National Storage Mechanism | Additional information

RNS Number : 4238Q

Federal Bank Ltd (The)

30 May 2024

Untitled

________________________________________________________________________

SD/LSE/87/2024-25 22.05.2024

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, 2024 which was approved at the Bank's Board of Directors meeting held on May 02, 2024.

Kindly take the same on your record.

For The Federal Bank Limited

Sd/-

Samir P Rajdev

Company Secretary


M S K A & Associates	Suri & Co
602, Floor 6, Raheja Titanium	Guna Complex, No.443 & 445,
Western Express Highway, Geetanjali,	4th Floor Main Building,
Railway Colony, Ram Nagar, Goregaon (E),	Anna Salai, Teynampet,
Mumbai 400 063.	Chennai 600 018.

Independent Auditor's Report on the Standalone Financial Results for the year ended March 31, 2024 of The Federal Bank Limited pursuant to the Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015, as amended.

TO THE BOARD OF DIRECTORS OF

THE FEDERAL BANK LIMITED

Report on the Audit of the Standalone Financial Results

Opinion

We have audited the accompanying Standalone Financial Results of The Federal Bank Limited (hereinafter referred to as the "the Bank") for the year ended March 31, 2024 ("the Statement"), being submitted by the Bank pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations") except for the disclosure relating to Pillar 3 as at March 31, 2024, 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 Note 10 to the Statement and have not been audited by us.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Statement:

i. is presented in accordance with the requirements of the Listing Regulations in this regards except for the disclosures relating to Pillar 3 as at March 31, 2024, 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 Note 10 to the Statement and have not been audited by us; and

ii. gives a true and fair view, in conformity with the recognition and measurement principle laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with Companies (Accounting Standards) Rules, 2021 , as amended to the extent applicable , 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") and other accounting principles generally accepted in India of the net profit and other financial information for the year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India ("the ICAI"). Our responsibilities under those SAs 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 ICAI together with the ethical requirements that are relevant to our audit of the Statement, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management and Board of Directors' Responsibility for the Standalone Financial Results

The Statement which is the responsibility of the Bank's Management and approved by the Board of Directors, has been compiled from the Standalone Audited Financial Statements. The Bank's Board of Directors are responsible for the preparation of the Statement that gives a true and fair view of the net profit and other financial information of the Bank in accordance with the Accounting Standards specified under section 133 of the Act read with Companies (Accounting Standards) Rules, 2021 , as amended to the extent applicable , 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, Banking Regulation Act, 1949 and the 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 Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, 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.

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

Auditors' Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 this Statement.

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 Statement, 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 internal financial controls with reference to Standalone Financial Statements in place 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 Statement 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 Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

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.

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 Matters

1. The Statement includes the Standalone Financial Results of the Bank for the corresponding quarter and year ended March 31, 2023, which were audited by another auditors whose report dated ------May 05, 2023, expressed an unmodified opinion on those results.

2. The Statement includes the results for the quarter ended March 31, 2024, being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year prepared in accordance with the Accounting Standard 25 "Interim Financial Reporting" which were subject to limited review by us.

Our opinion on the statement is not modified in respect of the above matters.


For M S K A & Associates	For Suri & Co
Chartered Accountants	Chartered Accountants
ICAI Firm Registration Number: 105047W	ICAI Firm Registration Number: 004283S

Sd/-	Sd/-

Swapnil Kale	G. Rengarajan
Partner	Partner
Membership Number: 117812	Membership Number: 219922
UDIN: 24117812BKFIEL3626	UDIN: 24219922BKCLRB4003
Mumbai	Kochi
May 02, 2024	May 02, 2024


M S K A & Associates	Suri & Co
602, Floor 6, Raheja Titanium	Guna Complex, No.443 & 445,
Western Express Highway, Geetanjali,	4th Floor Main Building,
Railway Colony, Ram Nagar, Goregaon (E),	Anna Salai, Teynampet,
Mumbai 400 063.	Chennai 600 018.

Independent Auditor's Report on the Consolidated Financial Results for the year ended March 31, 2024 of The Federal Bank Limited pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) 2015, as amended

TO THE BOARD OF DIRECTORS OF

THE FEDERAL BANK LIMITED

Report on the Audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Consolidated Financial Results of The Federal Bank Limited (hereinafter referred to as the "the Bank") and its subsidiaries (the Bank and its subsidiaries together referred to as "the Group") and its associates, for the year ended March 31, 2024 ("the Statement"), being submitted by the Bank pursuant to the requirements of Regulation 33 and of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations") except, for the disclosures relating to consolidated Pillar 3 as at March 31, 2024, 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 Note 8 to the Statement and have not been audited by us.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the two subsidiaries and one associate and financial information of one associate as certified by the Management of the associate, the aforesaid Statement:

a. includes the annual financial results of the Bank and the following entities:


Sr. No	Name of the Entities	Relationship with the Bank
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

b. is presented in accordance with the requirements of the Listing Regulations in this regards except for the disclosures relating to consolidated Pillar 3 as at March 31, 2024, 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 Note 8 to the Statement and have not been audited by us; and

c. gives a true and fair view, in conformity with applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with Companies (Accounting Standards) Rules, 2021 to the extent applicable, 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") 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 year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India ("the ICAI"). Our responsibilities under those SAs are further described in the Auditors' Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and it's associates in accordance with the Code of Ethics issued by the ICAI together with the ethical requirements that are relevant to our audit of the Statement, 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 reports referred to in "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Management and Board of Directors' Responsibility for the Consolidated Financial Results

