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RNS Number : 6663Y

Federal Bank Ltd (The)

08 May 2023

Untitled

________________________________________________________________________

SEC/LSE/58/2023-24 08.05.2023

The London Stock Exchange

10 Paternoster Square

London

Dear Sir,

We enclose herewith the Audited Standalone and Consolidated Financial Results of the Bank for the quarter and year ended March 31, 2023 which was approved at the Bank's Board of Directors meeting held on May 05, 2023.

Kindly take the same on your record.

For The Federal Bank Limited

Sd/-

Samir P Rajdev

Company Secretary


Varma & Varma Chartered Accountants, No.53/2600, Kerala Varma Tower Off Kunjanbava Road, Vytilla, Kochi -682019	Borkar & Muzumdar, Chartered Accountants, 21/168 Anand Nagar Om CHS, Anand Nagar Lane, Off Nehru Road, Santacruz (East), Mumbai - 400 055

Independent Auditors' report on Standalone quarterly and year ended Financial Results of The Federal Bank Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors

The Federal Bank Limited

Report on Audit of the Standalone Financial Results

Opinion

1. We have audited the accompanying standalone Financial Results of The Federal Bank Limited ("the Bank") for the quarter and year ended 31st March 2023 ("standalone Financial Results") attached herewith, being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), except for the disclosures relating to Pillar 3 disclosure as at 31st March 2023, including leverage ratio, liquidity coverage ratio and net stable funding 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 standalone Financial Results and have not been audited by us.

2. In our opinion and to the best of our information and according to the explanations given to us, these standalone Financial Results:

i. are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Listing Regulations in this regard except for the disclosures relating to Pillar 3 disclosure as at 31st March 2023, including leverage ratio, liquidity coverage ratio and net stable funding 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 standalone Financial Results and have not been audited by us; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Accounting Standards prescribed under Section 133 of the Companies Act 2013 (the "Act") read along with the rules issued thereunder, relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines") and other accounting principles generally accepted in India, of the net profit and other financial information for the quarter and year ended 31st March 2023.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditors' Responsibilities for the Audit of the Standalone Financial Results' section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone Financial Results, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Board of Directors responsibilities for the standalone financial results.

4. These standalone Financial Results have been prepared on the basis of the audited standalone annual financial statements for the year ended 31st March 2023 and reviewed quarterly standalone unaudited Financial Results upto the end of the quarter and period ended 31st December 2022. The Bank's Board of Directors are responsible for the preparation of these standalone Financial Results that give a true and fair view of the net profit and other financial information in accordance with the recognition and measurement principles laid down in the Accounting Standards specified under section 133 of the Act read with rules issued thereunder, the relevant provisions of the Banking Regulation Act, 1949, the RBI Guidelines and other accounting principles generally accepted in India and in compliance with the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act/RBI Guidelines for safeguarding of the assets of the Bank and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

5. In preparing the standalone Financial Results, the Board of Directors are responsible for assessing the Bank's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Bank or to cease operations, or has no realistic alternative but to do so.

6. The Board of Directors is also responsible for overseeing the Bank's financial reporting process.

Auditors' Responsibilities for the Audit of the Standalone Financial Results

7. Our objectives are to obtain reasonable assurance about whether the standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance; but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone Financial Results.

8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Bank has in place adequate internal financial controls with reference to standalone financial statements and the operating effectiveness of such controls.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

· Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Bank's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the standalone Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Bank to cease to continue as a going concern.

· Evaluate the overall presentation, structure, and content of the standalone Financial Results, including the disclosures, and whether the standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

9. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

10. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

11. The standalone Financial Results includes the results for the quarter ended 31st March 2023, being the derived balancing figures between the standalone audited figures in respect of the full financial year ended 31st March 2023 and the published standalone unaudited year to date figures upto the nine months ended 31st December 2022, of the current financial year which have only been reviewed and not subjected to audit by us.

Our opinion on the standalone financial results is not modified in respect of above 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: 23203094BGXYLZ4263 UDIN: 23100938BGQQRF6902

Kochi Kochi

05th May 2023 05th May 2023


Varma & Varma Chartered Accountants, No.53/2600, Kerala Varma Tower Off Kunjanbava Road, Vytilla, Kochi -682019	Borkar & Muzumdar, Chartered Accountants, 21/168 Anand Nagar Om CHS, Anand Nagar Lane, Off Nehru Road, Santacruz (East), Mumbai - 400 055

Independent Auditors' report on Consolidated quarterly and year ended Financial Results of The Federal Bank Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors

The Federal Bank Limited

Report on Audit of the Consolidated Financial Results

Opinion

1. We have audited the accompanying Statement of Consolidated Financial Results of The Federal Bank Limited ("Parent" or the "Bank"), its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its associates for the quarter and year ended 31st March 2023 ("Consolidated Financial Results"), being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), except for the disclosures relating to Pillar 3 disclosure as at 31st March 2023, including leverage ratio, liquidity coverage ratio and net stable funding 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 Consolidated Financial Results and have not been audited by us.

