Company Announcements

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SD/LSE/272/2022-23                                                                                                          20.01.2023

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 ended December 31, 2022 which was approved at the Bank's Board of Directors meeting held on January 16, 2023.

Kindly take the same on your record.

For The Federal Bank Limited

Sd/-

Samir P Rajdev

Company Secretary

Varma & Varma                                                                     Borkar & Muzumdar

Chartered Accountants,                                                          Chartered Accountants,

No.53/2600, Kerala Varma Tower                                         21/168, Anand Nagar, Om Co-op

Off Kunjanbava Road,                                                             Hsg Society, Anand Nagar Lane

Vytilla,                                                                                                 Off Nehru Road, Santacruz(East)

Kochi -682019                                                                        Mumbai - 400 055

Limited Review Report on unaudited standalone financial results of The Federal Bank Limited for the quarter and nine months ended 31^st December 2022, pursuant to the requirements of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (as amended)

The Board of Directors,

The Federal Bank Limited

1.       We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of The Federal Bank Limited ('the Bank') for the quarter and nine months ended 31^st December, 2022 ('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 SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended, ("Listing Regulations, 2015")  except for the disclosures relating to Pillar 3 disclosure under Basel III Capital Regulations, as at 31^st December 2022, 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 aforesaid Statement, which have not been reviewed by us.

2.       The 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 relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time (the 'RBI Guidelines') and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of the Listing Regulations, 2015 including relevant circulars issued by the SEBI from time to time. Our responsibility is to issue a report on the Statement based on our review.

3.       We conducted our review of the Statement in accordance with the Standard on Review Engagement (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 is limited primarily to inquiries of bank personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly we do not express an audit opinion.

4.       Our review primarily is conducted on the basis of review of the books of account and records of the Bank. We have also relied on the information and explanations furnished to us by the Bank and the returns as considered necessary by us for the review.

5.       Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of Unaudited Standalone Financial Results prepared in accordance with applicable accounting standards, the RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Listing Regulations, 2015 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 Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters, except for the aforesaid Pillar 3 disclosures as at 31^st December 2022, 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 aforesaid Statement, which have not been reviewed by us.

Varma & Varma                                                                               Borkar & Muzumdar

Chartered Accountants,                                                                   Chartered Accountants

No.53/2600, Kerala Varma Tower                                         121/168, Anand Nagar, Om Co-op

Off Kunjanbava Road,                                                                     Hsg Society, Anand Nagar Lane

Vytilla,                                                                                             Off Nehru Road, Santacruz(East)

Kochi -682019                                                                    Mumbai - 400 055

Limited Review Report on Unaudited Consolidated Financial Results of The Federal Bank Limited for the quarter and nine months ended 31^st December 2022, pursuant to the requirements of Regulation 33 of the SEBI (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 Unaudited Consolidated 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 nine months ended 31^st December 2022 (the 'Statement'), attached herewith, being submitted by the Bank pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations 2015"), except for the disclosures relating to consolidated Pillar 3 disclosure, as at 31^st December 2022, 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 aforesaid Statement, which have not been reviewed by us.

2.       The 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 relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions issued by the Reserve Bank of India (the 'RBI') from time to time (the 'RBI Guidelines') and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of the Listing Regulations, 2015 including relevant circulars issued by the SEBI from time to time. 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 Engagement (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 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 and consequently does not enable us to obtain an 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 Listing Regulations 2015, to the extent applicable.

4.       Our review primarily is conducted on the basis of review of the books of account and records of the Bank. We have also relied on the information and explanations furnished to us by the Bank and the returns as considered necessary by us for the review.

5.       This Statement includes the results of the following entities:

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)

6.       Based on our review conducted and procedures performed as stated in Paragraphs 3 and 4 above and based on the consideration of the review reports of other auditors referred to in Paragraphs 7 and, 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with applicable Accounting Standards, the RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, 2015 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 Reserve Bank of India in respect of income recognition, asset classification, provisioning and other related matters, except for the disclosures relating to consolidated Pillar 3 disclosure, as at 31^st December 2022, 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 aforesaid Statement, which have not been reviewed by us.

7.       The statement of consolidated unaudited financial results includes the interim financial results of one subsidiary whose unaudited financial results reflects total revenues of ` 32,201.74 Lakhs and ` 87,508.88 Lakhs and net profit after tax of ` 4,771.42 Lakhs and ` 13,239.26 Lakhs for the quarter and nine months ended 31st December 2022 respectively. These interim financial results have been reviewed by other auditors, whose reports have been furnished to us by the Bank's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the said subsidiary, is based solely on the above reports furnished to us by the Management and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

8.       The statement of consolidated unaudited financial results includes the interim financial results of one subsidiary whose unaudited financial results reflects total revenues of ` 1581.52 Lakhs and ` 4257.39 Lakhs and net profit after tax of ` 93.66 Lakhs and ` 315.96 Lakhs for the quarter and nine months ended 31^st December 2022 respectively. These interim financial results have been reviewed by one of the joint auditors, whose reports have been furnished to us by the Bank's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on their reports and the procedures performed by us as stated in Paragraphs 3 and 4 above.

Our conclusion on the Statement is not modified in respect of this matter.

9.       The statement of consolidated unaudited financial results also includes the Group's share of net profit after tax of ` 375.39 Lakhs and ` 1,008.14 Lakhs for the quarter and nine months ended 31^st December 2022 respectively, in respect of the two associates, based on their interim financial results which have not been reviewed. These interim financial results have been furnished to us by the Bank's 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 interim financial results. In our opinion and

according to the information and explanations given to us by the Bank's management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of this matter.