Dear Shareholder''s
 
 It has been a challenging environment but despite the slowing momentum
 of growth in the economy, your Bank has reported another consistent
 performance - reflected in a steady growth of our customer base,
 widening reach through multiple channels, healthy growth of business
 and revenues and stable asset quality. It is also an affirmation of the
 Bank''s focus on a balanced growth strategy.
 
 The Bank''s retail businesses grew steadily during the year and there
 was credible growth of both retail deposits and loans, supported by an
 expanding network that is critical to the retail franchise. We added
 325 branches and 1,321 ATMs in FY 2012-13. Your Bank continues to
 balance growth with profitability and generate value for our
 stakeholders. This is evidenced by the consistently healthy return on
 assets and return on equity.
 
 We also have a deep and abiding commitment to the environment and the
 underprivileged.  Towards this end, your Bank has adopted the ambitious
 goal of facilitating the creation of one million sustainable
 livelihoods by 2017 in partnership with reputed organizations in the
 field.
 
 During the current financial year, your Bank undertook a successful
 equity capital raising exercise and global and domestic investors have
 invested Rs.5,537 crores in the Bank. We are grateful to all the
 investors who have reposed confidence in us.
 
 Looking ahead, we are optimistic about the future and we believe that
 your Bank is positioned to adapt suitably to challenges and capitalise
 on emerging opportunities in the economy. I truly appreciate your
 support and association with the Bank and remain committed to
 delivering value to all our stakeholders.
 
 Shikha Sharma
 
 24th April, 2013