs.

Our conclusion on the Statement is not modified in respect of this matter.

9. The statement of consolidated unaudited financial results includes the interim financial statements / financial information/ financial results of one subsidiary whose unaudited financial results reflects total assets of Rs 1,752.69 Lakhs as at 30th September 2021 and total revenues of Rs 1,086.56 Lakhs and Rs 1,917.78 Lakhs and total net profit after tax of Rs 136.36 Lakhs and Rs 192.95 Lakhs for the quarter ended 30th September 2021 and for the period from 1st April 2021 to 30th September 2021 respectively, and cash flows (net) of Rs 30.56 Lakhs for the period from 1st April 2021 to 30th September 2021. These interim financial statements/financial information/ financial results have been reviewed by one of the joint auditors, whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary, is based solely on their reports and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

10. The statement of consolidated unaudited financial results includes the interim financial statements / financial information/ financial results of one subsidiary whose unaudited financial results reflects total assets of Rs 5,73,303 Lakhs as at 30th September 2021 and total revenues of Rs 21,784 Lakhs and Rs 41,522 Lakhs and total net profit after tax of Rs 2,634 Lakhs and Rs 4,110 Lakhs for the quarter ended 30th September 2021 and for the period from 1st April 2021 to 30th September 2021 respectively, and cash flows (net) of Rs ( 20,632 ) Lakhs for the period from 1st April 2021 to 30th September 2021. These interim financial statements/financial information/ financial results have been reviewed by other auditors, whose reports have been furnished to us by the Management.

The statement of consolidated unaudited financial results also includes the unaudited interim financial statements / financial information/ financial results of the said subsidiary for the quarter ended 30th June 2021, quarter/half year ended 30th September 2020 and audited financial results for the year ended 31st March 2021 which have been reviewed/audited by one of the joint auditors whose reports have been furnished to us by the Management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary, is based solely on their reports and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

11. The statement of consolidated unaudited financial results includes the Group's share of net profit after tax of Rs 240.14 Lakhs and Rs 479.56 Lakhs for the quarter and half year ended 30th September 2021, respectively, in respect of one associate whose interim financial results have been reviewed by another auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said associate, is based solely on the report of the other auditor and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

12. The statement of consolidated unaudited financial results also includes the Group's share of net profit after tax of Rs 217.87 Lakhs and Rs 482.19 Lakhs for the quarter and half year ended 30th September 2021, respectively, in respect of one associate, based on their interim financial results which have not been reviewed. According to the information and explanations given to us by the Management, these interim financial statements / financial information / financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of this matter.

For Varma & Varma For Borkar & Muzumdar

Chartered Accountants Chartered Accountants

FRN:004532S FRN:101569W

Vijay Narayan Govind Kaushal Muzumdar

Partner Partner

M. No. 203094 M. No. 100938

UDIN: 21203094AAAACW8019 UDIN: 21100938AAAACH4444

Kochi-19 Mumbai-55

22nd October 2021 22nd October 2021


THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
							(Rs. in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Interest earned (a)+(b)+(c)+(d)		3,37,925	3,35,571	3,48,790	6,73,496	6,93,205	13,75,791
(a)	Interest/discount on advances/bills	2,67,490	2,67,112	2,71,749	5,34,602	5,42,347	10,79,512
(b)	Income on investments	58,116	59,059	59,252	1,17,175	1,19,864	2,34,894
(c)	Interest on balances with Reserve Bank of India and other inter bank funds	6,662	3,662	11,661	10,324	18,728	36,817
(d)	Others	5,657	5,738	6,128	11,395	12,266	24,568
2. Other income		44,436	55,178	44,936	99,614	94,067	1,85,269
3. TOTAL INCOME (1+2)		3,82,361	3,90,749	3,93,726	7,73,110	7,87,272	15,61,060
4. Interest expended		1,89,983	1,93,728	2,10,805	3,83,711	4,25,576	8,22,420
5. Operating expenses (i)+(ii)		1,05,899	93,340	88,265	1,99,239	1,73,508	3,69,172
(i)	Employees cost	57,193	52,830	48,746	1,10,023	98,331	2,03,418
(ii)	Other operating expenses	48,706	40,510	39,519	89,216	75,177	1,65,754
6. TOTAL EXPENDITURE (4+5) (excluding provisions and contingencies)		2,95,882	2,87,068	2,99,070	5,82,950	5,99,084	11,91,592
7. OPERATING PROFIT (3-6) (Profit before provisions and contingencies)		86,479	1,03,681	94,656	1,90,160	1,88,188	3,69,468
8. Provisions (other than tax) and contingencies		24,533	54,346	53,209	78,879	92,965	1,55,741
9. Exceptional items		-	-	-	-	-	-
10. Profit from Ordinary Activities before tax (7-8-9)		61,946	49,335	41,447	1,11,281	95,223	2,13,727
11. Tax expense		15,920	12,606	10,685	28,526	24,384	54,697
12. Net Profit from Ordinary Activities after tax (10-11)		46,026	36,729	30,762	82,755	70,839	1,59,030
13. Extraordinary items (net of tax expense)		-	-	-	-	-	-
14. Net Profit for the period (12-13)		46,026	36,729	30,762	82,755	70,839	1,59,030
15. Paid-up Equity Share Capital (Face value ` 2/- per Equity Share)		42,030	39,926	39,893	42,030	39,893	39,923
16. Reserves excluding Revaluation Reserve							15,71,937
17. Analytical Ratios
(i)	Percentage of shares held by Government of India	NIL	NIL	NIL	NIL	NIL	NIL
(ii)	Capital Adequacy ratio (%)
	Under Basel III	14.97	14.64	14.64	14.97	14.64	14.62
(iii)	Earnings per Share (EPS) (in `)
	(a) Basic EPS (before and after extra ordinary items)	2.22*	1.84*	1.54*	4.06*	3.55*	7.97
	(b) Diluted EPS (before and after extra ordinary items)	2.20*	1.83*	1.54*	4.04*	3.55*	7.94
(iv)	NPA Ratios
	a) Gross NPA	4,44,584	4,64,933	3,55,219	4,44,584	3,55,219	4,60,239
	b) Net NPA	1,50,244	1,59,324	1,21,814	1,50,244	1,21,814	1,56,928
	c) % of Gross NPA	3.24	3.50	2.84	3.24	2.84	3.41
	d) % of Net NPA	1.12	1.23	0.99	1.12	0.99	1.19
(v)	Return on Assets (%)	0.23*	0.19*	0.16*	0.42*	0.38*	0.85