The Statement which is the responsibility of the Bank's Management and approved by the Board of Directors, has been compiled from the Consolidated Audited Financial statements. The Bank's Board of Directors are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other financial information of the Group including its associates in accordance with the Accounting Standard specified under section 133 of the Act read with Companies (Accounting Standards) Rules, 2021 to the extent applicable, the relevant provisions of the Banking Regulation Act, 1949, 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 maintenance of adequate accounting records in accordance with the provisions of the Act, Banking Regulation Act, 1949 and the RBI Guidelines for safeguarding of the assets of the Group and of 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 accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement 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 Statement by the Board of Directors of the Bank, as aforesaid.

In preparing the Statement, 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 of 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 Group and its associates or to cease operations, or has no realistic alternative but to do so.

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

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

· 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 internal financial controls with reference to Consolidated Financial Statements in place 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 Statement 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 of its associates to cease to continue as a going concern.

· Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and of its associates to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, 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.

We communicate with those charged with governance of the Bank and such other entities included in the Statement 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.

We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

a. The Statement includes the audited financial statements of two subsidiaries, whose Financial Statements reflect Group's share of total assets of Rs. 11,04,959 lakhs as at March 31, 2024, Group's share of total revenue of Rs. 1,72,504 lakhs and Group's share of total net profit after tax of Rs. 22,360 lakhs for the year ended March 31, 2024, respectively and Group's net cash flow of Rs. (26,640) lakhs for the year ended as on date, as considered in the Statement, which have been audited by their respective independent auditors. The independent auditors' reports on Financial statements of these entities have been furnished to us and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors.

b. The Statement includes the audited financial statements of one associate, whose Financial statements reflect Group's share of net profit after tax of Rs. 2,781 lakhs, for the year ended March 31, 2024, as considered in the Statement. The independent auditors' reports on Financial statements of this entity has been furnished to us and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors.

Our opinion is not modified in respect of the above matter with respect to our reliance on the work done and the report of other auditor.

c. The Statement includes the unaudited financial information of one associate, whose Financial information reflect Group's share of net profit after tax of Rs. 869 lakhs, for the year ended March 31, 2024, as considered in the Statement. This unaudited financial information has been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on such Management prepared unaudited Financial information. In our opinion and according to the information and explanations given to us by the Management, this Financial information are not material to the Group.

Our opinion on the Statement is not modified with respect to the Financial information certified by the Management.

d. The Statement includes the Consolidated Financial Results of the Bank for the corresponding quarter and year ended March 31, 2023, which were audited by another auditors whose report dated May 05, 2023, expressed an unmodified opinion on those results.

e. The Statement includes the results for the quarter ended March 31, 2024, being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year prepared in accordance with the Accounting Standard 25 "Interim Financial Reporting" which were subject to limited review by us.

Our opinion on the statement is not modified in respect of the above matters.


For M S K A & Associates	For Suri & Co
Chartered Accountants	Chartered Accountants
ICAI Firm Registration Number: 105047W	ICAI Firm Registration Number: 004283S



Swapnil Kale	G. Rengarajan
Partner	Partner
Membership Number: 117812	Membership Number: 219922
UDIN: 24117812BKFIEM1709	UDIN: 24219922BKCLRA3009
Mumbai	Kochi
May 02, 2024	May 02, 2024

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, 2024

(₹ in Lakhs)

Particulars

Quarter ended

Year ended

31.03.2024

31.12.2023

31.03.2023

31.03.2024

31.03.2023

Audited

(Refer Note

15 below)

Unaudited

Audited

(Refer Note

15 below)

Audited

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

5,97,835

5,73,010

4,72,074

22,18,826

16,80,363

(a)

Interest/discount on advances/bills

4,74,189

4,59,757

3,79,743

17,73,452

13,49,184

(b)

Income on investments

1,03,255

95,024

77,802

3,69,162

2,79,557

(c)

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

9,837

7,929

5,151

33,887

20,625

(d)

Others

10,554

10,300

9,378

42,325

30,997

2. Other income (Refer note 5)

75,388

86,256

73,386

3,07,927

2,33,000

3. TOTAL INCOME (1+2)

6,73,223

6,59,266

5,45,460

25,26,753

19,13,363

4. Interest expended

3,78,324

3,60,674

2,81,145

13,89,478

9,57,147

5. Operating expenses (i)+(ii)

1,83,864

1,54,859

1,30,858

6,19,827

4,76,777

(i)

Employees cost

88,689

69,315

59,722

2,82,309

2,17,300

(ii)

Other operating expenses

95,175

85,544

71,136

3,37,518

2,59,477

6. TOTAL EXPENDITURE (4+5)

(excluding provisions and contingencies)

5,62,188

5,15,533

4,12,003

20,09,305

14,33,924

7. OPERATING PROFIT (3-6)

(Profit before provisions and contingencies)

