Financial Report Q4 2021-22

Audited Standalone Financial Results for the Quarter / Year Ended 31st March 2022

( ₹ in lakhs)

Sr. No.		Particulars	Quarter Ended
			31.03.2022	31.12.2021	31.03.2021
			Audited	Un-Audited	Audited
1		Interest earned (a)+(b)+(c)+(d)	1817361	1796300	1668452
	(a)	Interest /discount on advances / bills	1283519	1263137	1174850
	(b)	Income on investments	476659	456709	413348
	(c)	Interest on balances with Reserve Bank of India and other inter bank funds	25238	26118	22743
	(d)	Others	31945	50336	57511
2		Other Income	252229	251926	481742
3		Total Income (1 + 2)	2069590	2048226	2150194
4		Interest Expended	956194	941097	957790
5		Operating Expenses (a)+ (b)	549882	558796	568941
	(a)	Employees cost	270237	310271	312491
	(b)	Other operating expenses	279645	248525	256450
6		Total Expenditure (4+5) excluding provisions and contingencies	1506076	1499893	1526731
7		Operating Profit (3-6) before Provisions and Contingencies	563514	548333	623463
8		Provisions (other than tax) and Contingencies	373638	250704	355506
9		Exceptional Items	-	-	-
10		Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9)	189876	297629	267957
11		Provision for Taxes	11999	77926	372607
12		Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11)	177877	219703	(104650)
13		Extraordinary items (net of tax expenses)	-	-	-
14		Net Profit (+) / Loss (-) for the period  (12-13)	177877	219703	(104650)
15		Paid-up equity share capital  (Face Value of  ₹ 2 each)	103553	103553	103553
16		Reserve excluding Revaluation Reserve
17		Analytical Ratios
	i)	Percentage of shares held by Government of India	63.97	63.97	63.97
	ii)	Capital Adequacy Ratio(%) -Basel-III	15.84	15.47	14.99
		a) CET 1 Ratio (%)	11.59	11.30	10.94
		b) Additional Tier 1 Ratio (%)	1.75	1.94	1.73
	iii)	Earnings Per Share
	(a)	Basic EPS before and after Extraordinary items net of tax expenses  (not annualized) [in  ₹]	3.44	4.25	(2.24)
	(b)	Diluted EPS before and after Extraordinary items net of tax expenses (not annualized) [in  ₹]	3.44	4.25	(2.24)
	iv)	NPA Ratios
		a) Gross NPA	5405939	5599677	6667099
		b) Net NPA	1336465	1646493	2179988
		c)  Gross NPA to Gross Advances %	6.61	7.25	8.87
		d) Net NPA to NPA Advances %	1.72	2.25	3.09
	v)	Return on Assets (annualized) %	0.57	0.74	(0.36)
	vi)	Debt Equity ratio*	0.52	0.52	0.54
	vii)	Total Debt to Total Assets Ratio**	0.08	0.08	0.06
	viii)	Capital Redemption Reserve/ Debenture Redemption Reserve	NA	NA	NA
	ix)	Outstanding Redeemable Preference Shares	NA	NA	NA
	x)	Net Worth	6152192	6116051	5519081
	xi)	Operating Profit Margin %	50.61	49.53	52.29
	xii)	Net Profit  Margin %	15.98	19.84	(8.78)

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

Audited Standalone Segment reporting for the Quarter/ Year Ended 31st March 2022

Part A-Business Segments

Sr. No.	Particulars	Quarter Ended			Year Ended
		31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
		Audited	Un-Audited	Audited	Audited	Audited
1	Segment Revenue
	(a) Treasury Operations	511742	605081	608631	2388049	2533328
	(b) Wholesale Banking	660404	682653	733515	2667181	2875350
	(c) Retail Banking	842653	752785	784816	2991583	2895874
	(d) Other Banking  Operations	54791	7707	23232	89660	38351
	Total Revenue	2069590	2048226	2150194	8136473	8342903
2	Segment Results
	(a) Treasury Operations	(13042)	49939	94025	348892	476289
	(b) Wholesale Banking	(123533)	107189	(26015)	56630	(400767)
	(c) Retail Banking	394407	273985	312912	992311	999585
	(d) Other Banking  Operations	54791	7707	23232	89660	38351
	Total	312623	438820	404154	1487493	1113458
	Unallocated Expenditure	122747	141191	136197	548849	557858
	Profit before Tax	189876	297629	267957	938644	555600
	Provision for Tax	11999	77926	372607	211416	472705
	Net Profit	177877	219703	(104650)	727228	82895
3	Segment Assets
	(a) Treasury Operations	45267437	41975135	39644149	45267437	39644149
	(b) Wholesale Banking	54957931	51728315	51181306	54957931	51181306
	(c) Retail Banking	25428951	24057634	22969158	25428951	22969158
	(d) Other Banking  Operations	-	-	-	-	-
	(e) Unallocated	2145664	1944286	1741864	2145664	1741864
	Total Assets	127799983	119705370	115536477	127799983	115536477
4	Segment Liabilities
	(a) Treasury Operations	42224468	39072708	37000471	42224468	37000471
	(b) Wholesale Banking	51263548	48151491	47768271	51263548	47768271
	(c) Retail Banking	23719566	22394137	21437455	23719566	21437455
	(d) Other Banking  Operations	-	-	-	-	-
	(e) Unallocated	2001429	1809846	1625708	2001429	1625708
	Total Liabilities	119209011	111428182	107831905	119209011	107831905
5	Capital Employed
	(a) Treasury Operations	3042969	2902427	2643678	3042969	2643678
	(b) Wholesale Banking	3694383	3576824	3413035	3694383	3413035
	(c) Retail Banking	1709385	1663497	1531703	1709385	1531703
	(d) Other Banking  Operations	-	-	-	-	-
	(e) Unallocated	144235	134440	116156	144235	116156
	Total Capital Employed	8590972	8277188	7704572	8590972	7704572
Part- B : Geographic Segments
Sr. No.	Particulars	Quarter Ended			Year Ended
		31.03.2022	31.12.2021	31.03.2021	31.03.2022	31.03.2021
		Audited	Un-Audited	Audited	Audited	Audited
1	Revenue
	(a) Domestic	1990172	1957686	2043876	7806724	7879289
	(b) International	79418	90540	106318	329749	463614
	Total	2069590	2048226	2150194	8136473	8342903
2	Assets
	(a) Domestic	109087573	104024313	97037709	109087573	97037709
	(b) International	18712410	15681057	18498768	18712410	18498768
	Total	127799983	119705370	115536477	127799983	115536477

