RNS Number : 8356R
Federal Bank Ltd (The)
31 October 2023
 

Untitled

________________________________________________________________________     

SD/LSE/286/2023-24                                                                                        31.10.2023

 

                                              

To

The London Stock Exchange

10 Paternoster Square

London

 

Dear Sir,

 

We enclose herewith the Un-Audited Standalone and Consolidated Financial Results of the Bank for the Quarter and Half year ended September 30, 2023 which was approved at the Bank's Board of Directors meeting held on October 16, 2023.

 

 

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 Review Report on standalone unaudited financial results for the quarter and half year ended September 30, 2023 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) Regulations, 2015, as amended.

 

The Board of Directors of

The Federal Bank Limited

 

1.   We have reviewed the accompanying statement of standalone unaudited financial results of The Federal Bank Limited  ('the Bank') for the quarter and half year ended September 30, 2023 (the 'Statement') attached herewith, 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 Obligation and Disclosure Requirements) Regulations, 2015 as amended ('the Regulations') except, for the disclosures relating to Pillar 3 as at September 30, 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 Note 8 to the Statement and have not been reviewed by us.

 

2.   This Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 'Interim Financial Reporting' ('AS 25') prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, in so far as they apply to the Banks, 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 ('RBI Guidelines'), other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

 

3.   We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing under section 143(10) of the Companies Act 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

4.   Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in AS 25, prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, the RBI Guidelines and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed or that it contains material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning and other related matters, except for the disclosures relating to Pillar 3 disclosures as at September 30, 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 Note 8 to the  Statement and have not been reviewed by us.

 

5.   The Statement includes the standalone financial results of the Bank for the quarter ended June 30, 2023 and corresponding quarter and half year ended September 30, 2022, which were reviewed by another auditors whose report dated July 13, 2023 and October 14, 2022 respectively, expressed an unmodified conclusion on those standalone financial results. The Statement also includes the standalone financial statements of the Bank for the year ended March 31, 2023 which were audited by another auditors whose report dated May 05, 2023 expressed an unmodified opinion on the standalone financial statements.

Our conclusion is not modified in respect of this matter.

 

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: 23117812BGXRCG7931

UDIN: 23219922BGWKLY5781


 

Kochi

 

Kochi


October 16, 2023

October 16, 2023


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Review Report on consolidated unaudited financial results for the quarter and half year ended September 30, 2023 of The Federal Bank Limited pursuant to the Regulation 33 of the (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.        

 

The Board of Directors of

The Federal Bank Limited

 

1.     We have reviewed the accompanying statement of consolidated unaudited financial results of The Federal Bank Limited ('the Bank') and its subsidiaries (the Bank and its subsidiaries together referred to as 'the Group'), and its share of the net profit after tax of its associates for the quarter and half year ended September 30, 2023 ('the Statement'), being submitted by the Bank pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations') except, for the disclosures relating to consolidated Pillar 3 as at September 30, 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 Note 7 to the Statement and have not been reviewed by us.

 

2.     This Statement, which is the responsibility of the Bank's Management and has been approved by the Bank's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Accounting Standard 25 "Interim Financial Reporting' ('AS 25'), prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder, in so far as they apply to the Banks, 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 recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

 

3.     We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

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

 

4.     The Statement includes the financial results / financial information of the Bank and the following entities:

 

Sr. No

Name of the Entity

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

 

 

5.     Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review report of the other auditor referred to in paragraph 6 below and based on the financial information certified by the Management for the subsidiary and the associates as stated in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in AS 25 prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder, RBI Guidelines and other recognised accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation, including the manner in which it is to be disclosed or that it contains any material misstatement or that it has not been prepared in accordance with the relevant prudential norms issued by the RBI in respect of income recognition, asset classification, provisioning and other related matters except, for the disclosures relating to consolidated Pillar 3 disclosure as at September 30, 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 Note 7 to the Consolidated Statement and have not been reviewed by us.

 

6.      We did not review the interim financial results of one subsidiary included in the Statement, whose interim financial results reflect total assets of Rs. 2,940.31 lakhs as at September 30, 2023 and total revenues of Rs. 1,906.56 lakhs and Rs. 3,692.30 lakhs and total net profit after tax of Rs. 142.58 lakhs and Rs. 279.58 lakhs for the quarter and half year ended September 30, 2023, respectively, and net cash flows of Rs. (505.62) lakhs for the half year ended September 30, 2023, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Management of the Bank and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors.

 

Our conclusion is not modified in respect of the above matter.

 

7.     The Statement includes the interim financial information of one subsidiary which have not been reviewed by their auditor, whose interim financial information reflect total assets of Rs. 10,01,246 lakhs as at September 30, 2023 and total revenues of Rs. 39,415 lakhs and Rs. 76,721 lakhs and total net profit after tax of Rs. 4,540 lakhs and Rs. 9,683 lakhs for the quarter and half year ended September 30, 2023, respectively, and net cash flows of Rs. 46,042 lakhs for the half year ended September 30, 2023, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 654.63 lakhs and Rs. 870.57 lakhs for the quarter and half year ended September 30, 2023 respectively, as considered in the Statement, in respect of two associates, based on their interim financial information which have not been reviewed by their auditors. These interim financial information have been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of these associates is based solely on such management prepared unaudited interim financial information. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group.