2. In our opinion and to the best of our information and according to the explanations given to us, and based on consideration of reports of the other auditors on separate audited financial statements/financial results/financial information of the subsidiaries and associates, these consolidated Financial Results:

i. include the annual audited financial results of the following entities;

a. The Federal Bank Limited (Parent)

b. Fedbank Financial Services Limited (Subsidiary)

c. Federal Operations and Services Limited (Subsidiary)

d. Ageas Federal Life Insurance Company Limited (Associate)

e. Equirus Capital Private Limited (Associate)

ii. are presented in accordance with the requirements of the Listing Regulations in this regard except for the disclosures relating to Pillar 3 disclosure as at 31st March 2023, including leverage ratio, liquidity coverage ratio and net stable funding 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 consolidated Financial Results and have not been audited by us; and

iii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Accounting Standards specified under section 133 of the Companies Act, 2013 ("the Act") read along with the rules issued thereunder, relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (RBI) from time to time ("RBI Guidelines") and other accounting principles generally accepted in India of the consolidated net profit and other financial information of the Group and its associates for the quarter and year ended 31st March 2023.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 'Auditors' Responsibilities for the Audit of the Consolidated Financial Results' section of our report. We are independent of the Bank in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their report referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Board of Directors responsibilities for the consolidated financial results

4. These Consolidated Financial Results have been prepared on the basis of the audited consolidated annual financial statements for the year ended 31st March 2023 and reviewed quarterly consolidated unaudited Financial Results upto the end of the quarter and period ended 31st December 2022. The Bank's Board of Directors are responsible for the preparation of these Consolidated Financial Results that give a true and fair view of the consolidated net profit and other financial information of the Group including its associates in accordance with the recognition and measurement principles laid down in the Accounting Standards specified under section 133 of the Act read along with the rules issued thereunder, the relevant provisions of the Banking Regulation Act, 1949, the RBI Guidelines and other accounting principles generally accepted in India and in compliance with the Listing Regulations. The respective Board of Directors of the entities included in the Group and of its associates are responsible for the maintenance of adequate accounting records in accordance with the provisions of the Act/ RBI Guidelines for safeguarding of the assets of the Group and its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Consolidated Financial Results by the Directors of the Bank, as aforesaid.

5. In preparing the Consolidated Financial Results, the respective Board of Directors of the entities included in the Group and of its associates are responsible for assessing the ability of the Group and its associates to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the respective entities in the Group or to cease operations, or has no realistic alternative but to do so.

6. The respective Board of Directors of the entities included in the Group and of its associates are responsible for overseeing the financial reporting process of the Group and of its associates.

Auditors' Responsibilities for the Audit of the Consolidated Financial Results

7. Our objectives are to obtain reasonable assurance about whether the consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated Financial Results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Bank has in place adequate internal financial controls with reference to consolidated financial statements and the operating effectiveness of such controls.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

· Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and of its associates to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.

· Evaluate the overall presentation, structure, and content of the consolidated Financial Results, including the disclosures, and whether the consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

· Obtain sufficient appropriate audit evidence regarding the financial results/ financial information of the entities within the Group and its associates to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

8. We communicate with those charged with governance of the Bank and such other entities included in the consolidated results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

9. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

Other Matters

11. The Consolidated Financial Results include the audited financial results of one subsidiary, whose financial statements/financial results/financial information reflect total assets of Rs. 2,607.24 lakhs as at 31st March 2023, total revenues of Rs. 6,185.27 lakhs and total net profit after tax of Rs. 477.67 lakhs for the year ended 31st March 2023, and net cash inflow amounting to Rs. 332.58 lakhs for the year ended on that date, as considered in the Consolidated Financial Results, which have been audited by one of the joint auditors of the Bank whose reports have been furnished to us by the management. The Consolidated Financial Results also include the audited financial results of one subsidiary, whose financial statements/financial results/ financial information reflect total assets of Rs. 9,02,048 lakhs as at 31st March 2023, total revenues of Rs. 1,22,597 lakhs and total net profit after tax of Rs. 16,839 lakhs for the year ended 31st March 2023 and net cash inflow amounting to Rs. 38,492 lakhs for the year ended on that date, as considered in the Consolidated Financial Results, which have been audited by other independent auditors whose reports have been furnished to us by the management. Our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors and the procedures performed by us are as stated in section above.

12. The Consolidated Financial Results also include the Group's share of net profit of Rs. 3,405.97 lakhs for the year ended 31st March 2023, as considered in the Consolidated Financial Results, in respect of two associates, whose financial statements have not been audited by us. These financial statements have been audited by other auditors whose report has been furnished to us by the Management and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these associates, is based solely on the reports of such auditors and the procedures performed by us are as stated in section above.