1,11,035

1,43,733

1,33,457

5,17,448

4,79,439

8. Provisions (other than tax) and contingencies

(9,460)

9,122

11,666

19,610

74,989

9. Exceptional items

10. Profit from Ordinary Activities before tax

(7-8-9)

1,20,495

1,34,611

1,21,791

4,97,838

4,04,450

11. Tax expense

29,865

33,937

31,530

1,25,778

1,03,391

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

90,630

1,00,674

90,261

3,72,060

3,01,059

13. Extraordinary items (net of tax expense)

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

90,630

1,00,674

90,261

3,72,060

3,01,059

15. Paid-up Equity Share Capital

(Face value ₹ 2/- per Equity Share)

48,707

48,668

42,324

48,707

42,324

16. Reserves excluding Revaluation Reserve

28,60,234

21,07,799

17. Analytical Ratios and Other Disclosures:

(i)

Percentage of shares held by Government of India

NIL

(ii)

Capital Adequacy ratio (%) (Refer note 6)

Under Basel III

16.13

15.02

14.81

16.13

14.81

(iii)

Earnings per Share (EPS) (in ₹)

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

3.72*

4.16*

4.27*

16.07

14.27

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

3.68*

4.11*

4.21*

15.87

14.13

(iv)

NPA Ratios

a) Gross NPA

4,52,887

4,62,879

4,18,377

4,52,887

4,18,377

b) Net NPA

1,25,533

1,28,437

1,20,501

1,25,533

1,20,501

c) % of Gross NPA

2.13

2.29

2.36

2.13

2.36

d) % of Net NPA

0.60

0.64

0.69

0.60

0.69

(v)

Return on Assets (%)

0.30*

0.35*

0.36*

1.32

1.28

(vi)

Net Worth

29,08,941

28,08,472

21,41,949

29,08,941

21,41,949

(vii)

Outstanding Redeemable Preference Shares

NIL

(viii)

Capital Redemption Reserve

NIL

(ix)

Debenture Redemption Reserve

NIL

(x)

Debt - Equity Ratio #

0.62

0.61

0.90

0.62

0.90

(xi)

Total Debts to Total Assets #

5.85%

7.42%

5.85%

7.42%

(xii)

Operating Margin

16.49%

21.80%

24.47%

20.48%

25.06%

(xiii)

Net Profit Margin

13.46%

15.27%

16.55%

14.72%

15.73%

* Not Annualised

Debt and Total Debts represents Total Borrowings of the Bank


Segment Information @
						(₹ in Lakhs)
Particulars		Quarter ended			Year ended
31.03.2024	31.12.2023	31.03.2023	31.03.2024	31.03.2023
Audited (Refer Note 15 below)	Unaudited	Audited (Refer Note 15 below)	Audited	Audited
Segment Revenue:
	Treasury	90,473	96,796	71,178	3,53,336	2,53,996
	Corporate/Wholesale Banking	1,95,562	1,80,205	1,54,509	7,21,536	5,24,048
	Retail Banking	3,81,224	3,75,990	3,15,179	14,31,246	11,20,482
	a) Digital Banking	44,452	38,689	26,366	1,50,103	90,354
	b) Other Retail Banking	3,36,772	3,37,301	2,88,813	12,81,143	10,30,128
	Other Banking operations	5,799	6,119	4,444	20,071	14,350
	Unallocated	165	156	150	564	487
	Total Revenue	6,73,223	6,59,266	5,45,460	25,26,753	19,13,363
	Less: Inter Segment Revenue	-	-	-	-	-
	Income from Operations	6,73,223	6,59,266	5,45,460	25,26,753	19,13,363
Segment Results (net of provisions):		-
	Treasury	6,814	21,713	9,952	56,572	50,577
	Corporate/Wholesale Banking	42,671	34,950	39,889	1,62,157	95,399
	Retail Banking	65,916	72,591	68,022	2,61,486	2,45,789
	a) Digital Banking	7,546	6,813	4,493	22,559	11,359
	b) Other Retail Banking	58,370	65,778	63,529	2,38,927	2,34,430
	Other Banking operations	4,929	5,201	3,778	17,060	12,198
	Unallocated	165	156	150	563	487
	Profit before tax	1,20,495	1,34,611	1,21,791	4,97,838	4,04,450
Segment Assets:
	Treasury	63,09,635	60,86,667	52,30,629	63,09,635	52,30,629
	Corporate/Wholesale Banking	1,11,57,372	1,10,41,676	96,99,651	1,11,57,372	96,99,651
	Retail Banking	1,25,55,959	1,17,91,138	1,04,41,427	1,25,55,959	1,04,41,427
	a) Digital Banking	6,81,296	6,30,958	4,16,592	6,81,296	4,16,592
	b) Other Retail Banking	1,18,74,663	1,11,60,180	1,00,24,835	1,18,74,663	1,00,24,835
	Other Banking operations	-	-	-	-	-
	Unallocated	8,08,214	7,01,768	6,62,476	8,08,214	6,62,476
	Total	3,08,31,180	2,96,21,249	2,60,34,183	3,08,31,180	2,60,34,183
Segment Liabilities:
	Treasury	28,80,492	27,41,387	29,13,818	28,80,492	29,13,818
	Corporate/Wholesale Banking	32,02,646	31,94,204	24,24,409	32,02,646	24,24,409
	Retail Banking	2,13,10,663	2,04,96,375	1,82,77,723	2,13,10,663	1,82,77,723
	a) Digital Banking	16,26,328	14,54,321	12,03,720	16,26,328	12,03,720
	b) Other Retail Banking	1,96,84,335	1,90,42,054	1,70,74,003	1,96,84,335	1,70,74,003
	Other Banking operations	-	-	-	-	-
	Unallocated	5,27,937	3,72,135	2,67,609	5,27,937	2,67,609
	Total	2,79,21,738	2,68,04,101	2,38,83,559	2,79,21,738	2,38,83,559
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	34,29,143	33,45,280	23,16,811	34,29,143	23,16,811
	Corporate/Wholesale Banking	79,54,726	78,47,472	72,75,242	79,54,726	72,75,242
	Retail Banking	(87,54,704)	(87,05,237)	(78,36,296)	(87,54,704)	(78,36,296)
	a) Digital Banking	(9,45,032)	(8,23,363)	(7,87,128)	(9,45,032)	(7,87,128)
	b) Other Retail Banking	(78,09,672)	(78,81,874)	(70,49,168)	(78,09,672)	(70,49,168)
	Other Banking operations	-	-	-	-	-
	Unallocated	2,80,277	3,29,633	3,94,867	2,80,277	3,94,867
	Total	29,09,442	28,17,148	21,50,624	29,09,442	21,50,624

