Financial Report Q1 2022-23

Un-Audited (Reviewed) Standalone Financial Results for the Quarter Ended 30th June, 2022

( ₹ in lakhs)

Sr. No.		Particulars	Quarter Ended			Year Ended
			30.06.2022	31.03.2022	30.06.2021	31.03.2022
			Un-Audited	Audited	Un-Audited	Audited
1		Interest earned (a)+(b)+(c)+(d)	1893749	1817361	1705264	6988078
	(a)	Interest /discount on advances / bills	1303836	1283519	1216818	4927853
	(b)	Income on investments	494022	476659	407108	1761721
	(c)	Interest on balances with Reserve Bank of India and other inter bank funds	28943	25238	20746	101517
	(d)	Others	66948	31945	60592	196987
2		Other Income	118203	252229	286319	1148395
3		Total Income (1 + 2)	2011952	2069590	1991583	8136473
4		Interest Expended	1009910	956194	916097	3725944
5		Operating Expenses (a)+ (b)	549290	549882	515404	2171644
	(a)	Employees cost	304325	270237	305946	1197884
	(b)	Other operating expenses	244965	279645	209458	973760
6		Total Expenditure (4+5) excluding provisions and contingencies	1559200	1506076	1431501	5897588
7		Operating Profit (3-6) before Provisions and Contingencies	452752	563514	560082	2238885
8		Provisions (other than tax) and Contingencies	168480	373638	400540	1300241
9		Exceptional Items	-	-	-	-
10		Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9)	284272	189876	159542	938644
11		Provision for Taxes	67459	11999	38679	211416
12		Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11)	216813	177877	120863	727228
13		Extraordinary items (net of tax expenses)	-	-	-	-
14		Net Profit (+) / Loss (-) for the period  (12-13)	216813	177877	120863	727228
15		Paid-up equity share capital    (Face Value of  ₹ 2 each)	103553	103553	103553	103553
16		Reserve excluding Revaluation Reserve				7778738
17		Analytical Ratios
	i)	Percentage of shares held by Government of India	63.97	63.97	63.97	63.97
	ii)	Capital Adequacy Ratio(%) -Basel-III	15.46	15.68	15.40	15.68
		a) CET 1 Ratio (%)	11.24	11.42	11.25	11.42
		b) Additional Tier 1 Ratio (%)	1.73	1.76	1.81	1.76
	iii)	Earnings Per Share
	(a)	Basic EPS before and after Extraordinary items net of tax expenses  (not annualized) [in  ₹]	4.19	3.44	2.34	14.06
	(b)	Diluted EPS before and after Extraordinary items net of tax expenses (not annualized) [in  ₹]	4.19	3.44	2.34	14.06
	iv)	NPA Ratios
		a) Gross NPA	5259083	5405939	6302878	5405939
		b) Net NPA	1265274	1336465	2025997	1336465
		c)  Gross NPA to Gross Advances %	6.26	6.61	8.86	6.61
		d) Net NPA to NPA Advances %	1.58	1.72	3.03	1.72
	v)	Return on Assets (annualized) %	0.68	0.57	0.42	0.60
	vi)	Debt Equity ratio*	0.48	0.53	0.55	0.53
	vii)	Total Debt to Total Assets Ratio**	0.09	0.08	0.05	0.08
	viii)	Capital Redemption Reserve/ Debenture Redemption Reserve	NA	NA	NA	NA
	ix)	Outstanding Redeemable Preference Shares	NA	NA	NA	NA
	x)	Net Worth	6364040	6129873	5605225	6129873

* Debt represents borrowings with residual maturity of more than one year. ** Total Debt represents total borrowings of the Bank.

Un-Audited (Reviewed) Standalone Segment Reporting for the Quarter Ended 30th June 2022

Part A-Business Segments					( ₹ in Lakhs)
Sr. No.	Particulars	Quarter Ended			Year Ended
		30.06.2022	31.03.2022	30.06.2021	31.03.2022
		Un-Audited	Audited	Un-Audited	Audited
1	Segment Revenue
	(a) Treasury Operations	552372	511742	628701	2388049
	(b) Wholesale Banking	666252	660422	652031	2667777
	(c) Retail Banking	786735	842635	707462	2990987
	(d) Other Banking  Operations	6593	54791	3389	89660
	Total Revenue	2011952	2069590	1991583	8136473
2	Segment Results
	(a) Treasury Operations	(16937)	(13042)	156598	348892
	(b) Wholesale Banking	135759	(119724)	30120	154971
	(c) Retail Banking	302670	390598	92544	893970
	(d) Other Banking  Operations	6593	54791	3389	89660
	Total	428085	312623	282651	1487493
	Unallocated Expenditure	143813	122747	123109	548849
	Profit before Tax	284272	189876	159542	938644
	Provision for Tax	67459	11999	38679	211416
	Net Profit	216813	177877	120863	727228
3	Segment Assets
	(a) Treasury Operations	43956861	45267437	40610790	45267437
	(b) Wholesale Banking	48717725	47383925	40148137	47383925
	(c) Retail Banking	33921199	33002957	29767391	33002957
	(d) Other Banking  Operations	-	-	-	-
	(e) Unallocated	1952804	2145664	1651971	2145664
	Total Assets	128548589	127799983	112178289	127799983
4	Segment Liabilities
	(a) Treasury Operations	40934516	42224468	37768225	42224468
	(b) Wholesale Banking	45368037	44198682	37337955	44198682
	(c) Retail Banking	31588877	30784432	27683813	30784432
	(d) Other Banking  Operations	-	-	-	-
	(e) Unallocated	1818535	2001429	1536340	2001429
	Total Liabilities	119709965	119209011	104326333	119209011
5	Capital Employed
	(a) Treasury Operations	3022345	3042969	2842565	3042969
	(b) Wholesale Banking	3349688	3185243	2810182	3185243
	(c) Retail Banking	2332322	2218525	2083578	2218525
	(d) Other Banking  Operations	-	-	-	-
	(e) Unallocated	134269	144235	115631	144235
	Total Capital Employed	8838624	8590972	7851956	8590972
Part- B : Geographic Segments
Sr. No.	Particulars	Quarter Ended			Year Ended
		30.06.2022	31.03.2022	30.06.2021	31.03.2022
		Un-Audited	Audited	Un-Audited	Audited
1	Revenue
	(a) Domestic	1895535	1990172	1916411	7806724
	(b) International	116417	79418	75172	329749
	Total	2011952	2069590	1991583	8136473
2	Assets
	(a) Domestic	111079908	109087573	94553483	109087573
	(b) International	17468681	18712410	17624806	18712410
	Total	128548589	127799983	112178289	127799983