* Not Annualised


Segment Information@
							(Rs. in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue:
	Treasury	54,326	78,225	60,550	1,32,551	1,54,613	2,75,372
	Corporate/Wholesale Banking	1,01,231	1,03,955	1,26,747	2,05,186	2,42,715	4,47,616
	Retail Banking	2,26,737	2,08,569	2,06,429	4,35,306	3,89,944	8,37,828
	Other Banking operations	-	-	-	-	-	-
	Unallocated	67	-	-	67	-	244
	Total Revenue	3,82,361	3,90,749	3,93,726	7,73,110	7,87,272	15,61,060
	Less: Inter Segment Revenue	-	-	-	-	-	-
	Income from Operations	3,82,361	3,90,749	3,93,726	7,73,110	7,87,272	15,61,060
Segment Results (net of provisions):
	Treasury	9,687	37,914	4,154	47,601	46,782	72,223
	Corporate/Wholesale Banking	19,299	(2,535)	15,063	16,764	6,914	22,275
	Retail Banking	32,893	13,956	22,230	46,849	41,529	1,18,985
	Other Banking operations	-	-	-	-	-	-
	Unallocated	67	-	-	67	(2)	244
	Profit before tax	61,946	49,335	41,447	1,11,281	95,223	2,13,727
Segment Assets
	Treasury	46,79,820	46,11,516	43,78,891	46,79,820	43,78,891	45,25,111
	Corporate/Wholesale Banking	73,05,152	70,66,184	68,09,139	73,05,152	68,09,139	71,46,590
	Retail Banking	80,36,690	77,40,698	69,37,457	80,36,690	69,37,457	78,13,657
	Other Banking operations	-	-	-	-	-	-
	Unallocated	6,65,763	5,85,373	7,77,184	6,65,763	7,77,184	6,51,381
	Total	2,06,87,425	2,00,03,771	1,89,02,671	2,06,87,425	1,89,02,671	2,01,36,739
Segment Liabilities
	Treasury	11,95,828	10,92,816	13,05,303	11,95,828	13,05,303	14,13,771
	Corporate/Wholesale Banking	16,96,051	14,68,615	14,05,908	16,96,051	14,05,908	16,02,533
	Retail Banking	1,57,86,867	1,55,94,228	1,44,61,623	1,57,86,867	1,44,61,623	1,53,06,693
	Other Banking operations	-	-	-	-	-	-
	Unallocated	2,35,977	1,99,260	2,06,312	2,35,977	2,06,312	2,01,381
	Total	1,89,14,723	1,83,54,919	1,73,79,146	1,89,14,723	1,73,79,146	1,85,24,378
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	34,83,992	35,18,700	30,73,588	34,83,992	30,73,588	31,11,340
	Corporate/Wholesale Banking	56,09,101	55,97,569	54,03,231	56,09,101	54,03,231	55,44,057
	Retail Banking	(77,50,177)	(78,53,530)	(75,24,166)	(77,50,177)	(75,24,166)	(74,93,036)
	Other Banking operations	-	-	-	-	-	-
	Unallocated	4,29,786	3,86,113	5,70,872	4,29,786	5,70,872	4,50,000
	Total	17,72,702	16,48,852	15,23,525	17,72,702	15,23,525	16,12,361
@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines.
	Statement of Assets and Liabilities of the Bank as on September 30, 2021 is given below:
					(Rs in Lakhs)
	Particulars		As at 30.09.2021	As at 30.09.2020	As at 31.03.2021
	Unaudited	Unaudited	Audited
	CAPITAL AND LIABILITIES
	Capital		42,030	39,893	39,923
	Reserves and Surplus		17,30,672	14,83,632	15,72,438
	Deposits		1,71,99,475	1,56,74,739	1,72,64,448
	Borrowings		10,78,405	11,04,314	9,06,850
	Other Liabilities and Provisions		6,36,843	6,00,093	3,53,080
	Total		2,06,87,425	1,89,02,671	2,01,36,739
	ASSETS
	Cash and Balances with Reserve Bank of India		8,48,561	6,11,989	7,64,704
	Balance with Banks and Money at Call and Short Notice		13,50,488	13,52,867	11,94,435
	Investments		36,97,673	36,25,263	37,18,621
	Advances		1,34,40,463	1,22,91,199	1,31,87,860
	Fixed Assets		54,833	45,717	49,113
	Other Assets		12,95,407	9,75,636	12,22,006
	Total		2,06,87,425	1,89,02,671	2,01,36,739

Notes:
1	The above Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2021 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 22, 2021. These Results have been subjected to "Limited review" by the Statutory Central Auditors of the Bank and an unqualified review report has been issued.

