REG - Federal Bank Ltd The - 3rd Quarter Results
05/02/2024 07:00
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RNS Number : 9385B Federal Bank Ltd (The) 05 February 2024
________________________________________________________________________
SD/LSE/402/2023-24
05.02.2024
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 and Nine months ended December 31, 2023
which was approved at the Bank's Board of Directors meeting held on January
16, 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 and nine months ended December 31, 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 nine months ended December 31, 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 December 31, 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 9 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 ('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 and
directions issued by the Reserve Bank of India ('the RBI') from time to time
('the 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 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 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 December 31,
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 9 to the Statement and have not been reviewed by us.
5. The Statement includes standalone financial results of the Bank for
the corresponding quarter and nine months ended December 31, 2022, which were
reviewed by another auditor whose report dated -January 16, 2023 expressed an
unmodified opinion on those 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
Sd/-
Sd/-
Swapnil Kale G. Rengarajan
Partner Partner
Membership Number: 117812 Membership Number: 219922
UDIN: 24117812BKFIDB1933 UDIN: 24219922BKCLPC8636
Mumbai Kochi
January 16, 2024 January 16, 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 and nine months ended December 31, 2023 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 and nine months ended December 31, 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 December 31, 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 ('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 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
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 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 Act, 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 Regulations, 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 December 31, 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.
6. We did not review the interim financial information of one
subsidiary included in the Statement, whose interim financial information
reflect total revenues of Rs. 1,999 lakhs and Rs. 5,692 lakhs and total net
profit after tax of Rs. 149 lakhs and Rs. 429 lakhs for the quarter and nine
months ended December 31, 2023, respectively, 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 subsidiary, 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 revenues of Rs. 43,014 lakhs and Rs.
1,19,735 lakhs and total net profit after tax of Rs. 5,501 lakhs and Rs.
15,184 lakhs for the quarter and nine months ended December 31, 2023,
respectively, as considered in the Statement. The Statement also includes the
Group's share of net profit after tax of Rs. 403 lakhs and Rs.1,273 lakhs for
the quarter and nine months ended December 31, 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 and nine months ended December 31, 2022, which were