Statement of Assets & Liabilities

( ₹ in lakhs)

Particulars	Standalone
	As on 30th June 2022	As on 30th June 2021
	Un-Audited	Un-Audited
CAPITAL & LIABILITIES
Capital	103553	103553
Reserves and Surplus	8735071	7748402
Deposits	103271408	93131688
Borrowings	11945403	6160316
Other Liabilities and Provisions	4493154	5034330
T O T A L	128548589	112178289
ASSETS
Cash and Balances with Reserve Bank of India	5915283	6263819
Balances with Banks and Money at Call and Short Notice	3568445	6410379
Investments	32984956	26094295
Advances	79961565	66838154
Fixed Assets	970959	782385
Other Assets	5147381	5789257
T O T A L	128548589	112178289

1. The above standalone financial results have been recommended by the Audit Committee of Board (hereinafter referred as “Bank”) and approved at the meeting of the Board of Directors held on July 30, 2022. The same has been subjected to limited review by Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015, as amended thereafter.
2. The above standalone financial results for the quarter ended June 30, 2022 have been prepared in accordance with recognition and measurement principles laid down in  Accounting Standard (AS-25) on 'Interim Financial Reporting' issued by the Institute of Chartered Accountants of India.
3. The Bank has continued to follow the same accounting policies and practices in preparation of financial results for the quarter ended June 30, 2022 as followed in the previous financial year ended March 31, 2022.
4. The above financial results have been arrived at after considering necessary provision for Non-Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign currency exposure, depreciation/amortisation on investments & fixed assets, income tax, deferred tax, employee benefits and provisions for other items/assets are made on estimated basis and subject to adjustments, if any, at the year end.
5. In terms of Reserve Bank of India (RBI) guidelines, Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- III framework are being made available on our website “https://www.bankofbaroda.in/shareholders-corner/disclosures-under-basel-iii . These disclosures have not been subjected to audit by Statutory Central Auditors of the Bank.
6. During the quarter ended 30.06.2022, the Bank has exercised call option and redeemed Basel III Tier II bond - SERIES XII amounting to ₹ 85000 lakhs.
7. As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding total provision of ₹766535 lakhs (100% of total outstanding) as on June 30, 2022.
8. Based on the available financial statements and the declarations from borrowers, the Bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and is holding a provision of ₹18074 lakhs as on June 30, 2022.
9. Earlier, the spread of COVID-19 virus has led to significant volatility in Global and Indian financial markets during the last two years resulting into slowdown in the economic activity across the world. Indian economy has now recovered from the disruptions caused by the COVID 19 pandemic.

Further, the Bank is taking proactive measures continuously to maintain and improve asset quality and therefore, believes that there may not be any significant impact on Bank’s future financial results.

10. Bank has estimated the additional liability on account of revision in family pension for employees as per IBA Joint Note dated November 11, 2020, amounting to ₹ 145441 lakhs. However, RBI vide their Circular RBI/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 dated 4th October 2021, has permitted Banks to amortize the said additional liability over a period of not exceeding 5 (five) years, beginning with financial year 2021-22, subject to a minimum of 1/5th of the total amount being expensed every year. Bank has opted the said provision, and accordingly charged an amount of ₹ 7272 lakhs to the Profit & Loss account for the quarter ended June 30, 2022 and the balance unamortized expense of ₹109081 lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the net profit (after tax) for the quarter ended June 30, 2022 would have been lower by ₹ 81625 lakhs.
11. As per Directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019 disclosure with respect to accounts kept as standard due to the Court order, two accounts are classified as Standard as per Court orders, with aggregate outstanding of ₹ 23741 lakhs against which the Bank is holding provision of ₹ 6527 lakhs as on June 30, 2022 as per IRAC norms, including provision for unrealized interest.
12. The Bank is holding additional provision of ₹ 46566 lakhs as of 30.06.2022 over and above the IRAC norms in certain stressed standard advances on prudent basis.
13. In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, RBI circular No DOR. No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 & RBI circular No DOR. No. BP. BC/4/21.04.048/2020-21 dated 06.08.2020 on 'Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector' (One Time Restructuring), the details of MSME restructured borrowers as on 30.06.2022 is as under:

(In ₹ Lakhs)

No of borrowers	Amount as on 30.06.2022
94564	694383

14. In accordance with RBI circular No DOR.STR.REC.12/21.04.048/2021-22 dated 05.05.2021 & RBI circular No DOR.STR.REC.21/21.04.048/2021-22 dated 04.06.2021 on Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs), the details of accounts restructured is as under.