Statement Of Assets & Liabilities

( ₹ in lakhs)

Particulars		Standalone
		As on 31st March 2022	As on 31st March. 2021
		Audited	Audited
CAPITAL & LIABILITIES
Capital		103553	103553
Reserves and Surplus		8487419	7601019
Deposits		104593856	96699693
Borrowings		10389929	6684793
Other Liabilities and Provisions		4225226	4447419
T O T A L		127799983	115536477
ASSETS
Cash and Balances with Reserve Bank of India		5518440	3884104
Balances with Banks and Money at Call and Short Notice		6747059	8157178
Investments		31579539	26122027
Advances		77715518	70630051
Fixed Assets		992190	801624
Other Assets		5247237	5941493
T O T A L		127799983	115536477




Particulars		Standalone
		Year ended 31st March 2022	Year ended 31st March 2021
		Audited	Audited
A. Cash flow from operating activities:
Net Profit before taxes		938644	555600
Adjustments for:
Depreciation on fixed assets		138972	131454
Depreciation on investments (including on Matured debentures)		55898	87944
Bad debts written-off/Provision in respect of non-performing assets		1481598	1253656
Provision for Standard Assets		(267226)	215803
Provision for Other items (Net)		29971	6930
Profit/(loss) on sale of fixed assets (Net)		(406)	(9409)
Payment/provision for interest on bonds		195799	191476
Dividend received from subsidiaries/others		(18924)	(13170)
Sub total		2554326	2420284
Adjustments for:
(Increase)/Decrease in investments		(5426918)	1256802
(Increase)/Decrease in advances		(8567064)	(2871633)
(increase)/Decrease in other assets		557071	337522
Increase/(Decrease)in borrowings		3641276	(2704048)
Increase/(Decrease) in deposits		7894163	2101250
Increase/(Decrease) in other liabilities and provisions		174231	(488349)
Direct taxes paid (Net of Refund)		(74231)	(512745)
Net cash from operating  activities (A)		752854	(460917)
B. Cash flow from investing activities:
Purchase/ Transfer in of fixed assets		(340464)	(268261)
Sales/ Transfer out of fixed assets		11333	233522
Changes in Trade related investments (Subsidiaries & others)		(86492)	(5311)
Dividend received from subsidiaries/others		18925	13170
Net cash used in investing activities (B)		(396698)	(26880)
C. Cash flow from financing activities:
Share Capital/ Share Application Money/ Share Premium		-	448532
Unsecured Subordinated Bonds		63860	81910
Dividend paid including dividend tax		-	-
Payment/provision for interest on bonds		(195799)	(191475)
Net cash from  financing activities (C)		(131939)	338967
Net increase in cash & cash equivalents (A)+(B)+(C )		224217	(148830)
Cash and cash equivalents as at the beginning of the year		12041282	12190112
Cash and cash equivalents as at the end of the year		12265499	12041282
Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.
		As on	As on
Components of Cash & Cash Equivalents		31st March 2022	31st March 2021
Cash & Balance with RBI		5518440	3884104
Balances with Banks and Money at Call and Short Notice		6747059	8157178
Total		12265499	12041282

• The above standalone financial results have been recommended by the Audit Committee of Board and approved at the meeting of the Board of Directors of Bank of Baroda (hereinafter referred as “Bank”) held on May 31, 2022. The results have been audited by the Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per the requirements of SEBI (Listing & Obligations and Disclosure Requirements) Regulations, 2015 as amended. The information presented above is extracted from the audited financial statements.
• The above financial results have been arrived at after considering 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 other provisions & contingencies as per RBI's specific directions, judicial pronouncements and applicable Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 as amended.
• The Bank has applied its significant accounting policies in the preparation of those financial results that are consistent with those followed in the annual financial statements for the year ended on 31.03.2021. During the year the Bank has refined the accounting policy relating to computer software not forming integral part of hardware. Such items having estimated life more than 2 years and in excess of original cost of ₹ 50,000/- were hitherto included with Other Fixed Assets and amortised as computers. These items are now classified as intangibles and amortised over a period of 3 years. There is no material impact of the above refinement on the profit of the year. The carrying value of software as at 31.03.2022 is ₹ 22319 lakhs.
• 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.
• The Bank has raised Basel-III compliant AT-I Bonds of ₹ 274900 lakhs and redeemed ₹ 232500 lakhs during FY 2021-22.
• The Bank has set off accumulated losses amounting to ₹ 1104844 lakhs by utilizing an equivalent amount standing to the credit of share premium account of Bank as on the date of set off during the year ended 31.03.2022 after obtaining approval from shareholders as well as Reserve Bank of India.
• As a consistent practice, the Bank has continued to make provision of 20% on the secured sub- standard advances as against the regulatory minimum requirement of 15%. In addition to the above, the Bank has also continued to maintain provision on non-fund based facilities of NPA borrowers, by applying 50% Credit conversion factor (CCF), based on the asset class of the fund based facility of the borrower. The Bank also continues to make 100% provision on certain classes of non-performing retail advances.
• 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 ₹765631 lakhs (100% of total outstanding) as on March 31, 2022 (Previous Year ₹817378 lakhs being 100% of total outstanding).
• 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 ₹19658 lakhs as on March 31, 2022 (Previous Year ₹18410 lakhs).
• The spread of COVID-19 has earlier led to a regional lockdown which in turn resulted into significant volatility in Global and Indian financial markets and decrease in global and local economic activities during the first wave of Covid-19 pandemic. During FY2022, India has witnessed two more waves of covid-19 pandemic. Currently, the number of new Covid-19 cases have reduced significantly and the Government has withdrawn most of the Covid-19 related restrictions.