reviewed by another auditors whose report dated January 16, 2023, 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
Sd/- Sd/-
Swapnil Kale G. Rengarajan
Partner Partner
Membership Number: 117812 Membership Number: 219922
UDIN: 24117812BKFIDC9350 UDIN: 24219922BKCLPB2699
Mumbai Kochi
January 16, 2024 January 16, 2024
THE FEDERAL BANK LIMITED
REGD.OFFICE: P.B.NO. 103, FEDERAL TOWERS, ALUVA-683101
(CIN: L65191KL1931PLC000368)
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2023
(₹ in Lakhs)
Particulars Quarter ended Nine months ended Year ended
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Interest earned (a)+(b)+(c)+(d) 5,73,010 5,45,528 4,43,325 16,20,991 12,08,289 16,80,363
(a) Interest/discount on advances/bills 4,59,757 4,35,548 3,58,487 12,99,263 9,69,441 13,49,184
(b) Income on investments 95,024 89,397 72,069 2,65,907 2,01,755 2,79,557
(c) Interest on balances with Reserve Bank of India and other inter bank funds 7,929 9,028 4,977 24,050 15,474 20,625
(d) Others 10,300 11,555 7,792 31,771 21,619 30,997
2. Other income 86,256 73,042 53,400 2,32,539 1,59,614 2,33,000
3. TOTAL INCOME (1+2) 6,59,266 6,18,570 4,96,725 18,53,530 13,67,903 19,13,363
4. Interest expended 3,60,674 3,39,886 2,47,672 10,11,154 6,76,002 9,57,147
5. Operating expenses (i)+(ii) 1,54,859 1,46,239 1,21,632 4,35,963 3,45,919 4,76,777
(i) Employees cost 69,315 62,631 56,083 1,93,620 1,57,578 2,17,300
(ii) Other operating expenses 85,544 83,608 65,549 2,42,343 1,88,341 2,59,477
6. TOTAL EXPENDITURE (4+5) 5,15,533 4,86,125 3,69,304 14,47,117 10,21,921 14,33,924
(excluding provisions and contingencies)
7. OPERATING PROFIT (3-6) 1,43,733 1,32,445 1,27,421 4,06,413 3,45,982 4,79,439
(Profit before provisions and contingencies)
8. Provisions (other than tax) and contingencies 9,122 4,390 19,869 29,070 63,323 74,989
9. Exceptional items - - - - - -
10. Profit from Ordinary Activities before tax 1,34,611 1,28,055 1,07,552 3,77,343 2,82,659 4,04,450
(7-8-9)
11. Tax expense 33,937 32,673 27,191 95,913 71,861 1,03,391
12. Net Profit from Ordinary Activities after tax (10-11) 1,00,674 95,382 80,361 2,81,430 2,10,798 3,01,059
13. Extraordinary items (net of tax expense) - - - - - -
14. Net Profit for the period (12-13) 1,00,674 95,382 80,361 2,81,430 2,10,798 3,01,059
15. Paid-up Equity Share Capital 48,668 47,032 42,291 48,668 42,291 42,324
(Face value ₹ 2/- per Equity Share)
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 15.02 15.50 13.35 15.02 13.35 14.81
(iii) Earnings per Share (EPS) (in ₹)
(a) Basic EPS (before and after extraordinary items) 4.16* 4.17* 3.80* 12.36* 10.00* 14.27
(b) Diluted EPS (before and after extraordinary items) 4.11* 4.12* 3.75* 12.21* 9.91* 14.13
(iv) NPA Ratios
a) Gross NPA 4,62,879 4,43,605 4,14,785 4,62,879 4,14,785 4,18,377
b) Net NPA 1,28,437 1,22,981 1,22,859 1,28,437 1,22,859 1,20,501
c) % of Gross NPA 2.29 2.26 2.43 2.29 2.43 2.36
d) % of Net NPA 0.64 0.64 0.73 0.64 0.73 0.69
(v) Return on Assets (%) 0.35* 0.34* 0.33* 1.02* 0.92* 1.28
(vi) Net Worth 28,08,472 26,03,207 20,45,675 28,08,472 20,45,675 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 (#) 0.61 0.74 0.96 0.61 0.96 0.90
(xi) Total Debts to Total Assets (#) 5.85% 6.67% 7.86% 5.85% 7.86% 7.42%
(xii) Operating Margin 21.80% 21.41% 25.65% 21.93% 25.29% 25.06%
(xiii) Net Profit Margin 15.27% 15.42% 16.18% 15.18% 15.41% 15.73%
(*) 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 AND NINE MONTHS ENDED
DECEMBER 31, 2023
(₹ in Lakhs)