13. The Consolidated Financial Results includes the results for the quarter ended 31st March 2023, being the derived balancing figures between the Consolidated audited Financial Results in respect of the full financial year ended 31st March 2023 and the published consolidated unaudited year to date figures upto the nine months ended 31st December 2022, which have only been reviewed and not subjected to audit by us.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters.

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: 23203094BGXYMA8002 UDIN: 23100938BGQQRG6621

Kochi Kochi

05th May 2023 05th May 2023

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

(₹ in Lakhs)

Particulars

Quarter ended

Year ended

31.03.2023

31.12.2022

31.03.2022

31.03.2023

31.03.2022

Audited

(Refer Note 12 below)

Unaudited

Audited

(Refer Note 12 below)

Audited

1. Interest earned (a)+(b)+(c)+(d)

472,074

443,325

348,324

1,680,363

1,366,076

(a)

Interest/discount on advances/bills

379,743

358,487

275,446

1,349,184

1,082,975

(b)

Income on investments

77,802

72,069

59,290

279,557

233,867

(c)

Interest on balances with Reserve Bank of India and other inter bank funds

5,151

4,977

5,614

20,625

22,027

(d)

Others

9,378

7,792

7,974

30,997

27,207

2. Other income

73,386

53,400

46,500

233,000

208,909

3. TOTAL INCOME (1+2)

545,460

496,725

394,824

1,913,363

1,574,985

4. Interest expended

281,145

247,672

195,803

957,147

769,880

5. Operating expenses (i)+(ii)

130,858

121,632

119,201

476,777

429,320

(i)

Employees cost

59,722

56,083

63,725

217,300

232,055

(ii)

Other operating expenses

71,136

65,549

55,476

259,477

197,265

6. TOTAL EXPENDITURE (4+5)

(excluding provisions and contingencies)

412,003

369,304

315,004

1,433,924

1,199,200

7. OPERATING PROFIT (3-6)

(Profit before provisions and contingencies)

133,457

127,421

79,820

479,439

375,785

8. Provisions (other than tax) and contingencies

11,666

19,869

7,524

74,989

122,177

9. Exceptional items

10. Profit from Ordinary Activities before tax

(7-8-9)

121,791

107,552

72,296

404,450

253,608

11. Tax expense

31,530

27,191

18,242

103,391

64,626

12. Net Profit from Ordinary Activities after tax (10-11)

90,261

80,361

54,054

301,059

188,982

13. Extraordinary items (net of tax expense)

14. Net Profit for the period (12-13)

90,261

80,361

54,054

301,059

188,982

15. Paid-up Equity Share Capital

(Face value ₹ 2/- per Equity Share)

42,324

42,291

42,051

42,324

42,051

16. Reserves excluding Revaluation Reserve

2,107,799

1,836,832

17. Analytical Ratios and Other Disclosures:

(i)

Percentage of shares held by Government of India

NIL

(ii)

Capital Adequacy ratio (%)

Under Basel III

14.81

13.35

15.77

14.81

15.77

(iii)

Earnings per Share (EPS) (in ₹)

(a) Basic EPS (before and after extraordinary items)

4.27*

3.80*

2.57*

14.27

9.13

(b) Diluted EPS (before and after extraordinary items)

4.21*

3.75*

2.55*

14.13

9.06

(iv)

NPA Ratios

a) Gross NPA

418,377

414,785

413,674

418,377

413,674

b) Net NPA

120,501

122,859

139,262

120,501

139,262

c) % of Gross NPA

2.36

2.43

2.80

2.36

2.80

d) % of Net NPA

0.69

0.73

0.96

0.69

0.96

(v)

Return on Assets (%)

0.36*

0.33*

0.25*

1.28

0.94

(vi)

Net Worth

2,141,949

2,045,675

1,866,098

2,141,949

1,866,098

(vii)

Outstanding Redeemable Preference Shares

NIL

(viii)

Capital Redemption Reserve

NIL

(ix)

Debenture Redemption Reserve

NIL

(x)

Debt - Equity Ratio #

0.90

0.96

0.82

0.90

0.82

(xi)

Total Debts to Total Assets #

7.42%

7.86%

6.97%

7.42%

6.97%

(xii)

Operating Margin

24.47%

25.65%

20.22%

25.06%

23.86%

(xiii)

