Audited Financial Results for the Quarter / Year Ended 31st March, 2008

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Sr. No.   Particulars Quarter Ended 31.03.08 (Audited) Quarter Ended 31.03.07 (Audited) Year Ended 31.03.08 (Audited) Year Ended 31.03.07 (Audited) 1   Interest Earned (a+b+c+d) 333107 262094 1181347 900409   a) Interest/discount on advances/bills 232673 179048 841297 593736   b) Income on Investments 76806 66939 273729 256031 c) Interest on balances with RBI and other inter-bank funds 17427 13379 55366 46646 d) Others 6201 2728 10955 3996 2 Other income 55463 44886 205104 138179 3 TOTAL INCOME (1+2) 388570 306980 1386451 1038588 4 Interest expended 230257 156741 790167 542656 5 Operating Expenses (a+b) 76868 75840 293429 254431 a) Employees cost 42115 44177 180376 164406 b) Other Operating expenses 34753 31663 113053 90025 6 TOTAL EXPENDITURE (4+5) {Excluding Provisions & Contingencies) 307125 232581 1083596 797087 7 OPERATING PROFIT (Profit before Provisions & Contingencies) (3-6) 81445 74399 302855 241501 8 Provisions (other than tax) & Contingencies 42495 31175 82140 76075 9 Exceptional Items 0 0 0 0 10 Profit (+)/Loss (-) from Ordinary Activities before tax (7-8-9) 38950 43224 220715 165426 11 Tax expenses 11306 18658 77163 62779 12 Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 27644 24566 143552 102647 13 Extraordinary items (net of tax expenses) ) 0 0 0 0 14 Net Profit (+) / Loss (-) for the period (12-13) 27644 24566 143552 102647 15 Paid-up equity share capital (Face Value of Rs.10 each) 36553 36553 36553 36553 16 Reserve excluding Revaluation Reserve (as per balance sheet of previous accounting year) 916144 807055 916144 807055 17 Analytical Ratios i) Percentage of Shares held by Government of India 53.81 53.81 53.81 53.81 ii) Capital Adequacy Ratio {%) a) As per Basel - I 12.91 11.80 12.91 11.80 b) As per Basel - II 12.94 - 12.94 - iii Earning Per Share Basic and diluted EPS before and after Extraordinary items, net of tax expenses (not annualized) [ in Rs.] 7.59 6.74 39.41 28.18   iv NPA Ratios a. Gross NPA 198138 209214 198138 209214 Net NPA 49355 50167 49355 50167 b) % of Gross NPA 1.84 2.47 1.84 2.47 % of Net NPA 0.47 0.60 0.47 0.60 c) Return on Assets 0.65 0.77 0.89 0.80 18 Public Shareholding Number of shares 168266400 168266000 168266400 168266000 Percentage of shareholding 46.19 46.19 46.19 46.19 Notes forming part of the financial results for the Quarter Ended 31.03.2008. 1.  The above results have been taken on record by the Board at its meeting held on 20-05-2008. The same has been subjected to audit by Statutory Central Auditors, as per the Listing Agreements. 2.  There has been no change in the Accounting Policies adopted during the year ended 31.03.2008 as compared to those followed in the immediately preceding financial year 2006-07, excepting accounting for dividend on shares of subsidiaries, joint ventures and associate companies, which is now recognised on realisation. There is no impact in the results for the current year due to change in policy. 3.  Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjsutments, NOSTRO, Drafts / TTs payablle, Clearing Adjustments (including interse the Bank's Overseas Branches and those Position Maintaining Offices in India), Dividend / Interest / Refund Orders Paid / Payable etc. is in progress. 4.  The financial results for the Quarter/Year ended 31.03.08 have been arrived at after considering provision for NPAs, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI. Provision for taxes (including Deferred tax, Wealth Tax and Fringe Benefit tax) and contingencies including for have been considered on actuarial basis. 5.  A sum of Rs.180.20 crores has been charged to Profit and Loss A/c on proportionate basis of the Transitional liability of Rs.901 crores upto 31.03.2007 as per the Revised Accounting Standard (AS) 15 on Employee. Benefits issued by the Institute of Chartered Accountants of India based on actuarial valuation. 