Particulars
Quarter ended
Nine months ended
Year ended
31.12.2023
30.09.2023
31.12.2022
31.12.2023
31.12.2022
31.03.2023
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
5,73,010
5,45,528
4,43,325
16,20,991
12,08,289
16,80,363
(a)
Interest/discount on advances/bills
4,59,757
4,35,548
3,58,487
12,99,263
9,69,441
13,49,184
(b)
Income on investments
95,024
89,397
72,069
2,65,907
2,01,755
2,79,557
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
7,929
9,028
4,977
24,050
15,474
20,625
(d)
Others
10,300
11,555
7,792
31,771
21,619
30,997
2. Other income
86,256
73,042
53,400
2,32,539
1,59,614
2,33,000
3. TOTAL INCOME (1+2)
6,59,266
6,18,570
4,96,725
18,53,530
13,67,903
19,13,363
4. Interest expended
3,60,674
3,39,886
2,47,672
10,11,154
6,76,002
9,57,147
5. Operating expenses (i)+(ii)
1,54,859
1,46,239
1,21,632
4,35,963
3,45,919
4,76,777
(i)
Employees cost
69,315
62,631
56,083
1,93,620
1,57,578
2,17,300
(ii)
Other operating expenses
85,544
83,608
65,549
2,42,343
1,88,341
2,59,477
6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)
5,15,533
4,86,125
3,69,304
14,47,117
10,21,921
14,33,924
7. OPERATING PROFIT (3-6)
(Profit before provisions and contingencies)
1,43,733
1,32,445
1,27,421
4,06,413
3,45,982
4,79,439
8. Provisions (other than tax) and contingencies
9,122
4,390
19,869
29,070
63,323
74,989
9. Exceptional items
-
-
-
-
-
-
10. Profit from Ordinary Activities before tax
(7-8-9)
1,34,611
1,28,055
1,07,552
3,77,343
2,82,659
4,04,450
11. Tax expense
33,937
32,673
27,191
95,913
71,861
1,03,391
12. Net Profit from Ordinary Activities after tax (10-11)
1,00,674
95,382
80,361
2,81,430
2,10,798
3,01,059
13. Extraordinary items (net of tax expense)
-
-
-
-
-
-
14. Net Profit for the period (12-13)
1,00,674
95,382
80,361
2,81,430
2,10,798
3,01,059
15. Paid-up Equity Share Capital
(Face value ₹ 2/- per Equity Share)
48,668
47,032
42,291
48,668
42,291
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
15.02
15.50
13.35
15.02
13.35
14.81
(iii)
Earnings per Share (EPS) (in ₹)
(a) Basic EPS (before and after extraordinary items)
4.16*
4.17*
3.80*
12.36*
10.00*
14.27
(b) Diluted EPS (before and after extraordinary items)
4.11*
4.12*
3.75*
12.21*
9.91*
14.13
(iv)
NPA Ratios
a) Gross NPA
4,62,879
4,43,605
4,14,785
4,62,879
4,14,785
4,18,377
b) Net NPA
1,28,437
1,22,981
1,22,859
1,28,437
1,22,859
1,20,501
c) % of Gross NPA
2.29
2.26
2.43
2.29
2.43
2.36
d) % of Net NPA
0.64
0.64
0.73
0.64
0.73
0.69
(v)
Return on Assets (%)
0.35*
0.34*
0.33*
1.02*
0.92*
1.28
(vi)
Net Worth
28,08,472
26,03,207
20,45,675
28,08,472
20,45,675
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 (#)
0.61
0.74
0.96
0.61
0.96
0.90
(xi)
Total Debts to Total Assets (#)
5.85%
6.67%
7.86%
5.85%
7.86%
7.42%
(xii)
Operating Margin
21.80%
21.41%
25.65%
21.93%
25.29%
25.06%
(xiii)
Net Profit Margin
15.27%
15.42%
16.18%
15.18%
15.41%
15.73%
(*) Not Annualised
(#) Debt and Total Debts represents Total Borrowings of the Bank
Segment Information@
(₹ in Lakhs)
Particulars Quarter ended Nine months ended Year ended
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue:
Treasury 96,796 88,824 60,885 2,62,863 1,82,818 2,53,996
Corporate/Wholesale Banking 1,80,205 1,81,524 1,38,045 5,25,974 3,69,539 5,24,048
Retail Banking 3,75,990 3,42,915 2,93,526 10,50,022 8,05,303 11,20,482
a) Digital Banking 38,689 36,622 23,960 1,05,651 63,988 90,354
b) Other Retail Banking 3,37,301 3,06,293 2,69,566 9,44,371 7,41,315 10,30,128