2	The Bank has followed the same significant accounting policies in the preparation of the quarterly financial results as those followed in the annual financial statements for the year ended March 31, 2021 except as stated in Note 13 below.

3	The working results have been arrived at after considering provision for standard assets, including requirements for exposures to entities with Unhedged Foreign Currency Exposures, non-performing assets (NPAs), provision for non-performing investments, income-tax and other usual and necessary provisions.

4	Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), profit / loss on revaluation of investments, dividend received from subsidiaries / associates etc.

5	Reclassification of figures for the current period pursuant to the Master Direction on Financial Statements - Presentation and disclosures issued by Reserve Bank of India on August 30, 2021, has been made with corresponding changes in the figures for the previous periods/year to make the same comparable. Had the presentation been made in accordance with the earlier RBI instructions, Other income, Total income, Operating profit and Provisions (Other than tax) and contingencies would have been as given below:
						(` in Lakhs)
	Particulars	Quarter ended			Half Year ended		Year ended
	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited

	Other Income	50,962	65,014	50,933	1,15,976	99,770	1,94,491
	Total Income	3,88,887	4,00,586	3,99,723	7,89,473	7,92,975	15,70,282
	Operating Profit	93,005	1,13,519	1,00,653	2,06,524	1,93,891	3,78,690
	Provisions (other than tax) and contingencies	31,059	64,183	59,206	95,242	98,668	1,64,963

6	The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.

7	The Business operations of the Bank are largely concentrated in India and for the purpose of Segment reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as part of Indian operations.

8	During the quarter and half year ended September 30, 2021, the Bank has allotted 383,346 and 514,336 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.

9	In accordance with RBI Circular DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio disclosure requirements that are to be made along with the publication of Financial Results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: https://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Statutory Central Auditors of the Bank.

10	During the quarter ended September 30, 2021 , the Bank has issued 104,846,394 equity shares of Rs 2 each for cash pursuant to a preferential allotment as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations at ` 87.39 per share aggregating to Rs 91,625.26 Lakhs (including share premium). This resulted in an increase of Rs 2,096.93 Lakhs in Share Capital and Rs 89,476.98 Lakhs (Net of share issue expenses) in Share premium account.

11	On account of uncertainties prevailing due to COVID-19 pandemic across the world and in India, the extent to which the same will impact the Bank's operations and financial position in future will depend on various aspects including actions taken to mitigate its impact and other regulatory measures. The Bank's capital and liquidity position is strong and would continue to be the focus area for the Bank during this period. The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on the future developments related to the situation, as well as the outcomes of the actions taken to contain the same.

12	i) Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 are given below:
	Format - A			(` in lakhs except number of accounts)
	Type of borrower	(A) Number of accounts where resolution plan has been implemented under this window	(B) exposure to accounts mentioned at (A) before implementation of the plan	(C) Of (B), aggregate amount of debt that was converted into other securities	(D) Additional funding sanctioned, if any, including between invocation of the plan and implementation	(E) Increase in provisions on account of the implementation of the resolution plan
	Personal Loans	4,025	93,514.99	-	-	9,351.50
	Corporate persons	7	14,249.46	-	90.65	1,424.95
	Of which, MSMEs	-	-	-	-	-
	Others	92	4,619.94	-	-	461.99
	Total	4,124	1,12,384.39	-	90.65	11,238.44


	Format - B			(` in lakhs except number of accounts)
	Type of borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of the previous half-year ended March 31 , 2021 (A)*	Of (A), aggregate debt that slipped into NPA during the half-year	Of (A) amount written off during the half-year	Of (A) amount paid by the borrowers during the half- year	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year ended September 30 , 2021 #
	Personal Loans	95,316.43	1,705.30	-	3,619.23	2,05,112.29
	Corporate persons	14,249.46	-	-	1,019.81	14,137.66
	Of which, MSMEs	-	-	-	-	-
	Others	4,627.01	174.36	-	572.86	49,939.61
	Total	1,14,192.90	1,879.66	-	5,211.90	2,69,189.56
	*includes restructuring implemented during the quarter ended June 30, 2021 under the Resolution Framework 1.0
	#This also includes cases implemented as per RBI circular for i) Resolution Framework for COVID-19-related Stress dated August 6, 2020 & ii) Resolution Framework - 2.0 for Covid-19 related stress of Individuals and Small Businesses dated May 5, 2021.

	ii) Details of resolution plan implemented in accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated May 05, 2021 on "Resolution Framework - 2.0: Resolution of Covid - 19 related stress of Individuals and Small Business" are given below.

					(` in lakhs except number of accounts)
	Description				Individual Borrowers		Small businesses
	Personal Loans	Business Loans
	A) Number of requests received for invoking resolution process under Part A				6,743	1,604	16,385
	B) Number of accounts where resolution plan has been implemented under this window				5,262	467	7,848
	C) Exposure to accounts mentioned at (B) before implementation of the plan				1,09,980.44	15,410.31	29,579.75
	D) Of (C), aggregate amount of debt that was converted into other securities				-	-	-
	E) Additional funding sanctioned,if any,Including between invocation of the plan and implementation				-	-	-
	F) Increase in provisions on account of the implementation of the resolution plan				13,217.78	1,838.21	3,811.65


	iii) In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated May 05, 2021 on "Resolution Framework - 2.0: Resolution of Covid - 19 related stress of Individuals and Small Business", the number of borrower accounts where modifications were sanctioned and implemented and the aggregate exposure to such borrowers are as under
			(` in lakhs except number of accounts)
	No. of Accounts				118
	Aggregate Exposure as on September 30, 2021				3,355.12

	iv) During the quarter ended September 30, 2021, as a prudent measure, over and above the regulatory minimum provision required for restructured advances, based on the internal assessment, the Bank has created ` 12,000.00 Lakhs additional provision against the accounts restructured under the resolution frameworks.

