REG - Federal Bank Ltd The - 1st Quarter Results
19/08/2024 13:30
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RNS Number : 9683A Federal Bank Ltd (The) 19 August 2024
________________________________________________________________________________
SD/LSE/185/2024-25
19.08.2024
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 ended June 30, 2024 which was approved at
the Bank's Board of Directors meeting held on July 24, 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 Review Report on standalone unaudited financial results
for the quarter ended June 30, 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) 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
ended June 30, 2024 ('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 June 30,
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 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
approved by the Bank's Board of Directors, has been prepared in accordance
with the recognition and measurement principles laid down in Accounting
Standard 25 'Interim Financial Reporting' ('AS 25') prescribed under section
133 of the Companies Act, 2013 ('the Act') 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, directions issued
by the Reserve Bank of India ('the RBI') from time to time ('the RBI
Guidelines') and other recognized 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. This standard requires that we plan and
perform the review to obtain moderate assurance as to whether the Statement
are free of material misstatement. A review 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 Act 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 Act read with relevant rules issued thereunder, the RBI Guidelines and
other 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 June 30, 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 the Note 7 to the Statement
and have not been reviewed by us.
5. The Statement includes standalone unaudited financial results of the Bank
for the corresponding quarter ended June 30, 2023, which were reviewed by
another auditors whose report dated July 13, 2023 expressed an unmodified
conclusion on those results.
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: 24117812BKFITP3589 UDIN: 24219922BKCLUA7323
Kochi Kochi
July 24, 2024 July 24, 2024
MSKA& 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 ended June 30, 2024 of The Federal Bank Limited
pursuant to the Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.
The Board of Directors
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'), its share of the net profit after tax of its associates for the
quarter ended June 30, 2024 ('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 Regulation') except, for the disclosures relating to
consolidated Pillar 3 as at June 30, 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 the Note 6 to the Statement and have not
been reviewed by us.
2. This Statement, which is the responsibility of the Bank's Management and
approved by the Bank's Board of Directors, has been prepared in accordance
with the recognition and measurement principles laid down in Accounting
Standard 25 'Interim Financial Reporting' ('AS 25') prescribed under section
133 of the Companies Act, 2013 ('the Act') 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, directions issued
by the Reserve Bank of India ('the RBI') from time to time ('the RBI
Guidelines') and other recognized 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. This standard requires that we
plan and perform the review to obtain moderate assurance as to whether the
Statement is free of material misstatement. A review 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 Act, 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
Securities and Exchange Board of India under Regulation 33 (8) of the
Regulations, to the extent applicable.
4. The Statement includes the 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 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 AS 25 prescribed under Section 133 of the
Act read with relevant rules issued thereunder, the RBI Guidelines and other
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 June 30, 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 the Note 6 to the
Statement and have not been reviewed by us.
6. We did not review the interim financial information of two subsidiaries
included in the statement, whose interim financial information reflect total
revenues of Rs.49,886 Lakhs and total net profit after tax of Rs.5,311 Lakhs
for the quarter ended June 30, 2024 as considered in the Statement. These
interim financial information have been reviewed by other auditors whose
reports have been furnished to us by the Management and our conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in
respect of these subsidiaries, is based solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion is not modified in respect of the above matter.
7. The Statement includes the Group's share of net profit after tax of Rs.
741 Lakhs for the quarter ended June 30, 2024 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 consolidated unaudited financial results of the
Bank for the corresponding quarter ended June 30, 2023, which were reviewed by
another auditors whose report dated July 13, 2023 expressed an unmodified
conclusion on those results.
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: 24117812BKFITP3589 UDIN: 24219922BKCLUA7323
Kochi Kochi
July 24, 2024 July 24, 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 Review Report on consolidated unaudited financial
results for the quarter ended June 30, 2024 of The Federal Bank Limited
pursuant to the Regulation 33 of the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended.
The Board of Directors
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'), its share of the net profit after tax of its associates for the
quarter ended June 30, 2024 ('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 Regulation') except, for the disclosures relating to
consolidated Pillar 3 as at June 30, 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 the Note 6 to the Statement and have not
been reviewed by us.