 

       Our conclusion is not modified in respect of the above matter.

8.    The Statement includes the consolidated financial results of the Bank for the quarter ended June 30, 2023 and corresponding quarter and half year ended September 30, 2022, which were reviewed by another auditors whose report dated July 13, 2023 and October 14, 2022 respectively, expressed an unmodified conclusion on those consolidated financial results. The Statement also includes the consolidated financial statements of the Bank for the year ended March 31, 2023 which were audited by another auditors whose report dated May 05, 2023 expressed an unmodified opinion on the consolidated financial statements.

 

          Our conclusion is not modified in respect of the above matter.

 

 

 

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: 23117812BGXRCF4558

UDIN: 23219922BGWKLZ3968


 

Kochi

 

Kochi


October 16, 2023

October 16, 2023


 

 

 

 

 

 

 

 

 

 

 

 


 

































THE FEDERAL BANK LIMITED

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

(CIN: L65191KL1931PLC000368)

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

 

 

 

 

 

 

 

 (? in Lakhs)

Particulars

Quarter ended

Half Year ended

Year ended

30.09.2023

30.06.2023

30.09.2022

30.09.2023

30.09.2022

31.03.2023

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

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

         5,45,528

        5,02,453

        4,02,078

10,47,981

7,64,964

16,80,363

(a)

Interest/discount on advances/bills

         4,35,548

        4,03,958

        3,22,272

8,39,506

6,10,954

13,49,184

(b)

Income on investments

            89,397

           81,486

           66,737

1,70,883

1,29,686

2,79,557

(c)

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

              9,028

             7,093

             6,017

16,121

10,497

20,625

(d)

Others

            11,555

             9,916

             7,052

21,471

13,827

30,997

2. Other income

            73,042

           73,241

           60,952

1,46,283

1,06,214

2,33,000

3. TOTAL INCOME (1+2)

       6,18,570

      5,75,694

      4,63,030

11,94,264

8,71,178

19,13,363

4. Interest expended

         3,39,886

        3,10,594

        2,25,895

6,50,480

4,28,330

9,57,147

5. Operating expenses (i)+(ii)

         1,46,239

        1,34,865

        1,15,911

2,81,104

2,24,287

4,76,777

(i)

Employees cost

            62,631

           61,674

           51,563

1,24,305

1,01,495

2,17,300

(ii)

Other operating expenses

            83,608

           73,191

           64,348

1,56,799

1,22,792

2,59,477

6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)

       4,86,125

      4,45,459

      3,41,806

9,31,584

6,52,617

14,33,924

7. OPERATING PROFIT (3-6)
 (Profit before provisions and contingencies)

       1,32,445

      1,30,235

      1,21,224

2,62,680

2,18,561

4,79,439

8. Provisions (other than tax) and contingencies

              4,390

           15,558

           26,786

19,948

43,454

74,989

9. Exceptional items


                   -  

                  -  

                  -  

                  -  

                  -  

                  -  

10. Profit from Ordinary Activities before tax
(7-8-9)

       1,28,055

      1,14,677

         94,438

2,42,732

1,75,107

4,04,450

11. Tax expense


            32,673

           29,303

           24,067

61,976

44,670

1,03,391

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

          95,382

         85,374

         70,371

1,80,756

1,30,437

3,01,059

13. Extraordinary items (net of tax expense)


                   -  

                  -  

                  -  

                  -  

                  -  

                  -  

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

 

          95,382

         85,374

         70,371

1,80,756

1,30,437

3,01,059

15. Paid-up Equity Share Capital
(Face value ? 2/- per Equity Share)

            47,032

           42,360

           42,191

47,032

42,191

42,324

16. Reserves excluding Revaluation Reserve






21,07,799

17. Analytical Ratios and Other Disclosures:








(i)

Percentage of shares held by Government of India

NIL

NIL

NIL

NIL

NIL

NIL

(ii)

Capital Adequacy ratio (%)








Under Basel III

              15.50

             14.28

             13.84

15.50

13.84

             14.81

(iii)

Earnings per Share (EPS) (in ?)








