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Federal Bank Announces Q1 2024 Financial Results and Key Decisions from Board Meeting

Aluva, July 24, 2024 — The Federal Bank Ltd. (CIN: L65191KL1931PLC000368) has released its unaudited financial results for the quarter ended June 30, 2024. The results were reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meeting held today.

Key Highlights

Financial Performance:

• Revenue from Operations: Detailed figures for revenue and other income are included in the enclosed financial results.
• Net Profit/Loss: The bank reported its net profit/loss and total comprehensive income for the quarter.

Board Meeting Outcomes:

Approval of Financial Results:

• The Board approved the unaudited financial results for the quarter ended June 30, 2024.
• The financial results and the limited review report by the joint statutory auditors are available on the bank's official website.

Borrowing/Raising of Funds:

• The Board approved the borrowing/raising of funds up to Rs. 6,000 crores (Rupees Six Thousand Crore) in domestic and/or overseas markets.
• The funds may be raised through various debt instruments, including but not limited to Additional Tier I bonds (AT1 bonds), Tier II bonds, Long Term Bonds (Infrastructure & Affordable Housing), Masala Bonds, and bonds for Environmental Social Governance funding (ESG bonds) such as Green Bonds and Blue Bonds.
• The issuance will be on a private placement basis within the overall borrowing limits of the bank, subject to shareholders' approval and regulatory, statutory approvals.

Meeting Details:

• The Board meeting commenced at 11:00 am and concluded at 12:35 pm.
• The decisions made in the meeting will be considered at the ensuing Annual General Meeting (AGM) of the bank for approval by the members. Details of the AGM will be intimated shortly.

Compliance and Governance:

Federal Bank continues to adhere to high standards of corporate governance and regulatory compliance. The approval of financial results and the decision to raise funds reflect the bank's commitment to operational excellence and strategic growth.

Conclusion

The financial results for Q1 2024 highlight Federal Bank's solid performance and strategic initiatives. Stakeholders and investors are encouraged to review the detailed financial report available on the bank's official website.