2. This Statement, which is the responsibility of the Bank's Management and
approved by the Bank's Board of Directors, has been prepared in accordance
with the recognition and measurement principles laid down in Accounting
Standard 25 'Interim Financial Reporting' ('AS 25') prescribed under section
133 of the Companies Act, 2013 ('the Act') 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, directions issued
by the Reserve Bank of India ('the RBI') from time to time ('the RBI
Guidelines') and other recognized 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. This standard requires that we
plan and perform the review to obtain moderate assurance as to whether the
Statement is free of material misstatement. A review 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 Act, 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
Securities and Exchange Board of India under Regulation 33 (8) of the
Regulations, to the extent applicable.
4. The Statement includes the 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 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 AS 25 prescribed under Section 133 of the
Act read with relevant rules issued thereunder, the RBI Guidelines and other
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 June 30, 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 the Note 6 to the
Statement and have not been reviewed by us.
6. We did not review the interim financial information of two subsidiaries
included in the statement, whose interim financial information reflect total
revenues of Rs.49,886 Lakhs and total net profit after tax of Rs.5,311 Lakhs
for the quarter ended June 30, 2024 as considered in the Statement. These
interim financial information have been reviewed by other auditors whose
reports have been furnished to us by the Management and our conclusion on the
Statement, in so far as it relates to the amounts and disclosures included in
respect of these subsidiaries, is based solely on the reports of the other
auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion is not modified in respect of the above matter.
7. The Statement includes the Group's share of net profit after tax of Rs.
741 Lakhs for the quarter ended June 30, 2024 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 consolidated unaudited financial results of the
Bank for the corresponding quarter ended June 30, 2023, which were reviewed by
another auditors whose report dated July 13, 2023 expressed an unmodified
conclusion on those results.
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: 24117812BKFITP3589 UDIN: 24219922BKCLUA7323
Kochi Kochi
July 24, 2024 July 24, 2024
THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
(₹ in Lakhs)
Particulars Quarter ended Year ended
30.06.2024 31.03.2024 30.06.2023 31.03.2024
Unaudited Audited Unaudited Audited
(Refer Note
9 below)
1. Interest earned (a)+(b)+(c)+(d) 6,33,088 5,97,835 5,02,453 22,18,826
(a) Interest/discount on advances/bills 5,02,614 4,74,189 4,03,958 17,73,452
(b) Income on investments 1,10,825 1,03,255 81,486 3,69,162
(c) Interest on balances with Reserve Bank of India and other inter bank funds 10,269 9,837 7,093 33,887
(d) Others 9,380 10,554 9,916 42,325
2. Other income (Refer note 4) 91,518 75,388 73,241 3,07,927
3. TOTAL INCOME (1+2) 7,24,606 6,73,223 5,75,694 25,26,753
4. Interest expended 4,03,890 3,78,324 3,10,594 13,89,478
5. Operating expenses (i)+(ii) 1,70,625 1,83,864 1,34,865 6,19,827
(i) Employees cost 73,802 88,689 61,674 2,82,309
(ii) Other operating expenses 96,823 95,175 73,191 3,37,518
6. TOTAL EXPENDITURE (4+5) 5,74,515 5,62,188 4,45,459 20,09,305
(excluding provisions and contingencies)
7. OPERATING PROFIT (3-6) 1,50,091 1,11,035 1,30,235 5,17,448
(Profit before provisions and contingencies)