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

4.17*

4.03*

3.34*

8.20*

6.20*

             14.27


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

4.12*

3.98*

3.31*

8.10*

6.14*

             14.13

(iv)

NPA Ratios








a) Gross NPA

         4,43,605

        4,43,477

        4,03,106

        4,43,605

        4,03,106

        4,18,377


b) Net NPA

         1,22,981

        1,27,459

        1,26,235

        1,22,981

        1,26,235

        1,20,501


c) % of Gross NPA

                2.26

               2.38

               2.46

               2.26

               2.46

               2.36


d) % of Net NPA

                0.64

               0.69

               0.78

               0.64

               0.78

               0.69

(v)

Return on Assets (%)

 0.34*

0.32*

 0.30*

0.66*

0.58*

               1.28

(vi)

Net Worth

       26,03,207

      22,24,775

      19,61,782

      26,03,207

      19,61,782

      21,41,949

(vii)

Outstanding Redeemable Preference Shares

 NIL

 NIL

 NIL

NIL

NIL

 NIL

(viii)

Capital Redemption Reserve

 NIL

 NIL

 NIL

NIL

NIL

 NIL

(ix)

Debenture Redemption Reserve

 NIL

 NIL

 NIL

NIL

NIL

 NIL

(x)

Debt - Equity Ratio #

0.74

0.95

               1.04

               0.74

               1.04

               0.90

(xi)

Total Debts to Total Assets #

6.67%

7.72%

8.61%

6.67%

8.61%

7.42%

(xii)

Operating Margin

21.41%

22.62%

26.18%

22.00%

25.09%

25.06%

(xiii)

Net Profit Margin

15.42%

14.83%

15.20%

15.14%

14.97%

15.73%









* Not Annualised







# Debt and Total Debts represents Total Borrowings of the Bank





 

 

Segment Information@

 













 (? in Lakhs)

Particulars

Quarter ended

Half Year ended

Year ended

30.09.2023

30.06.2023

30.09.2022

30.09.2023

30.09.2022

31.03.2023

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

Audited

Segment Revenue:








Treasury

              88,824

               77,243

               67,069

            1,66,067

            1,21,933

            2,53,996


Corporate/Wholesale Banking

            1,81,524

            1,64,245

            1,23,736

            3,45,769

            2,31,494

            5,24,048


Retail Banking

            3,42,915

            3,31,117

            2,68,416

            6,74,032

            5,11,777

          11,20,482


    a) Digital Banking

               36,622

               30,340

               22,729

               66,962

               40,028

               90,354


    b) Other Retail Banking

            3,06,293

            3,00,777

            2,45,687

            6,07,070

            4,71,749

          10,30,128


Other Banking operations

                 5,204

                 2,949

                 3,630

                 8,153

                 5,753

               14,350


Unallocated

                    103

                    140

                    179

                    243

                    221

                    487

 

Total Revenue

6,18,570

5,75,694

4,63,030

11,94,264

8,71,178

19,13,363


Less: Inter Segment Revenue

                      -  

                      -  

                      -  

                      -  

                      -  

                      -  

 

Income from Operations

6,18,570

5,75,694

4,63,030

11,94,264

8,71,178

19,13,363

Segment Results (net of provisions):








Treasury

               16,790

               11,255

               18,469

               28,045

               31,049

               50,577


Corporate/Wholesale Banking

               44,512

               40,024

               14,850

               84,536

               29,355

               95,399


Retail Banking

               62,228

               60,751

               57,855

            1,22,979

            1,09,592

            2,45,789


    a) Digital Banking

                4,680

                3,520

                3,203

                8,200

                2,795

               11,359


    b) Other Retail Banking

               57,548

               57,231

               54,652

            1,14,779

            1,06,797

            2,34,430


Other Banking operations

                 4,423

                 2,507

                 3,085

                 6,930

                 4,890

               12,198


Unallocated

                    102

                    140

                    179

                    242

                    221

                    487

 

Profit before tax

1,28,055

1,14,677

94,438

2,42,732

1,75,107

4,04,450

Segment Assets:

 

 

 

 

 

 

 


Treasury

          57,46,602

          55,44,511

          43,88,999

          57,46,602

          43,88,999

          52,30,629


Corporate/Wholesale Banking

       1,05,93,983

          98,95,207

          89,70,342

       1,05,93,983

          89,70,342

          96,99,651


Retail Banking

       1,16,79,738

       1,12,69,975

          95,72,293

       1,16,79,738

          95,72,293

       1,04,41,427


    a) Digital Banking

            5,54,182

            4,82,219

            2,69,151

            5,54,182

            2,69,151

            4,16,592


    b) Other Retail Banking

       1,11,25,556

       1,07,87,756

          93,03,142

       1,11,25,556

          93,03,142

       1,00,24,835


Other Banking operations

                      -  

                      -  

                      -  

                      -  

                      -  

                      -  


Unallocated

            7,22,279

            7,09,865

            7,79,609

            7,22,279

            7,79,609

            6,62,476

 

Total

2,87,42,602

2,74,19,558

2,37,11,243

2,87,42,602

2,37,11,243

2,60,34,183

Segment Liabilities:

 