 (In ₹ Lakhs)

No of Borrowers	Funded O/s as on 30.06.2022	Provision Held
17663	169840	22028

15. In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021 on “Resolution Framework – 2.0: Resolution of COVID – 19 related stress of Individuals and Small Business”, the number of borrower accounts where modification were sanctioned and implemented and the aggregate exposure to such borrowers are as under:-   (In ₹ Lakhs)

No of Accounts	Aggregate exposure as on 30.06.2022
6227	59940

16. As per RBI circular no. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, guidelines for implementation of Resolution Plan has been issued, also containing requirements of additional provisions as per para 17 of this RBI circular. The Bank is holding additional provision of ₹ 197355 lakhs as on 30.06.2022 in 26 nos. of accounts as detailed below.

(In ₹ Lakhs)

Amount of Loans impacted by RBI Circular   (A)	Amount of Loans to be classified as NPA (B)	Amount of Loans as on 30.06.2022 out of (B) classified as NPA (C)	Provision held as on 31.03.2022     (D)	Additional provision/ (reversal) made during quarter ended 30.06.2022 (E)	Provision held as on 30.06.2022     (F)
1017165	962742	962742	194765	2590	197355

17. As per the RBI circular no. RBI/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the Bank has opted to provide the liability for frauds over a period of four quarters. Accordingly, the carry forward provision as on June 30, 2022 is ₹ 7844 lakhs which is to be amortised in the subsequent quarters by the Bank.
18. Non-Performing Assets Provisioning Coverage Ratio (including TWO/PWO) is 89.38% as on June 30, 2022.
19. Number of Investors’ complaints pending at the beginning of the quarter was NIL. The Bank has received 84 Investors’ complaints during the quarter ended June 30, 2022. All complaints have been disposed off during the quarter. There are NIL pending Investors' complaints at the end of the quarter.
20. A penalty of ₹ 54.91 lakhs has been imposed on the Bank by Reserve Bank of India during the quarter ended 30.06.2022.
21. Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
    DOR.STR.REC.51/21.04.048/2021-22 “Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021” dated 24.09.2021 is as under:
    1. In respect of "loan accounts not in default" # acquired from other entities as per the para 86 of Transfer of Loan Exposure guidelines.

    	Particulars	30.06.2022
    (i)	- Loans acquired through "assignment"
    	- Aggregate amount of loans acquired (₹ in lakhs)	70084
    	- Weighted average residual maturity (In months)	84.85
    	- Weighted average holding period by originator (In Months)	14.60
    	- Average Retention  of beneficial economic interest by the transferor	7.93%
    	- Tangible security coverage of secured loans (times)	1.84
    	- Rating (CIC) wise distribution of rated loans (% of rated loans acquired)
    	- - 650 & above upto 750	38.74%
    	- - Above 750	61.26%
    (ii)	Loans acquired through "novation"	NIL
    (iii)	Loans acquired through "Loan participation"	NIL

    # The Loans not in default are identified on the basis of DPD in each underlying account at the time of purchase

    2. Details of stressed loans transferred is as under:            

    (₹ In Lakhs)

    Details of stressed loans (NPA Accounts) transferred during the period 01.04.22-30.06.22
    	To ARCs	To permitted transferees	To other transferees
    No: of NPA accounts	3	-	-
    Aggregate principal outstanding of loans transferred	6500	-	-
    Weighted average residual tenor of the loans transferred	-	-	-
    Net book value of loans transferred (at the time of transfer)	482	-	-
    Aggregate consideration	2837	-	-
    Additional consideration realized in respect of accounts transferred in earlier years	-	-	-
    Quantum of excess provision reversed to the profit & loss account on account of sale of stressed loans	2355	-	-

     

    3. Details of stressed Loan (NPAs) Acquired during FY 2022-23 – Nil
    4. The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 30.06.2022

    Recovery Rating Band	Book Value (₹ In Lakhs)
    RR1	8505
    RR2	21131
    RR3	4502
    RR4	3839
    RR5	403
    RR6	902
    NR1	4
    NR3	1764
    NR4	969
    NR5	201
    NR6	35456
    Rating withdrawn	34368
    Grand Total	112045

22. Other income of the Bank includes recoveries made in written off accounts, commission/fee income on non-fund based banking activities, earnings from foreign exchange transactions, profit and loss on revaluation of investments, profit and loss on sale of investments and dividends from subsidiaries etc.
23. Notes on Segment Reporting
    1. As per the guidelines of the RBI on compliance with the Accounting Standards, the 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 Accounting Standard 17 on Segment Reporting notified under the Companies (Accounting Standard) Rules, 2006 as amended.
    2. Segment revenue represents revenue from external customers.
    3. Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
24. As per RBI circular DOR.AUT.REC.12/22.01.001/2022-23 dated 07.04.2022 on establishment of Digital Banking Units (DBUs), the Reserve Bank of India (RBI) has prescribed reporting of Digital Banking Segment as a sub segment of Retail Banking segment under Accounting Standard 17, Segment Reporting. The proposed Digital Banking Unit (DBU) of the Bank have not commenced operations and having regard to the discussions of the DBU working group formed by the Indian Banks’ Association (IBA) (which included representatives of Banks and RBI) , reporting of the Digital Banking as a separate sub segment of Retail Banking segment will be implemented by the Bank based on the decision of the DBU working Group
25. The comparative figures for quarter ended March 31, 2022 are the balancing figures between audited figures in respect of the financial year 2021 -22 and the published year to date figures up to December 31, 2021 which were subject to limited review.
26. The figures of the previous period have been regrouped / rearranged, wherever necessary, to conform to the current period classifications.