13	During the current quarter, the bank has estimated & fully recognized the additional liability on account of revision in family pension for employees covered under the 11th Bipartite Settlement and Joint Note dated November 11, 2020 amounting to ` 17,731.55 Lakhs. In accordance with the letter dated October 4, 2021 issued by RBI, permitting all member banks of Indian Banks' Association to amortise the said additional liability over a period not exceeding five years beginning with the financial year ended March 31, 2022, subject to a minimum of 1/5th of the total amount being expensed every year, the bank has opted to amortize the said liability over a period not exceeding five years beginning with the financial year ended March 31, 2022, subject to a minimum of ` 3,546.31 Lakhs being expensed every financial year. Accordingly, the Bank has charged an amount of ` 1,182.10 Lakhs to the Profit and Loss account for the quarter and half year ended September 30, 2021 and the balance unamortised expenditure amounting to Rs ` 16,549.45 Lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the profits for the quarter and half year ended September 30, 2021 would have been lower by ` 16,549.45 Lakhs.

14	The Honourable Supreme Court of India , vide an interim order dated September 3, 2020, had directed that accounts which were not declared NPA till August 31 , 2020 shall not be declared as NPA till further orders, which has been complied with by the Bank. The said interim order stood vacated on March 23, 2021 and the Bank continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms. In view of this, the results for the half-year ended September 30 , 2021 may not be comparable with the corresponding half year ended September 30, 2020.

15	Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.





			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
October 22, 2021			(DIN: 02274773)

Varma & Varma Borkar & Muzumdar

Chartered Accountants, Chartered Accountants

No.53/2600, Kerala Varma Tower 121/168, Anand Nagar, Om Co-op

Off Kunjanbava Road, Hsg Society, Anand Nagar Lane

Vytilla, Off Nehru Road, Santacruz (East)

Kochi -682019 Mumbai - 400 055

The Board of Directors,

The Federal Bank Limited

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, to the extent applicable.

5. This Statement includes the results of the following entities:

e. Fedbank Financial Services Limited (Subsidiary)

f. Federal Operations and Services Limited (Subsidiary)

g. Ageas Federal Life Insurance Company Limited (Associate)

h. Equirus Capital Private Limited (Associate)

Emphasis of Matter

Our conclusion on the Statement is not modified in respect of this matter.

9. The statement of consolidated unaudited financial results includes the interim financial statements / financial information/ financial results of one subsidiary whose unaudited financial results reflects total assets of ` 1,752.69 Lakhs as at 30th September 2021 and total revenues of ` 1,086.56 Lakhs and ` 1,917.78 Lakhs and total net profit after tax of ` 136.36 Lakhs and ` 192.95 Lakhs for the quarter ended 30th September 2021 and for the period from 1st April 2021 to 30th September 2021 respectively, and cash flows (net) of ` 30.56 Lakhs for the period from 1st April 2021 to 30th September 2021. These interim financial statements/financial information/ financial results have been reviewed by one of the joint auditors, whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary, is based solely on their reports and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

10. The statement of consolidated unaudited financial results includes the interim financial statements / financial information/ financial results of one subsidiary whose unaudited financial results reflects total assets of ` 5,73,303 Lakhs as at 30th September 2021 and total revenues of ` 21,784 Lakhs and ` 41,522 Lakhs and total net profit after tax of ` 2,634 Lakhs and ` 4,110 Lakhs for the quarter ended 30th September 2021 and for the period from 1st April 2021 to 30th September 2021 respectively, and cash flows (net) of ` ( 20,632 ) Lakhs for the period from 1st April 2021 to 30th September 2021. These interim financial statements/financial information/ financial results have been reviewed by other auditors, whose reports have been furnished to us by the Management.

Our conclusion on the Statement is not modified in respect of this matter.