Treasury

          29,66,715

          30,91,221

          22,74,543

          29,66,715

          22,74,543

          29,13,818


Corporate/Wholesale Banking

          29,69,197

          26,25,089

          19,85,235

          29,69,197

          19,85,235

          24,24,409


Retail Banking

       1,98,83,203

       1,91,51,679

       1,71,10,829

       1,98,83,203

       1,71,10,829

       1,82,77,723


    a) Digital Banking

          13,71,578

          12,74,681

            8,90,517

          13,71,578

            8,90,517

          12,03,720


    b) Other Retail Banking

       1,85,11,625

       1,78,76,998

       1,62,20,312

       1,85,11,625

       1,62,20,312

       1,70,74,003


Other Banking operations

                      -  

                      -  

                      -  

                      -  

                      -  

                      -  


Unallocated

            3,11,604

            3,14,055

            3,65,759

            3,11,604

            3,65,759

            2,67,609

 

Total

2,61,30,719

2,51,82,044

2,17,36,366

2,61,30,719

2,17,36,366

2,38,83,559

Capital Employed:







(Segment Assets - Segment Liabilities)








Treasury

          27,79,887

          24,53,290

          21,14,456

          27,79,887

          21,14,456

          23,16,811


Corporate/Wholesale Banking

          76,24,786

          72,70,118

          69,85,107

          76,24,786

          69,85,107

          72,75,242


Retail Banking

         (82,03,465)

         (78,81,704)

         (75,38,536)

         (82,03,465)

         (75,38,536)

         (78,36,296)


    a) Digital Banking

          (8,17,396)

          (7,92,462)

          (6,21,366)

          (8,17,396)

          (6,21,366)

          (7,87,128)


    b) Other Retail Banking

        (73,86,069)

        (70,89,242)

        (69,17,170)

        (73,86,069)

        (69,17,170)

        (70,49,168)


Other Banking operations

                      -  

                      -  

                      -  

                      -  

                      -  

                      -  


Unallocated

            4,10,675

            3,95,810

            4,13,850

            4,10,675

            4,13,850

            3,94,867

 

Total

26,11,883

22,37,514

19,74,877

26,11,883

19,74,877

21,50,624

 

 







@


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 September 30, 2023 is given below:









(? in Lakhs)

 



Particulars

As at 30.09.2023

As at 30.09.2022

As at 31.03.2023

 



Unaudited

Unaudited

Audited

 



CAPITAL AND LIABILITIES







Capital

47,032

42,191

42,324




Reserves and Surplus

25,64,851

19,32,686

21,08,300




Deposits

2,32,86,843

1,89,14,571

2,13,38,604




Borrowings

19,18,084

20,41,318

19,31,928




Other Liabilities and Provisions

9,25,792

7,80,477

6,13,027




Total

2,87,42,602

2,37,11,243

2,60,34,183

 



ASSETS







Cash and Balances with Reserve Bank of India

15,00,131

12,65,431

12,59,085




Balance with Banks and Money at Call and Short Notice

4,98,462

2,33,946

5,09,783




Investments

55,16,914

43,57,131

48,98,335




Advances

1,92,81,669

1,61,24,032

1,74,44,688




Fixed Assets

93,754

71,693

93,397




Other Assets

18,51,672

16,59,010

18,28,895




Total

2,87,42,602

2,37,11,243

2,60,34,183

 










Notes:

 






1

The above Standalone Unaudited Financial Results for the quarter and half year ended September 30, 2023 were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 16, 2023. These results have been subjected to limited review by the Joint Statutory Auditors of the Bank and an unqualified review report has been issued.









2

The Bank has consistently applied its significant accounting policies in the preparation of the interim financial results as those followed in the annual financial statements for the year ended March 31, 2023.









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 half year ended September 30, 2023, the Bank has allotted 3,098,755 and 4,913,875 equity shares of ` 2 each respectively, pursuant to the exercise of stock options by employees.









7

During the quarter and half year September 30, 2023, the Bank has 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.









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

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 March 31 , 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 September 30 , 2023 (1),(3)


Personal Loans

1,71,125.31

          10,550.34

                      -  

          14,932.29

       1,46,913.60


Corporate persons

18,780.68

               170.67

                      -  

            4,836.81

          13,902.19


Of which, MSMEs

                      -  

                      -  

                      -  

                      -  

                      -  


Others

26,890.61

            1,145.23

                      -  

            3,771.09

          22,325.98


Total

    2,16,796.60

        11,866.24

                      -  

        23,540.19

    1,83,141.77

 









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 September 30, 2023.









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 half year ended September 30, 2023 are given below:


i) Details of loans not in default acquired through assignment during the half year ended September 30, 2023 are given below:










Particulars

Value





Aggregate amount of loans acquired (` in lakhs)

          91,253.22





Weighted average residual maturity (in years)

                   9.15





Weighted average holding period by originator (in years)

                   1.35





Retention of beneficial economic interest by the originator (` in lakhs)

          10,139.25





Tangible security coverage

172.30%





The loans acquired are not rated as the same are to non-corporate borrowers.







ii) Details of non-performing assets (NPAs) transferred are given below:






(` in lakhs except number of accounts)


Particulars

To ARCs

To Permitted Transferees

To other Transferees


Number of accounts

                        6

                      -  

                      -  


Aggregate principal outstanding of loans transferred

            1,824.09

                      -  

                      -  


Weighted average residual tenor of the loans transferred (in years)

                   1.83

                      -  

                      -  


Net book value of loans transferred (at the time of transfer)

               167.77

                      -  

                      -  


Aggregate consideration

            1,200.00

                      -  

                      -  


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

               492.29

                      -  

                      -  










iii) During the half year ended September 30, 2023, the Bank has not acquired any stressed loans and not transferred any loan not in default / Special Mention Accounts (SMA).










iv)  During the half year ended September 30, 2023, 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, which is unrated.