Other Banking operations 6,119 5,204 4,153 14,272 9,906 14,350
Unallocated 156 103 116 399 337 487
Total Revenue 6,59,266 6,18,570 4,96,725 18,53,530 13,67,903 19,13,363
Less: Inter Segment Revenue - - - - - -
Income from Operations 6,59,266 6,18,570 4,96,725 18,53,530 13,67,903 19,13,363
Segment Results (net of provisions):
Treasury 21,713 16,790 9,576 49,758 40,625 50,577
Corporate/Wholesale Banking 34,950 44,512 26,155 1,19,486 55,510 95,399
Retail Banking 72,591 62,228 68,175 1,95,570 1,77,767 2,45,789
a) Digital Banking 6,813 4,680 4,071 15,013 6,866 11,359
b) Other Retail Banking 65,778 57,548 64,104 1,80,557 1,70,901 2,34,430
Other Banking operations 5,201 4,423 3,530 12,131 8,420 12,198
Unallocated 156 102 116 398 337 487
Profit before tax 1,34,611 1,28,055 1,07,552 3,77,343 2,82,659 4,04,450
Segment Assets:
Treasury 60,86,667 57,46,602 49,07,856 60,86,667 49,07,856 52,30,629
Corporate/Wholesale Banking 1,10,41,676 1,05,93,983 93,75,662 1,10,41,676 93,75,662 96,99,651
Retail Banking 1,17,91,138 1,16,79,738 99,82,259 1,17,91,138 99,82,259 1,04,41,427
a) Digital Banking 6,30,958 5,54,182 3,55,734 6,30,958 3,55,734 4,16,592
b) Other Retail Banking 1,11,60,180 1,11,25,556 96,26,525 1,11,60,180 96,26,525 1,00,24,835
Other Banking operations - - - - - -
Unallocated 7,01,768 7,22,279 7,81,411 7,01,768 7,81,411 6,62,476
Total 2,96,21,249 2,87,42,602 2,50,47,188 2,96,21,249 2,50,47,188 2,60,34,183
Segment Liabilities:
Treasury 27,41,387 29,66,715 26,07,512 27,41,387 26,07,512 29,13,818
Corporate/Wholesale Banking 31,94,204 29,69,197 22,45,069 31,94,204 22,45,069 24,24,409
Retail Banking 2,04,96,375 1,98,83,203 1,77,97,499 2,04,96,375 1,77,97,499 1,82,77,723
a) Digital Banking 14,54,321 13,71,578 10,82,117 14,54,321 10,82,117 12,03,720
b) Other Retail Banking 1,90,42,054 1,85,11,625 1,67,15,382 1,90,42,054 1,67,15,382 1,70,74,003
Other Banking operations - - - - - -
Unallocated 3,72,135 3,11,604 3,38,338 3,72,135 3,38,338 2,67,609
Total 2,68,04,101 2,61,30,719 2,29,88,418 2,68,04,101 2,29,88,418 2,38,83,559
Capital Employed:
(Segment Assets - Segment Liabilities)
Treasury 33,45,280 27,79,887 23,00,344 33,45,280 23,00,344 23,16,811
Corporate/Wholesale Banking 78,47,472 76,24,786 71,30,593 78,47,472 71,30,593 72,75,242
Retail Banking (87,05,237) (82,03,465) (78,15,240) (87,05,237) (78,15,240) (78,36,296)
a) Digital Banking (8,23,363) (8,17,396) (7,26,383) (8,23,363) (7,26,383) (7,87,128)
b) Other Retail Banking (78,81,874) (73,86,069) (70,88,857) (78,81,874) (70,88,857) (70,49,168)
Other Banking operations - - - - - -
Unallocated 3,29,633 4,10,675 4,43,073 3,29,633 4,43,073 3,94,867
Total 28,17,148 26,11,883 20,58,770 28,17,148 20,58,770 21,50,624
@ For the above segment reporting, the reportable segments are identified as
Treasury, Corporate/Wholesale Banking, Retail Banking (with Digital Banking
and Other Retail Banking as sub-segments) and Other Banking Operations in
compliance with the 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 and nine
months ended December 31, 2023 were reviewed by the Audit Committee and
approved by the Board of Directors at its meeting held on January 16, 2024.
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 Reserve Bank of India
(RBI) guidelines applicable on the relevant reporting dates and the ratio for
the corresponding previous period is not adjusted to consider the impact of
subsequent changes if any, in the guidelines.
