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    - What is the current capital expenditure of the company?
    - What is the current PAT of the company and what is the projected (potential or proposed) PAT of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the current revenue/topline of the company and what is the projected (potential or proposed) revenue of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the projected/potential/proposed profit and its brief details describing how it can be achieved?
    - What is the CAGR mentioned in the text?
    - What is the Turnover of the company mentioned in the text with timeframe like monthly, quarterly or annual?
    - Mention the time frame like quarterly, monthly or yearly as mentioned in the extracted text.

    The text is:
    The Federal Ba nk Ltd. Registered Office:   Federal Towers, P O Box No.103, Aluva, Ernakulam, Kerala, India 683 101E -mail: 
<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>| Phone : 0484 -2622263fax:04842623119CIN:L65191KL1931PLC000368,www.federalbank.co.in  
Secretarial Department  
SEC/LODR/276 /2024-25 October 22,2024 
The Manager  
Listing Department  
The National Stock Exchange of India Limited 
Exchange Plaza, Bandra -Kurla Complex,  
Bandra (E),  Mum bai – 400 051  The Manager  
Department of Corporate Services  
BSE Limited  
Phiroze  Jeejeebhoy Towers,  
Floor 25, Dalal Street,  Mumbai  – 400 001  
Re: Scrip Symbol: FEDERALBNK/Scrip Code:  500469  
Sub: Intimation regarding re -affirmation and assignment of Credit Rating 
Dear Sir/Madam,  
Pursuant to Regulation 30 of the Listing Regulations, we wish to inform you that C ARE Ratings Ltd has re -affirmed  
the issuer rating  and re-affirmed/ assigned credit rating to the Tier -II Bonds  and Infrastructure Bonds of the Bank as 
mentioned below.  
 Facilities/Instruments Amount (₹ crore) Rating1 Rating Action 
Issuer rating - CARE AA+; Stable Reaffirmed 
Infrastructure Bonds 1,500.00 CARE AA+; Stable Assigned 
Tier-II bonds 200.00 
(Reduced from 500.00) CARE AA+; Stable Reaffirmed 
Tier-II bonds 500.00 CARE AA+; Stable Reaffirmed 
Tier-II bonds  1,000.00 CARE AA+; Stable Reaffirmed 
Detailed rating rationale for the aforesaid re -affirmation and assignment of Credit Rating s is enclosed herewith.  
Kindly take the above information on record . 
Thanking you,  
Yours faithfully,  
For The Federal Bank Limited  
Samir P Rajdev  
Company Secretary   
1 CARE Ratings Ltd.  
 
Press Release  
The Federal Bank  Limited  
October 21, 2024 
 
Facilities/Instruments  Amount (₹ crore)  Rating1 Rating Action  
Issue r rating - CARE AA+; Stable  Reaffirmed  
Infrastructure Bonds  1,500.00  CARE AA+; Stable  Assigned  
Tier-II bonds& 200.00  
(Reduced from 500.00)  CARE AA+; Stable  Reaffirmed  
Tier-II bonds& 500.00  CARE AA+; Stable  Reaffirmed  
Tier-II bonds& 1,000.00  CARE AA+; Stable  Reaffirmed  
Details of instruments/facilities in Annexure -1. 
 
&Tier-II bonds under Basel -III are characterised by a ‘point of non -viability’ (PONV) trigger due to which the investor may suffer 
a loss of principal. The PONV will be determined by the Reserve Bank of India (RBI) and is a point at which the bank may no 
longer remain a going concern on its  own unless appropriate measures are taken to revive its operations, and thus, enable it to 
continue as a going concern. In addition, difficulties faced by a bank should be such that these are likely to result in fina ncial 
losses and raising the Common Equ ity Tier -I (CET I) capital of the bank should be considered the most appropriate way to prevent 
the bank from turning non -viable . 
 