Sanjiv Chadha
Managing Director & CEO

Ajay K Khurana
Executive Director

Vikramaditya Singh Khichi
Executive Director

Debadatta Chand
Executive Director

Joydeep Dutta Roy
Executive Director

Ian Desouza
Chief Financial Officer

G Ramesh
General Manager - Corporate Accounts and Taxation

Subrat Kumar Swain
Dy. General Manager - Corporate Accounts and Taxation

Place: Mumbai
Date: 30 July, 2022

Un-audited (Reviewed) Consolidated Financial Results for the Quarter Ended 30th June 2022

( ₹ in lakhs)

Sr. No.		Particulars	Quarter Ended			Year Ended
			30.06.2022	31.03.2022	30.06.2021	31.03.2022
			Un-Audited	Audited	Un-Audited	Audited
1		Interest earned (a)+(b)+(c)+(d)	1998439	1909717	1802578	7338546
	(a)	Interest /discount on advances / bills	1343241	1322487	1255765	5075066
	(b)	Income on investments	556975	527525	462115	1953607
	(c)	Interest on balances with Reserve Bank of India and other inter bank funds	31835	27962	24314	113829
	(d)	Others	66388	31743	60384	196044
2		Other Income	159237	337329	321220	1439473
3		Total Income (1 + 2)	2157676	2247046	2123798	8778019
4		Interest Expended	1049565	995571	955425	3881547
5		Operating Expenses (a)+ (b)	679836	618972	569581	2483880
	(a)	Employees cost	326689	290735	320515	1264383
	(b)	Other operating expenses	353147	328237	249066	1219497
6		Total Expenditure (4+5) excluding provisions and contingencies	1729401	1614543	1525006	6365427
7		Operating Profit (3-6) before Provisions and Contingencies	428275	632503	598792	2412592
8		Provisions (other than tax) and Contingencies	141126	431498	437710	1411762
9		Exceptional Items	-	-	-	-
10		Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9)	287149	201005	161082	1000830
11		Provision for Taxes	73210	12191	44162	230807
12		Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11)	213939	188814	116920	770023
13		Less: Minority Interest	(217)	2104	2041	8329
14		Add: Share of earnings in Associates	(19766)	16445	3775	23275
15		Extraordinary items (net of tax expenses)	-	-	-	-
16		Net Profit (+) / Loss (-) for the period (12-13+14+15)	194390	203155	118654	784969
17		Paid-up equity share capital (Face Value of ₹ 2 each)	103553	103553	103553	103553
18		Reserve excluding Revaluation Reserve				8371723
19		Analytical Ratios
	i)	Percentage of shares held by Government of India	63.97	63.97	63.97	63.97
	ii)	Capital Adequacy Ratio(%) -Basel-III	16.03	16.19	16.38	16.19
	(a)	CET 1 Ratio (%)	11.93	12.05	12.35	12.05
	(b)	Additional Tier 1 Ratio (%)	1.67	1.70	1.74	1.70
	iii)	Earnings Per Share
	(a)	Basic EPS before and after Extraordinary items net of tax expenses  (not annualized) [in ₹]	3.76	3.93	2.29	15.18
	(b)	Diluted EPS before and after Extraordinary items net of tax expenses (not annualized) [in ₹]	3.76	3.93	2.29	15.18
	iv)	NPA Ratios
		Gross NPA	Not Applicable
		Net NPA
		Gross NPA to Gross Advances %
		Net NPA to NPA Advances %
	v)	Return on Assets (annualized) %	0.58	0.63	0.40	0.62
	vi)	Debt Equity ratio*	0.52	0.56	0.58	0.56
	vii)	Total Debt to Total Assets Ratio**	0.09	0.08	0.06	0.08
	viii)	Capital Redemption Reserve/ Debenture Redemption Reserve	NA	NA	NA	NA
	ix)	Outstanding Redeemable Preference Shares	NA	NA	NA	NA
	x)	Net Worth	6805039	6587468	6078314	6587468

* Debt represents borrowings with residual maturity of more than one year. ** Total Debt represents consolidated borrowings of the Group.

Un-audited (Reviewed) Consolidated Segment reporting for the Quarter Ended 30th June 2022