For Varma & Varma For Borkar & Muzumdar

Chartered Accountants Chartered Accountants

FRN:004532S FRN:101569W

Vijay Narayan Govind Kaushal Muzumdar

Partner Partner

M. No. 203094 M. No. 100938

UDIN: 21203094AAAACW8019 UDIN: 21100938AAAACH4444

Kochi-19 Mumbai-55

22nd October 2021 22nd October 2021


THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
							(Rs in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Interest earned (a)+(b)+(c)+(d)		3,56,627	3,52,498	3,62,188	7,09,125	7,19,399	14,31,408
(a)	Interest/discount on advances/bills	2,86,506	2,84,295	2,85,376	5,70,801	5,68,150	11,35,314
(b)	Income on investments	57,532	58,463	59,284	1,15,995	1,19,938	2,33,829
(c)	Interest on balances with Reserve Bank of India and other inter bank funds	6,662	3,662	11,661	10,324	18,728	36,816
(d)	Others	5,927	6,078	5,867	12,005	12,583	25,449
2. Other income		44,719	52,442	44,947	97,161	93,572	1,86,564
3. TOTAL INCOME (1+2)		4,01,346	4,04,940	4,07,135	8,06,286	8,12,971	16,17,972
4. Interest expended		1,95,947	2,00,016	2,15,941	3,95,963	4,35,596	8,43,496
5. Operating expenses (i)+(ii)		1,13,287	98,955	92,710	2,12,242	1,82,305	3,89,867
(i)	Employees cost	61,785	56,990	52,136	1,18,775	1,04,792	2,17,202
(ii)	Other operating expenses	51,502	41,965	40,574	93,467	77,513	1,72,665
6. TOTAL EXPENDITURE (4+5) (excluding provisions and contingencies)		3,09,234	2,98,971	3,08,651	6,08,205	6,17,901	12,33,363
7. OPERATING PROFIT (3-6) (Profit before provisions and contingencies)		92,112	1,05,969	98,484	1,98,081	1,95,070	3,84,609
8. Provisions (other than tax) and contingencies		26,453	57,263	56,546	83,716	97,775	1,63,753
9. Exceptional items		-	-	-	-	-	-
10. Profit from Ordinary Activities before tax (7-8-9)		65,659	48,706	41,938	1,14,365	97,295	2,20,856
11. Tax expense		16,860	13,150	10,368	30,010	24,567	56,136
12. Net Profit from Ordinary Activities after tax (10-11)		48,799	35,556	31,570	84,355	72,728	1,64,720
13. Extraordinary items (net of tax expense)		-	-	-	-	-	-
14. Net Profit for the period (12-13)		48,799	35,556	31,570	84,355	72,728	1,64,720
15. Minority interest		685	384	199	1,069	563	1,524
16. Share in Profit of Associates		458	504	174	962	330	3,237
17. Consolidated Net Profit of the group (14-15+16)		48,572	35,676	31,545	84,248	72,495	1,66,433
18. Paid-up Equity Share Capital (Face value ` 2/- per Equity Share)		42,030	39,926	39,893	42,030	39,893	39,923
19. Reserves excluding Revaluation Reserve							16,09,799
20. Analytical Ratios
(i)	Percentage of shares held by Government of India	NIL	NIL	NIL	NIL	NIL	NIL
(ii)	Capital Adequacy ratio (%)
	Under Basel III	15.63	15.36	15.19	15.63	15.19	15.19
(iii)	Earnings per Share (EPS) (in `)
	(a) Basic EPS (before and after extra ordinary items)	2.34*	1.79*	1.58*	4.14*	3.64*	8.34
	(b) Diluted EPS (before and after extra ordinary items)	2.32*	1.77*	1.58*	4.11*	3.63*	8.31
(iv)	NPA Ratios
	a) Gross NPA	4,55,819	4,79,318	3,59,172	4,55,819	3,59,172	4,64,639
	b) Net NPA	1,59,578	1,71,242	1,24,985	1,59,578	1,24,985	1,60,471
	c) % of Gross NPA	3.22	3.51	2.80	3.22	2.80	3.35
	d) % of Net NPA	1.15	1.28	0.99	1.15	0.99	1.18
(v)	Return on Assets (%)	0.23*	0.17*	0.17*	0.40*	0.39*	0.86

* Not Annualised


Segment Information@
							(` in Lakhs)
Particulars		Quarter ended			Half Year ended		Year ended
30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue:
	Treasury	54,420	75,037	60,623	1,29,457	1,54,686	2,74,511
	Corporate/Wholesale Banking	1,00,380	1,02,583	1,25,557	2,02,963	2,40,573	4,43,371
	Retail Banking	2,45,019	2,27,320	2,20,955	4,72,339	4,17,712	8,99,846
	Other Banking operations	1,460	-	-	1,460	-	-
	Unallocated	67	-	-	67	-	244
	Total Revenue	4,01,346	4,04,940	4,07,135	8,06,286	8,12,971	16,17,972
	Less: Inter Segment Revenue	-	-	-	-	-	-
	Income from Operations	4,01,346	4,04,940	4,07,135	8,06,286	8,12,971	16,17,972
Segment Results (net of provisions):
	Treasury	10,388	35,345	4,234	45,733	46,509	72,226
	Corporate/Wholesale Banking	19,084	(2,737)	15,493	16,347	7,455	21,547
	Retail Banking	34,662	16,098	22,211	50,760	43,333	1,26,839
	Other Banking operations	1,458	-	-	1,458	-	-
	Unallocated	67	-	-	67	(2)	244
	Profit before tax	65,659	48,706	41,938	1,14,365	97,295	2,20,856
Segment Assets
	Treasury	46,28,017	45,66,638	43,32,971	46,28,017	43,32,971	44,79,657
	Corporate/Wholesale Banking	72,50,870	70,10,074	67,42,587	72,50,870	67,42,587	70,83,959
	Retail Banking	85,73,839	82,15,751	73,30,321	85,73,839	73,30,321	82,82,563
	Other Banking operations	477	-	-	477	-	-
	Unallocated	6,64,952	5,85,205	7,77,293	6,64,952	7,77,293	6,50,474
	Total	2,11,18,155	2,03,77,668	1,91,83,172	2,11,18,155	1,91,83,172	2,04,96,653
Segment Liabilities
	Treasury	12,06,212	11,11,142	12,98,917	12,06,212	12,98,917	14,03,276
	Corporate/Wholesale Banking	17,07,578	14,80,815	14,17,520	17,07,578	14,17,520	16,09,960
	Retail Banking	1,61,29,690	1,58,73,983	1,46,86,523	1,61,29,690	1,46,86,523	1,56,11,703
	Other Banking operations	218	-	-	218	-	-
	Unallocated	2,34,453	1,98,806	2,05,895	2,34,453	2,05,895	1,99,818
	Total	1,92,78,151	1,86,64,746	1,76,08,855	1,92,78,151	1,76,08,855	1,88,24,757
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	34,21,805	34,55,496	30,34,054	34,21,805	30,34,054	30,76,381
	Corporate/Wholesale Banking	55,43,292	55,29,259	53,25,067	55,43,292	53,25,067	54,73,999
	Retail Banking	(75,55,851)	(76,58,232)	(73,56,202)	(75,55,851)	(73,56,202)	(73,29,140)
	Other Banking operations	259	-	-	259	-	-
	Unallocated	4,30,499	3,86,399	5,71,398	4,30,499	5,71,398	4,50,656
	Total	18,40,004	17,12,922	15,74,317	18,40,004	15,74,317	16,71,896
@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking and Other Banking Operations in compliance with the RBI guidelines.
	Statement of Assets and Liabilities of the Group as on September 30, 2021 is given below:
					(Rs in Lakhs)
	Particulars		As at 30.09.2021	As at 30.09.2020	As at 31.03.2021
	Unaudited	Unaudited	Audited
	CAPITAL AND LIABILITIES
	Capital		42,030	39,893	39,923
	Reserves and Surplus		17,70,027	15,15,764	16,10,300
	Minority Interest		27,947	18,660	21,673
	Deposits		1,71,92,543	1,56,48,514	1,72,18,611
	Borrowings		14,24,010	13,47,911	12,27,060
	Other Liabilities and Provisions		6,61,598	6,12,430	3,79,086
	Total		2,11,18,155	1,91,83,172	2,04,96,653
	ASSETS
	Cash and Balances with Reserve Bank of India		8,50,556	6,13,172	7,65,451
	Balance with Banks and Money at Call and Short Notice		13,89,386	13,63,110	12,16,123
	Investments		36,45,870	35,79,343	36,73,167
	Advances		1,38,58,319	1,25,90,255	1,35,51,441
	Fixed Assets		58,312	48,378	51,749
	Other Assets		13,15,712	9,88,914	12,38,722
	Total		2,11,18,155	1,91,83,172	2,04,96,653