Net Profit Margin

16.55%

16.18%

13.69%

15.73%

12.00%

* Not Annualised

Debt and Total Debts represents Total Borrowings of the Bank


Segment Information@
						(₹ in Lakhs)
Particulars		Quarter ended			Year ended
31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
Audited (Refer Note 12 below)	Unaudited	Audited (Refer Note 12 below)	Audited	Audited
Segment Revenue:
	Treasury	71,178	60,885	49,475	253,996	235,130
	Corporate/Wholesale Banking	154,509	138,045	103,851	524,048	426,734
	Retail Banking	315,179	293,526	236,429	1,120,482	898,700
	a) Digital Banking	26,366	23,960	17,681	90,354	56,772
	b) Other Retail Banking	288,813	269,566	218,748	1,030,128	841,928
	Other Banking operations	4,444	4,153	3,400	14,350	10,800
	Unallocated	150	116	1,669	487	3,621
	Total Revenue	545,460	496,725	394,824	1,913,363	1,574,985
	Less: Inter Segment Revenue	-	-	-	-	-
	Income from Operations	545,460	496,725	394,824	1,913,363	1,574,985
Segment Results (net of provisions):
	Treasury	9,952	9,576	5,512	50,577	64,135
	Corporate/Wholesale Banking	39,889	26,155	17,497	95,399	55,657
	Retail Banking	68,022	68,175	44,728	245,789	121,015
	a) Digital Banking	4,493	4,071	3,112	11,359	6,880
	b) Other Retail Banking	63,529	64,104	41,616	234,430	114,135
	Other Banking operations	3,778	3,530	2,890	12,198	9,180
	Unallocated	150	116	1,669	487	3,621
	Profit before tax	121,791	107,552	72,296	404,450	253,608
Segment Assets:
	Treasury	5,230,629	4,907,856	4,768,440	5,230,629	4,768,440
	Corporate/Wholesale Banking	9,699,651	9,375,662	7,858,857	9,699,651	7,858,857
	Retail Banking	10,441,427	9,982,259	8,798,646	10,441,427	8,798,646
	a) Digital Banking	416,592	355,734	204,346	416,592	204,346
	b) Other Retail Banking	10,024,835	9,626,525	8,594,300	10,024,835	8,594,300
	Other Banking operations	-	-	-	-	-
	Unallocated	662,476	781,411	668,688	662,476	668,688
	Total	26,034,183	25,047,188	22,094,631	26,034,183	22,094,631
Segment Liabilities:
	Treasury	2,913,818	2,607,512	1,802,189	2,913,818	1,802,189
	Corporate/Wholesale Banking	2,424,409	2,245,069	1,867,906	2,424,409	1,867,906
	Retail Banking	18,277,723	17,797,499	16,298,555	18,277,723	16,298,555
	a) Digital Banking	1,203,720	1,082,117	627,564	1,203,720	627,564
	b) Other Retail Banking	17,074,003	16,715,382	15,670,991	17,074,003	15,670,991
	Other Banking operations	-	-	-	-	-
	Unallocated	267,609	338,338	246,597	267,609	246,597
	Total	23,883,559	22,988,418	20,215,247	23,883,559	20,215,247
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	2,316,811	2,300,344	2,966,251	2,316,811	2,966,251
	Corporate/Wholesale Banking	7,275,242	7,130,593	5,990,951	7,275,242	5,990,951
	Retail Banking	(7,836,296)	(7,815,240)	(7,499,909)	(7,836,296)	(7,499,909)
	a) Digital Banking	(787,128)	(726,383)	(423,218)	(787,128)	(423,218)
	b) Other Retail Banking	(7,049,168)	(7,088,857)	(7,076,691)	(7,049,168)	(7,076,691)
	Other Banking operations	-	-	-	-	-
	Unallocated	394,867	443,073	422,091	394,867	422,091
	Total	2,150,624	2,058,770	1,879,384	2,150,624	1,879,384

@	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. As per the RBI Circular DOR.AUT.REC.12/22.01.001/2022-23 dated April 07, 2022 on establishment of Digital Banking Unit (DBU), for the purpose of disclosure under 'Accounting Standard 17 - Segment Reporting', 'Digital Banking' has been identified as a sub-segment of the existing 'Retail Banking' segment by Reserve Bank of India (RBI). Accordingly the bank has disclosed the business involving digital banking products acquired by DBU, together with existing digital banking products, under the Digital Banking segment. The business operations of the Bank are substantially concentrated in India and for the purpose of Segment Reporting as per Accounting Standard-17, the bank is considered to operate only in domestic segment.

	Statement of Assets and Liabilities of the Bank as at March 31, 2023 is given below:
				(₹ in Lakhs)
	Particulars		As at 31.03.2023	As at 31.03.2022
	Audited	Audited
	CAPITAL AND LIABILITIES
	Capital		42,324	42,051
	Reserves and Surplus		2,108,300	1,837,333
	Deposits		21,338,604	18,170,059
	Borrowings		1,931,928	1,539,311
	Other Liabilities and Provisions		613,027	505,877
	Total		26,034,183	22,094,631
	ASSETS
	Cash and Balances with Reserve Bank of India		1,259,085	1,604,927
	Balance with Banks and Money at Call and Short Notice		509,783	496,108
	Investments		4,898,335	3,917,946
	Advances		17,444,688	14,492,833
	Fixed Assets		93,397	63,394
	Other Assets		1,828,895	1,519,423
	Total		26,034,183	22,094,631

Notes:
1	The above Standalone Audited Financial Results for the quarter and year ended March 31, 2023 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 05, 2023. These Results have been subjected to Audit by the Statutory Central Auditors of the Bank and an unqualified audit report has been issued.