8. Provisions (other than tax) and contingencies 14,427 (9,460) 15,558 19,610
9. Exceptional items - - - -
10. Profit from Ordinary Activities before tax 1,35,664 1,20,495 1,14,677 4,97,838
(7-8-9)
11. Tax expense 34,711 29,865 29,303 1,25,778
12. Net Profit from Ordinary Activities after tax (10-11) 1,00,953 90,630 85,374 3,72,060
13. Extraordinary items (net of tax expense) - - - -
14. Net Profit for the period (12-13) 1,00,953 90,630 85,374 3,72,060
15. Paid-up Equity Share Capital 48,953 48,707 42,360 48,707
(Face value ₹ 2/- per Equity Share)
16. Reserves excluding Revaluation Reserve 28,60,234
17. Analytical Ratios and Other Disclosures:
(i) Percentage of shares held by Government of India NIL NIL NIL NIL
(ii) Capital Adequacy ratio (%) (Refer note 5)
Under Basel III 15.57 16.13 14.28 16.13
(iii) Earnings per Share (EPS) (in ₹)
(a) Basic EPS (before and after extraordinary items) 4.14* 3.72* 4.03* 16.07
(b) Diluted EPS (before and after extraordinary items) 4.09* 3.68* 3.98* 15.87
(iv) NPA Ratios
a) Gross NPA 4,73,835 4,52,887 4,43,477 4,52,887
b) Net NPA 1,33,044 1,25,533 1,27,459 1,25,533
c) % of Gross NPA 2.11 2.13 2.38 2.13
d) % of Net NPA 0.60 0.60 0.69 0.60
(v) Return on Assets (%) 0.32* 0.30* 0.32* 1.32
(vi) Net Worth 30,30,084 29,08,941 22,24,775 29,08,941
(vii) Outstanding Redeemable Preference Shares NIL NIL NIL NIL
(viii) Capital Redemption Reserve NIL NIL NIL NIL
(ix) Debenture Redemption Reserve NIL NIL NIL NIL
(x) Debt - Equity Ratio (#) 0.71 0.62 0.95 0.62
(xi) Total Debts to Total Assets (#) 6.62% 5.85% 7.72% 5.85%
(xii) Operating Margin 20.71% 16.49% 22.62% 20.48%
(xiii) Net Profit Margin 13.93% 13.46% 14.83% 14.72%
(*) Not Annualised
(#) Debt and Total Debts represents Total Borrowings of the Bank
THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
(₹ in Lakhs)
Particulars
Quarter ended
Year ended
30.06.2024
31.03.2024
30.06.2023
31.03.2024
Unaudited
Audited
(Refer Note
9 below)
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
6,33,088
5,97,835
5,02,453
22,18,826
(a)
Interest/discount on advances/bills
5,02,614
4,74,189
4,03,958
17,73,452
(b)
Income on investments
1,10,825
1,03,255
81,486
3,69,162
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
10,269
9,837
7,093
33,887
(d)
Others
9,380
10,554
9,916
42,325
2. Other income (Refer note 4)
91,518
75,388
73,241
3,07,927
3. TOTAL INCOME (1+2)
7,24,606
6,73,223
5,75,694
25,26,753
4. Interest expended
4,03,890
3,78,324
3,10,594
13,89,478
5. Operating expenses (i)+(ii)
1,70,625
1,83,864
1,34,865
6,19,827
(i)
Employees cost
73,802
88,689
61,674
2,82,309
(ii)
Other operating expenses
96,823
95,175
73,191
3,37,518
6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)
5,74,515
5,62,188
4,45,459
20,09,305
7. OPERATING PROFIT (3-6)
(Profit before provisions and contingencies)
1,50,091
1,11,035
1,30,235
5,17,448
8. Provisions (other than tax) and contingencies
14,427
(9,460)
15,558
19,610
9. Exceptional items
-
-
-
-
10. Profit from Ordinary Activities before tax
(7-8-9)
1,35,664
1,20,495
1,14,677
4,97,838
11. Tax expense
34,711
29,865
29,303
1,25,778
12. Net Profit from Ordinary Activities after tax (10-11)
1,00,953
90,630
85,374
3,72,060
13. Extraordinary items (net of tax expense)
-
-
-
-
14. Net Profit for the period (12-13)
1,00,953
90,630
85,374
3,72,060
15. Paid-up Equity Share Capital
(Face value ₹ 2/- per Equity Share)
48,953
48,707
42,360
48,707
16. Reserves excluding Revaluation Reserve
28,60,234
17. Analytical Ratios and Other Disclosures:
(i)
Percentage of shares held by Government of India
NIL
NIL
NIL
NIL
(ii)
Capital Adequacy ratio (%) (Refer note 5)
Under Basel III
15.57
16.13
14.28
16.13
(iii)
Earnings per Share (EPS) (in ₹)
(a) Basic EPS (before and after extraordinary items)
4.14*
3.72*
4.03*
16.07
