Annual Report of BOB

c

It gives me great pleasure to present the Annual Report andFinancial Statements of Bank of Baroda
for the year ended31st March, 2010. The Bank¶s business and financialperformance during the
year under review has demonstratedits strength and stability amid uncertain
economic environment.

Indian economic environment was fairly mixed and uncertainduring 2009-10 (FY10). The first half
of the year (i.e., H1,FY10) was overcast by the monsoon failure and a sharpdecline in foodgrain
production, a continued slowdown infinal consumption expenditure, a muted demand for
bankcredit and a negative growth in both exports and imports.
However in the second half of 2009-10 (i.e., H2, FY10),countercyclical policies, a pickup in the
global economy anda recovery in capital inflows helped India overcome anadverse monsoon and
see a quick rebound in the economy.Both exports and imports turned positive by November-
December, 2009 after contracting continuously for theprevious 12-13 months.
The headline inflation (WPI), after remaining subdued duringH1, FY10 increased at a faster pace
in H2, FY10 and cameclose to 10.0% (y-o-y) in March, 2010. At the same time,driven by
manufacturing and mining sectors, the industrialproduction recovered from 1.1% (y-o-y) in April,
2009 to15.1% (y-o-y) in February, 2010. Rapid growth in bothinflation and industrial production
has prompted the ReserveBank of India (RBI) to normalise its Monetary Policy andmove its focus
to ³recovery management´ from the earlierthrust on ³crisis management´.
Moving Ahead
on Sustainable
Performance«..
c
Chairman & Managing Director
While the demand for bank credit remained highly subduedand skewed throughout the year under
review, credit costsincreased for several banks with the maturing of restructuredloans. Moreover,
higher level of government marketborrowings and resultant volatility in bond yields posed
toughchallenges for the banking industry¶s treasury operations.

While it is challenging to remain immune to the disruptionscreated by economic shocks, Bank of
Baroda has been ableto withstand the turbulence more effectively during FY09and FY10 mainly
due to its strong business fundamentals.Again in the year FY10, the Bank could
demonstrateconsistent performance by delivering much better quality ofearnings, healthier asset
quality compared to bankingindustry with higher provision coverage and lower interestrate risk. It
has been steadily improving its market sharealso. It expanded its global business level by 24.0%
(y-o-y)to Rs 4,16,080 crore during the year FY10.
Despite ongoing global economic challenges, the Bank¶sinternational operations continued to
remain its mainstayand contributed almost 24.0% to the Bank¶s total businessand 20.0% to its
operating profits in FY10. The Bank¶sinternational business grew by 31.0% (y-o-y) in FY10
withoutany compromise with credit quality. The Bank¶s gross NPAin international operations
stood at 0.47% and net NPA atjust 0.11% in FY10.
ne of the greatest strengths of the Bank over a period oftime has been the ³trust and confidence´
that it enjoys of itsstakeholders. Notwithstanding the unprecedented turbulentconditions created by
the global economic meltdown duringthe years FY09 and FY10, the Bank¶s stakeholders
remained. firmly positive on the Bank¶s business and financialperformance. I am happy to share
with you that the Banktoo met the stakeholders¶ expectations in terms ofperformance,
transparency, corporate governance andintegrity in guidance during the last couple of years.
v
During the year under review, the Bank maintained its focuson introducing new business,
customer and technologyinitiatives to further strengthen its operations and leverageits
considerable domestic footprint.
The Bank launched a new business process reengineeringand organisational restructuring project
³Navnirmaan-Baroda Next´ on 22nd June, 2009. The project envisagesredesigning and