Further, the extent to which the COVID pandemic and its future waves if any may impact the Bank’s operation and asset quality are uncertain. The bank is however keeping a close watch on developments on an ongoing basis and taking proactive measures continuously to maintain and improve asset quality. The bank, therefore, believes that there may not be any significant impact on Bank’s future financial results.

• 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 & ₹ 29088 lakhs to the Profit & Loss account for the quarter and FY ended 31^st March 2022 respectively and the balance unamortized expense of ₹116353 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 and FY ended March 31, 2022 would have been lower by ₹ 87067 lakhs.
• 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, three accounts are classified as Standard as per Court orders, with aggregate outstanding of ₹ 28229 lakhs against which the Bank is holding provision of ₹ 7079 lakhs as on March 31, 2022 as per IRAC norms, including provision for unrealized interest.

Apart from above, the Bank is holding additional provision of ₹ 59888 lakhs as of 31.03.2022 over and above the IRAC norms in certain stressed standard advances on prudent basis.

• 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 31.03.2022 is as under:                                     

 (In ₹ Lakhs)

No of Accounts	Amount as on 31.03.2022
99854	729188

• 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	Funded O/s as on 31.03.2022	Provision Held
20576	173812	20608

• 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 Individuals¹ and Small Business²”, 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 31.03.2022
6336	61514

• 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 ₹ 194765 lakhs as on 31.03.2022 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 31.03.2022 out of (B) classified as NPA (C)	Provision held as on 31.12.2021 (D)	Additional provision/ (reversal) made during quarter ended 31.03.2022 (E)	Provision held as on 31.03.2022 (F)
1022109	971267	971267	401592	(206827)	194765

• 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 March 31, 2022 is ₹ 8702 lakhs which is to be amortised in the subsequent quarters by the Bank.
• Non-Performing Assets Provisioning Coverage Ratio (including floating provision) is 88.71% as on March 31, 2022 (Previous Year 81.80%).
• Divergence in asset classification and provisioning

As per RBI direction No. DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021 (updated as on 15^th, November 2021), in case the additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and contingencies and/or additional Gross NPAs identified by RBI exceeds 15% of published incremental Gross NPAs for the reference period then banks are required to disclose divergences from prudential norms on income recognition, asset classification and provisioning. Divergence from prudential norms assessed by the RBI for the year ended 31st March, 2021 are within threshold limits specified above hence the need for additional disclosure does not apply.

• Details of Resolution plan implemented under Resolution Framework for COVID 19 related stress as per RBI circular RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 06.August 2020 (RF 1.0) and 05.05.2021 (RF 2.0) as of March 31, 2022 are given below:  

(In ₹ Lakhs)

Type of borrower	Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of the Previous half-year i.e 30.09.2021 (A)	Of (A), Aggregate debt that slipped into NPA during the half-year	Of (A), amount written off during the half-year	Of (A), amount paid by the borrowers during the half-year	Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of this half-year (A)
Personal Loans$	542046	17762	0	24346	488276
Corporate persons*	912975	222849	0	274924	427785
Of which, MSMEs	37277	11990	0	1555	26287
Others	92387	0	0	522	157817**
Total	1547408	240611	0	299792	1073878

*As defined in Section 3(7) of the Insolvency and Bankruptcy Code, 2016

**Exposure increased due to implementation of resolution plan in one account in month of December 2021 as permitted by regulator.

In case of Pool Accounts, the information is as provided by the originator.

• In terms of Banks approved revaluation policy, The immovable properties are revalued based on the revaluation reports of Bank’s approved valuers and the surplus arising from revaluation amounts to ₹ 267000 lakhs has been added to “Revaluation Reserve” during the current year. Also in terms of AS – 28 “Impairment of Assets” ₹ 1055 lakhs has been debited to Profit & Loss account wherein current value is less than cost of the property.
• Number of Investors’ complaints pending at the beginning of the year was NIL. The Bank has received 644 Investors’ complaints during the year ended March 31, 2022. All complaints have been disposed of during the year. There are NIL pending Investors' complaints at the end of the year.
• A penalty of ₹ 974.40 Lakhs has been imposed on the Bank by RBI and ₹ 32.80 Lakh by Overseas regulator during the year ended March 31, 2022.
• Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:

Particulars	Amount In ₹ Lakhs
PSLC Purchased
During Q4 (From 01.01.2022 to 31.03.2022)	Nil
Cumulative till Q4 (From 01.04.2021 to 31.03.2022)	350000
PSLC Sold
During Q4 (From 01.01.2022 to 31.03.2022)	Nil
Cumulative till Q4 (From 01.04.2021 to 31.03.2022)	100000

• Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
  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:
• In respect of “Loans not in default”@, that are transferred or acquired
• Assignment

* The maturity period (in months) is conservatively disclosed as maximum period accepted by the Bank in individual underlying borrowers instead of weighted average period. Similarly, Minimum holding period is also disclosed conservatively as minimum holding period accepted by the Bank in individual underlying borrowers instead of weighted average period.