(b) Diluted EPS (before and after extraordinary items)
4.09*
3.68*
3.98*
15.87
(iv)
NPA Ratios
a) Gross NPA
4,73,835
4,52,887
4,43,477
4,52,887
b) Net NPA
1,33,044
1,25,533
1,27,459
1,25,533
c) % of Gross NPA
2.11
2.13
2.38
2.13
d) % of Net NPA
0.60
0.60
0.69
0.60
(v)
Return on Assets (%)
0.32*
0.30*
0.32*
1.32
(vi)
Net Worth
30,30,084
29,08,941
22,24,775
29,08,941
(vii)
Outstanding Redeemable Preference Shares
NIL
NIL
NIL
NIL
(viii)
Capital Redemption Reserve
NIL
NIL
NIL
NIL
(ix)
Debenture Redemption Reserve
NIL
NIL
NIL
NIL
(x)
Debt - Equity Ratio (#)
0.71
0.62
0.95
0.62
(xi)
Total Debts to Total Assets (#)
6.62%
5.85%
7.72%
5.85%
(xii)
Operating Margin
20.71%
16.49%
22.62%
20.48%
(xiii)
Net Profit Margin
13.93%
13.46%
14.83%
14.72%
(*) Not Annualised
(#) Debt and Total Debts represents Total Borrowings of the Bank
Segment Information@
(₹ in Lakhs)
Particulars Quarter ended Year ended
30.06.2024 31.03.2024 30.06.2023 31.03.2024
Unaudited Audited Unaudited Audited
(Refer Note
9 below)
Segment Revenue:
Treasury 1,11,473 90,473 77,243 3,53,336
Corporate/Wholesale Banking 1,99,879 1,95,562 1,64,245 7,21,536
Retail Banking 4,08,592 3,81,224 3,31,117 14,31,246
a) Digital Banking 46,198 44,452 30,340 1,50,103
b) Other Retail Banking 3,62,394 3,36,772 3,00,777 12,81,143
Other Banking operations 4,606 5,799 2,949 20,071
Unallocated 56 165 140 564
Total Revenue 7,24,606 6,73,223 5,75,694 25,26,753
Less: Inter Segment Revenue - - - -
Income from Operations 7,24,606 6,73,223 5,75,694 25,26,753
Segment Results (net of provisions):
Treasury 22,291 6,814 11,255 56,572
Corporate/Wholesale Banking 37,245 42,671 40,024 1,62,157
Retail Banking 72,157 65,916 60,751 2,61,486
a) Digital Banking 4,094 7,546 3,520 22,559
b) Other Retail Banking 68,063 58,370 57,231 2,38,927
Other Banking operations 3,915 4,929 2,507 17,060
Unallocated 56 165 140 563
Profit before tax 1,35,664 1,20,495 1,14,677 4,97,838
Segment Assets:
Treasury 69,91,289 63,09,635 55,44,511 63,09,635
Corporate/Wholesale Banking 1,16,06,254 1,11,57,372 98,95,207 1,11,57,372
Retail Banking 1,33,87,844 1,25,55,959 1,12,69,975 1,25,55,959
a) Digital Banking 7,05,217 6,81,296 4,82,219 6,81,296
b) Other Retail Banking 1,26,82,627 1,18,74,663 1,07,87,756 1,18,74,663
Other Banking operations - - - -
Unallocated 8,11,707 8,08,214 7,09,865 8,08,214
Total 3,27,97,094 3,08,31,180 2,74,19,558 3,08,31,180
Segment Liabilities:
Treasury 32,96,960 28,80,492 30,91,221 28,80,492
Corporate/Wholesale Banking 35,29,046 32,02,646 26,25,089 32,02,646
Retail Banking 2,24,96,965 2,13,10,663 1,91,51,679 2,13,10,663
a) Digital Banking 16,83,976 16,26,328 12,74,681 16,26,328
b) Other Retail Banking 2,08,12,989 1,96,84,335 1,78,76,998 1,96,84,335
Other Banking operations - - - -
Unallocated 4,17,703 5,27,937 3,14,055 5,27,937
Total 2,97,40,674 2,79,21,738 2,51,82,044 2,79,21,738
Capital Employed:
(Segment Assets - Segment Liabilities)
Treasury 36,94,329 34,29,143 24,53,290 34,29,143
Corporate/Wholesale Banking 80,77,208 79,54,726 72,70,118 79,54,726
Retail Banking (91,09,121) (87,54,704) (78,81,704) (87,54,704)
a) Digital Banking (9,78,759) (9,45,032) (7,92,462) (9,45,032)
b) Other Retail Banking (81,30,362) (78,09,672) (70,89,242) (78,09,672)
Other Banking operations - - - -
Unallocated 3,94,004 2,80,277 3,95,810 2,80,277
Total 30,56,420 29,09,442 22,37,514 29,09,442
@ 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 The above Standalone Unaudited Financial Results for the quarter ended June
30, 2024 were approved by the Board of Directors at its meeting held on July
24, 2024. These financial results have been subjected to limited review by the
Joint Statutory Auditors of the Bank and an unmodified review report has been
issued.
2 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.