2	The Bank has consistently applied its significant accounting policies in the preparation of the quarterly financial results and its annual financial statements during the years ended March 31, 2023 and March 31, 2022.

3	The financial results have been arrived at after considering provision for standard assets (including requirements for exposures to entities with unhedged foreign currency exposures), provision for Non-Performing Assets (NPAs), provision for non-performing investments, provision for 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, recoveries from advances written off, etc.

5	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.

6	During the quarter and year ended March 31, 2023, the Bank has allotted 1,630,775 and 13,637,270 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.

7	As per extant RBI guidelines, banks are required to make Pillar 3 disclosures including leverage ratio , liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III framework. 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.

8	The Board of Directors have recommended a dividend of 50% i.e. ` 1.00/- per Equity Share on face value of ` 2/- each for the year 2022-23 (Previous Year ` 1.80/- per Equity Share) subject to the approval of the members at the ensuing Annual General Meeting. In terms of Accounting Standard (AS) 4 "Contingencies and Events occurring after the Balance sheet date" the Bank has not appropriated proposed dividend aggregating to ` 21,162.01 Lakhs from the Profit and loss account for the year ended March 31, 2023. However the effect of the proposed dividend has been reckoned in determining capital funds in the computation of Capital adequacy ratio as on March 31, 2023.

9	Details of resolution plan implemented under the Resolution Framework for COVID-19-related Stress as per RBI circular dated August 06, 2020 (Resolution Framework 1.0) and May 05, 2021 (Resolution Framework 2.0) are given below:
				(` in Lakhs)
	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 September 30 , 2022 (A) (1)	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(2)	Exposure to accounts classified as Standard consequent to implementation of resolution plan - Position as at the end of this half-year ended March 31 , 2023 (1)
	Personal Loans	191,029.53	8,032.09	-	13,480.56	171,125.31
	Corporate persons	23,498.94	528.65	-	4,272.00	18,780.68
	Of which, MSMEs	-	-	-	-	-
	Others	33,829.26	2,307.98	-	4,652.49	26,890.61
	Total	248,357.73	10,868.72	-	22,405.05	216,796.60

	1. Excludes other facilities to the borrowers which have not been restructured.
	2. Represents net movement in balance outstanding.

10	Disclosures as per 'Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021' dated September 24, 2021 for the loans transferred / acquired during the year ended March 31, 2023 are given below:
	i) Details of loans not in default acquired through assignment during the year ended March 31, 2023 are given below:

	Particulars				Value
	Aggregate amount of loans acquired (` in lakhs)				9,225.00
	Weighted average residual maturity (in years)				6.50
	Weighted average holding period by originator (in years)				0.50
	Retention of beneficial economic interest by the originator				NIL
	Tangible security coverage				93.56%
	Rating-wise distribution				AA-


	ii) During the year ended March 31, 2023, the bank has not acquired any stressed loans and not transferred any loan not in default / Special Mention Accounts (SMA).

	iii) During the year ended March 31, 2023, the bank has not invested in Security Receipts (SR) issued by Asset Reconstruction Companies (ARC) in respect of stressed loans transferred to ARCs.


11	The bank has raised ` 99,500.00 Lakhs Tier II capital on March 29, 2023, by way of issuance of unsecured Basel III compliant Tier-II Subordinate Bonds on private placement basis.

12	The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year, which were subjected to limited review.

13	Previous period's figures have been regrouped / reclassified, wherever necessary to conform to current period's classification.

			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
May 05, 2023			(DIN: 02274773)


THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023
		(₹ in Lakhs)
Particulars	Year ended March 31, 2023	Year ended March 31, 2022
Cash Flow from Operating Activities
Net Profit Before Taxes	404,450	253,608
Adjustments for:
Depreciation on Bank's Property	16,461	12,296
Provision / Depreciation on Investments	4,113	7,979
Amortisation of Premium on Held to Maturity Investments	17,446	16,923
Provision / Charge for Non Performing Advances	59,134	61,111
Provision for Standard Assets and Contingencies	16,523	61,222
(Profit)/Loss on Sale of Fixed Assets (net)	(82)	(531)
Dividend From Subsidiaries / Joint ventures / Associates	(837)	(2,767)
Employees Stock Option Expense	111	51
	517,319	409,892
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]	(65,669)	(328,778)
(Increase)/ Decrease in Advances	(3,010,990)	(1,366,084)
(Increase)/ Decrease in Other Assets	(297,492)	(279,436)
Increase/ (Decrease) in Deposits	3,168,545	905,611
Increase/ (Decrease) in Other Liabilities and Provisions	90,627	93,340
	(114,979)	(975,347)
Direct taxes paid (net)	(115,370)	(84,286)
Net Cash Flow from / (Used in) Operating Activities	286,970	(649,741)