6 During the quarter and nine months ended December 31, 2023, the Bank has
allotted 9,109,679 and 14,023,554 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 had issued
230,477,634 equity shares of ` 2 each for cash pursuant to a Qualified
Institution Placement (QIP) as per the relevant provisions of SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2018 at ` 131.90 per share
aggregating to ` 304,000.00 Lakhs (including share premium). This resulted in
an increase of ` 4,609.55 Lakhs in Share Capital and ` 295,416.80 Lakhs (net
of issue expenses) in Share premium account.
8 During the quarter and nine months ended December 31, 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). This resulted in
an increase of ` 1,453.64 Lakhs in Share Capital and ` 94,361.59 Lakhs (net of
issue expenses) in Share premium account.
9 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.
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 nine months ended December 31, 2023 are
given below:
i) Details of loans not in default acquired through assignment during the nine
months ended December 31, 2023 are given below:
Particulars Value
Aggregate amount of loans acquired (` in lakhs) 1,38,359.74
Weighted average residual maturity (in years) 8.43
Weighted average holding period by originator (in years) 1.25
Retention of beneficial economic interest by the originator (` in lakhs) 15,373.30
Tangible security coverage 157.10%
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 492.29 - -
stressed loans
iii) During the nine months ended December 31, 2023, the Bank has not acquired
any stressed loans and not transferred any loan not in default / Special
Mention Accounts (SMA).
iv) During the nine months ended December 31, 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 The figures for the quarter and nine months ended December 31, 2022 and year
ended March 31, 2023 were reviewed / audited by previous Joint Statutory
Auditors.
12 Previous period's figures have been regrouped / reclassified, wherever
necessary to conform to current period's classification.
Sd/-
SHYAM SRINIVASAN
Kochi MANAGING DIRECTOR & CEO
January 16, 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 AND NINE MONTHS ENDED
DECEMBER 31, 2023
(₹ in Lakhs)
Particulars Quarter ended Nine months ended Year ended
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1. Interest earned (a)+(b)+(c)+(d) 6,08,520 5,79,128 4,69,750 17,22,625 12,79,952 17,81,178
(a) Interest/discount on advances/bills 4,94,736 4,69,147 3,84,986 14,00,176 10,41,833 14,50,788
(b) Income on investments 94,776 89,237 71,785 2,65,488 2,00,627 2,78,188
(c) Interest on balances with Reserve Bank of India and other inter bank funds 7,929 9,028 4,977 24,050 15,474 20,625
(d) Others 11,079 11,716 8,002 32,911 22,018 31,577
2. Other income 90,835 75,692 56,508 2,40,658 1,66,781 2,43,623
3. TOTAL INCOME (1+2) 6,99,355 6,54,820 5,26,258 19,63,283 14,46,733 20,24,801
4. Interest expended 3,75,968 3,54,414 2,58,490 10,55,833 7,03,770 9,97,524
5. Operating expenses (i)+(ii) 1,70,021 1,60,378 1,32,986 4,77,343 3,76,205 5,21,120
(i) Employees cost 78,762 71,349 62,915 2,19,437 1,76,799 2,44,024
(ii) Other operating expenses 91,259 89,029 70,071 2,57,906 1,99,406 2,77,096
6. TOTAL EXPENDITURE (4+5) 5,45,989 5,14,792 3,91,476 15,33,176 10,79,975 15,18,644
(excluding provisions and contingencies)
7. OPERATING PROFIT (3-6) 1,53,366 1,40,028 1,34,782 4,30,107 3,66,758 5,06,157
(Profit before provisions and contingencies)
8. Provisions (other than tax) and contingencies 11,385 5,757 21,364 33,611 67,337 79,863
9. Exceptional items - - - - - -
10. Profit from Ordinary Activities before tax 1,41,981 1,34,271 1,13,418 3,96,496 2,99,421 4,26,294
(7-8-9)
11. Tax expense 35,657 34,255 28,190 1,00,982 75,802 1,08,718
12. Net Profit from Ordinary Activities after tax (10-11) 1,06,324 1,00,016 85,228 2,95,514 2,23,619 3,17,576
13. Extraordinary items (net of tax expense) - - - - - -
14. Net Profit for the period (12-13) 1,06,324 1,00,016 85,228 2,95,514 2,23,619 3,17,576
15. Minority interest 3,185 1,260 1,278 5,823 3,546 4,510
16. Share in Profit of Associates 403 654 375 1,273 1,008 3,406
17. Consolidated Net Profit of the group 1,03,542 99,410 84,325 2,90,964 2,21,081 3,16,472
(14-15+16)
18. Paid-up Equity Share Capital 48,668 47,032 42,291 48,668 42,291 42,324
(Face value ₹ 2/- per Equity Share)
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 15.40 15.92 13.81 15.40 13.81 15.24
(iii) Earnings per Share (EPS) (in `)
(a) Basic EPS (before and after extraordinary items) 4.28* 4.35* 3.99* 12.78* 10.49* 15.01
(b) Diluted EPS (before and after extraordinary items) 4.22* 4.29* 3.94* 12.62* 10.39* 14.85
(iv) NPA Ratios
a) Gross NPA 4,79,664 4,61,712 4,30,899 4,79,664 4,30,899 4,34,352
b) Net NPA 1,40,180 1,36,278 1,34,855 1,40,180 1,34,855 1,32,344
c) % of Gross NPA 2.28 2.27 2.42 2.28 2.42 2.35
d) % of Net NPA 0.68 0.68 0.77 0.68 0.77 0.73
(v) Return on Assets (%) 0.34* 0.34* 0.34* 1.01* 0.91* 1.28
(*) 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 AND NINE MONTHS ENDED
DECEMBER 31, 2023
(₹ in Lakhs)
Particulars
Quarter ended
Nine months ended
Year ended
31.12.2023
30.09.2023
31.12.2022
31.12.2023
31.12.2022
31.03.2023
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Audited
1. Interest earned (a)+(b)+(c)+(d)
6,08,520
5,79,128
4,69,750
17,22,625
12,79,952
17,81,178
(a)
Interest/discount on advances/bills
4,94,736
4,69,147
3,84,986
14,00,176
10,41,833
14,50,788
(b)
Income on investments
94,776
89,237
71,785
2,65,488
2,00,627
2,78,188
(c)
Interest on balances with Reserve Bank of India and other inter bank funds
7,929
9,028
4,977
24,050
15,474
20,625
(d)
Others
11,079
11,716
8,002
32,911
22,018
31,577
2. Other income
90,835
75,692
56,508
2,40,658
1,66,781
2,43,623
3. TOTAL INCOME (1+2)
6,99,355
6,54,820
5,26,258
19,63,283
14,46,733
20,24,801
4. Interest expended
3,75,968
3,54,414
2,58,490
10,55,833
7,03,770
9,97,524
5. Operating expenses (i)+(ii)
1,70,021
1,60,378
1,32,986
4,77,343
3,76,205
5,21,120
(i)
Employees cost
78,762
71,349
62,915
2,19,437
1,76,799
2,44,024
(ii)
Other operating expenses
91,259
89,029
70,071
2,57,906
1,99,406
2,77,096
6. TOTAL EXPENDITURE (4+5)
(excluding provisions and contingencies)
5,45,989
5,14,792
3,91,476
15,33,176
10,79,975
15,18,644
7. OPERATING PROFIT (3-6)
(Profit before provisions and contingencies)
1,53,366
1,40,028
1,34,782
4,30,107
3,66,758
5,06,157
8. Provisions (other than tax) and contingencies
11,385
5,757
21,364
33,611
67,337
79,863
9. Exceptional items
-
-
-
-
-
-
10. Profit from Ordinary Activities before tax
(7-8-9)
1,41,981
1,34,271
1,13,418
3,96,496
2,99,421
4,26,294
11. Tax expense
35,657
34,255
28,190
1,00,982
75,802
1,08,718
12. Net Profit from Ordinary Activities after tax (10-11)
1,06,324
1,00,016
85,228
2,95,514
2,23,619
3,17,576
13. Extraordinary items (net of tax expense)
-
-
-
-
-
-
14. Net Profit for the period (12-13)
1,06,324
1,00,016
85,228
2,95,514
2,23,619
3,17,576
15. Minority interest
3,185
1,260
1,278
5,823
3,546
4,510
16. Share in Profit of Associates
403
654
375
1,273
1,008
3,406
17. Consolidated Net Profit of the group
(14-15+16)
1,03,542
99,410
84,325
2,90,964
2,21,081
3,16,472
18. Paid-up Equity Share Capital
(Face value ₹ 2/- per Equity Share)
48,668
47,032
42,291
48,668
42,291
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
15.40
15.92
13.81
15.40
13.81
15.24
(iii)
Earnings per Share (EPS) (in `)
(a) Basic EPS (before and after extraordinary items)
4.28*
4.35*
3.99*
12.78*
10.49*
15.01
(b) Diluted EPS (before and after extraordinary items)
4.22*
4.29*
3.94*
12.62*
10.39*
14.85
(iv)
NPA Ratios
a) Gross NPA
4,79,664
4,61,712
4,30,899
4,79,664
4,30,899
4,34,352
b) Net NPA
1,40,180
1,36,278
1,34,855
1,40,180
1,34,855
1,32,344
c) % of Gross NPA
2.28
2.27
2.42
2.28
2.42
2.35
d) % of Net NPA
0.68
0.68
0.77
0.68
0.77
0.73
(v)
Return on Assets (%)
0.34*
0.34*
0.34*
1.01*
0.91*
1.28
(*) Not Annualised
Segment Information@
(₹ in Lakhs)
Particulars Quarter ended Nine months ended Year ended
31.12.2023 30.09.2023 31.12.2022 31.12.2023 31.12.2022 31.03.2023
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue:
Treasury 97,756 89,241 61,099 2,63,430 1,82,026 2,53,555
Corporate/Wholesale Banking 1,78,730 1,80,218 1,37,246 5,22,578 3,66,937 5,20,704
Retail Banking 4,14,109 3,78,773 3,21,779 11,57,440 8,82,403 12,28,710
a) Digital Banking 38,689 36,622 23,960 1,05,651 63,988 90,354
b) Other Retail Banking 3,75,420 3,42,151 2,97,819 10,51,789 8,18,415 11,38,356
Other Banking operations 8,604 6,485 5,920 19,436 14,932 21,225
Unallocated 156 103 214 399 435 607
Total Revenue 6,99,355 6,54,820 5,26,258 19,63,283 14,46,733 20,24,801
Less: Inter Segment Revenue - - - - - -
Income from Operations 6,99,355 6,54,820 5,26,258 19,63,283 14,46,733 20,24,801
Segment Results (net of provisions):
Treasury 23,257 17,793 10,385 52,074 41,628 52,460
Corporate/Wholesale Banking 34,789 44,463 25,960 1,19,110 54,693 94,335
Retail Banking 77,680 66,419 72,405 2,10,118 1,91,520 2,61,538
a) Digital Banking 6,813 4,680 4,071 15,013 6,866 11,359
b) Other Retail Banking 70,867 61,739 68,334 1,95,105 1,84,654 2,50,179
Other Banking operations 6,099 5,494 4,455 14,796 11,146 15,817
Unallocated 156 102 213 398 434 2,144
Profit before tax 1,41,981 1,34,271 1,13,418 3,96,496 2,99,421 4,26,294
Segment Assets:
Treasury 60,80,735 57,25,569 48,96,686 60,80,735 48,96,686 52,06,924
Corporate/Wholesale Banking 1,09,76,368 1,05,29,830 93,42,502 1,09,76,368 93,42,502 96,72,729
Retail Banking 1,27,82,695 1,26,26,779 1,07,75,908 1,27,82,695 1,07,75,908 1,12,56,964
a) Digital Banking 6,30,958 5,54,182 3,55,734 6,30,958 3,55,734 4,16,592
b) Other Retail Banking 1,21,51,737 1,20,72,597 1,04,20,174 1,21,51,737 1,04,20,174 1,08,40,372