3 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, 2024 except as stated in Note 10
below. Any circular / direction issued by RBI is implemented prospectively
when it becomes applicable, unless specifically required as per that circular
/ direction.
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 ended June 30, 2024, the Bank has allotted 12,289,136
equity shares of ₹2 each, pursuant to the exercise of stock options by
employees.
7 As per extant RBI guidelines, banks are required to make Pillar 3 disclosures
including leverage ratio , liquidity coverage ratio and Net Stable Funding
Ratio (NSFR) under the Basel III framework. Accordingly, such applicable
disclosures have been placed on the website of the Bank which can be accessed
at the following link: https://www.federalbank.co.in/regulatory-disclosures.
These disclosures have not been subjected to audit or review by the Joint
Statutory Auditors of the Bank.
8 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 quarter ended June 30, 2024 are given below:
i) Details of loans not in default acquired through assignment during the
quarter ended June 30, 2024 are given below:
Particulars Value
Aggregate amount of loans acquired (₹ in lakhs) 18,103.99
Weighted average residual maturity (in years) 0.97
Weighted average holding period by originator (in years) 0.28
Retention of beneficial economic interest by the originator (₹ in lakhs) 41,784.61
Tangible security coverage 55.81%
Rating-wise distribution
A1+ 55.81%
Unrated 44.19%
ii) During the quarter ended June 30, 2024, the bank has not acquired any
stressed loans and not transferred any loan not in default / Special Mention
Accounts (SMA) / stressed loans.
iii) Book value of security receipts outstanding as on June 30, 2024 is nil.
9 The figures for the quarter ended March 31, 2024 are the balancing figures
between audited figures in respect of the financial year 2023-24 and the
published year to date figures upto December 31, 2023, which were subjected to
limited review.
10 During the quarter ended June 30, 2024, the Bank implemented the RBI Master
Direction - Classification, Valuation, and Operation of Investment Portfolio
of Commercial Banks (Directions), 2023, dated September 12, 2023. This
directive is applicable to banks from April 01, 2024. Consequent to the
transition provisions, the Bank's reserves increased by ₹ 33,975.39 lakhs
(net of taxes) as on April 01, 2024, on account of revision in the carrying
value of investments to the fair value as on such date. The impact of the
revised framework for the period subsequent to transition is not
ascertainable, making the income/profit or loss from investments for the
quarter ended June 30, 2024, incomparable with the previous year/periods.
11 The figures for the quarter ended June 30, 2023 were reviewed by previous
Joint Statutory Auditors.
12 Previous period's figures have been regrouped / reclassified, wherever
necessary to conform to current period's classification.
SHYAM SRINIVASAN
Kochi MANAGING DIRECTOR & CEO
July 24, 2024 (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 ENDED JUNE 30, 2024
(₹ in Lakhs)
Particulars Quarter ended Year ended
30.06.2024 31.03.2024 30.06.2023 31.03.2024
Unaudited Audited Unaudited Audited
(Refer Note
7 below)
1. Interest earned (a)+(b)+(c)+(d) 6,72,760 6,33,922 5,34,977 23,56,547
(a) Interest/discount on advances/bills 5,41,918 5,09,954 4,36,293 19,10,130
(b) Income on investments 1,10,722 1,03,082 81,475 3,68,570
(c) Interest on balances with Reserve Bank of India and other inter bank funds 10,269 9,837 7,093 33,887
(d) Others 9,851 11,049 10,116 43,960
2. Other income (Refer note 5) 93,605 80,990 74,131 3,21,648
3. TOTAL INCOME (1+2) 7,66,365 7,14,912 6,09,108 26,78,195
4. Interest expended 4,21,153 3,93,634 3,25,451 14,49,467
5. Operating expenses (i)+(ii) 1,87,490 1,99,327 1,46,944 6,76,670
(i) Employees cost 84,455 98,533 69,326 3,17,970
(ii) Other operating expenses 1,03,035 1,00,794 77,618 3,58,700