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

• Novation – No such transaction.

• Loan Participation – No such transaction.

• Details of stressed loans transferred is as under:             (₹ In lakhs)

Details of stressed loans (NPA Accounts) transferred during the period of 01.04.2021 to 31.03.2022
	To ARCs	To permitted transferees	To other transferees
No: of accounts	17	4	-
Aggregate principal outstanding of loans transferred	92125	3940	-
Weighted average residual tenor of the loans transferred	-	-	-
Net book value of loans transferred (at the time of transfer)	23133	158	-
Aggregate consideration	37374	904	-
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	14241	746

• Details of stressed Loan (NPAs) Acquired during FY 2021-22 – Nil
• The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 31.03.2022

Recovery Rating Band	Book Value (₹ In Lakhs)
RR1	9335
RR2	21623
RR3	4801
RR4	3839
RR5	403
RR6	902
NR1	49
NR3	1764
NR4	4535
NR5	201
NR6	38013
Rating withdrawn	34404
Grand Total	119869

• 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.
• Note on amendments in Financial Results:

The Board of Directors of the Bank in their meeting held on May 13, 2022, had approved the financial results of the Bank which were also communicated to the respective Stock Exchanges. Subsequently, the Board of Directors in their meeting held on May 31, 2022, have recommended a dividend of ₹2.85 per equity share (142.50%) as against ₹1.20 per equity share (60%) recommended earlier and the Financial Results have been amended accordingly. The financial results after giving effect of the enhancement in proposed dividend have been approved by the Board of Directors. The amendment in the financial results has remained limited to give effect to the above said decision of the Board of Directors. The recommended dividend is subject to requisite approval from shareholders.

• Notes on Segment Reporting
  • 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.
  • Segment revenue represents revenue from external customers.
  • Capital employed for each segment has been allocated proportionate to the assets of the respective segment.

• The figures for the fourth quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the reviewed year to date figures up to the end of the third quarter of the respective financial year.
• 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            Vikramaditya Singh Khichi          Debadatta Chand          Joydeep Dutta Roy

Executive Director         Executive Director                      Executive Director         Executive Director

           

                                                                                                                                   

       Ian Desouza                           G Ramesh                                            Subrat Kumar Swain

Chief Financial Officer                 General Manager                                   Deputy General Manager

               Corporate Accounts & Taxation             Corporate Accounts & Taxation   

Place: Mumbai           

Date: May 31, 2022    

Audited Consolidated Financial Results for the Quarter / Year Ended 31st March 2022

Sr. No.		Particulars	Quarter Ended
			31.03.2022	31.12.2021	31.03.2021
			Audited	Un-Audited	Audited
1		Interest earned (a)+(b)+(c)+(d)	1909717	1872162	1740830
	(a)	Interest /discount on advances / bills	1322487	1300571	1208140
	(b)	Income on investments	527525	492330	450993
	(c)	Interest on balances with Reserve Bank of India and other inter bank funds	27962	29282	25012
	(d)	Others	31743	49979	56685
2		Other Income	337329	335137	631974
3		Total Income (1 + 2)	2247046	2207299	2372804
4		Interest Expended	995571	980012	994237
5		Operating Expenses (a)+ (b)	618972	629238	689331
	(a)	Employees cost	290735	325262	328008
	(b)	Other operating expenses	328237	303976	361323
6		Total Expenditure (4+5) excluding provisions and contingencies	1614543	1609250	1683568
7		Operating Profit (3-6) before Provisions and Contingencies	632503	598049	689236
8		Provisions (other than tax) and Contingencies	431498	268820	399933
9		Exceptional Items	-	-	-
10		Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9)	201005	329229	289303
11		Provision for Taxes	12191	84445	374233
12		Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11)	188814	244784	(84930)
13		Less: Minority Interest	2104	2441	2062
14		Add: Share of earnings in Associates	16445	4032	12913
15		Extraordinary items (net of tax expenses)	-	-	-
16		Net Profit (+) / Loss (-) for the period (12-13+14+15)	203155	246375	(74079)
17		Paid-up equity share capital (Face Value of ₹ 2 each)	103553	103553	103553
18		Reserve excluding Revaluation Reserve
19		Analytical Ratios
	i)	Percentage of shares held by Government of India	63.97	63.97	63.97
	ii)	Capital Adequacy Ratio(%) -Basel-III	16.33	15.97	15.74
	(a)	CET 1 Ratio (%)	12.20	11.91	11.80
	(b)	Additional Tier 1 Ratio (%)	1.69	1.88	1.67
	iii)	Earnings Per Share
	(a)	Basic EPS before and after Extraordinary items net of tax expenses  (not annualized) [in ₹]	3.93	4.76	(1.59)
	(b)	Diluted EPS before and after Extraordinary items net of tax expenses (not annualized) [in ₹]	3.93	4.76	(1.59)
	iv)	NPA Ratios
		Gross NPA	Not Applicable
		Net NPA
		Gross NPA to Gross Advances %
		Net NPA to NPA Advances %
	v)	Return on Assets (annualized) %	1.40	0.80	(0.24)
	vi)	Debt Equity ratio*	0.56	0.55	0.56
	vii)	Total Debt to Total Assets Ratio**	0.08	0.08	0.06
	viii)	Capital Redemption Reserve/ Debenture Redemption Reserve	NA	NA	NA
	ix)	Outstanding Redeemable Preference Shares	NA	NA	NA
	x)	Net Worth	6612014	6612553	5989288
	xi)	Operating Profit Margin %	50.54	48.73	50.00
	xii)	Net Profit  Margin %	16.23	20.07	(5.37)