Rationale and key rating drivers  
The rating assigned  to The Federal Bank Limited (FBL) considers  the bank ’s extensive history of operations, strong liability 
franchise, and diversified  deposit base. The bank ’s retail term deposits and current account and savings account (CASA) deposits 
make up the majority of its total deposits, and a sizable portion of non -resident external (NRE) remittances. The bank has also 
diversified its advances into newer retail products, steadily improved its geographic concentration, and maintained stable 
profitability and asset quality.  
The rating also factors in the comfortable capitalisation levels supported by periodic capital infusion and accretion of profits. In 
FY24, FBL raised equity two tranches  of ₹3,040 crore in July 202 3 through qualified institutional placement ( QIP) and ₹959 crore 
through preferential allotment to International Finance Corporation  (IFC) in October 2023 .    
The rating is  constrained considering  the geographical concentration  with Kerala contributing a major portion of both, advances 
and deposits  although the share of the state has seen gradual reduction over the years .  
CARE Ratings Limited (CARE Ratings) has withdrawn ratings on Tier-II bond  (INE171A08024) due to redemption on exercise of 
call option and reduced the amount rated accordingly.  
Rating sensitivities: Factors likely to lead to rating actions  
Positive factors : Factors that could lead to positive rating action/upgrade  
• Continuously improving  the scale of business, significantly increasing  CASA proportion while maintaining asset quality 
parameters, and capitalisation in line with larger private sector banks.  
• Significantly diversifying  advances in terms of product and geography.  
 
Negative factors : Factors that could lead to negative rating action/downgrade  
• Declining  profitability with return on total assets (ROTA) less than 1% on a sustained basis.  
• Deteriorating  capitalisation levels with cushion over the minimum regulatory requirement of less than 1.5%.  
• Declining  asset quality parameters with a gross non -performing assets (GNPA) ratio of over 5% or a net non -performing 
assets (NNPA) to net worth ratio of more than 15% on a sustained basis . 
 
Analytical approach : Standalone  
 
Outlook: Stable  
The stable outlook factors in the expectation that the bank will continue its growth in advances and deposits with diversific ation 
in the loan book, gradual improvement in geographical concentration , and stable profitability and maintaining comfortable 
capitalisation and steady asset quality parameters.  
 
1Complete definition of the ratings assigned are available at www.careedge.in  and other CARE Ratings Limited ’s publications   
2 CARE Ratings Ltd.  
 
Press Release  
Detailed description of key rating drivers  
Key strengths  
Long track record of operations with an established franchise  
FBL is one of the oldest private sector banks in India with a long operating track record of more than 90 years and has established 
itself as a strong franchise, especially in south India, with major presence in Kerala. The bank had a total network of 1,518  
banking outlets , of which 608 banking outlets  were in Kerala as on June 30, 2024. CARE Ratings notes that the majority of 
incremental banking outlets  additions  (228 out of 2 42 from FY22 onwards ) are outside Kerala to improve on geographical 
diversification  front. The bank also has significant volumes of inward remittances from overseas, which generates stable  fee 
income and stable deposits from non -resident Indian (NRI) customers. The bank’s total business has been increasing year -on-
year (y-o-y) to reach ₹4. 86 lakh crore including ₹2.66 lakh crore of deposits and ₹2.2 0 lakh crore of advances as on June 30, 
2024. The bank’s advances book reported a 20% y -o-y growth with retail to wholesale mix of the bank improving to 56:44 as on 
June 30, 2024. Wholesale advances consist of corporate and commercial banking , whereas retail includes segments such as  gold 
loans, agriculture, business banking (MSME), CV/CE financing, MFI , and retail loans , which include subsegments such as  housing 
loans, loan against property ( LAP), auto loans, credit cards , and personal loans. FBL has made s everal tie -ups with fintech 
companies and has entered high yielding products such as  credit cards, personal loans, CV/CE, and MSME, among others , which 
have seen faster growth , though  on a small base. Going forward, the bank will continue to focus on retail loans with unsecured 
loans being capped at 10% of advances.   
The bank’s deposits grew 20% y -o-y as on June 30, 2024. The bank’s  CASA deposits as a percentage of the total deposits although 
low when compared to peers (as on June 30, 2024: 29.27% March 31, 2024: 29.38%; March 31, 2023: 32.68%), are granular 
with retail plus term deposits upto ₹2 crore of the bank constituting 80% of total deposits as on March 31, 2024; and the CASA 
deposits are low cost, which provides a cost advantage over mid -sized peers who have been increasing the CASA deposits by 
offering higher interest rates. Moreover, a sizeable portion of the bank’s total de posits are NRE deposits, constituting around 
28.91% of the total deposits as on June 30, 2024. The deposits with a ticket size of ₹2 crore and above have been historicall y 
low. CARE Ratings has noted a leadership transition, with Krishnan Venkat Subramanian succeeding Shyam Srinivasan  as the MD 
& CEO from September 2024.  
 