6. TOTAL EXPENDITURE (4+5) 6,08,643 5,92,961 4,72,395 21,26,137
(excluding provisions and contingencies)
7. OPERATING PROFIT (3-6) 1,57,722 1,21,951 1,36,713 5,52,058
(Profit before provisions and contingencies)
8. Provisions (other than tax) and contingencies 17,288 (7,653) 16,469 25,958
9. Exceptional items - - - -
10. Profit from Ordinary Activities before tax 1,40,434 1,29,604 1,20,244 5,26,100
(7-8-9)
11. Tax expense 36,432 32,365 31,070 1,33,347
12. Net Profit from Ordinary Activities after tax (10-11) 1,04,002 97,239 89,174 3,92,753
13. Extraordinary items (net of tax expense) - - - -
14. Net Profit for the period (12-13) 1,04,002 97,239 89,174 3,92,753
15. Minority interest 1,992 2,538 1,378 8,361
16. Share in Profit of Associates 741 2,378 216 3,651
17. Consolidated Net Profit of the group 1,02,751 97,079 88,012 3,88,043
(14-15+16)
18. Paid-up Equity Share Capital 48,953 48,707 42,360 48,707
(Face value ₹ 2/- per Equity Share)
19. Reserves excluding Revaluation Reserve 29,61,328
20. Analytical Ratios and Other Disclosures:
(i) Percentage of shares held by Government of India NIL NIL NIL NIL
(ii) Earnings per Share (EPS) (in `)
(a) Basic EPS (before and after extraordinary items) 4.21* 3.99* 4.16* 16.76
(b) Diluted EPS (before and after extraordinary items) 4.16* 3.94* 4.11* 16.55
(*) Not Annualised
THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2024
(₹ in Lakhs)
Particulars
Quarter ended
Year ended
30.06.2024
31.03.2024
30.06.2023
31.03.2024
Unaudited
Audited
(Refer Note
7 below)
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
6,72,760
6,33,922
5,34,977
23,56,547
(a)
Interest/discount on advances/bills
5,41,918
5,09,954
4,36,293
19,10,130
(b)
Income on investments
1,10,722
1,03,082
81,475
3,68,570
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
10,269
9,837
7,093
33,887
(d)
Others
9,851
11,049
10,116
43,960
2. Other income (Refer note 5)
93,605
80,990
74,131
3,21,648
3. TOTAL INCOME (1+2)
7,66,365
7,14,912
6,09,108
26,78,195
4. Interest expended
4,21,153
3,93,634
3,25,451
14,49,467
5. Operating expenses (i)+(ii)
1,87,490
1,99,327
1,46,944
6,76,670
(i)
Employees cost
84,455
98,533
69,326
3,17,970
(ii)
Other operating expenses
1,03,035
1,00,794
77,618
3,58,700
6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)
6,08,643
5,92,961
4,72,395
21,26,137
7. OPERATING PROFIT (3-6)
(Profit before provisions and contingencies)
1,57,722
1,21,951
1,36,713
5,52,058
8. Provisions (other than tax) and contingencies
17,288
(7,653)
16,469
25,958
9. Exceptional items
-
-
-
-
10. Profit from Ordinary Activities before tax
(7-8-9)
1,40,434
1,29,604
1,20,244
5,26,100
11. Tax expense
36,432
32,365
31,070
1,33,347
12. Net Profit from Ordinary Activities after tax (10-11)
1,04,002
97,239
89,174
3,92,753
13. Extraordinary items (net of tax expense)
-
-
-
-
14. Net Profit for the period (12-13)
1,04,002
97,239
89,174
3,92,753
15. Minority interest
1,992
2,538
1,378
8,361
16. Share in Profit of Associates
741
2,378
216
3,651
17. Consolidated Net Profit of the group
(14-15+16)
1,02,751
97,079
88,012
3,88,043
18. Paid-up Equity Share Capital
(Face value ₹ 2/- per Equity Share)
48,953
48,707
42,360
48,707
19. Reserves excluding Revaluation Reserve
29,61,328
20. Analytical Ratios and Other Disclosures:
(i)
Percentage of shares held by Government of India
NIL
NIL
NIL
NIL
(ii)
Earnings per Share (EPS) (in `)
(a) Basic EPS (before and after extraordinary items)
4.21*
3.99*
4.16*
16.76
(b) Diluted EPS (before and after extraordinary items)
4.16*
3.94*
4.11*
16.55
(*) Not Annualised
Segment Information@
(₹ in Lakhs)
Particulars Quarter ended Year ended
30.06.2024 31.03.2024 30.06.2023 31.03.2024
Unaudited Audited Unaudited Audited
(Refer Note
7 below)
Segment Revenue:
Treasury 1,10,312 91,225 76,433 3,54,655
Corporate/Wholesale Banking 1,97,774 1,94,207 1,63,630 7,16,785
Retail Banking 4,51,420 4,20,444 3,64,558 15,77,884
a) Digital Banking 46,198 44,452 30,340 1,50,103
b) Other Retail Banking 4,05,222 3,75,992 3,34,218 14,27,781
