2007-08 वित्‍तीय रिपोर्ट

Unaudited Solo Financial Results for the Quarter / Nine Months ended 31st Dec 2008

Notes forming part of the financial results for the Quarter / Nine Months Ended 31.12.2008.

• The above financial results have been approved by the Board at its meeting held on 29/01/2009. The same has been subjected to review by the Statutory Central Auditors, as per the Listing Agreements.
• There has been no change in the Accounting Policies adopted during the quarter ended 31.12.2008 as compared to those followed in the preceeding financial year 2007-08.
• Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable etc is in progress.
• The financial results for the quarter / nine months ended 31.12.08 have been arrived at after considering provision for NPAs, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issuedby RBI. Provision for taxes (including Deferred tax, Wealth tax and Fringe Benefit tax) and Provision for contingencies including for employee benefits considered on estimated basis.
• During the quarter, the bank has made additional provision of Rs.39.77 crores in certain identified Non Performing Advance accounts.
• In the absence of market valuation and consistent fair value quotes from issuers, on the basis of which valuation was done earlier, the CLNs have been valued adopting FIMMDA valuation method during the current quarter.The quantum of difference in depreciation, if any, is not ascertainable.
• A sum of Rs.135.15 crores has been charged to Profit and Loss A/c during the nine months 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.An amount of Rs.585.65 crores is to be charged proportionately by the end of March 2012.
• The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on 31st October 2007. Pending execution of new agreement, a provision of Rs. 350 crores has been made on estimated basis, as employee cost, of which Rs.250 crores is made during the nine months (Rs.130 crs during the quarter Dec.08).
• In terms of Agricultural Debt Waiver and Debt Relief Scheme 2008, framed by the Government of India, the Bank has received Rs.208.91 crores from Reserve Bank of India on account of loans eligible for debt waiver scheme amounting to Rs.506.04 crores. The interest receivable from the Government has not been given effect to in the books. The amount is subject to certification by the Statutory Central Auditors.
• Exceptional items Rs.69.07 crores (Net of Tax Rs.45.59 crores) represents profit on winding up of bank's Subsidiary Bank of Baroda (Hongkong) Ltd for the quarter ended 31 st December 2008. The amount shown in nine months is inclusive of Profit on sale of 51% holding in BOB AMC Ltd in June 2008.
• Auditors qualifications for the year ended 31st March 2008 have been dealt with Note no.3 above. 12. Status of Investor's complaints :
  • Pending at the beginning of the quarter Nil
  • Received during the quarter 54
  • Disposed off during the quarter 54
  • Pending at the close of the quarter Nil
• The figures of previous period have been regrouped / rearranged wherever necessary to correspond to current period classification.

Segment Reporting For The Quarter / Nine Months Ended 31.12.2008

Part A - Business Segments

Part B - Geographic Segments

Notes on Segment Reporting:

• As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" 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 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.

Unaudited Solo Financial Results for the Quarter / Half Year ended 30th Sep 2008

Notes forming part of the financial results for the Quarter / Half Year Ended 30.09.2008.

• The above financial results have been approved by the Board at its meeting held on 25/10/2008. The same has been subjected to review by the Statutory Central Auditors, as per the Listing Agreements.
• There has been no change in the Accounting Policies adopted during the quarter / half year ended 30.09.2008 as compared to those followed in the preceeding financial year 2007-08.
• Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable etc is in progress.
• The financial results for the quarter / half year ended 30.09.08 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 employee benefits have been considered on estimated basis.
• A sum of Rs.90.10 crores has been charged to Profit and Loss A/c during the half year, 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 An amount of Rs.630.70 crores is to be charged proportionately by the end of March 2012.
• The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on 31st October 2007. Pending execution of new agreement, a provision of Rs. 220 crores has been estimated, out of which Rs.100 crores was provided upto 31.03.08 and Rs.120 crores is provided during current half year.
• Government of India has notified "Agriculture Debt Waiver and Debt Relief Scheme, 2008" for giving debt waiver to marginal and small farmers and relief to other farmers who have availed direct agricultural loans. the claim for agricultural debt waiver to the eligible farmers as per the scheme has been given effect to in the accounts for the half year. The claim for agricultural debt amounts are subject to certification by Auditors. Based on prudence, no effect has been given in the accounts for the half year ended 30.09.08 in respect of the Debt Relief Scheme.
• Auditors qualifications for the year ended 31st March 2008 have been dealt with in Note 3 above
• 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
• The figures of previous period have been regrouped / rearranged wherever necessary to correspond to current period classification.

SEGMENT REPORTING FOR THE QUARTER / HALF YEAR ENDED 30.09.2008

Part B - Geographic Segments

Notes on Segment Reporting:

• As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted "Treasury Operations", Wholesale, Retail and "Other Banking Operations" 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 / RBI.
• In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
• Capital employed for each segment has been allocated proportionate to the assets of the segment.
• In view of adoption of revised segments, comparative figures of primary segments of corresponding quarter are not available.

Unaudited Financial Results for the Quarter Ended 30th June 2008.

Notes forming part of the financial results for the Quarter ended 30.06.2008.

• The above financial results have been approved by the Board at its meeting held on 29/07/2008. The same has been subjected to review by the Statutory Central Auditors, as per the Listing Agreements.
• There has been no change in the Accounting Policies adopted during the quarter ended 30.06.2008 as compared to those followed in the preceeding financial year 2007-08.
• Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable etc is in progress.
• The financial results for the quarter ended 30.06.08 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 employee benefits have been considered on estimated basis.
• A sum of Rs.45.05 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. An amount of Rs.675.75 crores is to be charged proportionately by the end of March 2012.
• In terms of RBI guidelines, the bank has implemented the Agriculture Debt Waiver and Debt Relief Scheme 2008. The eligible amount of waiver for small and marginal farmers is Rs. 502.08 crores and the amount eligible under OTS for other farmers is Rs.548 crores, out of which Rs.164.39 crores is eligible for relief. The Bank has reversed Interest/charges etc amounting to Rs.6.96 crores. The same is subject to verification by the Statutory Central Auditors as per RBI Guidelines.
• The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on 31st October 2007. Pending execution of new agreement, a provision of Rs. 160 crores has been made on estimated basis, of which Rs.60 crores is made during the quarter.
• Auditors qualifications for the year ended 31st March 2008 have been dealt with in Note No.3 & 5 above.
• Status of Investor's complaints :
  • Pending at the beginning of the quarter Nil
  • Received during the quarter 52
  • Disposed off during the quarter 52
  • Pending at the close of the quarter Nil
• 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

Part B - Secondary Segments

Notes on Segment Reporting:

• As per guidelines of RBI on compliance with Accounting Standards, Bank has adopted Treasury Operations, Wholesale, Retail and Other Banking Operations 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 / RBI.
• In determining the segment results, the funds transfer price mechanism followed by the bank has been used.
• Capital employed for each segment has been allocated proportionate to the assets of the segment.
• In view of adoption of revised segments, comparative figures of Primary Segments of corresponding quarter are not available.

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

Notes forming part of the financial results for the Quarter Ended 31.03.2008.

• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• 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.
• During the year 2 new overseas subsidiaries viz. Bank of Baroda (Trinidad & Tobago) Ltd and Bank of Baroda, (Ghana) Ltd were operationalised.
• 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.
• 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.
• 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.
• The Board has recommended a dividend @ 80% on Equity Share Capital for the year 2007-08 subject to approval by members.
• 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
• 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

Part B - Secondary Segments

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.