Stable profitability parameters  
The yield on advances for FBL is lower than some peer private banks due to composition of its advances book  which consists of 
44% of wholesale book , which in turn comprises  high rated corporates and retail having  lower proportion of high yielding 
unsecured book resulting in moderate net interest margin ( NIM) despite having relatively lower cost of funds. The bank also has 
relatively modest fee income as it offers limited number of products and services than the larger private banks.  Nevertheless, FBL 
has been consistently profitable over a long period.    
 
The bank’s net interest income (NII) and pre -provisions operating profit (PPOP) for FY24 stood at ₹8,293 crore and ₹5,174 crore 
with y -o-y growth of 15% and 8% , respectively. FBL’s NIM and PPOP to average total assets for FY24 were 2.92% (P.Y.: 3.01%) 
and 3.04% (P.Y.: 2.82%), respectively. For FY24, the bank reported a reduction in the NIM due to the higher rise in the cost of 
funds/ cost of deposits as compared to yield on advances. Operating cost rose by 30% due to increase in employee expenses 
and other operating expenses. Resultantly, c ost to income ratio deteriorated from 49.86% for FY23 to 54.50% for FY24 impacting 
PPOP. The bank’s credit cost reduced significantly considering  reversals of provisions on standard assets. The credit cost declined 
to 0.07% of the average total assets in FY24 as against 0.31% for FY23 resulting in improvement in the ROTA for FY24 at 1.31%  
for FY24 as against 1.25% for FY23. FBL is increasing focus on high yielding retail products to improve the NIM . Thus, the bank’s 
ability to manage risk and increasing the high yielding advances and generating low -cost deposits remains critical for improvement 
in its return ratios.  
 
Comfortable capitalisation levels  
The bank continues to be adequately capitalised by maintaining adequate cushion over the minimum regulatory requirement. FBL 
reported a total  capital adeq uacy ratio  (CAR) at 15.57% (March 31, 2024: 16.13% and March 31, 2023: 14.81%) and Tier -I 
CAR/CET I Ratio of 14.17% (March 31, 2024: 14.61% and March 31, 2023:  13.02%), as on June 30, 2024. The bank had raised 
equity capital twice in FY24, ₹3,040 crore in July 2023 through QIP and ₹959 crore in October 2023 through preferential allotment 
to IFC to augment its capital base. The capitalisation is supported by equity raise and consistent internal accruals. Thus, C ARE 
Ratings expects the bank to maintain a Tier -I CAR over 12% and a total CAR over 13% and raise the equity capital as and when 
required.  
 
Stable asset quality  
FBL has conservative underwriting standards which has helped  the bank to maintain stable asset quality over period of time. Post-
COVID -19, the asset quality has been improving due to lower incremental slippages. The bank’s GNPA  ratio and NNPA  ratio  
3 CARE Ratings Ltd.  
 
