domain-b financials | Bank of Baroda, unaudited, Quarterly results, 2007

1. The above financial results have been approved and taken on record by the Board at its meeting held on 31-10-07. The same has been subjected to review by the Statutory Central Auditors, as per the Listing Agreements

2. There has been no change in the Accounting Policies adopted during the half year ended 30.09.2007 as compared to those followed in the preceeding financial year 2006-07, excepting accounting for dividend on shares of subsidiaries, joint ventures and associate companies, which is now recognised on realisation. There is no impact on the financials for the quarter due to this change in the accounting policy.

3. Reconciliation / balancing of debit and credit outstanding entries in various heads of accounts, included in Inter Office Adjustments, NOSTRO, Drafts / TTs payable, Clearing Adjustments, Dividend/ Interest/ Refund Orders Paid / Payable etc is in progress.

4. The financial results for the Quarter/ Half year ended 30.09.07 have been arrived at after considering provision for NPAs, Standard Assets and depreciation/provision for Investments on the basis of prudential norms issued by RBI. Provision for taxes (including Deferred tax, Wealth tax and Fringe Benefit tax) and contingencies including for employee benefits have been considered on estimated and proportionate basis and is subject to adjustment at year end.

5. A sum of Rs.90.10 crores has been charged to Profit and Loss A/c on proportionate basis of the Transitional liability of Rs.901 crores upto 31.03.2007 as per the Revised Accounting Standard (AS) 15 on Employee Benefits issued by the Institute of Chartered Accountants of India.

6. During the Half year ended Sep-07, Tier II bonds amounting to Rs.1195.35 crores (USD 300 mn) have been issued by way of Medium Term Notes.

7. In terms of RBI Guidelines, the bank has during the quarter ended June 2007 transferred a portion of Govt. Securities (SLR) kept in "Available for Sale" category to "Held to Maturity" category and a depreciation of Rs.37.08 crores has been charged to the Profit and Loss A/c.

8. The Bank has commenced operations at Hongkong w.e.f. 1st April 2007 by taking over the business of subsidiary, Bank of Baroda (Hongkong) Ltd. The results shown above for the quarter / half year ended 30.09.07 are inclusive of the operations at Hongkong.

9. Auditors qualifications for the year ended 31st March 2007 and for the quarter ended 30th June 2007 have been dealt with in Note No.3 & 5 above.

10. As per RBI clarification dated 11th July 2007, Banks should reflect the amortisation of premium on investments held under HTM category as a deduction from Interest Income on investments instead of deduction from Other Income. Accordingly, the bank has carried out the reclassification. This change does not have any impact on the net profit for the periods under review.

11. During the quarter ended 30th Sept 2007, the bank has annulled the forfeiture of 400 equity shares.

13. The figures of previous period have been regrouped / rearranged, wherever necessary, to correspond to current period classification.

Sr. No.	Particulars	Quarter Ended	Quarter Ended	Half Year Ended	Half Year Ended	Full Year ended
		30.09.07	30.09.06	30.09.07	30.09.06	31.03.07
		(Reviewed)	(Reviewed)	(Reviewed)	(Reviewed)	(Audited)
1	Segment Revenue
	(a) Treasury Operations	96388	90358	185404	173371	376795
	(b)Other Banking Operations	236995	155151	450459	291425	661793
	Total Revenue	333383	245509	635863	464796	1038588
2	Segment Results
	(a) Treasury Operations	21563	13161	35375	3532	50838
	(b) Other Banking Operations	67385	49487	123710	78389	177285
	Total	88948	62648	159085	81921	228123
	Unallocated expenditure	35029	17011	54864	11241	62697
	Profit before Tax	53919	45637	104221	70680	165426
	Provision for Tax	21200	16801	38418	25512	62779
	Net Profit	32719	28836	65803	45168	102647
3	Capital Employed
	a) Treasury Operations	-20554	-27917	-20554	-27917	-29499
	(b) Other Banking Operations	1203377	1022888	1203377	1022888	1054090
	c) Unallocated	-253165	-165100	-253165	-165100	-159597
	Total Capital Employed	929658	829871	929658	829871	864994