streamlining of existing processes andstructures including revamp of the branch architecture
forbetter service and sales, higher revenue growth andimproved efficiency. The project is
primarily designed tooptimise on available resources to maximise business andprofits and to
build a next step for Bank of Baroda, that is,³Baroda Next.´
The Bank achieved 100.0% Core Banking Solution (CBS)for all its domestic branches reflecting
the fastest ever rollout of such solutions in the Indian banking industry. TheBank¶s CBS branches
are enabled for inter-bank remittancesthrough the RTGS and NEFT. Around 94.0% of its
overseasbusiness is also covered under the CBS.
By 31st March 2010, the Bank¶s ATM network expanded to1,315. Moreover, ³Base 24´ has been
made fully operationalfor all domestic ATMs and for ATMs in the Bank¶s sevenoverseas
territories. Today, the Bank¶s customers enjoymultiple service channels like Baroda Connect
(InternetBanking), Phone Banking, Baroda Cash ManagementServices, NRI Services, Depository
Services, etc.
The Bank has implemented an Integrated Global TreasurySolution in its major overseas territories.
It has also startedproviding nline Institutional Trading to its corporatecustomers. During FY10,
many other important technologicalinitiatives were taken in the domain of anti-money
laundering,document management system, payment messagingsolution, etc.
In order to improve credit flows under the retail businessand to consolidate that portfolio, the
Bank has realigned itsretail bouquet of products. The Bank has also launched anew subsidy-
linked housing loan scheme under the HomeLoan Product styled as ³Interest Subsidy Scheme
forHousing the Urban Poor.´
A couple of years ago, the Bank introduced a Retail LoanFactory model as a fast delivery channel
for the benefit ofits retail customers. Going by the success of this initiative,the Bank opened six
new Retail Loan Factories during FY10,taking the total number of such factories to 30.
Leveraging its newly created robust technological platform,the Bank made ³Home Loan and
Education Loan ApplicationModules´ online during the year under review.
The Bank has always believed in making a difference to thesociety at large. The Bank took
several initiatives on the³Financial Inclusion´ front during FY10 to harness theemerging
opportunities for rural and agriculture lending. Toaugment its Agriculture advances, the Bank
conductedspecial campaigns for Crop Loans and Investment Credit.The Bank organized 2,857
Village Level Credit Camps anddisbursed Rs 2,484 crore to over 1.9 lakh borrowers
duringFY10. The Bank identified 450 thrust branches across Indiato enhance agricultural
lending. The Bank formulatedvarious area-specific agricultural lending schemes withvarious
concessions in the rate of interest, charges, etc., inthe interest of poor farmers.
Towards the effective use of technology in rural agriculturallending, the Bank has introduced IT-
enabled smart cardbased technology for financial inclusion. With nine additionalBaroda Swarojgar
Vikas Sansthan (Baroda R-SETI) Centresopened during FY10, the total number of BSVS has
goneup to 25. ver two million no-frill savings accounts havebeen opened so far. As part of the
Financial InclusionInitiative, the Bank has opened four Financial Literacy andCredit Counselling
Centres (FLCCs) christened as ³SARTHEE´.
Adding its offerings in wealth management products, theBank has entered into tie-up arrangements
with two moreleading asset management companies in FY10 fordistribution of mutual fund
products. The Bank¶s joint venturein life insurance, in association with Andhra Bank and L &G
(U.K.) ± IndiaFirst Life Insurance Co. Ltd. commenced itsoperation during the year. The IndiaFirst
has received anoverwhelming response from the Bank¶s customers acrossthe country, making the
company the fastest growingInsurance company to reach Rs 100 crore premiumcollections in the
first 100 days of its launch.