Part A-Business Segments					( ₹ in Lakhs)
Sr. No.	Particulars	Quarter Ended			Year Ended
		30.06.2022	31.03.2022	30.06.2021	31.03.2022
		Un-audited	Audited	Un-Audited	Audited
1	Segment Revenue
	(a) Treasury Operations	579035	542941	661151	2524648
	(b) Wholesale Banking	685941	680740	668880	2740217
	(c) Retail Banking	813952	869708	729622	3089991
	(d)Other Banking  Operations	78748	153657	64145	423163
	Total Revenue	2157676	2247046	2123798	8778019
2	Segment Results
	(a) Treasury Operations	(12373)	(8274)	167461	389611
	(b) Wholesale Banking	147924	(112802)	39365	187793
	(c) Retail Banking	305322	390423	94207	907901
	(d)Other Banking  Operations	(26727)	72808	(13491)	88732
	Total	414146	342155	287542	1574037
	Unallocated Expenditure	146546	126809	124726	558261
	Profit before Tax	267600	215346	162816	1015776
	Provision for Tax	73210	12191	44162	230807
	Net Profit	194390	203155	118654	784969
3	Segment Assets
	(a) Treasury Operations	46141933	47445450	42856742	47445450
	(b) Wholesale Banking	49738791	48431819	41013009	48431819
	(c) Retail Banking	34654777	33666236	30401249	33666236
	(d)Other Banking  Operations	2180411	2261108	1087461	2261108
	(e) Unallocated	2003621	2209096	1718520	2209096
	Total Assets	134719533	134013709	117076981	134013709
4	Segment Liabilities
	(a) Treasury Operations	42918312	44193005	39782267	44193005
	(b) Wholesale Banking	46263882	45111757	38070800	45111757
	(c) Retail Banking	32233685	31358373	28220311	31358373
	(d)Other Banking  Operations	2028081	2106106	1009448	2106106
	(e) Unallocated	1863641	2057660	1595236	2057660
	Total Liabilities	125307601	124826901	108678062	124826901
5	Capital Employed
	(a) Treasury Operations	3223621	3252445	3074475	3252445
	(b) Wholesale Banking	3474909	3320062	2942209	3320062
	(c) Retail Banking	2421092	2307863	2180938	2307863
	(d)Other Banking  Operations	152330	155002	78013	155002
	(e) Unallocated	139980	151436	123284	151436
	Total Capital Employed	9411932	9186808	8398919	9186808
Part- B : Geographic Segments
Sr. No.	Particulars	Quarter Ended			Year Ended
		30.06.2022	31.03.2022	30.06.2021	31.03.2022
		Un-audited	Audited	Un-Audited	Audited
1	Revenue
	(a) Domestic	1995517	2114638	1999941	8242625
	(b) International	162159	132408	123857	535394
	Total	2157676	2247046	2123798	8778019
2	Assets
	(a) Domestic	114258127	112294306	96503884	112294306
	(b) International	20461406	21719403	20573097	21719403
	Total	134719533	134013709	117076981	134013709

(₹ in crs)




Name of the Bank : Bank of Baroda		Daily Averages of Q1 Ending June 2022 (Solo basis)		Daily Averages of Q1 Ending June 2022 (Consolidated basis)
		Total Unweighted Value	Total Weighted Value	Total Unweighted Value	Total Weighted Value
High Quality Liquid Assets
1	Total High Quality Liquid Assets (HQLA)		2,26,487.91		2,31,231.53
Cash Outflows
2	Retail deposit and deposits from small business customers, of which:	6,48,657.31	61,554.21	6,69,283.80	63,352.29
(i)	Stable Deposits	66,230.29	3,311.51	71,521.76	3,576.09
(ii)	Less Stable Deposits	5,82,427.02	58,242.70	5,97,762.04	59,776.20
3	Unsecured wholesale funding, of which:	1,76,456.96	98,042.82	1,85,425.61	1,03,311.73
(i)	Operational deposits (all counterparties)	-	-	-	-
(ii)	Non-operational deposits (all counterparties)	1,76,456.96	98,042.82	1,85,425.61	1,03,311.73
(iii)	Unsecured debt	-	-	-	-
4	Secured wholesale Funding	66,069.75	-	66,069.75	-
5	Additional requirements, of which	1,92,769.88	16,902.10	1,95,198.22	17,116.08
(i)	Outflows related to derivative exposures and other collateral requirements	34.52	34.52	34.52	34.52
(ii)	Outflows related to loss of funding on debt products	-	-	-	-
(iii)	Credit and liquidity facilities	1,92,735.36	16,867.58	1,95,163.70	17,081.56
6	Other contractual funding obligations	1,184.22	1,184.22	1,406.58	1,406.58
7	Other contingent funding obligations	83,670.94	2,510.13	84,806.73	2,544.20
8	TOTAL CASH OUTFLOWS	11,68,809.06	1,80,193.48	12,02,190.69	1,87,730.88
Cash Inflows
9	Secured lending (e.g. reverse repos)	5,287.88	-	5,515.15	-
10	Inflows from fully performing exposures	26,987.76	21,072.86	30,500.15	23,771.31
11	Other cash inflows	2,661.42	1,916.42	2,845.84	2,011.75
12	TOTAL CASH INFLOWS	34,937.06	22,989.28	38,861.14	25,783.06
		Total Adjusted Value		Total Adjusted Value
13	TOTAL HQLA		2,26,487.91		2,31,231.53
14	TOTAL NET CASH OUTFLOWS		1,57,204.21		1,61,947.83
15	LIQUIDITY COVERAGE RATIO (%)		144.07%		142.78%

Note: The Liquidity Coverage Ratio mentioned above is the daily average of 66 working days for the quarter April - June 2022

Statement of Assets & Liabilities

( ₹ in lakhs)

Particulars	Consolidated
	As on 30th Jun 2022	As on 30th Jun 2021
	Un-audited	Un-audited
CAPITAL & LIABILITIES
Capital	103553	103553
Reserves and Surplus	9308379	8295365
Minority Interest	75920	45161
Deposits	106156628	96069243
Borrowings	12589346	6676953
Other Liabilities and Provisions	6485707	5886706
T O T A L	134719533	117076981
ASSETS
Cash and Balances with Reserve Bank of India	6061489	6417999
Balances with Banks and Money at Call and Short Notice	4063622	7128452
Investments	36167104	28208852
Advances	82015110	68597757
Fixed Assets	997629	802038
Other Assets	5323501	5899492
Goodwill on Consolidation	91078	22391
T O T A L	134719533	117076981

NOTES TO CONSOLIDATED FINANCIAL RESULTS:

1. The above consolidated financial results of Bank of Baroda (hereinafter referred as “Bank”) including Subsidiaries (hereinafter referred as “Group”), Joint Ventures and Associates have been recommended by the Audit Committee of Board and approved at the meeting of the Board of Directors held on July 30, 2022. The same has been subjected to limited review by Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per SEBI (Listing Obligations & Disclosure Requirements) Regulation, 2015, as amended thereafter.
2. The above consolidated financial results are prepared in accordance with, Accounting Standard 21 on “Accounting for Consolidated Financial Statements”, Accounting Standard 23 on Accounting for “Investment in Associates”, Accounting Standard 25 on “Interim Financial Reporting” and Accounting Standard 27 on “Financial Reporting of Interest in Joint Venture” notified under the Companies (Accounting Standard) Rules, 2006 as amended.
3. The Group has continued to follow the same accounting policies and practices in preparation of financial statement for the quarter ended June 30, 2022 as followed in the previous financial year ended March 31, 2022.
4. The above financial results have been arrived at after considering necessary provision for Non-Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign currency exposure, depreciation/amortisation on investments & fixed assets, income tax, deferred tax, employee benefits and provisions for other items/assets are made on estimated basis and subject to adjustments, if any, at the year end.
5. In accordance with Securities and Exchange Board of India (SEBI) regulations, for the purpose of consolidated financial results of the quarter ended June 30, 2022, minimum eighty percent of each of consolidated revenue, assets and profits have been subject to Audit.
6. In terms of RBI guidelines, Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- III framework are being made available on our website “https://www.bankofbaroda.in/shareholders-corner/disclosures-under-basel-iii''. These disclosures have not been subjected to audit by Statutory Central Auditors of the Bank.
7. The Consolidated Financial Results comprises the financial results of 8 Domestic Subsidiaries, 7 Overseas Subsidiaries, 2 Joint Ventures and 4 Associates including 3 Regional Rural Banks (RRBs) as under :-

A. Subsidiaries		Country of Incorporation	Type	Percentage of Holding
i	The Nainital Bank Limited	India	Banking	98.57%
ii	BOB Financial Solutions Limited	India	Non-Banking	100%
iii	BOB Capital Markets Limited	India	Non-Banking	100%
iv	Baroda Global Shared Services Limited	India	Non-Banking	100%
v	Baroda Sun Technologies Limited	India	Non-Banking	100%
vi	Baroda BNP Paribas Asset Management India Private Limited	India	Non-Banking	50.10%
vii	Baroda BNP Paribas Trustee India Private Limited (formerly known as Baroda Trustee India Private Limited)	India	Non-Banking	50.10%
viii	IndiaFirst Life Insurance Company Limited	India	Non-Banking	65.00%
ix	Bank of Baroda (Uganda) Limited (consolidated)	Uganda	Banking	80%
	Baroda Capital Markets (Uganda) Limited (Subsidiary of Bank of Baroda (Uganda) Limited.)	Uganda	Non-Banking	100%
x	Bank of Baroda (Kenya) Limited	Kenya	Banking	86.70%
xi	Bank of Baroda (Botswana) Limited	Botswana	Banking	100%
xii	Bank of Baroda (New Zealand) Limited	New Zealand	Banking	100%
xiii	Bank of Baroda (Guyana) Inc.	Guyana	Banking	100%
xiv	Bank of Baroda (UK) Limited	United Kingdom	Banking	100%
xv	Bank of Baroda (Tanzania) Limited	Tanzania	Banking	100%
B. Joint Ventures
i	India Infradebt Limited	India	Non-Banking	40.99%
Ii	India International Bank (Malaysia) Bhd	Malaysia	Banking	40%
C.  Associates
i	Baroda U.P. Bank	India	RRB	35%
ii	Baroda Rajasthan Kshetriya Gramin Bank	India	RRB	35%
iii	Baroda Gujarat Gramin Bank	India	RRB	35%
iv	Indo Zambia Bank Limited	Zambia	Banking	20%

8. As per Directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019 disclosure with respect to accounts kept as standard due to the Court order, two accounts are classified as Standard as per Court orders, with aggregate outstanding of ₹ 23741 lakhs against which the Bank is holding provision of ₹ 6527 lakhs as on June 30, 2022 as per IRAC norms, including provision for unrealized interest.
9. The Bank is holding additional provision of ₹ 46566 lakhs as of 30.06.2022 over and above the IRAC norms in certain stressed standard advances on prudent basis.
10. Based on the available financial statements and the declarations from borrowers, the Bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular DBOD.No.BP.BC.85/ 21.06.200/2013-14 dated January 15, 2014 and is holding a provision of ₹18074 lakhs as on June 30, 2022.
11. Earlier, the spread of COVID-19 virus has led to significant volatility in Global and Indian financial markets during the last two years resulting into slowdown in the economic activity across the world. Indian economy has now recovered from the disruptions caused by the COVID 19 pandemic.

Further, the Bank is taking proactive measures continuously to maintain and improve asset quality and therefore, believes that there may not be any significant impact on Bank’s future financial results.

12. As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding total provision of ₹766535 lakhs (100% of total outstanding) as on June 30, 2022.
13. Bank has estimated the additional liability on account of revision in family pension for employees as per IBA Joint Note dated November 11, 2020, amounting to ₹ 145441 lakhs. However, RBI vide their Circular RBI/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 dated 4th October 2021, has permitted Banks to amortize the said additional liability over a period of not exceeding 5 (five) years, beginning with financial year 2021-22, subject to a minimum of 1/5th of the total amount being expensed every year. Bank has opted the said provision of RBI, charged an amount of ₹ 7272 lakhs to the Profit & Loss account for the quarter ended June 30, 2022 respectively and the balance unamortized expense of ₹109081 lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the net profit (after tax) for the quarter June 30, 2022 would have been lower by ₹ 81625 lakhs.
14. In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, RBI circular No DOR. No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 & RBI circular No DOR. No. BP. BC/4/21.04.048/2020-21 dated 06.08.2020 on 'Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector (One Time Restructuring), the details of MSME restructured borrowers is as under :

(In ₹ Lakhs)

No of Accounts	Amount as on 30.06.2022
94566	695820

15. In accordance with RBI circular No DOR.STR.REC.12/21.04.048/2021-22 dated 05.05.2021 & RBI circular No DOR.STR.REC.21/21.04.048/2021-22 dated 04.06.2021 on Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs), the details of accounts restructured is as under.