@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking (with Digital Banking and Other Retail Banking as sub-segments) and Other Banking Operations in compliance with the Reserve Bank of India (RBI) guidelines. 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.
	Notes:

1	Statement of Assets and Liabilities of the Bank as at March 31, 2024 is given below:
				(₹ in Lakhs)
	Particulars		As at 31.03.2024	As at 31.03.2023
	Audited	Audited
	CAPITAL AND LIABILITIES
	Capital		48,707	42,324
	Reserves and Surplus		28,60,735	21,08,300
	Deposits		2,52,53,402	2,13,38,604
	Borrowings		18,02,641	19,31,928
	Other Liabilities and Provisions		8,65,695	6,13,027
	Total		3,08,31,180	2,60,34,183
	ASSETS
	Cash and Balances with Reserve Bank of India		11,49,357	12,59,085
	Balance with Banks and Money at Call and Short Notice		7,46,935	5,09,783
	Investments		60,85,953	48,98,335
	Advances		2,09,40,333	1,74,44,688
	Fixed Assets		1,02,006	93,397
	Other Assets		18,06,596	18,28,895
	Total		3,08,31,180	2,60,34,183

2	The above Standalone Audited Financial Results for the quarter and year ended March 31, 2024 were approved by the Board of Directors at its meeting held on May 02, 2024. These financial results have been subjected to Audit by the Joint Statutory Auditors of the Bank and an unmodified audit opinion has been issued.

3	The above financial results of the Bank have been prepared in accordance with the provisions of the Banking Regulation Act, 1949, Generally Accepted Accounting Principles in India, including Accounting Standards as specified under Section 133 of the Companies Act, 2013, Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, as amended, in so far as they apply to banks, and the guidelines issued by the RBI.

4	The Bank has applied significant accounting policies in the preparation of these financial results consistent with those followed in the annual financial statements for the year ended March 31, 2023. Any circular / direction issued by RBI is implemented prospectively when it becomes applicable, unless specifically required as per that circular / direction.

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, 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	During the quarter and year ended March 31, 2024, the Bank has allotted 1,967,559 and 15,991,113 equity shares of ₹2 each respectively, pursuant to the exercise of stock options by employees.

8	During the quarter and half year ended September 30, 2023, the Bank had issued 230,477,634 equity shares of ₹2 each for cash pursuant to a Qualified Institution Placement (QIP) as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ₹131.90 per share aggregating to ₹304,000.00 Lakhs (including share premium). This resulted in an increase of ₹4,609.55 Lakhs in share capital and ₹295,416.80 Lakhs (net of issue expenses) in share premium account.

9	During the quarter and nine months ended December 31, 2023, the Bank had issued 72,682,048 equity shares of ₹2 each for cash pursuant to a Preferential Allotment as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ₹131.91 per share aggregating to ₹95,874.89 Lakhs (including share premium). This resulted in an increase of ₹1,453.64 Lakhs in share capital and ₹94,361.59 Lakhs (net of issue expenses) in share premium account.

10	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 Joint Statutory Auditors of the Bank.

11	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 , 2023 (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 , 2024 (1),(3)
	Personal Loans	1,46,913.60	6,533.10	24.61	13,177.94	1,29,244.68
	Corporate persons	13,902.19	460.09	-	548.15	12,893.95
	Of which, MSMEs	-	-	-	-	-
	Others	22,325.98	430.37	-	4,882.84	17,084.36
	Total	1,83,141.77	7,423.56	24.61	18,608.93	1,59,222.99

	1. Excludes other facilities to the borrowers which have not been restructured.
	2. Represents net movement in balance outstanding.
	3. Includes accounts which were classified as NPA earlier and subsequently upgraded to standard during the half year ended March 31, 2024.