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

Audited Consolidated Segment reporting for the Quarter/ Year Ended 31st March 2022

Sr. No.	Particulars	Quarter Ended			Year Ended
		31.03.2022	31.12.2021	31.03.2021	31.03.2022
		Audited	Un-Audited	Audited	Audited
1	Segment Revenue
	(a) Treasury Operations	542941	642341	662699	2524648
	(b) Wholesale Banking	680722	698133	746192	2739621
	(c) Retail Banking	869726	780876	801886	3090587
	(d)Other Banking  Operations	153657	85949	162027	423163
	Total Revenue	2247046	2207299	2372804	8778019
2	Segment Results
	(a) Treasury Operations	(8274)	64811	101337	389611
	(b) Wholesale Banking	(116611)	115747	(14160)	89452
	(c) Retail Banking	394233	280973	308372	1006243
	(d)Other Banking  Operations	72807	12374	42661	88731
	Total	342155	473905	438210	1574037
	Unallocated Expenditure	126809	143085	138056	558261
	Profit before Tax	215346	330820	300154	1015776
	Provision for Tax	12191	84445	374233	230807
	Net Profit	203155	246375	(74079)	784969
3	Segment Assets
	(a) Treasury Operations	47445450	44171692	41908241	47445450
	(b) Wholesale Banking	56005825	52622488	52007481	56005825
	(c) Retail Banking	26092230	24797746	23655779	26092230
	(d)Other Banking  Operations	2261108	1151893	908482	2261108
	(e) Unallocated	2209096	1961106	1787596	2209096
	Total Assets	134013709	124704925	120267579	134013709
4	Segment Liabilities
	(a) Treasury Operations	44193005	41038779	39037307	44193005
	(b) Wholesale Banking	52166555	48890196	48444697	52166555
	(c) Retail Banking	24303575	23038946	22035234	24303575
	(d)Other Banking  Operations	2106106	1070194	846246	2106106
	(e) Unallocated	2057660	1822013	1665137	2057660
	Total Liabilities	124826901	115860128	112028621	124826901
5	Capital Employed
	(a) Treasury Operations	3252445	3132913	2870934	3252445
	(b) Wholesale Banking	3839270	3732292	3562784	3839270
	(c) Retail Banking	1788655	1758800	1620545	1788655
	(d)Other Banking  Operations	155002	81699	62236	155002
	(e) Unallocated	151436	139093	122459	151436
	Total Capital Employed	9186808	8844797	8238958	9186808
Part- B : Geographic Segments
Sr. No.	Particulars	Quarter Ended			Year Ended
		31.03.2022	31.12.2021	31.03.2021	31.03.2022
		Audited	Un-Audited	Audited	Audited
1	Revenue
	(a) Domestic	2114638	2063180	2215130	8242625
	(b) International	132408	144119	157674	535394
	Total	2247046	2207299	2372804	8778019
2	Assets
	(a) Domestic	112294306	106026252	98816417	112294306
	(b) International	21719403	18678673	21451162	21719403
	Total	134013709	124704925	120267579	134013709