(In ₹ Lakhs)

No of Accounts	Amount as on 30.06.2022	Provision Held
17838	171887	22248

16. In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021 on “Resolution Framework – 2.0: Resolution of COVID – 19 related stress of Individuals and Small Business”, the number of borrower accounts where modification were sanctioned and implemented and the aggregate exposure to such borrowers are as under:-    

(In ₹ Lakhs)

No of Accounts	Aggregate exposure as on 30.06.2022
6408	62324

17. As per the RBI circular no. RBI/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the Bank has opted to provide the liability for frauds over a period of four quarters. Accordingly, the carry forward provision as on June 30, 2022 is ₹ 7844 lakhs which is to be amortised in the subsequent quarters by the Bank.
18. As per RBI circular no. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, guidelines for implementation of Resolution Plan has been issued, also containing requirements of additional provisions as per para 17 of this RBI circular. The Bank is holding additional provision of ₹ 197355 lakhs as on 30.06.2022 in 26 nos. of accounts as detailed below.

(In ₹ Lakhs)

Amount of Loans impacted by RBI Circular (A)	Amount of Loans to be classified as NPA (B)	Amount of Loans as on 30.06.2022 out of (B) classified as NPA (C)	Provision held as on 31.03.2022 (D)	Additional provision/ (reversal) made during quarter ended 30.06.2022 (E)	Provision held as on 30.06.2022 (F)
1017165	962742	962742	194765	2590	197355

19. A penalty of ₹ 54.91 lakhs has been imposed on the Bank by Reserve Bank of India during the quarter ended 30.06.2022.
20. Number of Investors’ complaints pending at the beginning of the quarter was NIL. The Bank has received 84 Investors’ complaints during the quarter ended June 30, 2022. All complaints have been disposed off during the quarter. There are NIL pending Investors' complaints at the end of the quarter.
21. In the case of one of the subsidiary Nainital Bank Limited, the management of the subsidiary and the Parent has initiated various steps to improve the controls required as per various regulatory directions in the area of core Banking solution, classification and identification of loan losses and other supervisory functions. The management of Parent Bank does not foresee any material impact over the Group Financial position arising out of the same.
22. Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
    DOR.STR.REC.51/21.04.048/2021-22 “Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021” dated 24.09.2021 is as under:
    1. In respect of "loan accounts not in default" # acquired from other entities as per the para 86 of Transfer of Loan Exposure guidelines.

    	Particulars	30.06.2022
    (i)	- Loans acquired through "assignment"
    	- Aggregate amount of loans acquired (₹ in lakhs)	70084
    	- Weighted average residual maturity (In months)	84.85
    	- Weighted average holding period by originator (In Months)	14.60
    	- Average Retention  of beneficial economic interest by the transferor	7.93%
    	- Tangible security coverage of secured loans (times)	1.84
    	- Rating (CIC) wise distribution of rated loans (% of rated loans acquired)
    	- - 650 & above upto 750	38.74%
    	- - Above 750	61.26%
    (ii)	Loans acquired through "novation"	NIL
    (iii)	Loans acquired through "Loan participation"	NIL

    # The Loans not in default are identified on the basis of DPD in each underlying account at the time of purchase

    2. Details of stressed loans transferred is as under: (₹ In Lakhs)

    Details of stressed loans (NPA Accounts) transferred during the period 01.04.22-30.06.22
    	To ARCs	To permitted transferees	To other transferees
    No: of NPA accounts	3	-	-
    Aggregate principal outstanding of loans transferred	6500	-	-
    Weighted average residual tenor of the loans transferred	-	-	-
    Net book value of loans transferred (at the time of transfer)	482	-	-
    Aggregate consideration	2837	-	-
    Additional consideration realized in respect of accounts transferred in earlier years	-	-	-
    Quantum of excess provision reversed to the profit & loss account on account of sale of stressed loans	2355	-	-

    3. Details of stressed Loan (NPAs) Acquired during FY 2022-23 – Nil
    4. The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 30.06.2022

Recovery Rating Band	Book Value (₹ In Lakhs)
RR1	8505
RR2	21131
RR3	4502
RR4	3839
RR5	403
RR6	902
NR1	4
NR3	1764
NR4	969
NR5	201
NR6	35456
Rating withdrawn	34368
Grand Total	112045

23. Other income of the Bank includes recoveries made in written off accounts, commission/fee income on non-fund based banking activities, earnings from foreign exchange transactions, profit and loss on revaluation of investments, profit and loss on sale of investments and dividends from subsidiaries etc.
24. Notes on Segment Reporting
    1. As per the guidelines of the RBI on compliance with the Accounting Standards, the 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 Accounting Standard 17 on Segment Reporting notified under the Companies (Accounting Standard) Rules, 2006 as amended.
    2. Segment revenue represents revenue from external customers.
    3. Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
25. As per RBI circular DOR.AUT.REC.12/22.01.001/2022-23 dated 07.04.2022 on establishment of Digital Banking Units (DBUs), the Reserve Bank of India (RBI) has prescribed reporting of Digital Banking Segment as a sub segment of Retail Banking segment under Accounting Standard 17, Segment Reporting. The proposed Digital Banking Unit (DBU) of the Bank have not commenced operations and having regard to the discussions of the DBU working group formed by the Indian Banks’ Association (IBA) (which included representatives of Banks and RBI) , reporting of the Digital Banking as a separate sub segment of Retail Banking segment will be implemented by the Bank based on the decision of the DBU working Group
26. The comparative figures for quarter ended March 31, 2022 are the balancing figures between audited figures in respect of the financial year 2021 -22 and the published year to date figures up to December 31, 2021 which were subject to limited review.
27. The figures of the previous period have been regrouped/rearranged, wherever necessary, to conform to the current period classification.