11

On October 11, 2023, the Bank has 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).









12

The figures for the quarter ended June 30, 2023, quarter and half year ended September 30, 2022 and year ended March 31, 2023 were reviewed / audited by previous Joint Statutory Auditors.









13

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












 SHYAM SRINIVASAN

Kochi


 MANAGING DIRECTOR & CEO

October 16, 2023


 (DIN: 02274773)

 

 

 

 

 

 

 

THE FEDERAL BANK LIMITED

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

(CIN: L65191KL1931PLC000368)

STANDALONE UNAUDITED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2023



(? in Lakhs)

 Particulars

 Half Year ended
 September 30, 2023

Half Year ended
 September 30, 2022

Cash Flow from Operating Activities



Net Profit Before Taxes

                        2,42,732

                        1,75,107

Adjustments for:



Depreciation on Bank's Property

                           10,366

                            7,423

Provision / Depreciation on Investments

                           (1,958)

                            1,537

Amortisation of Premium on Held to Maturity Investments

                            8,645

                            8,687

Provision / Charge for Non Performing Advances

                           24,250

                           35,500

Provision for Standard Assets and Contingencies

                           (3,900)

                            8,104

(Profit)/Loss on Sale of Fixed Assets (net)

                              (156)

                                 (5)

Dividend From Subsidiaries / Associates

                           (1,525)

                              (771)

Employees Stock Option Expense

                                 74

                                 50

 

                       2,78,528

                       2,35,632

Adjustments for working capital changes:-



(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]

                      (2,36,878)

                           50,081

(Increase)/ Decrease in Advances

                    (18,61,231)

                    (16,66,700)

(Increase)/ Decrease in Other Assets

                         (19,714)

                      (1,40,188)

Increase/ (Decrease) in Deposits

                      19,48,239

                        7,44,512

Increase/ (Decrease) in Other Liabilities and Provisions

                        3,16,666

                        2,66,496


                       1,47,082

                     (7,45,799)

Direct taxes paid (net)

                         (65,039)

                         (44,069)

Net Cash Flow from / (Used in) Operating Activities

                       3,60,571

                     (5,54,236)




Cash Flow from Investing Activities



Purchase of Fixed Assets

                         (10,795)

                         (15,820)

Proceeds from Sale of Fixed Assets

                               227

103

Dividend From Subsidiaries / Associates

                            1,525

771

(Increase)/ Decrease in Held to Maturity Investments

                      (3,88,388)

                      (4,99,489)

Net Cash generated / (Used in) Investing Activities

                     (3,97,431)

                     (5,14,435)




Cash Flow from Financing Activities



Proceeds from Issue of Share Capital

                            4,708

                               140

Proceeds from Share Premium (Net of Share Issue Expenses)

                        2,99,486

                            4,011

Proceeds from Issue of Subordinate Debt

                                  -  

                                  -  

Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)

                         (13,845)

                        5,02,006

Dividend Paid

                         (23,491)

                         (37,866)




Net Cash generated from Financing Activities

                       2,66,858

                       4,68,291

 

 

 

Effect of Exchange Fluctuation on Translation Reserve

                              (273)

                           (1,278)




Net Increase / (Decrease) in Cash and Cash Equivalents

                       2,29,725

                     (6,01,658)




Cash and Cash Equivalents at the beginning of the period

                      17,68,868

                      21,01,035

Cash and Cash Equivalents at the end of the period

                      19,98,593

                      14,99,377




Note:

 


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








 SHYAM SRINIVASAN

Kochi

 MANAGING DIRECTOR & CEO

October 16, 2023

 (DIN: 02274773)




 

 

































THE FEDERAL BANK LIMITED

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

(CIN: L65191KL1931PLC000368)

CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

 

 

 

 

 

 

 

 (? in Lakhs)

Particulars

Quarter ended

Half Year ended

Year ended

30.09.2023

30.06.2023

30.09.2022

30.09.2023

30.09.2022

31.03.2023

Unaudited

Unaudited

Unaudited

Unaudited

Unaudited

 Audited

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

        5,79,128

        5,34,977

        4,25,893

      11,14,105

        8,10,202

      17,81,178

(a)

Interest/discount on advances/bills

        4,69,147

        4,36,293

        3,46,427

        9,05,440

        6,56,847

      14,50,788

(b)