Statement Of Assets & Liabilities

Particulars		Consolidated
		As on 31st Mar 2022	As on 31st March. 2021
		Audited	Audited
CAPITAL & LIABILITIES
Capital		103553	103553
Reserves and Surplus		9083255	8135405
Minority Interest		75778	43620
Deposits		107580444	99590981
Borrowings		10952611	7126334
Other Liabilities and Provisions		6218068	5267686
T O T A L		134013709	120267579
ASSETS
Cash and Balances with Reserve Bank of India		5677494	4015372
Balances with Banks and Money at Call and Short Notice		7345366	8850741
Investments		34758710	28185900
Advances		79728094	72324225
Fixed Assets		1018806	821694
Other Assets		5394161	6047256
Goodwill on Consolidation		91078	22391
T O T A L		134013709	120267579
STATEMENT OF CASH FLOW			( ₹ in Lakhs)
Particulars		Consolidated
		Year ended 31st March 2022	Year ended 31st March 2021
		Audited	Audited
A. Cash flow from operating activities:
Net Profit before taxes		1015776	646694
Adjustments for:
Depreciation on fixed assets		143824	135730
Depreciation on investments (including on Matured debentures)		56687	88433
Bad debts written-off/Provision in respect of non-performing assets		1481469	1254873
Provision for Standard Assets		(266173)	218080
Provision for Other items (Net)		139780	126195
Profit/(loss) on sale of fixed assets (Net)		(423)	(27125)
Payment/provision for interest on bonds		195799	191476
Dividend received from subsidiaries/others		(646)	-
Sub total		2766093	2634356
Adjustments for:
(Increase)/Decrease in investments		(6604857)	719558
(Increase)/Decrease in advances		(8885338)	(2925126)
(increase)/Decrease in other assets		454388	333961
Increase/(Decrease)in borrowings		3762417	(2530846)
Increase/(Decrease) in deposits		7989463	2268166
Increase/(Decrease) in other liabilities and provisions		1271815	(55922)
Direct taxes paid (Net of Refund)		(100788)	(532852)
Net cash from operating  activities (A)		653193	(88705)
B. Cash flow from investing activities:
Purchase/ Transfer in of fixed assets		(316288)	(278605)
Sales/ Transfer out of fixed assets		(24225)	252685
Changes in Trade related investments (Subsidiaries & others)		(24640)	(21219)
Dividend received from subsidiaries/others		646	-
Net cash used in investing activities (B)		(364507)	(47139)
C. Cash flow from financing activities:
Share Capital/ Share Application Money/ Share Premium		-	11016
Unsecured Subordinated Bonds		63860	81910
Payment/provision for interest on bonds		(195799)	(191476)
Net cash from  financing activities (C)		(131939)	(98550)
Net increase in cash & cash equivalents (A)+(B)+( C)		156747	(234394)
Cash and cash equivalents as at the beginning of the year		12866113	13100507
Cash and cash equivalents as at the end of the year		13022860	12866113
Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.
		As on	As on
Components of Cash & Cash Equivalents		31st March 2022	31st March 2021
Cash & Balance with RBI		5677494	4015372
Balances with Banks and Money at Call and Short Notice		7345366	8850741
Total		13022860	12866113

• 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 in their respective meeting held on May 31, 2022. The auditors have issued unmodified opinion on above financial results. The information presented above is extracted from the audited financial statements.
• 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” and Accounting Standard 27 on “Financial Reporting of Interest in Joint Venture” notified under the Companies (Accounting Standard) Rules, 2006 as amended.
• The above financial results have been arrived at after considering 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 other provisions & contingencies as per Reserve Bank of India's (RBI) specific directions, judicial pronouncements and applicable Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 as amended.
• In accordance with Securities and Exchange Board of India (SEBI) regulations, for the purpose of consolidation financial results of the year ended March 31, 2022, minimum eighty percent of each of consolidated revenue, assets and profits have been subjected to Audit.
• 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.
• The Bank has set off accumulated losses amounting to ₹ 1104844 lakhs by utilizing an equivalent amount standing to the credit of share premium account of Bank as on the date of set off during the year ended 31.03.2022 after obtaining approval from shareholders as well as RBI.
• 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 Asset Management India Limited *	India	Non-Banking	NA
vii	Baroda BNP Paribas Asset Management India Private Limited	India	Non-Banking	50.10%
viii	Baroda BNP Paribas Trustee India Private Limited (formerly known as Baroda Trustee India Private Limited)	India	Non-Banking	50.10%
ix	IndiaFirst Life Insurance Company Limited#	India	Non-Banking	65.00%
x	Bank of Baroda (Uganda) Limited (consolidated)	Uganda	Banking	80%
	Baroda Capital Markets (Uganda) Limited (Subsidiary of Baroda (Uganda) Limited.	Uganda	Non-Banking	100%
xi	Bank of Baroda (Kenya) Limited	Kenya	Banking	86.70%
xii	Bank of Baroda (Botswana) Limited	Botswana	Banking	100%
xiii	Bank of Baroda (New Zealand) Limited	New Zealand	Banking	100%
xiv	Bank of Baroda (Guyana) Inc.	Guyana	Banking	100%
xv	Bank of Baroda (UK) Limited	United Kingdom	Banking	100%
xvi	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%

The Bank has increased its stake in India First Life Insurance Company Limited from 44% to 65% after receiving all statutory and regulatory approvals. Hence the same will be considered as subsidiary w.e.f 31.03.2022.

*Merged with BNP Paribas Asset Management India Pvt. Ltd’ (renamed as ‘Baroda BNP Paribas Asset Management India Private Limited’)

• As a consistent practice, the Bank has continued to make provision of 20% on the secured sub- standard advances as against the regulatory minimum requirement of 15%. In addition to the above, the Bank has also continued to maintain provision on non-fund based facilities of NPA borrowers, by applying 50% Credit conversion factor (CCF), based on the asset class of the fund based facility of the borrower. The Bank also continues to make 100% provision on certain classes of non-performing retail advances.
• 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, three accounts are classified as Standard by the Bank as per Court orders, with aggregate outstanding of ₹ 28229 lakhs against which the Bank is holding provision of ₹ 7079 lakhs as on March 31, 2022 as per IRACP norms, including provision for unrealized interest.

Apart from above, the Bank is holding additional provision of ₹ 59888 lakhs as of 31.03.2022 over and above the IRACP norms in certain stressed standard advances on prudent basis.