Cash Flow from Investing Activities
Purchase of Fixed Assets	(46,683)	(26,770)
Proceeds from Sale of Fixed Assets	302	724
Dividend From Subsidiaries / Joint ventures / Associates	837	2,767
Investment in Subsidiary	-	(14,799)
Investment in Associate	-	(241)
(Increase)/ Decrease in Held to Maturity Investments	(936,280)	119,591
Net Cash generated / (Used in) Investing Activities	(981,824)	81,272

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	273	2,128
Proceeds from Share Premium (Net of Share Issue Expenses)	9,249	90,385
Proceeds from Issue of Subordinate Debt	99,500	70,000
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	293,117	562,461
Dividend Paid	(37,866)	(13,974)

Net Cash generated from Financing Activities	364,273	711,000

Effect of Exchange Fluctuation on Translation Reserve	(1,586)	(635)

Net Increase / (Decrease) in Cash and Cash Equivalents	(332,167)	141,896

Cash and Cash Equivalents at the beginning of the year	2,101,035	1,959,139
Cash and Cash Equivalents at the end of the year	1,768,868	2,101,035

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
May 05, 2023	(DIN: 02274773)

THE FEDERAL BANK LIMITED

REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101

(CIN: L65191KL1931PLC000368)

CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

(₹ in Lakhs)

Particulars

Quarter ended

Year ended

31.03.2023

31.12.2022

31.03.2022

31.03.2023

31.03.2022

Audited

(Refer Note 10 below)

Unaudited

Audited

(Refer Note 10 below)

Audited

1. Interest earned (a)+(b)+(c)+(d)

501,226

469,750

368,630

1,781,178

1,438,153

(a)

Interest/discount on advances/bills

408,955

384,986

296,150

1,450,788

1,156,431

(b)

Income on investments

77,561

71,785

58,821

278,188

231,649

(c)

Interest on balances with Reserve Bank of India and other inter bank funds

5,151

4,977

5,614

20,625

22,027

(d)

Others

9,559

8,002

8,045

31,577

28,046

2. Other income

76,842

56,508

48,425

243,623

212,094

3. TOTAL INCOME (1+2)

578,068

526,258

417,055

2,024,801

1,650,247

4. Interest expended

293,754

258,490

202,995

997,524

795,938

5. Operating expenses (i)+(ii)

144,915

132,986

127,884

521,120

459,215

(i)

Employees cost

67,225

62,915

68,954

244,024

251,166

(ii)

Other operating expenses

77,690

70,071

58,930

277,096

208,049

6. TOTAL EXPENDITURE (4+5)

(excluding provisions and contingencies)

438,669

391,476

330,879

1,518,644

1,255,153

7. OPERATING PROFIT (3-6)

(Profit before provisions and contingencies)

139,399

134,782

86,176

506,157

395,094

8. Provisions (other than tax) and contingencies

12,526

21,364

8,394

79,863

130,466

9. Exceptional items

10. Profit from Ordinary Activities before tax

(7-8-9)

126,873

113,418

77,782

426,294

264,628

11. Tax expense

32,916

28,190

19,606

108,718

68,088

12. Net Profit from Ordinary Activities after tax (10-11)

93,957

85,228

58,176

317,576

196,540

13. Extraordinary items (net of tax expense)

14. Net Profit for the period (12-13)

93,957

85,228

58,176

317,576

196,540

15. Minority interest

964

1,278

1,137

4,510

2,664

16. Share in Profit of Associates

2,398

375

1,715

3,406

3,103

17. Consolidated Net Profit of the group

(14-15+16)

95,391

84,325

58,754

316,472

196,979

18. Paid-up Equity Share Capital

(Face value ₹ 2/- per Equity Share)

42,324

42,291

42,051

42,324

42,051

19. Reserves excluding Revaluation Reserve

2,169,416

1,883,000

20. Analytical Ratios and Other Disclosures:

(i)

Percentage of shares held by Government of India

NIL

(ii)

Capital Adequacy ratio (%)

Under Basel III

15.24

13.81

16.33

15.24

16.33

(iii)

Earnings per Share (EPS) (in `)

(a) Basic EPS (before and after extraordinary items)

4.51*

3.99*

2.79*

15.01

9.52

(b) Diluted EPS (before and after extraordinary items)

4.45*

3.94*

2.77*

14.85

9.44

(iv)

NPA Ratios

a) Gross NPA

434,352

430,899

425,653

434,352

425,653

b) Net NPA

132,344

134,855

147,977

132,344

147,977

c) % of Gross NPA

2.35

2.42

2.78

2.35

2.78

d) % of Net NPA

0.73

0.77

0.98

0.73

0.98

(v)

Return on Assets (%)