Income on investments

           89,237

           81,475

           66,308

        1,70,712

        1,28,842

        2,78,188

(c)

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

             9,028

             7,093

             6,017

           16,121

           10,497

           20,625

(d)

Others

           11,716

           10,116

             7,141

           21,832

           14,016

           31,577

2. Other income

           75,692

           74,131

           62,765

        1,49,823

        1,10,273

        2,43,623

3. TOTAL INCOME (1+2)

      6,54,820

      6,09,108

      4,88,658

    12,63,928

      9,20,475

    20,24,801

4. Interest expended

        3,54,414

        3,25,451

        2,34,904

        6,79,865

        4,45,280

        9,97,524

5. Operating expenses (i)+(ii)

        1,60,378

        1,46,944

        1,25,639

        3,07,322

        2,43,219

        5,21,120

(i)

Employees cost

           71,349

           69,326

           58,047

        1,40,675

        1,13,884

        2,44,024

(ii)

Other operating expenses

           89,029

           77,618

           67,592

        1,66,647

        1,29,335

        2,77,096

6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)

      5,14,792

      4,72,395

      3,60,543

      9,87,187

      6,88,499

    15,18,644

7. OPERATING PROFIT (3-6)
 (Profit before provisions and contingencies)

      1,40,028

      1,36,713

      1,28,115

      2,76,741

      2,31,976

      5,06,157

8. Provisions (other than tax) and contingencies

           16,469

           28,452

           22,226

           45,973

           79,863

9. Exceptional items


                  -  

                  -  

                  -  

                  -  

                  -  

                  -  

10. Profit from Ordinary Activities before tax
(7-8-9)

      1,86,003

      4,26,294

11. Tax expense


           34,255

           31,070

           25,572

           65,325

           47,612

        1,08,718

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

      1,00,016

         89,174

         74,091

      1,89,190

      1,38,391

      3,17,576

13. Extraordinary items (net of tax expense)


                  -  

                  -  

                  -  

                  -  

                  -  

                  -  

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

 

      1,00,016

         89,174

         74,091

      1,89,190

      1,38,391

      3,17,576

15. Minority interest


             1,260

             1,378

             1,164

             2,638

             2,268

             4,510

16. Share in Profit of Associates


                654

                216

                407

                870

                633

             3,406

17. Consolidated Net Profit of the group
(14-15+16)

         99,410

         88,012

         73,334

      1,87,422

      1,36,756

      3,16,472

18. Paid-up Equity Share Capital
(Face value ? 2/- per Equity Share)

           47,032

           42,360

           42,191

           47,032

           42,191

           42,324

19. Reserves excluding Revaluation Reserve






      21,69,416

20. Analytical Ratios and Other Disclosures:








(i)

Percentage of shares held by Government of India

NIL

NIL

NIL

 NIL

 NIL

NIL

(ii)

Capital Adequacy ratio (%)








Under Basel III

             15.92

             14.72

             14.30

             15.92

             14.30

             15.24

(iii)

Earnings per Share (EPS) (in `)








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

 4.35*

 4.16*

3.48*

 8.51*

 6.50*

             15.01


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

 4.29*

 4.11*

3.45*

 8.40*

 6.44*

             14.85

(iv)

NPA Ratios








a) Gross NPA

        4,61,712

        4,61,079

        4,17,310

        4,61,712

        4,17,310

        4,34,352


b) Net NPA

        1,36,278

        1,40,434

        1,36,396

        1,36,278

        1,36,396

        1,32,344


c) % of Gross NPA

               2.27

               2.37

               2.45

               2.27

               2.45

               2.35


d) % of Net NPA

               0.68

               0.74

               0.82

               0.68

               0.82

               0.73

(v)

Return on Assets (%)

0.34*

0.32*

0.31*

 0.66*

 0.58*

               1.28

* Not Annualised







 

 

Segment Information@

 











 

 

 (? in Lakhs)

Particulars

Quarter ended

Half Year ended

Year ended

30.09.2023

30.06.2023

30.09.2022

 30.09.2023

 30.09.2022

31.03.2023

Unaudited

Unaudited

Unaudited

 Unaudited

 Unaudited

Audited

Segment Revenue:








Treasury

               89,241

               76,433

               66,222

            1,65,674

            1,20,927

            2,53,555


Corporate/Wholesale Banking

            1,80,218

            1,63,630

            1,22,907

            3,43,848

            2,29,691

            5,20,704


Retail Banking

            3,78,773

            3,64,558

            2,94,019

            7,43,331

            5,60,624

          12,28,710


    a) Digital Banking

              36,622

              30,340

              22,729

              66,962

              40,028

              90,354


    b) Other Retail Banking

           3,42,151

           3,34,218

           2,71,290

           6,76,369

           5,20,596

         11,38,356


Other Banking operations

                6,485

                4,347

                5,331

               10,832

                9,012

               21,225


Unallocated

                   103

                   140

                   179

                   243

                   221

                   607

 