• 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 ₹19658 lakhs as on March 31, 2022 (Previous Year ₹18410 lakhs).
• During the year, ‘Baroda Asset Management India Limited’ (Transferor Company) was merged with ‘BNP Paribas Asset Management India Pvt. Ltd’ (Transferee Company) which was renamed as ‘Baroda BNP Paribas Asset Management India Private Limited’. Bank of Baroda being the sole shareholder of the transferor company, has been allotted 10, 81,50,783 shares of the transferee company pursuant to the NCLT order. After fulfilling the conditions mentioned in NCLT order, the merger was effected on 14th March 2022. Accordingly, Bank of Baroda holds 50.10% stake in the transferee company after completion of merger.
• During the year ‘BNP Paribas Trustee India Private Limited’ (Transferor Company) was merged with ‘Baroda Trustee India Private Limited’ (Transferee Company) which was renamed as Baroda BNP Paribas Trustee India Private Limited. Pursuant to the NCLT order, BNP Paribas Asset Management Asia Limited (holding of Transferor Company) was issued 49,800 shares in the transferee company. After fulfilling the conditions mentioned in NCLT order, the merger was effected on 14th March 2022. Accordingly, Bank of Baroda’s shareholding in the transferee company diluted to 50.10% after completion of merger.
• The spread of COVID-19 has earlier led to a regional lockdown which in turn resulted into significant volatility in Global and Indian financial markets and decrease in global and local economic activities during the first wave of Covid-19 pandemic. During FY2022, India has witnessed two more waves of covid-19 pandemic. Currently, the number of new Covid-19 cases have reduced significantly and the Government has withdrawn most of the Covid-19 related restrictions.

Further, the extent to which the COVID pandemic and its future waves if any may impact the Bank’s operation and asset quality are uncertain. The bank is however keeping a close watch on developments on an ongoing basis and taking proactive measures continuously to maintain and improve asset quality. The bank, therefore, believes that there may not be any significant impact on Bank’s future financial results.

• The Bank is holding additional provision of ₹ 59888 lakhs over and above the provision as per IRACP norms in certain stressed standard advances on prudent basis.
• As per RBI Circular 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 group is holding total provision of ₹ 765631 lakhs being 100% of total outstanding as on March 31, 2022 (Previous Year ₹829761 lakhs being 100% of total outstanding).
• 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 & ₹ 29088 lakhs to the Profit & Loss account for the quarter and FY ended 31st March 2022 respectively and the balance unamortized expense of ₹116353 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 and FY ended March 31, 2022 would have been lower by ₹ 87067 lakhs.
• Divergence in asset classification and provisioning

As per RBI direction No. DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021 (updated as on 15^th, November 2021), in case the additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and contingencies and/or additional Gross NPAs identified by RBI exceeds 15% of published incremental Gross NPAs for the reference period then banks are required to disclose divergences from prudential norms on income recognition, asset classification and provisioning. Divergence from prudential norms assessed by the RBI for the year ended 31st March, 2021 are within threshold limits specified above hence the need for additional disclosure does not apply.

• 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 31.03.2022
99857	730637.81

• 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 31.03.2022	Provision Held
20802	176561.46	20908.32

• 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 31.03.2022
6541	64186.10

• 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 March 31, 2022 is ₹ 8702 lakhs which is to be amortised in the subsequent quarters by the Bank.
• Details of Resolution plan implemented under Resolution Framework for COVID 19 related stress as per RBI circular RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 06.August 2020 (RF 1.0) and 05.05.2021 (RF 2.0) as of March 31, 2022 are given below. (In ₹ Lakhs)

Type of borrower	Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of the Previous half-year i.e 30.09.2021 (A)	Of (A), Aggregate debt that slipped into NPA during the half-year	Of (A), amount written off during the half-year	Of (A), amount paid by the borrowers during the half-year	Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of this half-year (A)
Personal Loans$	542046	17762	0	24346	488276
Corporate persons*	912975	222849	0	274924	427785
Of which, MSMEs	37277	11990	0	1555	26287
Others	92387	0	0	522	157817**
Total	1547408	240611	0	299792	1073878

*As defined in Section 3(7) of the Insolvency and Bankruptcy Code, 2016

**Exposure increased due to implementation of resolution plan in one account in month of December 2021 as permitted by regulator.

In case of Pool Accounts, the information is as provided by the originator.

• 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 ₹ 194765 lakhs as on 31.03.2022 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 31.03.2022 out of (B) classified as NPA (C)	Provision held as on 31.12.2021 (D)	Additional provision/ (reversal) made during quarter ended 31.03.2022 (E)	Provision held as on 31.03.2022 (F)
1022109	971267	971267	401592	(206827)	194765

• A penalty of ₹ 1033.32 Lakhs has been imposed on the Group by RBI and ₹ 32.80 Lakh by Overseas regulator during the year ended March 31, 2022.
• In terms of Banks approved revaluation policy, The immovable properties are revalued based on the revaluation reports of Bank’s approved valuers and the surplus arising from revaluation amounts to ₹ 267000 lakhs has been added to “Revaluation Reserve” during the current year. Also in terms of AS – 28 “Impairment of Assets” ₹ 1055 lakhs has been debited to Profit & Loss account wherein current value is less than cost of the property.
• Number of Investors’ complaints pending at the beginning of the year was NIL. The Bank has received 644 Investors’ complaints during the year ended March 31, 2022. All complaints have been disposed of during the year. There are NIL pending Investors' complaints at the end of the year.
• Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:

Particulars	Amount In ₹ Lakhs
PSLC Purchased
During Q4 (From 01.01.2022 to 31.03.2022)	Nil
Cumulative till Q4 (From 01.04.2021 to 31.03.2022)	350000
PSLC Sold
During Q4 (From 01.01.2022 to 31.03.2022)	Nil
Cumulative till Q4 (From 01.04.2021 to 31.03.2022)	100000

• 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.
• Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
  STR.REC.51/21.04.048/2021-22 “Master Direction – RBI (Transfer of Loan Exposures) Directions, 2021” dated 24.09.2021 is as under:
• In respect of “Loans not in default”@, that are transferred or acquired.
• Assignment