Other Banking operations 6,719 8,871 4,347 28,307
Unallocated 140 165 140 564
Total Revenue 7,66,365 7,14,912 6,09,108 26,78,195
Less: Inter Segment Revenue - - - -
Income from Operations 7,66,365 7,14,912 6,09,108 26,78,195
Segment Results (net of provisions):
Treasury 21,710 8,144 11,024 60,218
Corporate/Wholesale Banking 37,077 42,631 39,858 1,61,741
Retail Banking 76,300 71,655 66,019 2,81,773
a) Digital Banking 4,094 7,546 3,520 22,559
b) Other Retail Banking 72,206 64,109 62,499 2,59,214
Other Banking operations 5,207 7,009 3,203 21,805
Unallocated 140 165 140 563
Profit before tax 1,40,434 1,29,604 1,20,244 5,26,100
Segment Assets:
Treasury 70,22,857 63,38,835 55,42,708 63,38,835
Corporate/Wholesale Banking 1,15,05,466 1,10,79,450 98,40,909 1,10,79,450
Retail Banking 1,44,73,648 1,35,59,659 1,21,32,226 1,35,59,659
a) Digital Banking 7,05,217 6,81,296 4,82,219 6,81,296
b) Other Retail Banking 1,37,68,431 1,28,78,363 1,16,50,007 1,28,78,363
Other Banking operations 679 508 1,413 508
Unallocated 8,07,038 8,05,443 7,09,865 8,05,443
Total 3,38,09,688 3,17,83,895 2,82,27,121 3,17,83,895
Segment Liabilities:
Treasury 33,84,765 29,64,257 31,49,951 29,64,257
Corporate/Wholesale Banking 35,28,378 32,00,510 26,28,875 32,00,510
Retail Banking 2,32,38,699 2,20,01,023 1,97,95,561 2,20,01,023
a) Digital Banking 16,83,976 16,26,328 12,74,681 16,26,328
b) Other Retail Banking 2,15,54,723 2,03,74,695 1,85,20,880 2,03,74,695
Other Banking operations 330 356 330 356
Unallocated 4,13,034 5,25,166 3,14,055 5,25,166
Total 3,05,65,206 2,86,91,312 2,58,88,772 2,86,91,312
Capital Employed:
(Segment Assets - Segment Liabilities)
Treasury 36,38,092 33,74,578 23,92,757 33,74,578
Corporate/Wholesale Banking 79,77,088 78,78,940 72,12,034 78,78,940
Retail Banking (87,65,051) (84,41,364) (76,63,335) (84,41,364)
a) Digital Banking (9,78,759) (9,45,032) (7,92,462) (9,45,032)
b) Other Retail Banking (77,86,292) (74,96,332) (68,70,873) (74,96,332)
Other Banking operations 349 152 1,083 152
Unallocated 3,94,004 2,80,277 3,95,810 2,80,277
Total 32,44,482 30,92,583 23,38,349 30,92,583
@ 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 The above Consolidated Unaudited Financial Results for the quarter ended June
30, 2024 were approved by the Board of Directors at its meeting held on July
24, 2024. These financial results have been subjected to review by the Joint
Statutory Auditors of the Bank and an unmodified review report has been
issued.
2 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.
3 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.
4 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, 2024 except as stated in
Note 8 below.
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 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.
7 The figures for the quarter ended March 31, 2024 are the balancing figures
between audited figures in respect of the financial year 2023-24 and the
published year to date figures upto December 31, 2023, which were subjected to
limited review.
8 During the quarter ended June 30, 2024, the Group implemented the RBI Master
Direction - Classification, Valuation, and Operation of Investment Portfolio
of Commercial Banks (Directions), 2023, dated September 12, 2023. This
directive is applicable to banks from April 01, 2024. Consequent to the
transition provisions, the group's reserves increased by ₹ 34,171.80 lakhs
(net of taxes) as on April 01, 2024, on account of revision in the carrying
value of investments to the fair value as on such date. The impact of the
revised framework for the period subsequent to transition is not
ascertainable, making the income/profit or loss from investments for the
quarter ended June 30, 2024, incomparable with the previous year/periods.
9 The figures for the quarter ended June 30, 2023 were reviewed 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
July 24, 2024 (DIN: 02274773)
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