12	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, 2024 are given below:
	i) Details of loans not in default acquired through assignment during the year ended March 31, 2024 are given below:

	Particulars			Value
	Aggregate amount of loans acquired (₹ in lakhs)			1,95,606.76
	Weighted average residual maturity (in years)			7.23
	Weighted average holding period by originator (in years)			1.17
	Retention of beneficial economic interest by the originator (₹ in lakhs)			21,734.07
	Tangible security coverage			151.03%
	The loans acquired are not rated as the same are to non-corporate borrowers.

	ii) Details of non-performing assets (NPAs) (excluding prudentially written off advances) transferred are given below:
				(₹ in lakhs except number of accounts)
	Particulars			To ARCs	To Permitted Transferees	To other Transferees
	Number of accounts			61	-	-
	Aggregate principal outstanding of loans transferred			10,181.50	-	-
	Weighted average residual tenor of the loans transferred (in years)			0.31	-	-
	Net book value of loans transferred (at the time of transfer)			385.96	-	-
	Aggregate consideration			3,670.00	-	-
	Additional consideration realized in respect of accounts transferred in earlier years			-	-	-
	Provisions reversed to the profit and loss account on account of sale of stressed loans			2,744.10	-	-

	iii) During the year ended March 31, 2024, the Bank has not acquired any stressed loans and not transferred any loan not in default / Special Mention Accounts (SMA).

	iv) During the year ended March 31, 2024, the Bank has invested ₹510.00 lakhs in Security Receipts (SR) issued by an Asset Reconstruction Company (ARC) pursuant to transfer of Non-Performing asset to ARC. Details of the recovery ratings assigned to Security Receipts outstanding as on March 31, 2024 are given below:

					(` in Lakhs)
	Rating	Recovery Rating	Gross Book Value	Provision Held	Net Book Value
	RR5	0%-25%	3,278.79	3,278.79	-
	RR4	25%- 50%	7,935.79	7,935.79	-
	RR1	100%-150%	442.71	442.71	-
	Unrated	-	28,565.78	28,565.78	-
	Total		40,223.07	40,223.07	-


13	The Board of Directors have recommended a dividend of 60% i.e. ₹1.20/- per equity share on face value of ₹2.00/- each for the year 2023-24 (Previous Year ₹1.00/- 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 ₹ 29,224.22 Lakhs from the profit and loss account for the year ended March 31, 2024. 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, 2024.

14	The 12th Bipartite Settlement for wage revision between staff unions and Banks represented by Indian Bank's Association (IBA) was due from November 01, 2022. The negotiation was concluded on March 08, 2024, and the joint note for wage revision detailing the salary components and other terms were signed between staff unions and IBA. The bank has created an incremental provision of ₹ 16,220.55 lakhs during the quarter ended March 31, 2024, towards the final increase on payslip components agreed as per the joint note.

15	The figures of the last quarter of the respective financial years 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.

16	The figures for the quarter and year ended March 31, 2023 were audited by previous Joint Statutory Auditors.

17	Previous period's figures have been regrouped / reclassified, wherever necessary to conform to current period's classification.
				Sd/-
			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
May 02, 2024			(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, 2024
		(₹ in Lakhs)
Particulars	Year ended March 31, 2024	Year ended March 31, 2023
Cash Flow from Operating Activities
Net Profit Before Taxes	4,97,838	4,04,450
Adjustments for:
Depreciation on Bank's Property	21,515	16,461
Provision / Depreciation on Investments	(2,772)	4,113
Amortisation of Premium on Held to Maturity Investments	17,318	17,446
Provision / Charge for Non Performing Advances	40,114	59,134
Provision for Standard Assets and Contingencies	(20,630)	16,523
Profit on Sale of Fixed Assets (net)	(843)	(82)
Profit on Sale of Investment in Subsidiary	(9,911)	-
Dividend From Subsidiaries / Associates	(1,658)	(837)
Employees Stock Option Expense	158	111
	5,41,129	5,17,319
Adjustments for working capital changes:-
Increase in Investments [excluding Held to Maturity Investments]	(3,34,689)	(65,669)
Increase in Advances	(35,35,760)	(30,10,990)
(Increase)/ Decrease in Other Assets	23,447	(2,97,492)
Increase in Deposits	39,14,798	31,68,545
Increase in Other Liabilities and Provisions	2,70,528	90,627
	3,38,324	(1,14,979)
Direct taxes paid (net)	(1,24,156)	(1,15,370)
Net Cash Flow from Operating Activities	7,55,297	2,86,970

Cash Flow from Investing Activities
Purchase of Fixed Assets	(30,367)	(46,683)
Proceeds from Sale of Fixed Assets	1,087	302
Dividend From Subsidiaries / Associates	1,658	837
Proceeds from sale of investment in Subsidiary	11,500	-
Purchase of Held to Maturity Investments (net)	(8,69,064)	(9,36,280)
Net Cash Used in Investing Activities	(8,85,186)	(9,81,824)

