APPROACH TO REPORTING
Through this Integrated Annual Report for FY 2023-24, we, at Federal Bank, aim to offer our stakeholders a comprehensive view of our Bank’s capacity to create value. The Report extends beyond financial reporting and presents a glimpse into our key achievements, strategies, marketing initiatives and material issues emanating from stakeholder engagements and their respective mitigation strategies. It also highlights the risks and opportunities our Bank faces, our governance structure, and our approach to ensuring longterm sustainability.
REPORTING PERIOD, SCOPE AND BOUNDARY
The reporting period for this Annual Report is from April 1, 2023, to March 31, 2024. The Annual Report also covers non-financial information on a standalone basis. Our BRSR report for FY 2023-24 has undergone external assurance. M/s. Bureau Veritas has conducted Reasonable Assurance for BRSR Core indicators and Limited Assurance for BRSR comprehensive indicators in accordance with ISAE 3000 assurance standards.
The Bank is dedicated to enhancing the quality of its data, consistently adopting new guidance that adheres to reporting standards, and gaining insights from industry practices. Due to these efforts, the methodology and assumptions used to calculate certain indicators under BRSR have undergone changes, and the impact of these changes has been disclosed in their respective sections.
REPORTING PRINCIPLES AND FRAMEWORK
The financial information presented in this report is in line with the requirements of
- The Companies Act, 2013 (including the rules made thereunder)
- The Companies (Accounting Standards) Rules, 2006
- The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
- The Banking Regulation Act, 1949 and other relevant RBI regulations
We are committed to adopting best
industry practices and enhancing
the quality of our disclosures by
adhering to globally recognised
frameworks. This Integrated Report
for The Federal Bank Limited for
FY 2023-24 has been developed
in alignment with the principles
of the Integrated Reporting
APPROACH TO MATERIALITY
This Report includes information that is material to all stakeholders of our Bank and provides an overview of our business and related activities. The Report discloses matters that substantially impact or affect our Bank’s ability to create value and could influence the decisions of providers of financial capital. In FY 2022-23, our Bank conducted a materiality assessment in line with GRI requirements through consultations with internal stakeholders.
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Forward-looking Statements
Certain statements in this Report regarding our business operations may constitute forward-looking statements. These include all statements other than statements of historical fact, including those regarding the financial position, business strategy, management plans and objectives for future operations. Forwardlooking statements can be identified by words such as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’ and other words of similar meaning in connection with a discussion of future operating or financial performance. Forwardlooking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and that may be incapable of being realised and as such, are not intended to be a guarantee of future results, but constitute our current expectations based on reasonable assumptions. Actual results could differ materially from those projected in any forward-looking statements due to various events, risks, uncertainties and other factors. We neither assume any obligation nor intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
RESPONSIBILITY STATEMENT
The contents of this Report has been evaluated by the senior management of the Bank and is reviewed and approved by the Board of Directors to ensure the accuracy, completeness and relevance of the information presented in line with the principles and requirements of the International Integrated Reporting Framework.
SDG's IMPACTED
Restatement of Information
Corrigendum to Annual Report FY 2022-23 and notice of 92nd AGM was filed on July 31, 2023
In page 306 and 307 of Annual Report, the page headers were incorrect. The same has been corrected as follows: page 306: Schedule 18: Notes to Accounts Forming Part of the Financial Statements for the Year Ended March 31, 2023 page 307: Schedule 18: Notes to Accounts Forming Part of the Financial Statements for the Year Ended March 31, 2023 (contd.).
In page 464 of Annual Report, under head "Statement of Use" in GRI Index, the statement provided was incorrect/incomplete. The sentence has been replaced as follows: "The Federal Bank Limited has reported its ESG performance in accordance with the GRI Standards for the period April 1, 2022 to March 31, 2023.”
In the explanatory statement of 92nd AGM Notice, Item no. 10, Serial no. 15, the following changes have been made. Instead of “Division of IFC”, read as “Department of IFC”. Instead of “further, please note that Ms. Ruth Horowitz is the head of the IFC Asset Management Company and the Chair of the Investment Committee of FIG & EAF”, read as “Mr. Mengistu Alemayehu is the head of the IFC Asset Management Company and Mr. John Gandolfo is the Chair of the Investment Committees of FIG & EAF.”
There is no impact of these restatements.
FEEDBACK CHANNEL
For any suggestions, views and
opinions related to this Report,
please reach out to
secretarial@federalbank.co.in