Sanjiv Chadha
Managing Director & CEO

Ajay K Khurana
Executive Director

Vikramaditya Singh Khichi
Executive Director

Debadatta Chand
Executive Director

Joydeep Dutta Roy
Executive Director

Ian Desouza
Chief Financial Officer

G Ramesh
General Manager - Corporate Accounts and Taxation

Subrat Kumar Swain
Dy General Manager- Corporate Accounts and Taxation

Place: Mumbai
Date: 30 July, 2022

The RBI guidelines stipulated the implementation of NSFR effective from 1^st October 2021 at a consolidated level with disclosure from quarter ended December 2021. Accordingly, the bank is computing the Consolidated NSFR. The NSFR is defined as the amount of Available Stable Funding relative to the amount of Required Stable Funding

NFSR = Available stable funding (ASF) / Required stable funding (RSF)

Available stable funding (ASF) is measured based on the broad characteristics of relative stability of funding sources, including contractual maturity of its liabilities and the differences in the tendency of different types of funding providers to withdraw their funding. Required Stable Funding (RSF) is a function of the liquidity characteristics and residual maturities of the various assets held by the bank including Off-Balance Sheet (OBS) exposures.

The table attached herewith sets out the un-weighted and weighted value of the NSFR components as on 30^th June 2022 based on audited financials.

At a consolidated level, the NSFR of the bank comes out to 127.11 % as on 30^th June 2022 against the requirement of 100% as per RBI guidelines.

NSFR as of 30th June 2022 ( Rs.in Crore)		Unweighted value by residual maturity				Weighted value
		No maturity	< 6 months	6 months to < 1yr	≥ 1yr
	ASF Item
1	Capital: (2+3)	84,050.68	1,350.00	0.00	24,435.61	1,09,836.29
2	Regulatory capital	84,050.68	1,350.00	0.00	20,651.61	1,06,052.29
3	Other capital instruments	0.00	0.00	0.00	3,784.00	3,784.00
4	Retail deposits and deposits from small business customers: (5+6)	3,45,948.45	1,61,834.53	1,45,104.38	77,230.41	6,61,159.68
5	Stable deposits	34,327.92	19,547.21	19,911.71	7,286.92	77,020.07
6	Less stable deposits	3,11,620.53	1,42,287.32	1,25,192.67	69,943.49	5,84,139.61
7	Wholesale funding: (8+9)	67,377.23	71,436.52	72,502.54	1,11,308.85	2,11,543.01
8	Operational deposits	0.00	0.00	0.00	0.00	0.00
9	Other wholesale funding	67,377.23	71,436.52	72,502.54	1,11,308.85	2,11,543.01
10	Other liabilities: (11+12)	65,552.95	1,12,033.43	0.00	0.00	0.00
11	NSFR derivative liabilities		0.00	0.00	0.00
12	All other liabilities and equity not included in the above categories	65,552.95	1,12,033.43	0.00	0.00	0.00
13	Total ASF (1+4+7+10)					9,82,538.98
	RSF Item
14	Total NSFR high-quality liquid assets (HQLA)					9,745.77
15	Deposits held at other financial institutions for operational purposes	1,067.48	879.48	0.00	0.00	973.48
16	Performing loans and securities: (17+18+19+21+23)	2,965.73	1,03,523.32	84,092.40	5,91,367.44	5,38,716.65
17	Performing loans to financial institutions secured by Level 1 HQLA	0.00	0.00	0.00	0.00	0.00
18	Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions	2,311.44	51,521.70	26,381.02	2,517.86	24,907.88
19	Performing loans to non- financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and PSEs, of which:	483.64	47,832.37	57,004.19	4,24,014.15	3,94,006.66
20	With a risk weight of less than or equal to 35% under the Basel II Standardised Approach for credit risk	0.00	15,101.18	11,764.07	1,21,328.78	81,390.52
21	Performing residential mortgages, of which:	0.00	85.70	37.17	1,02,265.19	66,680.79
22	With  a risk  weight of less than or equal to 35% under the Basel II Standardised Approach for credit risk	0.00	1.12	18.43	68,355.43	44,581.52
23	Securities that are not in default and do not qualify as HQLA, including exchange-traded equities	170.64	4,083.55	670.02	62,570.24	53,121.32
24	Other assets: (sum of rows 25 to 29)	63211.32	4411.54	238.76	144397.83	212000.49
25	Physical traded commodities, including gold		0.00	0.00	0.00	0.00
26	Assets posted as initial margin for derivative contracts and contributions to default funds of CCPs		1,726.34	0.00	0.00	1,467.39
27	NSFR derivative assets		1,537.18	0.00	1,686.78	3,223.96
28	NSFR derivative liabilities before deduction of variation margin posted		114.25	0.00	0.00	114.25
29	All other assets not included in the above categories	63,211.32	1,033.77	238.76	1,42,711.05	2,07,194.89
30	Off-balance sheet items		2,64,018.30	0.00	1,131.95	11,568.04
31	Total RSF (14+15+16+24+30)					7,73,004.42
32	Net Stable Funding Ratio (%)					127.11%