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital	6,383	273
Proceeds from Share Premium (Net of Share Issue Expenses)	4,04,087	9,249
Proceeds from Issue of Subordinate Debt	-	99,500
Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)	(1,29,287)	2,93,117
Dividend Paid	(23,491)	(37,866)

Net Cash flow from Financing Activities	2,57,692	3,64,273

Effect of Exchange Fluctuation on Translation Reserve	(379)	(1,586)

Net Increase / (Decrease) in Cash and Cash Equivalents	1,27,424	(3,32,167)

Cash and Cash Equivalents at the beginning of the year	17,68,868	21,01,035
Cash and Cash Equivalents at the end of the year	18,96,292	17,68,868

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 02, 2024	(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, 2024

(₹ in Lakhs)

Particulars

Quarter ended

Year ended

31.03.2024

31.12.2023

31.03.2023

31.03.2024

31.03.2023

Audited

(Refer Note

13 below)

Unaudited

Audited

(Refer Note

13 below)

Audited

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

6,33,922

6,08,520

5,01,226

23,56,547

17,81,178

(a)

Interest/discount on advances/bills

5,09,954

4,94,736

4,08,955

19,10,130

14,50,788

(b)

Income on investments

1,03,082

94,776

77,561

3,68,570

2,78,188

(c)

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

9,837

7,929

5,151

33,887

20,625

(d)

Others

11,049

11,079

9,559

43,960

31,577

2. Other income (Refer note 6)

80,990

90,835

76,842

3,21,648

2,43,623

3. TOTAL INCOME (1+2)

7,14,912

6,99,355

5,78,068

26,78,195

20,24,801

4. Interest expended

3,93,634

3,75,968

2,93,754

14,49,467

9,97,524

5. Operating expenses (i)+(ii)

1,99,327

1,70,021

1,44,915

6,76,670

5,21,120

(i)

Employees cost

98,533

78,762

67,225

3,17,970

2,44,024

(ii)

Other operating expenses

1,00,794

91,259

77,690

3,58,700

2,77,096

6. TOTAL EXPENDITURE (4+5)

(excluding provisions and contingencies)

5,92,961

5,45,989

4,38,669

21,26,137

15,18,644

7. OPERATING PROFIT (3-6)

(Profit before provisions and contingencies)

1,21,951

1,53,366

1,39,399

5,52,058

5,06,157

8. Provisions (other than tax) and contingencies

(7,653)

11,385

12,526

25,958

79,863

9. Exceptional items

10. Profit from Ordinary Activities before tax

(7-8-9)

1,29,604

1,41,981

1,26,873

5,26,100

4,26,294

11. Tax expense

32,365

35,657

32,916

1,33,347

1,08,718

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

97,239

1,06,324

93,957

3,92,753

3,17,576

13. Extraordinary items (net of tax expense)

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

97,239

1,06,324

93,957

3,92,753

3,17,576

15. Minority interest

2,538

3,185

964

8,361

4,510

16. Share in Profit of Associates

2,378

403

2,398

3,651

3,406

17. Consolidated Net Profit of the group

(14-15+16)

97,079

1,03,542

95,391

3,88,043

3,16,472

18. Paid-up Equity Share Capital

(Face value ₹ 2/- per Equity Share)

48,707

48,668

42,324

48,707

42,324

19. Reserves excluding Revaluation Reserve

29,61,328

21,69,416

20. Analytical Ratios and Other Disclosures:

(i)

Percentage of shares held by Government of India

NIL

(ii)

Capital Adequacy ratio (%) (Refer note 7)

Under Basel III

16.45

15.40

15.24

16.45

15.24

(iii)

Earnings per Share (EPS) (in `)

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

3.99*

4.28*

4.51*

16.76

15.01

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

3.94*

4.22*

4.45*

16.55

14.85

(iv)

NPA Ratios

a) Gross NPA

4,67,729

4,79,664

4,34,352

4,67,729

4,34,352

b) Net NPA

1,36,555

1,40,180

1,32,344

1,36,555

1,32,344

c) % of Gross NPA

2.11

2.28

2.35

2.11

2.35

d) % of Net NPA

0.63

0.68

0.73

0.63

0.73

(v)

Return on Assets (%)

0.31*

0.34*

0.36*

1.32

1.28

* Not Annualised


Segment Information @
								(₹ in Lakhs)
Particulars		Quarter ended					Year ended
31.03.2024	31.12.2023		31.03.2023		31.03.2024	31.03.2023
Audited (Refer Note 13 below)	Unaudited		Audited (Refer Note 13 below)		Audited	Audited
Segment Revenue:
	Treasury	91,225	97,756		71,529		3,54,655	2,53,555
	Corporate/Wholesale Banking	1,94,207	1,78,730		1,53,767		7,16,785	5,20,704
	Retail Banking	4,20,444	4,14,109		3,46,307		15,77,884	12,28,710
	a) Digital Banking	44,452	38,689		26,366		1,50,103	90,354
	b) Other Retail Banking	3,75,992	3,75,420		3,19,941		14,27,781	11,38,356
	Other Banking operations	8,871	8,604		6,293		28,307	21,225
	Unallocated	165	156		172		564	607
	Total Revenue	7,14,912	6,99,355		5,78,068		26,78,195	20,24,801
	Less: Inter Segment Revenue	-	-		-		-	-
	Income from Operations	7,14,912	6,99,355		5,78,068		26,78,195	20,24,801
Segment Results (net of provisions):
	Treasury	8,144	23,257		10,832		60,218	52,460
	Corporate/Wholesale Banking	42,631	34,789		39,642		1,61,741	94,335
	Retail Banking	71,655	77,680		70,018		2,81,773	2,61,538
	a) Digital Banking	7,546	6,813		4,493		22,559	11,359
	b) Other Retail Banking	64,109	70,867		65,525		2,59,214	2,50,179
	Other Banking operations	7,009	6,099		4,671		21,805	15,817
	Unallocated	165	156		1,710		563	2,144
	Profit before tax	1,29,604	1,41,981		1,26,873		5,26,100	4,26,294
Segment Assets:
	Treasury	63,38,835	60,80,735		52,06,924		63,38,835	52,06,924
	Corporate/Wholesale Banking	1,10,79,450	1,09,76,368		96,72,729		1,10,79,450	96,72,729
	Retail Banking	1,35,59,659	1,27,82,695		1,12,56,964		1,35,59,659	1,12,56,964
	a) Digital Banking	6,81,296	6,30,958		4,16,592		6,81,296	4,16,592
	b) Other Retail Banking	1,28,78,363	1,21,51,737		1,08,40,372		1,28,78,363	1,08,40,372
	Other Banking operations	508	1,014		1,313		508	1,313
	Unallocated	8,05,443	7,01,768		6,62,476		8,05,443	6,62,476
	Total	3,17,83,895	3,05,42,580		2,68,00,406		3,17,83,895	2,68,00,406
Segment Liabilities:
	Treasury	29,64,257	27,92,960		29,42,093		29,64,257	29,42,093
	Corporate/Wholesale Banking	32,00,510	31,96,082		24,14,080		32,00,510	24,14,080
	Retail Banking	2,20,01,023	2,11,90,006		1,89,28,892		2,20,01,023	1,89,28,892
	a) Digital Banking	16,26,328	14,54,321		12,03,720		16,26,328	12,03,720
	b) Other Retail Banking	2,03,74,695	1,97,35,685		1,77,25,172		2,03,74,695	1,77,25,172
	Other Banking operations	356	356		294		356	294
	Unallocated	5,25,166	3,72,135		2,67,609		5,25,166	2,67,609
	Total	2,86,91,312	2,75,51,539		2,45,52,968		2,86,91,312	2,45,52,968
Capital Employed:
(Segment Assets - Segment Liabilities)
	Treasury	33,74,578	32,87,775		22,64,831		33,74,578	22,64,831
	Corporate/Wholesale Banking	78,78,940	77,80,286		72,58,649		78,78,940	72,58,649
	Retail Banking	(84,41,364)	(84,07,311)		(76,71,928)		(84,41,364)	(76,71,928)
	a) Digital Banking	(9,45,032)	(8,23,363)		(7,87,128)		(9,45,032)	(7,87,128)
	b) Other Retail Banking	(74,96,332)	(75,83,948)		(68,84,800)		(74,96,332)	(68,84,800)
	Other Banking operations	152	658		1,019		152	1,019
	Unallocated	2,80,277	3,29,633		3,94,867		2,80,277	3,94,867
	Total	30,92,583	29,91,041		22,47,438		30,92,583	22,47,438

@	For the above segment reporting, the reportable segments are identified as Treasury, Corporate/Wholesale Banking, Retail Banking (with Digital Banking and Other Retail Banking as sub-segments) and Other Banking Operations in compliance with the RBI guidelines. 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.
	Notes:
1	Statement of Assets and Liabilities of the group as at March 31, 2024 is given below:
					(₹ in Lakhs)
	Particulars		As at 31.03.2024		As at 31.03.2023
	Audited		Audited
	CAPITAL AND LIABILITIES
	Capital		48,707		42,324
	Reserves and Surplus		29,61,828		21,69,917
	Minority Interest		82,048		35,197
	Deposits		2,52,45,502		2,12,98,850
	Borrowings		25,15,962		25,86,198
	Other Liabilities and Provisions		9,29,848		6,67,920
	Total		3,17,83,895		2,68,00,406
	ASSETS
	Cash and Balances with Reserve Bank of India		11,50,911		12,60,424
	Balance with Banks and Money at Call and Short Notice		7,68,471		5,19,969
	Investments		61,04,312		48,70,224
	Advances		2,18,11,028		1,81,95,675
	Fixed Assets		1,06,304		97,171
	Other Assets		18,42,869		18,56,943
	Total		3,17,83,895		2,68,00,406

2	The above Consolidated Audited Financial Results for the quarter and year ended March 31, 2024 were approved by the Board of Directors at its meeting held on May 02, 2024. These financial results have been subjected to audit by the Joint Statutory Auditors of the Bank and an unmodified audit opinion has been issued.

3	The above financial results of the group have been prepared in accordance with the provisions of the Banking Regulation Act, 1949, Generally Accepted Accounting Principles in India, including Accounting Standards as specified under Section 133 of the Companies Act, 2013, Regulation 33 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, as amended and the guidelines issued by the RBI.

4	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.

5	There has been no material change in the accounting policies applied in the preparation of these financial results with those followed in the annual financial statements for the year ended March 31, 2023.

6	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.

7	The Capital Adequacy Ratio is computed on the basis of Reserve Bank of India (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	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 Joint Statutory Auditors of the Bank.

9	During the quarter and half year ended September 30, 2023, the Bank had issued 230,477,634 equity shares of ₹2 each for cash pursuant to a Qualified Institution Placement (QIP) as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ₹131.90 per share aggregating to ₹304,000.00 Lakhs (including share premium). This resulted in an increase of ₹4,609.55 Lakhs in Share Capital and ₹295,416.80 Lakhs (net of issue expenses) in share premium account.

10	During the quarter and nine months ended December 31, 2023, the Bank had issued 72,682,048 equity shares of ₹2 each for cash pursuant to a Preferential Allotment as per the relevant provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 at ₹131.91 per share aggregating to ₹95,874.89 Lakhs (including share premium). This resulted in an increase of ₹1,453.64 Lakhs in share capital and ₹94,361.59 Lakhs (net of issue expenses) in share premium account.

11	The Board of Directors have recommended a dividend of 60% i.e. ₹1.20/- per equity share on face value of ₹2.00/- each for the year 2023-24 (Previous Year ₹1.00/- 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 ₹ 29,224.22 Lakhs from the profit and loss account for the year ended March 31, 2024. 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, 2024.

12	The 12th Bipartite Settlement for wage revision between staff unions and Banks represented by Indian Bank's Association (IBA) was due from November 01, 2022. The negotiation was concluded on March 08, 2024, and the joint note for wage revision detailing the salary components and other terms were signed between staff unions and IBA. The bank has created an incremental provision of ₹ 16,220.55 lakhs during the quarter ended March 31, 2024, towards the final increase on payslip components agreed as per the joint note.

13	The figures of the last quarter of the respective financial years 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.

14	The figures for the quarter and year ended March 31, 2023 were audited by previous Joint Statutory Auditors.

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




			SHYAM SRINIVASAN
Kochi			MANAGING DIRECTOR & CEO
May 02, 2024			(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, 2024
				(₹ in Lakhs)
Particulars				Year ended March 31, 2024		Year ended March 31, 2023
Cash Flow from Operating Activities
Net Profit Before Taxes				5,21,390		4,25,190
Adjustments for:
Depreciation on Group's Property				23,395		18,218
Provision / Depreciation on Investments				(2,763)		4,075
Amortisation of Premium on Held to Maturity Investments				17,318		17,446
Provision / Charge for Non Performing Advances				46,327		65,528
Provision for Standard Assets and Contingencies				(20,495)		15,003
Profit on Sale of Fixed Assets (net)				(843)		(83)
Profit on Sale of Investment in Subsidiary				(9,911)		-
Employees Stock Option Expense				158		113
				5,74,576		5,45,490
Adjustments for working capital changes:-
Increase in Investments [excluding Held to Maturity Investments]				(3,79,579)		(48,947)
Increase in Advances				(36,61,681)		(32,66,057)
(Increase)/ Decrease in Other Assets				13,032		(3,02,838)
Increase in Deposits				39,46,651		31,31,098
Increase in Other Liabilities and Provisions				2,82,423		1,11,388
				2,00,846		(3,75,356)
Direct taxes paid (net)				(1,32,305)		(1,21,204)
Net Cash Flow from Operating Activities				6,43,117		48,930

Cash Flow from Investing Activities
Purchase of Fixed Assets				(32,792)		(48,402)
Proceeds from Sale of Fixed Assets				1,108		307
Profit on Sale of Investment in Subsidiary				9,911		-
Purchase of Held to Maturity Investments (net)				(8,69,063)		(9,36,279)
Net Cash Used in Investing Activities				(8,90,836)		(9,84,374)

Cash Flow from Financing Activities
Proceeds from Issue of Share Capital				6,383		273
Proceeds from Share Premium (Net of Share Issue Expenses)				4,33,005		9,309
Increase in Minority Interest				41,427		4,637
Proceeds from Issue of Subordinate Debt				20,000		99,500
Increase / (Decrease) in Borrowings (Excluding Subordinate Debt)				(90,236)		5,27,959
Dividend Paid				(23,491)		(37,866)

Net Cash flow from Financing Activities				3,87,088		6,03,812

Effect of Exchange Fluctuation on Translation Reserve				(380)		(1,586)

Increase/(Decrease) in Cash and Cash Equivalents				1,38,989		(3,33,218)

Cash and Cash Equivalents at the beginning of the year				17,80,393		21,13,611
Cash and Cash Equivalents at the end of the year				19,19,382		17,80,393

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.
				Sd/-

				SHYAM SRINIVASAN
Kochi				MANAGING DIRECTOR & CEO
May 02, 2024				(DIN: 02274773)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FR FIFIEEEIIVIS

AI Terminal

The Federal Bank Ltd.

14891_10-k_2024-05-30_f8f0be6a-5cb2-481e-9f35-4cba1af4301e.html

Debt and Total Debts represents Total Borrowings of the Bank

More from The Federal Bank Ltd.

Talk to a Data Expert