0.36*

0.34*

0.27*

1.28

0.91

* Not Annualised


Segment Information@
								(₹ in Lakhs)
Particulars		Quarter ended				Year ended
31.03.2023	31.12.2022		31.03.2022	31.03.2023		31.03.2022
Audited (Refer Note 10 below)	Unaudited		Audited (Refer Note 10 below)	Audited		Audited
Segment Revenue:
	Treasury	71,529	61,099		49,102	253,555		231,327
	Corporate/Wholesale Banking	153,767	137,246		102,659	520,704		422,307
	Retail Banking	346,307	321,779		258,742	1,228,710		978,155
	a) Digital Banking	26,366	23,960		17,681	90,354		56,772
	b) Other Retail Banking	319,941	297,819		241,061	1,138,356		921,383
	Other Banking operations	6,293	5,920		4,883	21,225		14,837
	Unallocated	172	214		1,669	607		3,621
	Total Revenue	578,068	526,258		417,055	2,024,801		1,650,247
	Less: Inter Segment Revenue	-	-		-	-		-
	Income from Operations	578,068	526,258		417,055	2,024,801		1,650,247
Segment Results (net of provisions):
	Treasury	10,832	10,385		5,713	52,460		62,722
	Corporate/Wholesale Banking	39,642	25,960		16,397	94,335		54,114
	Retail Banking	70,018	72,405		50,418	261,538		133,433
	a) Digital Banking	4,493	4,071		3,112	11,359		6,880
	b) Other Retail Banking	65,525	68,334		47,306	250,179		126,553
	Other Banking operations	4,671	4,455		3,585	15,817		10,738
	Unallocated	1,710	213		1,669	2,144		3,621
	Profit before tax	126,873	113,418		77,782	426,294		264,628
Segment Assets:
	Treasury	5,206,924	4,896,686		4,763,764	5,206,924		4,763,764
	Corporate/Wholesale Banking	9,672,729	9,342,502		7,808,465	9,672,729		7,808,465
	Retail Banking	11,256,964	10,775,908		9,378,255	11,256,964		9,378,255
	a) Digital Banking	416,592	355,734		204,346	416,592		204,346
	b) Other Retail Banking	10,840,372	10,420,174		9,173,909	10,840,372		9,173,909
	Other Banking operations	1,313	798		401	1,313		401
	Unallocated	662,476	781,411		673,219	662,476		673,219
	Total	26,800,406	25,797,305		22,624,104	26,800,406		22,624,104
Segment Liabilities:
	Treasury	2,942,093	2,658,030		1,859,584	2,942,093		1,859,584
	Corporate/Wholesale Banking	2,414,080	2,249,040		1,877,366	2,414,080		1,877,366
	Retail Banking	18,928,892	18,402,087		16,684,108	18,928,892		16,684,108
	a) Digital Banking	1,203,720	1,082,117		627,564	1,203,720		627,564
	b) Other Retail Banking	17,725,172	17,319,970		16,056,544	17,725,172		16,056,544
	Other Banking operations	294	314		364	294		364
	Unallocated	267,609	338,338		246,597	267,609		246,597
	Total	24,552,968	23,647,809		20,668,019	24,552,968		20,668,019
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	2,264,831	2,238,656		2,904,180	2,264,831		2,904,180
	Corporate/Wholesale Banking	7,258,649	7,093,462		5,931,099	7,258,649		5,931,099
	Retail Banking	(7,671,928)	(7,626,179)		(7,305,853)	(7,671,928)		(7,305,853)
	a) Digital Banking	(787,128)	(726,383)		(423,218)	(787,128)		(423,218)
	b) Other Retail Banking	(6,884,800)	(6,899,796)		(6,882,635)	(6,884,800)		(6,882,635)
	Other Banking operations	1,019	484		37	1,019		37
	Unallocated	394,867	443,073		426,622	394,867		426,622
	Total	2,247,438	2,149,496		1,956,085	2,247,438		1,956,085

@	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. As per the RBI Circular DOR.AUT.REC.12/22.01.001/2022-23 dated April 07, 2022 on establishment of Digital Banking Unit (DBU), for the purpose of disclosure under 'Accounting Standard 17 - Segment Reporting', 'Digital Banking' has been identified as a sub-segment of the existing 'Retail Banking' segment by Reserve Bank of India (RBI). Accordingly the bank has disclosed the business involving digital banking products acquired by DBU, together with existing digital banking products, under the Digital Banking segment. The business operations of the Bank are substantially concentrated in India and for the purpose of Segment Reporting as per Accounting Standard-17, the bank is considered to operate only in domestic segment.