Other Banking operations 1,014 351 798 1,014 798 1,313
Unallocated 7,01,768 7,22,279 7,81,411 7,01,768 7,81,411 6,62,476
Total 3,05,42,580 2,96,04,808 2,57,97,305 3,05,42,580 2,57,97,305 2,68,00,406
Segment Liabilities:
Treasury 27,92,960 30,05,480 26,58,030 27,92,960 26,58,030 29,42,093
Corporate/Wholesale Banking 31,96,082 29,71,838 22,49,040 31,96,082 22,49,040 24,14,080
Retail Banking 2,11,90,006 2,05,96,656 1,84,02,087 2,11,90,006 1,84,02,087 1,89,28,892
a) Digital Banking 14,54,321 13,71,578 10,82,117 14,54,321 10,82,117 12,03,720
b) Other Retail Banking 1,97,35,685 1,92,25,078 1,73,19,970 1,97,35,685 1,73,19,970 1,77,25,172
Other Banking operations 356 356 314 356 314 294
Unallocated 3,72,135 3,11,604 3,38,338 3,72,135 3,38,338 2,67,609
Total 2,75,51,539 2,68,85,934 2,36,47,809 2,75,51,539 2,36,47,809 2,45,52,968
Capital Employed:
(Segment Assets - Segment Liabilities)
Treasury 32,87,775 27,20,089 22,38,656 32,87,775 22,38,656 22,64,831
Corporate/Wholesale Banking 77,80,286 75,57,992 70,93,462 77,80,286 70,93,462 72,58,649
Retail Banking (84,07,311) (79,69,877) (76,26,179) (84,07,311) (76,26,179) (76,71,928)
a) Digital Banking (8,23,363) (8,17,396) (7,26,383) (8,23,363) (7,26,383) (7,87,128)
b) Other Retail Banking (75,83,948) (71,52,481) (68,99,796) (75,83,948) (68,99,796) (68,84,800)
Other Banking operations 658 (5) 484 658 484 1,019
Unallocated 3,29,633 4,10,675 4,43,073 3,29,633 4,43,073 3,94,867
Total 29,91,041 27,18,874 21,49,496 29,91,041 21,49,496 22,47,438
@ For the above segment reporting, the reportable segments are identified as
Treasury, Corporate/Wholesale Banking, Retail Banking (with Digital Banking
and Other Retail Banking as sub-segments) and Other Banking Operations in
compliance with the RBI guidelines.
The business operations of the Bank are substantially concentrated in India
and for the purpose of Segment Reporting as per Accounting Standard-17, the
bank is considered to operate only in domestic segment.
Notes:
1 The above Consolidated Unaudited Financial Results for the quarter and nine
months ended December 31, 2023 were reviewed by the Audit Committee and
subsequently approved by the Board of Directors at its meeting held on January
16, 2024. 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 Reserve Bank of India
(RBI) guidelines applicable on the relevant reporting dates and the ratio for
the corresponding previous period is not adjusted to consider the impact of
subsequent changes if any, in the guidelines.
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 During the quarter and nine months ended December 31, 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). This resulted in
an increase of ` 1,453.64 Lakhs in Share Capital and ` 94,361.59 Lakhs (net of
issue expenses) in Share premium account.
10 The figures for the quarter and nine months ended December 31, 2022 and year
ended March 31, 2023 were reviewed / audited by previous Joint Statutory
Auditors.
11 Previous period's figures have been regrouped / reclassified, wherever
necessary to conform to current period's classification.
Sd/-
SHYAM SRINIVASAN
Kochi MANAGING DIRECTOR & CEO
January 16, 2024 (DIN: 02274773)
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