Sr. No.	Name of the transferor	Date of acquisition	Number of Loans acquired	Amount of Loans acquired (in lakhs)	Maximum Maturity Period of Loans (In Months) *	Minimum Holding Period of Loans (In Months) *	Economic Interest acquired by Bank	Minimum Security Coverage (In times)	Minimum Ratings (at the time of acquisition) accepted
1	Asirvad Microfinance Limited	29-03-2022	98164	25691	24	3	90%	Unsecured advance	Non defaulter status in Credit bureau
2	Chaitanya Microfinance Limited	31-03-2022	25937	6919	24	3	90%	Unsecured advance	Non defaulter status in Credit bureau
3	Fullerton India Commercial Credit Limited	30-03-2022	849	22189	210	6	95%	1.67	Minimum CIBIL score of 700
4	IIFL Home Finance Limited	29-03-2022	2081	29693	354	6	90%	* Upto Rs. 30/- Lakhs - 1.11 * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25 * Above Rs. 75/- lakhs - 1.33	Minimum CIBIL score of 675 for Individuals and CMR-5 for Non Individuals
5	IIFL Home Finance Limited	29-03-2022	360	7522	240	6	90%	1.43	Minimum CIBIL score of 675 for Individual and CMR-5 for Non Individual
6	IKF Finance Limited	31-03-2022	641	2614	60	6	90%	1.11	Minimum CIBIL score of 650, 0 and -1 for Individuals and CMR-5 for Non Individuals
7	India Shelter Finance Corporation Limited	28-03-2022	486	4852	180	6	90%	2	Minimum CRIF Highmark score of 675
8	Indiabulls Commercial Credit (India) Limited	31-03-2022	162	3443	210	6	90%	1.53	Minimum CIBIL score of 675 for Individuals & CMR-5 for Non-Individuals
9	Indiabulls Commercial Credit (India) Limited	31-03-2022	132	1852	210	6	90%	1.53	Minimum CIBIL score of 675 for Individuals & CMR-5 for Non-Individuals
10	Indiabulls Housing Finance Limited	11-03-2022	575	9982	300	6	90%	* Upto Rs. 30/- Lakhs - 1.11 * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25 * Above Rs. 75/- lakhs - 1.33	Minimum CIBIL score of 700
11	MAS financial Services Limited	30-03-2022	16897	9478	60	3 & 6	90%	Unsecured advance	Minimum CIBIL score of 650, 0 and -1
12	Muthoot Microfin Limited	31-03-2022	20248	5251	24	3	90%	Unsecured advance	Non defaulter status in Credit bureau
13	Satin Credicare Network Limited	23.03.2022	181433	45059	24	3	90%	Unsecured advance	Non defaulter status in Credit bureau
14	Vistaar Financial Services private Limited	22-03-2022	325	3726	120	6	90%	1.54	Minimum CIBIL score of 700

* The maturity period (in months) is conservatively disclosed as maximum period accepted by the Bank in individual underlying borrowers instead of weighted average period. Similarly, Minimum holding period is also disclosed conservatively as minimum holding period accepted by the Bank in individual underlying borrowers instead of weighted average period.

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

• Novation – No such transaction.
• Loan Participation – No such transaction.
• Details of stressed loans transferred is as under:             (₹ In lakhs)

Details of stressed loans (NPA Accounts) transferred during the period of 01.04.2021 to 31.03.2022
	To ARCs	To permitted transferees	To other transferees
No: of accounts	17	4	-
Aggregate principal outstanding of loans transferred	92125	3940	-
Weighted average residual tenor of the loans transferred	-	-	-
Net book value of loans transferred (at the time of transfer)	23133	158	-
Aggregate consideration	37374	904	-
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	14241	746

• Details of stressed Loan (NPAs) Acquired during FY 2021-22 – Nil
• The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 31.03.2022

Recovery Rating Band	Book Value (₹ In Lakhs)
RR1	9335
RR2	21623
RR3	4801
RR4	3839
RR5	403
RR6	902
NR1	49
NR3	1764
NR4	4535
NR5	201
NR6	38013
Rating withdrawn	34404
Grand Total	119869

• 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.
• Note on amendments in Consolidated Financial Statements

The Board of Directors of the Bank in their meeting held on May 13, 2022, had approved the financial results of the Bank which were also communicated to the respective Stock Exchanges. Subsequently, the Board of Directors in their meeting held on May 31, 2022, have recommended a dividend of ₹2.85 per equity share (142.50%) as against ₹1.20 per equity share (60%) recommended earlier and the Financial Results have been amended accordingly. The financial results after giving effect of the enhancement in proposed dividend have been approved by the Board of Directors. The amendment in the financial results has remained limited to give effect to the above said decision of the Board of Directors of the Bank. The recommended dividend is subject to requisite approval from shareholders

• Notes on Segment Reporting
• 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.
• Segment revenue represents revenue from external customers.
• Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
• The figures for the fourth quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the reviewed year to date figures up to the end of the third quarter of the respective financial year.
• 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            Vikramaditya Singh Khichi          Debadatta Chand          Joydeep Dutta Roy

Executive Director         Executive Director                      Executive Director         Executive Director

           

                                                                                                                                   

       Ian Desouza                           G Ramesh                                            Subrat Kumar Swain

Chief Financial Officer               General Manager                                         Deputy General Manager

           Corporate Accounts & Taxation                   Corporate Accounts & Taxation   

Place: Mumbai           

Date: May 31, 2022