	Statement of Assets and Liabilities of the group as at March 31, 2023 is given below:
					(` in Lakhs)
	Particulars		As at 31.03.2023		As at 31.03.2022
	Audited		Audited
	CAPITAL AND LIABILITIES
	Capital		42,324		42,051
	Reserves and Surplus		2,169,917		1,883,501
	Minority Interest		35,197		30,533
	Deposits		21,298,850		18,167,752
	Borrowings		2,586,198		1,958,739
	Other Liabilities and Provisions		667,920		541,528
	Total		26,800,406		22,624,104
	ASSETS
	Cash and Balances with Reserve Bank of India		1,260,424		1,606,611
	Balance with Banks and Money at Call and Short Notice		519,969		507,000
	Investments		4,870,224		3,906,519
	Advances		18,195,675		14,995,146
	Fixed Assets		97,171		67,210
	Other Assets		1,856,943		1,541,618
	Total		26,800,406		22,624,104

Notes:
1	The above Consolidated Audited Financial Results for the quarter and year ended March 31, 2023 were reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on May 05, 2023. These Results have been subjected to Audit by the Statutory Central Auditors of the Bank and an unqualified audit 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	The group has not made any changes in the significant accounting policies applied in the preparation of the quarterly financial results and its annual financial statements for the years ended March 31, 2023 and March 31, 2022 having a material impact on the results.
4	The financial results have been arrived at after considering provision for standard assets (including requirements for exposures to entities with unhedged foreign currency exposures), provision for Non-Performing Assets (NPAs), provision for non-performing investments, provision for 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, recoveries from advances written off etc.

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	As per extant RBI guidelines, banks are required to make Pillar 3 disclosures including leverage ratio , liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under the Basel III framework. 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.

8	The Board of Directors have recommended a dividend of 50% i.e. ` 1.00/- per Equity Share on face value of ` 2/- each for the year 2022-23 (Previous Year ` 1.80/- per Equity Share) subject to the approval of the members at the ensuing Annual General Meeting. In terms of Accounting Standard (AS) 4 "Contingencies and Events occurring after the Balance sheet date" the Bank has not appropriated proposed dividend aggregating to ` 21,162.01 Lakhs from the Profit and loss account for the year ended March 31, 2023. However the effect of the proposed dividend has been reckoned in determining capital funds in the computation of Capital adequacy ratio as on March 31, 2023.

9	The bank has raised ` 99,500.00 Lakhs Tier II capital on March 29, 2023, by way of issuance of unsecured Basel III compliant Tier-II Subordinate Bonds on private placement basis.

10	The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures upto the end of third quarter of the respective financial year, which were subjected to limited review.

11	Previous period's figures have been regrouped / reclassified, wherever necessary to conform to current period's classification.
			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
May 05, 2023			(DIN: 02274773)

THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2023
				(₹ in Lakhs)
Particulars				Year ended March 31, 2023			Year ended March 31, 2022
Cash Flow from Operating Activities
Net Profit Before Taxes				425,190			265,067
Adjustments for:
Depreciation on Group's Property				18,218			13,890
Provision / Depreciation on Investments				4,075			8,063
Amortisation of Premium on Held to Maturity Investments				17,446			16,922
Provision / Charge for Non Performing Advances				65,528			66,154
Provision for Standard Assets and Contingencies				15,003			64,384
(Profit)/ Loss on Sale of Fixed Assets (net)				(83)			(533)
Employees Stock Option Expense				113			57
				545,490			434,004
Adjustments for working capital changes:-
(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]				(48,947)			(377,928)
(Increase)/ Decrease in Advances				(3,266,057)			(1,509,859)
(Increase)/ Decrease in Other Assets				(302,838)			(281,657)
Increase/ (Decrease) in Deposits				3,131,098			949,142
Increase/ (Decrease) in Other Liabilities and Provisions				111,388			98,261
				(375,356)			(1,122,041)
Direct taxes paid (net)				(121,204)			(89,328)
Net Cash Flow from / (Used in) Operating Activities				48,930			(777,365)

Cash Flow from Investing Activities
Purchase of Fixed Assets				(48,402)			(29,552)
Proceeds from Sale of Fixed Assets				307			734
(Increase)/ Decrease in Held to Maturity Investments				(936,279)			119,592
Net Cash generated / (Used in) Investing Activities				(984,374)			90,774

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital				273			2,128
Proceeds from Share Premium (Net of Share Issue Expenses)				9,309			90,573
Increase / (Decrease) in Minority Interest				4,637			8,858
Proceeds from Issue of Subordinate Debt				99,500			70,480
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)				527,959			661,199
Dividend Paid				(37,866)			(13,974)

Net Cash generated from Financing Activities				603,812			819,264

Effect of Exchange Fluctuation on Translation Reserve				(1,586)			(635)

Increase/(Decrease) in Cash and Cash Equivalents				(333,218)			132,038

Cash and Cash Equivalents at the beginning of the year				2,113,611			1,981,573
Cash and Cash Equivalents at the end of the year				1,780,393			2,113,611

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
May 05, 2023				(DIN: 02274773)

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Debt and Total Debts represents Total Borrowings of the Bank

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