6.  During the year ended Mar-2008, Tier II bonds amounting to Rs.2703.62 crores were raised including Rs.1203.62 crores (USD 300 mn) have been issued by way of Medium Term Notes. 7.  In terms of RBI Guidelines, the bank has during the quarter ended June 2007 transferred a portion of Govt. Securities (SLR) kept in "Available for Sale" category to "Held to Maturity" category and a depreciation of Rs.37.08 crores has been charged to the Profit and Loss A/c. 8. The Bank has commenced operations at Hongkong w.e.f. 1st April 2007 by taking over the business of subsidiary, Bank of Baroda (Hongkong) Ltd. The results shown above for the quarter / year ended 31.03.08 are inclusive of the operations at Hongkong. 9. During the year 2 new overseas subsidiaries viz. Bank of Baroda (Trinidad & Tobago) Ltd and Bank of Baroda, (Ghana) Ltd were operationalised. 10. Auditors qualifications for the year ended 31st March 2007 and for the three quarter ended 30th June,30th Sep 2007 & 31st Dec.07 have been dealt with in Note No.3 & 5 above. 11. As per RBI clarification dated 11th July 2007, Banks should reflect the amortisation of premium on investments held under HTM category as a deduction from Interest Income on investments instead of deduction from Other Income. Accordingly, the bank has carried out the reclassification. This change does not have any impact on the net profit for the periods under audit. 12. During the year the bank has revalued its fixed assets and an amount of Rs.1377.74 crores has been credited to Capital Reserves as revaluation reserves. 13. The Board has recommended a dividend @ 80% on Equity Share Capital for the year 2007-08 subject to approval by members. 14. Status of Investor's complaints : Pending at the beginning of the quarter    Nil Received during the quarter        59 Disposed off during the quarter      59 Pending at the close of the quarter    Nil 15.  The figures of previous period have been regrouped / rearranged, wherever necessary, to correspond to current period classification. Accounting Standard 17 - Disclosure under Segment Reporting Part A - Primary Segments Sr. No. Business Segments Treasury Corporate / Wholesale Banking Retail Banking Other Banking Operations Total 2007-08 2007-08 2007-08 2007-08 2007-08 1 Revenue 357698 415659 396040 217054 1386451 Result 78879 17514 93737 140022 330152 Unallocated Expense 109437 Operating Profit 220715 Income taxes 77163 Extra-ordinary Profit/loss -- Net Profit 143552 Other Information 2 Segment Assets 5694578 5206182 3244149 3557260 17702169 Unallocated Assets 257783 Total Assets 17959952 3 Segment Liabilities 5344407 4886044 3044660 3338518 16613629 Unallocated Liabilities 1346323 Total Liabilities 17959952 Part-B : Secondary Segments Sr. No. Particulars Domestic Operations International Operations Total Total 2007-08 2006-07 2007-08 2006-07 2007-08 2006-07 Revenue 1189514 886892 196937 151696 1386451 1038588 Assets 14252003 11507856 3707949 2806762 17959952 14314618 Notes on Segment Reporting: As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations" and "Other Banking Opertions" as Primary business segments and "Domestic" and "International" as secondary / geographic segments for the purpose of compliance with AS-17 on Segment Reporting issued by ICAI. In determining the segment results, the funds transfer price mechanism followed by the the bank has been used. Segment revenue represents revenue from external customers. Capital employed for each segment has been allocated proportionate to the assets of the segment. In view of adoption of revised segments, previous years figures have not been disclosed for primary segments as per RBI Guidelines. Place: Mumbai Date: 20.05.2008 S C Gupta (Executive Director) V. Santhanaraman (Executive Director) M D Mallya (Chairman & Managing Director)