Press Release  
improved slightly to 2.11% and 0.60% as on June 30, 2024 (March 31, 2024: 2.13% and 0.60%) from 2.36% and 0.69% as on 
March 31, 2023 , as a result of improvement on slippages front and growth in advances. The slippages in absolute terms for FY24 
was similar to FY23 ; however , the reduction (upgradation, recoveries , and write -offs) from NPA s were significantly lower for FY24 
as compared to FY23 resulting in GNPA  to increase in absolute terms. Segment -wise, GNPA s were higher in the business banking 
(SME loans b elow ₹10 crore) followed by commercial banking and retail. The bank’s PCR (excluding two) stood at 71% as on 
June 30, 2024. NNPA  to net worth ratio stood at 4.35% as on June 30, 2024 (March 31, 2024: 4.32%) as compared to 5.63% as 
on March 31, 2023. Gross stressed assets and net stressed to net  worth stood at 3.14% and 11.85% as on June 30, 2024 as 
compared to 4.15% and 20.46% as on March 31, 2023. CARE Ratings observes , the bank’s ability to maintain stable asset quality 
as it undertakes significant growth  in its advances and its entry in new products such as  credit cards, CV finance and others , will 
be key rating monitorable . 
 
Key weakne ss 
Geographic concentration in advance and deposits portfolio  
The bank has an established presence in south Indian states with almost 70% banking outlets , Kerala being the highest with 40% 
of overall banking outlets  strength as on June 30, 2024. The percentage of business in the form of advances coming from Kerala 
continues to remain high at 30%, followed by Maharashtra at 21%, and Tamil Nadu at 13% , with top  three states combined 
contributing around 64% of advances as on June 30, 2024. In the last  few years , the bank has been expanding geographically 
outside its home state and going forward it plans to add 80 -100 new mainly in Gujarat, Maharashtra, Tamil Nadu, and Karnataka, 
the concentration of loans will gradually reduce.  
 
On the deposits side, around 65% of the total deposits are from Kerala, followed by Maharashtra (9.02%) and Tamil Nadu 
(4.94%). With the bank’s presence increasing in other Indian states, the deposit’s profile is expected to improve gradually.  
 
Liquidity  – Adequate  
As on June 30, 2024, the  bank’s liquidity profile was comfortable due to its large retail franchise, which aids in mobilising CASA 
at cost -effective rates. As on June 30, 2024, t he asset liability maturity (ALM) profile, had positive cumulative mismatches in the 
time buckets up to 30 days. The bank had excess  statutory liquidity ratio (SLR)  securities  of ₹4,686 crore as on June 30, 2024, 
which provides liquidity buffer. In addition, the bank has access to borrowing from RBI’s liquidity adjustment facility ( LAF) and 
marginal standing facility (MSF) and option to refinance from SIDBI, NHB, and NABARD  among others , and access to call money 
markets. The bank’s  average  liquidity coverage ratio was comfortable at 112.61% as on June 30, 2024, as against the minimum 
regulatory requirement of 100%.  
Environment, social, and governance (ESG) risks  
• FBL has green portfolio of ₹7,441 crore as on June 30, 2024.  
• In-house solar generation capacity of 430 KW . 
• FBL is financing women entrepreneurs through BC channel . 
• 43% of FBL employees are female indicating gender diversity .  
 
Applicable criteria  
Definition of Default  
Rating Outlook and Rating Watch  
Issuer Rating  
Bank 
Financial Ratios - Financial Sector  
Rating Basel III - Hybrid Capital Instruments issued by Banks  
Policy on Withdrawal of Ratings  
 
 
 
 
 
 
 
 
  
4 CARE Ratings Ltd.  
 
Press Release  
About the company and industry  
Industry classification  
Macro -economic 
indicator  Sector  Industry  Basic industry  
Financial services  Financial services  Banks  Private sector bank 
 
