1. The above financial results have been approved by the Board at its meeting held on April 27, 2009. The same has been subjected to audit by the Statutory Central Auditors, as per the Listing Agreements.

2. There has been no change in the Accounting Policies adopted during the quarter / year ended March 31, 2009 as compared to those followed in the preceding financial year 2007-08.

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 / full year ended March 31, 2009 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) have been made as per income Tax and Provision for contingencies including for employee benefits considered based on actuarial valuation.

5. A sum of Rs 180.20 crores has been charged to Profit and Loss A/c during the year on proportionate basis, of the Transitional liability of Rs 901 crores upto March 31, 2007, as per the Revised Accounting Standard (AS) 15 on Employee Benefits issued by the institute of Chartered Accountants of India based on actuarial valuation. An amount of Rs 540.60 crores is to be charged proportionately by the end of March 2012.

6. The eighth Bipartite settlement entered into by IBA on behalf of the member banks with All India Unions of workmen / officers expired on October 31, 2007. Pending execution of new agreement, a provision of Rs 425 crores has been made on estimated basis, as employee cost, of which Rs 325 crores is made during the year (Rs 75 crs during the quarter Mar.09).

7. In terms of Agricultural Debt Waiver and Debt Relief Scheme 2008, framed by the Government of India, the Bank has received first Installment of Rs 208.91 crores from Reserve Bank of India against Rs 506.04 crores being loans eligible under debt waiver scheme.

8. Exceptional Items Rs 95.01 crores represents profit on winding up of bank’s Subsidiary Bank of Baroda (Hongkong) Ltd (Rs 69.07 crores) and Profit on sale of 51% holding In BOB AMC Ltd (Rs 25.94 crores) during the year.

9. During the year 2008-09, the bank has issued Rs 1800.20 crores (Previous year Rs 2703.62 crores including US $ 300 mn- Rs 1203.62 crores by way of MTN Bonds). The bank also redeemed Rs 409.10 crores during the year.

10. During the year the Bank has Invested Rs 113.26 crores in Baroda (Newzealand) Ltd.. a subsidiary of the Bank.

11. Auditors qualification for the year ended March 31, 2008 have been dealt with Note no.3 above.

12. The Board has recommended a dividend @ 90% on equity share capital (Rs 9/- per share) for the year 2008-09, subject to approval by members.

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

R K Bakshi
Executive Director

V Shanthanaraman
Executive Director

M D Mallya
Chairman & Managing Director