Total Revenue

         6,54,820

         6,09,108

         4,88,658

       12,63,928

         9,20,475

       20,24,801


Less: Inter Segment Revenue

                        -

                        -

                        -

                        -

                        -

                        -

 

Income from Operations

         6,54,820

         6,09,108

         4,88,658

       12,63,928

         9,20,475

       20,24,801

Segment Results (net of provisions):








Treasury

               17,793

               11,024

               18,243

               28,817

               31,243

               52,460


Corporate/Wholesale Banking

               44,463

               39,858

               14,371

               84,321

               28,733

               94,335


Retail Banking

               66,419

               66,019

               62,871

            1,32,438

            1,19,115

            2,61,538


    a) Digital Banking

                4,680

                3,520

                3,203

                8,200

                2,795

              11,359


    b) Other Retail Banking

              61,739

              62,499

              59,668

           1,24,238

           1,16,320

           2,50,179


Other Banking operations

                5,494

                3,203

                3,999

                8,697

                6,691

               15,817


Unallocated

                   102

                   140

                   179

                   242

                   221

                2,144

 

Profit before tax

         1,34,271

         1,20,244

             99,663

         2,54,515

         1,86,003

         4,26,294

Segment Assets:

 

 

 

 

 

 

 


Treasury

          57,25,569

          55,42,708

          43,66,944

          57,25,569

          43,66,944

          52,06,924


Corporate/Wholesale Banking

       1,05,29,830

          98,40,909

          89,31,093

       1,05,29,830

          89,31,093

          96,72,729


Retail Banking

       1,26,26,779

       1,21,32,226

       1,02,55,021

       1,26,26,779

       1,02,55,021

       1,12,56,964


    a) Digital Banking

           5,54,182

           4,82,219

           2,69,151

           5,54,182

           2,69,151

           4,16,592


    b) Other Retail Banking

      1,20,72,597

      1,16,50,007

         99,85,870

      1,20,72,597

         99,85,870

      1,08,40,372


Other Banking operations

                   351

                1,413

                   851

                   351

                   851

                1,313


Unallocated

            7,22,279

            7,09,865

            7,79,609

            7,22,279

            7,79,609

            6,62,476

 

Total

    2,96,04,808

    2,82,27,121

    2,43,33,518

    2,96,04,808

    2,43,33,518

    2,68,00,406

Segment Liabilities:

 








Treasury

          30,05,480

          31,49,951

          23,14,458

          30,05,480

          23,14,458

          29,42,093


Corporate/Wholesale Banking

          29,71,838

          26,28,875

          19,88,499

          29,71,838

          19,88,499

          24,14,080


Retail Banking

       2,05,96,656

       1,97,95,561

       1,76,03,969

       2,05,96,656

       1,76,03,969

       1,89,28,892


    a) Digital Banking

         13,71,578

         12,74,681

           8,90,517

         13,71,578

           8,90,517

         12,03,720


    b) Other Retail Banking

      1,92,25,078

      1,85,20,880

      1,67,13,452

      1,92,25,078

      1,67,13,452

      1,77,25,172


Other Banking operations

                   356

                   330

                   483

                   356

                   483

                   294


Unallocated

            3,11,604

            3,14,055

            3,65,759

            3,11,604

            3,65,759

            2,67,609

 

Total

    2,68,85,934

    2,58,88,772

    2,22,73,168

    2,68,85,934

    2,22,73,168

    2,45,52,968

Capital Employed:







(Segment Assets - Segment Liabilities)








Treasury

          27,20,089

          23,92,757

          20,52,486

          27,20,089

          20,52,486

          22,64,831


Corporate/Wholesale Banking

          75,57,992

          72,12,034

          69,42,594

          75,57,992

          69,42,594

          72,58,649


Retail Banking

        (79,69,877)

        (76,63,335)

        (73,48,948)

        (79,69,877)

        (73,48,948)

        (76,71,928)


    a) Digital Banking

         (8,17,396)

         (7,92,462)

         (6,21,366)

         (8,17,396)

         (6,21,366)

         (7,87,128)


    b) Other Retail Banking

        (71,52,481)

        (68,70,873)

        (67,27,582)

        (71,52,481)

        (67,27,582)

        (68,84,800)


Other Banking operations

                     (5)

                1,083

                   368

                     (5)

                   368

                1,019


Unallocated

            4,10,675

            3,95,810

            4,13,850

            4,10,675

            4,13,850

            3,94,867

 

Total

       27,18,874

       23,38,349

       20,60,350

       27,18,874

       20,60,350

       22,47,438

 

 







@

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 September 30, 2023 is given below:






(` in Lakhs)

 



Particulars

As at 30.09.2023

As at 30.09.2022

As at 31.03.2023

 



Unaudited

Unaudited

Audited

 



CAPITAL AND LIABILITIES







Capital

47,032

42,191

42,324




Reserves and Surplus

26,33,166

19,85,210

21,69,917




Minority Interest

38,676

32,949

35,197




Deposits

2,32,83,278

1,89,11,141

2,12,98,850




Borrowings

26,35,991

25,49,788

25,86,198




Other Liabilities and Provisions

9,66,665

8,12,239

6,67,920




Total

2,96,04,808

2,43,33,518

2,68,00,406

 



ASSETS







Cash and Balances with Reserve Bank of India

15,01,697

12,67,727

12,60,424




Balance with Banks and Money at Call and Short Notice

5,90,148

2,43,013

5,19,969




Investments

54,91,392

43,30,736

48,70,224




Advances

2,00,38,969

1,67,29,924

1,81,95,675




Fixed Assets

98,326

75,546

97,171




Other Assets

18,84,276

16,86,572

18,56,943




Total

2,96,04,808

2,43,33,518

2,68,00,406

 










Notes:

 






1

The above Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2023 were reviewed by the Audit Committee and subsequently approved by the Board of Directors at its meeting held on October 16, 2023. These results have been subjected to limited review by the Joint Statutory Auditors of the Bank and an unqualified review report has been issued.









2

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









3

There has been no material change in the accounting policies adopted in the preparation of the interim financial results as compared to those followed for the year ended March 31, 2023.









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 Joint Statutory Auditors of the Bank.









8

During the quarter and half year September 30, 2023 , the Bank has 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

The figures for the quarter ended June 30, 2023, quarter and half year ended September 30, 2022 and year ended March 31, 2023 were reviewed / audited by previous Joint Statutory Auditors.









10

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




































 SHYAM SRINIVASAN

Kochi


 MANAGING DIRECTOR & CEO

October 16, 2023


 (DIN: 02274773)









 

 

THE FEDERAL BANK LIMITED

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

(CIN: L65191KL1931PLC000368)

CONSOLIDATED UNAUDITED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2023

 

(? in Lakhs)

 Particulars

 Half Year ended
 September 30, 2023

Half Year ended
 September 30, 2022

Cash Flow from Operating Activities



Net Profit Before Taxes

                       2,52,747

                       1,84,368

Adjustments for:



Depreciation on Group's Property

                          11,195

                            8,215

Provision / Depreciation on Investments

                          (1,954)

                            1,502

Amortisation of Premium on Held to Maturity Investments

                           8,645

                            8,686

Provision / Charge for Non Performing Advances

                          27,307

                          39,576

Provision for Standard Assets and Contingencies

                          (4,679)

                            6,582

(Profit)/ Loss on Sale of Fixed Assets (net)

                             (156)

                                 (5)

Employees Stock Option Expense

                                38

                                49

 

                      2,93,143

                      2,48,973

Adjustments for working capital changes:-



(Increase)/ Decrease in Investments [excluding Held to Maturity Investments]

                     (2,39,471)

                          65,083

(Increase)/ Decrease in Advances

                   (18,70,601)

                    (17,74,354)

(Increase)/ Decrease in Other Assets

                        (23,776)

                     (1,44,610)

Increase/ (Decrease) in Deposits

                     19,84,428

                       7,43,389

Increase/ (Decrease) in Other Liabilities and Provisions

                       3,03,425

                       2,64,128


                      1,54,005

                    (8,46,364)

Direct taxes paid (net)

                        (68,882)

                        (47,956)

Net Cash Flow from / (Used in) Operating Activities

                      3,78,266

                    (6,45,347)




Cash Flow from Investing Activities



Purchase of Fixed Assets

                        (12,421)

                        (16,650)

Proceeds from Sale of Fixed Assets

                              228

                               105

(Increase)/ Decrease in Held to Maturity Investments

                     (3,88,388)

                     (4,99,489)

Net Cash generated / (Used in) Investing Activities

                    (4,00,581)

                    (5,16,034)

 

 

 

Cash Flow from Financing Activities



Proceeds from Issue of Share Capital

                           4,708

                               140

Proceeds from Share Premium (Net of Share Issue Expenses)

                       2,99,767

                            4,074

Increase / (Decrease) in Minority Interest

                           3,264

                            2,390

Proceeds from Issue of Subordinate Debt

                          20,000

                                 -  

Increase/(Decrease) in Borrowings (Excluding Subordinate Debt)

                          29,793

                       5,91,049

Dividend Paid

                        (23,491)

                        (37,866)




Net Cash generated  from Financing Activities

                      3,34,041

                      5,59,787

 

 

 

Effect of Exchange Fluctuation on Translation Reserve

                             (274)

                          (1,277)




Increase/(Decrease) in Cash and Cash Equivalents

                      3,11,452

                    (6,02,871)




Cash and Cash Equivalents at the beginning of the period

                     17,80,393

                     21,13,611

Cash and Cash Equivalents at the end of the period

                     20,91,845

                     15,10,740




Note:

 


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





                                                          



 SHYAM SRINIVASAN

Kochi

 MANAGING DIRECTOR & CEO

October 16, 2023

 (DIN: 02274773)

 

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