FBL is a mid-sized old private sector bank headquartered  in Kerala. As on June 30, 2024, the bank had a network of 1,518 banking 
outlets and 2,041 ATMs /recyclers . The bank ’s share holding pattern is well diversified with shares held by mutual funds (35%), 
financial institutions , and banks (11%), foreign institutional investors (28%), corporate (2%) , and others (25%) as on June 30, 
2024. FBL’s total business  stood at ₹4.86 lakh crore with advances of ₹2.20 lakh crore and deposits of ₹2.66 lakh crore as on 
June 30, 2024.  
FBL - Standalone  
Brief Financials ( ₹ crore)  FY23 (A) FY24 (A) Q1FY25(UA)  
Total income  19,134  25,268  7,246  
PAT 3,011  3,721  1,010  
ROTA (%) * 1.25 1.31 1.27 
Total assets* 260,255  308,307  327,966  
Net NPA (%)  0.69 0.60 0.60 
A: Audited UA: Unaudited; Note: ‘ These  are the latest financial results available’  
*It is per CARE  Ratings ’ internal calculation . 
 
Status of non -cooperation with previous CRA: Not applicable  
 
Any other information:  Not applicable  
 
Rating history for last three years: Annexure -2 
 
Covenants of rated instruments/facilities: Annexure -3 
 
Complexity level of instruments rated : Annexure -4 
Lender details: Annexure -5 
Annexure -1: Details of instruments  
Name of the  
Instrument  ISIN  Date of 
Issuance  Coupon  
Rate 
(%) Maturity  
Date  Size of the 
Issue  
(₹ crore)  Rating assigned along 
with Rating Outlook  
Issuer ratings - - - - - CARE AA+; Stable  
Bonds -
Infrastructure 
Bonds  Proposed  - - - 1500.00  CARE AA+; Stable  
Tier-II Bonds  INE171A08024 * 20-Jun-19 9.75 20-Jun-29 - Withdrawn  
Tier-II Bonds  INE171A08032  20-Jan-22 8.2 20-Jan-32 700.00  CARE AA+; Stable  
Tier-II Bonds  INE171A08040  29-Mar-23 8.84 29-Mar-33 995.00  CARE AA+; Stable  
Tier-II Bonds  Proposed  - - - 5.00 CARE AA+; Stable  
*Redeemed due to exercise of call option  
 
 
 
 
 
 
 
 
  
5 CARE Ratings Ltd.  
 
Press Release  
Annexure -2: Rating history for last three years  
Sr. No.  Name of the 
Instrument/Bank 
Facilities  Current Ratings  Rating History  
Type  Amount 
Outstanding 
(₹ crore)  Rating  Date(s) 
and 
Rating(s) 
assigned 
in 2024 -
2025  Date(s) 
and 
Rating(s) 
assigned 
in 2023 -
2024  Date(s) 
and 
Rating(s) 
assigned 
in 2022 -
2023  Date(s) 
and 
Rating(s) 
assigned 
in 2021 -
2022  
1 Bonds -Tier II Bonds  LT 200.00  CARE 
AA+; 
Stable  1)CARE 
AA+; 
Stable  
(05-Aug-
24) 1)CARE 
AA+; 
Stable  
(06-Oct-
23) 1)CARE 
AA; 
Positive  
(23-Feb-
23) 
 
2)CARE 
AA; 
Positive  
(13-Sep-
22) 1)CARE 
AA; Stable  
(28-Sep-
21) 
2 Bonds -Tier II Bonds  LT 500.00  CARE 
AA+; 
Stable  1)CARE 
AA+; 
Stable  
(05-Aug-
24) 1)CARE 
AA+; 
Stable  
(06-Oct-
23) 1)CARE 
AA; 
Positive  
(23-Feb-
23) 
 
2)CARE 
AA; 
Positive  
(13-Sep-
22) 1)CARE 
AA; Stable  
(14-Sep-
21) 
3 Bonds -Tier II Bonds  LT 1000.00  CARE 
AA+; 
Stable  1)CARE 
AA+; 
Stable  
(05-Aug-
24) 1)CARE 
AA+; 
Stable  
(06-Oct-
23) 1)CARE 
AA; 
Positive  
(23-Feb-
23) - 
4 Issuer Rating -
Issuer Ratings  LT 0.00 CARE 
AA+; 
Stable  1)CARE 
AA+; 
Stable  
(05-Aug-
24) - - - 
5 Bonds -
Infrastructure 
Bonds  LT 1500.00  CARE 
AA+; 
Stable      
LT-long term ; ST-Short term.  
 