The Bank has reported a healthy growth in its business andprofits with improvement in all key
parameters during FY10.
As stated earlier, its Global Business touched a newmilestone of Rs 4,16,080 crore in FY10
reflecting a growthof 24.0% (y-o-y). Both its domestic deposits and advancesincreased at the
above-industry pace of 22.4% and 21.3%,respectively. The Bank¶s domestic low-cost or
CASAdeposits grew by an unprecedented 25.1% taking the shareof domestic CASA deposits to
35.63% in FY10 versus34.87% in FY09. Its Social Sector Advances or PrioritySector Credit
surpassed the mandatory requirement andposted a growth of 24.0% (y-o-y). The Bank recorded
agrowth of 44.0% in SME credit, 27.0% in farm credit and24.0% in retail credit reflecting a
well-diversified growthachievement.
In its overseas business, while the Bank¶s deposits grew by36.0% (y-o-y), its advances grew by
25.0% during FY10.Within total overseas deposits, the customer deposits grewby 33.7%. Total
assets of the Bank¶s overseas operations. ncreased from Rs 51,165 crore to Rs 68,375 crore
registering
a growth of 33.6% during the year under review.

The growth in profits was led by healthy topline growth,prudent management of deposit costs
and better operatingefficiency. The Bank¶s Net Profit at Rs 3,058.33 crore forFY10 reflected a
robust year-on-year growth of 37.3%.
As the Bank¶s primary objective has been to grow withquality, the Bank focused on containing
the impaired assetsto the minimum possible level. While the Gross NPA indomestic operations
stood at 1.64% at end-March 2010, thesame for verseas perations was at 0.47%. In spite
ofgrowing slippages for Indian banking industry during FY10,our Bank succeeded in restricting
its global Gross NPA levelto 1.36% and Net NPA level to 0.34% by end-March, FY10.While the
RBI has extended the deadline for recovery fromthe Agricultural Debt Relief accounts till end-
June, 2010,the Bank has continued to classify these accounts as NPAas a prudent measure.
Despite this, the Bank enjoys one ofthe lowest ratios for Gross and Net NPA in the industry.
TheBank¶s NPA coverage ratio at 74.90% as on 31st March,2010 has been comfortably above
the norm of 70.0% setrecently by the RBI.
The Bank¶s Return on Average Assets (RAA) at 1.21%,Earnings per Share (EPS) at Rs 83.96,
Book Value perShare (BVPS) at Rs 378.40, and RE (Return on Equity)at 22.19% reflect a
significant improvement over theirprevious year¶s levels. The Bank¶s Capital Adequacy Ratiotoo
stood at the healthy level of 14.36% with the Tier 1 capitalat 9.20% during FY10. The Bank¶s
Cost-Income ratio alsoeased from 45.38% to 43.57% on year-on-year basis.
V

Bank of Baroda¶s long standing reputation for financialsoundness, long-term customer
relationships and proactivemanagement are as important today as ever. Going forwardalso, the
Bank would continue with its thrust on growth withquality. At the same time, it would try to
grow above theindustry average on the back of strongly positive growthoutlook for India in
FY11.
The Bank would try to protect or improve further the currentlevels of its key financials like
RAA, RE, EPS, BVPS,asset quality, etc., through its dedicated focus on low-costdeposit
mobilization & fee-based income, efficient pricingof deposits and loans, reduction in high cost or
low yieldingbulk business and through improved credit origination andeffective credit
monitoring.
In all core operations, the Bank has put in place strategiesthat seek to address near-term challenges
as well as toseize opportunities to strengthen its foundations forsustainable growth. The focus of
these strategies has beenon well-balanced, qualitative growth, service and operationalexcellence
and people management.
In fact, the Bank has been aggressively recruiting the best
possible talent in the country from the premier Institutionsduring the last couple of years. The Bank
has been workingon the business process reengineering (BPR) project inconsultation with the
Mckinsey & Co. so as to achieve theoptimum use of technology and right skilling of the
manpowerto yield maximum customer satisfaction. During FY10, theBank also launched a series
of marketing campaigns topromote its brand value. The same would continue in futurealso, in
order to strengthen the Bank¶s market share bothfrom the asset and liablity sides.
The Bank has been actively designing strategies forenhancing sales and raising brand equity
through continuousmarket research. The Bank has also focused on evolving aStrategic Mass
Communication and Events Plan to ensurebrand enhancement. Besides this, significant initiatives
incustomer education would continue for putting in place aneffective Customer Relationship
Management system in theBank.
!" #
For the year 2010-11, the Bank has selected the motto³Leveraging technology for augmenting
business growthand profitability.´
The ultimate objective of the Top Management of the Bankis to equip the Bank with more
stability and growth-orientation. To attain this goal, we have adopted a BusinessModel that
focuses on achieving sustainable growth. Thismodel has four pillars ± Healthy CASA, Well-
diversifiedAdvances Portfolio, Strong back up of Non-interest incomeand Stringent NPA
Management. The Bank is well gearedto ensure that its performance will be driven across all
theseparameters.
The Bank is aware of the fact that the market leadershipcan be achieved only through a visionary,
strategic andsustainable model of pursuit and perseverance. The successlies in attaining the
acceptance of our stakeholders aboutthe Bank¶s core values, passion for customer service andthe
credibility of leaders, which alone would give our Banka unique place in the banking space. In a
bid to gain bettermarket share, we will work relentlessly to provide financialstability and brand
value that matters the most.
It will be our endeavour in FY11 to work towards morecustomer-centricity by upgrading our
institutional processes,systems and capabilities. In the current economic environment,prudence and
proactive vigilance are most important toconvert challenges into opportunities. So, our central focuswill
be on risk management and growth with quality.
In our pursuit to move towards the top position in the industry,
I solicit your continued cooperation and patronage.
c
Chairman & Managing Di
DIRECTR REPRT
Performance Highlights
Total Businessh
Rs 4,16,080 crore

Gross Profit Net Profit Rs 4,935 crore Rs 3,058 crore

Credit-Deposit Ratio 84.55%!"#
Retail Credit 23.5%
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Net Interest Margin (NIM) in global operations

2.74% ) "
Net NPAs to Net Advances 0.34%"
Capital Adequacy Ratio (CAR) %- 12.84% %--
14.36%
Net Worth )
Rs 13,785.14 crore.
Book Value )
)/"! Rs 378.44
Business per Employee )
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Segment-Wise Performance
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c

a growth of 33.6% during the year under review.

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