Notes:
1	The above Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2021 were reviewed by the Audit Committee and subsequently taken on record and approved by the Board of Directors at its meeting held on October 22, 2021. These Results have been subjected to "Limited review" by the Statutory Central Auditors of the Bank and an unqualified review report has been issued.

2	The Consolidated Financial Results of the Group comprise the financial results of The Federal Bank Limited and its subsidiaries viz. Fedbank Financial Services Limited & Federal Operations and Services Limited and its associates viz. Ageas Federal Life Insurance Company Limited & Equirus Capital Private Limited.

3	There has been no material change in the accounting policies adopted during the quarter and half year ended September 30, 2021 as compared to those followed for the year ended March 31, 2021 except as stated in Note 14 below.

4	The working results have been arrived at after considering provision for standard assets, including requirements for exposures to entities with Unhedged Foreign Currency Exposures, non-performing assets (NPAs), provision for non-performing investments, income-tax and other usual and necessary provisions.

5	Other income includes fees earned from providing services to customers, commission from non-fund-based banking activities, earnings from foreign exchange and derivative transactions, selling of third-party products, profit on sale of investments (net), profit / loss on revaluation of investments, dividend received from subsidiaries / associates etc.

6	Reclassification of figures for the current period pursuant to the Master Direction on Financial Statements - Presentation and disclosures issued by Reserve Bank of India on August 30, 2021, has been made with corresponding changes in the figures for the previous periods/year to make the same comparable. Had the presentation been made in accordance with the earlier RBI instructions, Other income, Total income, Operating profit and Provisions (Other than tax) and contingencies would have been as given below:

						(Rs. in Lakhs)
	Particulars	Quarter ended			Half Year ended		Year ended
	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited

	Other Income	51,244	62,279	50,944	1,13,523	99,275	1,95,786
	Total Income	4,07,871	4,14,777	4,13,132	8,22,648	8,18,674	16,27,194
	Operating Profit	98,637	1,15,806	1,04,481	2,14,443	2,00,773	3,93,831
	Provisions (other than tax) and contingencies	32,978	67,100	62,543	1,00,078	1,03,478	1,72,975

7	The Capital Adequacy Ratio is computed on the basis of RBI guidelines applicable on the relevant reporting dates and the ratio for the corresponding previous period is not adjusted to consider the impact of subsequent changes if any, in the guidelines.

8	The Business operations of the Bank are largely concentrated in India and for the purpose of Segment reporting, the bank is considered to operate only in domestic segment, though the bank has its operations in International Finance Service Centre (IFSC) Banking Unit in Gujarat International Finance Tec-city (GIFT). The business conducted from the same is considered as a part of Indian operations.

9	During the quarter and half year ended September 30, 2021, the Bank has allotted 383,346 and 514,336 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.

10	In accordance with RBI Circular DBR.No.BP.BC.1/21.06.201/2015-16 on Basel III Capital Regulations dated July 01, 2015 and RBI Circular DBR.No.BP.BC.80/21.06.201/2014-15 dated March 31, 2015 - 'Prudential Guidelines on Capital Adequacy and Liquidity Standards - Amendments', Banks are required to make Pillar 3 disclosure requirements including Leverage Ratio disclosure requirements that are to be made along with the publication of Financial Results. Accordingly, such applicable disclosures have been placed on the website of the Bank which can be accessed at the following link: https://www.federalbank.co.in/regulatory-disclosures. These disclosures have not been subjected to audit or review by the Statutory Central Auditors of the Bank.

11	During the quarter ended September 30, 2021 , the Bank has issued 104,846,394 equity shares of Rs 2 each for cash pursuant to a preferential allotment as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations at Rs 87.39 per share aggregating to Rs 91,625.26 Lakhs (including share premium). This resulted in an increase of Rs 2,096.93 Lakhs in Share Capital and ` 89,476.98 Lakhs (Net of share issue expenses) in Share premium account.

12	On account of uncertainties prevailing due to COVID-19 pandemic across the world and in India, the extent to which the same will impact the Bank's operations and financial position in future will depend on various aspects including actions taken to mitigate its impact and other regulatory measures. The Bank's capital and liquidity position is strong and would continue to be the focus area for the Bank during this period. The extent to which the COVID-19 pandemic will continue to impact the Bank's results will depend on the future developments related to the situation, as well as the outcomes of the actions taken to contain the same.

13	i) Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 6, 2020 are given below.
	Format - A			(Rs in lakhs except number of accounts)
	Type of borrower	(A) Number of accounts where resolution plan has been implemented under this window	(B) exposure to accounts mentioned at (A) before implementation of the plan	(C) Of (B), aggregate amount of debt that was converted into other securities	(D) Additional funding sanctioned, if any, including between invocation of the plan and implementation	(E) Increase in provisions on account of the implementation of the resolution plan
	Personal Loans	4,025	93,514.99	-	-	9,351.50
	Corporate persons	7	14,249.46	-	90.65	1,424.95
	Of which, MSMEs	-	-	-	-	-
	Others	92	4,619.94	-	-	461.99
	Total	4,124	1,12,384.39	-	90.65	11,238.44

	Format - B			(Rs in lakhs except number of accounts)
	Type of borrower	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of the previous half-year ended March 31 , 2021 (A)*	Of (A), aggregate debt that slipped into NPA during the half-year	Of (A) amount written off during the half-year	Of (A) amount paid by the borrowers during the half- year	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year ended September 30 , 2021 #
	Personal Loans	95,316.43	1,705.30	-	3,619.23	2,05,112.29
	Corporate persons	14,249.46	-	-	1,019.81	14,137.66
	Of which, MSMEs	-	-	-	-	-
	Others	4,627.01	174.36	-	572.86	49,939.61
	Total	1,14,192.90	1,879.66	-	5,211.90	2,69,189.56
	*includes restructuring implemented during the quarter ended June 30, 2021 under the Resolution Framework 1.0
	#This also includes cases implemented as per RBI circular for i) Resolution Framework for COVID-19-related Stress dated August 6, 2020 & ii) Resolution Framework - 2.0 for Covid-19 related stress of Individuals and Small Businesses dated May 5, 2021.

	ii) Details of resolution plan implemented in accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated May 05, 2021 on "Resolution Framework - 2.0: Resolution of Covid - 19 related stress of Individuals and Small Business" are given below.

					(Rs in lakhs except number of accounts)
	Description				Individual Borrowers		Small businesses
	Personal Loans	Business Loans
	A) Number of requests received for invoking resolution process under Part A				6,743	1,604	16,385
	B) Number of accounts where resolution plan has been implemented under this window				5,262	467	7,848
	C) Exposure to accounts mentioned at (B) before implementation of the plan				1,09,980.44	15,410.31	29,579.75
	D) Of (C), aggregate amount of debt that was converted into other securities				-	-	-
	E) Additional funding sanctioned,if any,Including between invocation of the plan and implementation				-	-	-
	F) Increase in provisions on account of the implementation of the resolution plan				13,217.78	1,838.21	3,811.65


	iii) In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated May 05, 2021 on "Resolution Framework - 2.0: Resolution of Covid - 19 related stress of Individuals and Small Business", the number of borrower accounts where modifications were sanctioned and implemented and the aggregate exposure to such borrowers are as under
			(Rs in lakhs except number of accounts)
	No. of Accounts				118
	Aggregate Exposure as on September 30, 2021				3,355.12

	iv) During the quarter ended September 30, 2021, as a prudent measure, over and above the regulatory minimum provision required for restructured advances, based on the internal assessment, the Bank has created ` 12,000.00 Lakhs additional provision against the accounts restructured under the resolution frameworks.

14	During the current quarter, the bank has estimated & fully recognized the additional liability on account of revision in family pension for employees covered under the 11th Bipartite Settlement and Joint Note dated November 11, 2020 amounting to ` 17,731.55 Lakhs. In accordance with the letter dated October 4, 2021 issued by RBI, permitting all member banks of Indian Banks' Association to amortise the said additional liability over a period not exceeding five years beginning with the financial year ended March 31, 2022, subject to a minimum of 1/5th of the total amount being expensed every year, the bank has opted to amortize the said liability over a period not exceeding five years beginning with the financial year ended March 31, 2022, subject to a minimum of ` 3,546.31 Lakhs being expensed every financial year. Accordingly, the Bank has charged an amount of ` 1,182.10 Lakhs to the Profit and Loss account for the quarter and half year ended September 30, 2021 and the balance unamortised expenditure amounting to Rs ` 16,549.45 Lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the profits for the quarter and half year ended September 30, 2021 would have been lower by ` 16,549.45 Lakhs.

15	The Honourable Supreme Court of India , vide an interim order dated September 3, 2020, had directed that accounts which were not declared NPA till August 31 , 2020 shall not be declared as NPA till further orders, which has been complied with by the Bank. The said interim order stood vacated on March 23, 2021 and the Bank continued with the asset classification of borrower accounts as per the extant RBI instructions / IRAC norms. In view of this, the results for the half-year ended September 30 , 2021 may not be comparable with the corresponding half year ended September 30, 2020.

16	Previous period's / year's figures have been regrouped / reclassified, where necessary to conform to current period's classification.




			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
October 22, 2021			(DIN: 02274773)


THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021
		(Rs in Lakhs)
	Half Year ended September 30, 2021	Half Year ended September 30, 2020
Cash Flow from Operating Activities
Net Profit before taxes	1,11,281	95,223
Adjustments for:
Depreciation on Bank's Property	5,875	6,133
Provision / Depreciation on Investments	3,408	(878)
Amortisation of Premium on Held to Maturity Investments	8,434	6,761
Provision / Charge for Non Performing Assets	44,108	42,573
Provision for Standard Assets and Contingencies	47,726	56,973
(Profit)/Loss on sale of fixed assets (net)	26	(24)
Dividend From Subsidiaries / Joint ventures / Associates	(2,704)	-
	2,18,154	2,06,761
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]	(2,33,373)	92,983
(Increase)/ Decrease in Advances	(2,96,711)	(1,06,980)
(Increase)/ Decrease in Other Assets	(68,899)	(30,787)
Increase/ (Decrease) in Deposits	(64,973)	4,45,730
Increase/ (Decrease) in Other liabilities and provisions	2,36,037	1,97,327
	(4,27,919)	5,98,273
Direct taxes paid (net)	(33,028)	(26,945)
Net Cash Flow from / (Used in) Operating Activities	(2,42,793)	7,78,089

Cash Flow from Investing Activities
Purchase of Fixed Assets	(11,698)	(3,922)
Proceeds from Sale of Fixed Assets	76	96
Dividend From Subsidiaries / Joint ventures / Associates	2,704	-
Investment in Subsidiary	(14,799)	-
Investment in Associate	(74)	-
(Increase)/ Decrease in Held to Maturity Investments	2,57,353	(1,34,861)
Net Cash generated / (Used in) Investing Activities	2,33,562	(1,38,687)

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	2,107	40
Proceeds from Share Premium (Net of Share issue Expenses)	89,723	711
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	1,71,555	67,071
Dividend Paid	(13,974)	-

Net Cash generated from Financing Activities	2,49,411	67,822

Effect of exchange fluctuation on translation reserve	(270)	174

Net Increase in Cash and Cash Equivalents	2,39,910	7,07,398

Cash and Cash Equivalents at the beginning of the period	19,59,139	12,57,458
Cash and Cash Equivalents at the end of the period	21,99,049	19,64,856

Note:
Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.


	SHYAM SRINIVASAN
Kochi	MANAGING DIRECTOR & CEO
October 22, 2021	(DIN: 02274773)


THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2021
	(Rs in Lakhs)
	Half Year ended September 30, 2021	Half Year ended September 30, 2020
Cash Flow from Operating Activities
Net Profit before taxes	1,14,258	97,062
Adjustments for:
Depreciation on Group's Property	6,449	6,547
Provision / Depreciation on Investments	3,408	(525)
Amortisation of Premium on Held to Maturity Investments	8,434	6,761
Provision / Charge for Non Performing Assets	46,383	42,653
Provision for Standard Assets and Contingencies	50,288	61,350
(Profit)/ Loss on sale of fixed assets (net)	26	(25)
	2,29,246	2,13,823
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]	(2,41,896)	1,20,822
(Increase)/ Decrease in Advances	(3,53,261)	(1,47,958)
(Increase)/ Decrease in Other Assets	(71,500)	(31,396)
Increase/ (Decrease) in Deposits	(26,067)	4,23,324
Increase/ (Decrease) in Other liabilities and provisions	2,32,223	1,94,703
	(4,60,501)	5,59,495
Direct taxes paid (net)	(35,500)	(30,115)
Net Cash Flow from / (Used in) Operating Activities	(2,66,755)	7,43,203

Cash Flow from Investing Activities
Purchase of Fixed Assets	(13,117)	(4,522)
Proceeds from Sale of Fixed Assets	78	103
(Increase)/ Decrease in Held to Maturity Investments	2,57,353	(1,34,861)
Net Cash generated / (Used in) Investing Activities	2,44,314	(1,39,280)

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	2,107	40
Proceeds from Share Premium (Net of share issue Expenses)	89,723	712
Increase / (Decrease) in Minority Interest	6,273	563
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	1,96,951	95,139
Dividend Paid	(13,974)	-

Net Cash generated from financing Activities	2,81,080	96,454

Effect of exchange fluctuation on translation reserve	(270)	174

Increase/(Decrease) in Cash and Cash Equivalents	2,58,369	7,00,551

Cash and Cash Equivalents at the beginning of the period	19,81,573	12,75,731
Cash and Cash Equivalents at the end of the period	22,39,942	19,76,282

Note:
Cash and Cash Equivalents comprise of Cash in hand (including foreign currency notes), Balances with Reserve Bank of India, Balances with banks and money at call and short notice.


	SHYAM SRINIVASAN
Kochi	MANAGING DIRECTOR & CEO
October 22, 2021	(DIN: 02274773)

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