Annexure -3: Detailed explanation of covenants of rated instruments/facilities  
Not applicable  
 
Annexure -4: Complexity level of instruments rated  
Sr. No.  Name of the Instrument  Complexity Level  
1 Bonds -Infrastructure Bonds  Simple  
2 Bonds -Tier II Bonds  Complex  
 
  
6 CARE Ratings Ltd.  
 
Press Release  
Annexure -5: Lender details  
Not applicable  
 
Note on complexity levels of rated instruments: CARE Ratings has classified instruments rated by it based on  complexity. 
Investors/market intermediaries/regulators or others are welcome to write to <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS> for clarifications.  
 
 
Contact us  
Media Contact      
   
Mradul Mishra  
Director  
CARE Ratings Limited  
Phone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
E-mail: mradul.mishra@ careedge.in  
 
Relationship Contact  
 
Pradeep Kumar V  
Senior Director  
CARE Ratings Limited  
Phone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
 
 Analytical Contacts  
 
Sanjay Agarwal  
Senior Director  
CARE Ratings Limited  
Phone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
 
Vineet Jain  
Senior Director  
CARE Ratings Limited  
Phone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
 
Sudam Shrikrushna Shingade  
Associate Director  
CARE Ratings Limited  
Phone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>  
E-mail: <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>  
 
 
About us:   
Established in 1993, CARE Ratings is one of the leading credit rating agencies in India. Registered under the Securities and 
Exchange Board of India, it has been acknowledged as an External Credit Assessment Institution by the RBI. With an equitable 
position in the Indian capital market, CARE Ratings provides a wide array of credit rating services that help corporates raise capi tal 
and enable investors to make informed decisions. With an established track record of rating companies over almost three decad es, 
CARE Ratings follows a robust and transparent rating process that leverages its domain and analytical expertise, backed by th e 
methodologies congruent with the international best practices. CARE Ratings has played a pivotal role in developing bank debt  
and capital market instruments, including commercial papers, corporate bonds and debentures, and structured credit.   
 
Disclaimer:  
The ratings issued by CARE Ratings are opinions on the likelihood of timely payment of the obligations under the rated instru ment and are not recommendations to 
sanction, renew, disburse, or recall the concerned bank facilities or to buy, sell, or hold any  security. These ratings do not convey suitability or price for the investor. 
The agency does not constitute an audit on the rated entity. CARE Ratings has based its ratings/outlook based on information obtained from reliable and credible 
sources. CARE Rat ings does not, however, guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any e rrors or omissions 
and the results obtained from the use of such information. Most entities whose bank facilities/instruments are r ated by CARE Ratings have paid a credit rating fee, 
based on the amount and type of bank facilities/instruments. CARE Ratings or its subsidiaries/associates may also be involved  with other commercial transactions with 
the entity. In case of partnership/pro prietary concerns, the rating/outlook assigned by CARE Ratings is, inter -alia, based on the capital deployed by the 
partners/proprietors and the current financial strength of the firm. The ratings/outlook may change in case of withdrawal of capital, or the  unsecured loans brought 
in by the partners/proprietors in addition to the financial performance and other relevant factors. CARE Ratings is not respo nsible for any errors and states that it has 
no financial liability whatsoever to the users of the ratings  of CARE Ratings. The ratings of CARE Ratings do not factor in any rating -related trigger clauses as per the 
terms of the facilities/instruments, which may involve acceleration of payments in case of rating downgrades. However, if any  such clauses are intr oduced and 
triggered, the ratings may see volatility and sharp downgrades.  
 
For detailed Rationale Report and subscription information,  
please visit www.careedge.in  

    Give the output in markdown format.
    
Assistant: