BANK OF BARODA = EXCELLENT FY10 RESULTS = Q4 VERY GOOD

BANK OF BARODA

FY10 VS FY 09

RESULTS

REVIEW

STAND ALONE

RESULTS

Bank Of Baroda has produced excellent results for FY 10 compared to FY 09.

Interest on Advancers has gone up by 12%  YOY.  Interest on investments has gone up by 10.43%. Over all, interest earned has gone up by 10.65%.

The total income for FY10 has gone up by 9.4%.

Interest expended has also gone up, but less than proportionately by 7.93%.

While employee cost has remained almost static YOY, operating expenses have gone up by 6.45 % and total expenditure by 7.57%  YOY, compared to income increase of 9.4%.

Thus operating profit has increased more than proportionately by 15.29%.

Over all, Net Profit  has registered an excellent increase of 37.32% YOY to Rs.3058.33      Cr from Rs.2227.20 Cr.

Dividend for FY 10 has been increased to 150% from last year’s 90%.

Capital Adequacy Ratio    remains healthy at 12.84, compared to 12.88 last year.

The Basic EPS on stand alone basis has risen very smartly to Rs.83.96 on a face value of Rs.10 compared to Rs.61.14     of last year, a rise of 37.32 percent YOY.

% of Gross/Net NPA is very healthy at 0.34 compared to 0.31 in FY 09.

Return on Assets has increased to 1.21 from   1.09 of FY 09.

Overall the performance of Bank of Baroda is quite healthy.

The actual figures are below.

BANK OF BARODA NONCONSOL	FY10(lakhs)	FY09(lakhs)	Dif%Age
Interest on Advances	1254122	1119736	12
Income on Investments	365588	331067	10.43
Interest on Balances With RBI	42215	40146	5.15
Others	7909	18209	-56.57
Interest Earned	1669834	1509158	10.65
Other Income	272491	266264	2.34
Total Income	1942325	1775422	9.4
Interest Expended	1075886	996817	7.93
Employees cost	235088	234813	0.12
Other Oprtg Expenses	145970	122793	18.87
Operating Expenses	381058	357606	6.56
Total Expdr.excl. provisions	1456944	1354423	7.57
Operating Profit	485381	420999	15.29
Provisions  and contingencies	69720	96206	-27.53
Exceptional Items	-8145	-9501	-14.27
Profit before tax	423806	334294	26.78
Tax Expense	117973	111574	5.74
Net Profit after tax	305833	222720	37.32
Extraordinary Items	-	-
Net Profit	305833	222720	37.32
Dividend (%)	150	90	66.67
Face Value (in Rs.)	10	10	0
Paid-up Equity	36553	36553	0
Reserves	1341961	1102166	21.76
%age of shares of GOI	53.81	53.81	0
Capital Adequacy Ratio	12.84	12.88	-0.31
Basic EPS(in Rs.)	83.96	61.14	37.32
Gross/Net NPA	60232	45115	33.51
% of Gross/Net NPA	0.34	0.31	9.68
Return on Assets	1.21	1.09	11.01
Public Shareholding (%)	46.19	46.19	0

CONSOLIDATED RESULTS

The consolidated figures also present a similar picture as stand alone  results.

The Basic EPS on consolidated basis is Rs.87.28 in FY10 compared to Rs.65.45 in FY 09, a rise of 33.35% YOY.

BANK OF BARODA -CONSOL	FY10(lakhs)	FY09(lakhs)	Duf%age
Interest on Advances	1283811	1148087	11.82
Income on Investments	384119	341670	12.42
Interest on Balances With RBI	47474	46838	1.36
Others	8079	18161	-55.51
Interest Earned	1723483	1554756	10.85
Other Income	288385	275035	4.85
Total Income	2011868	1829791	9.95
Interest Expended	1102334	1016735	8.42
Employees cost	242634	240886	0.73
Other Operating Expenses	155528	130350	19.32
Operating Expenses	398162	371236	7.25
Total Expdr excl. provisions	1500496	1387971	8.11
Operating Profit	511372	441820	15.74
Provisions and contingencies	80929	101772	-20.48
Exceptional Items	-8145	-9501	-14.27
Profit before tax	438588	349549	25.47
Tax Expense	123609	116423	6.17
Net Profit after tax	314979	233126	35.11
Extraordinary Items	-	-
Net Profit	314979	233126	35.11
Minority Interest	1314	1084	21.22
Shares of Associates	-4265	-6366	-33
Other Related Items	-	-
Consolidated Net Profit	317930	238408	33.36
Dividend (%)	-	-
Face Value (in Rs.)	10	10	0
Paid-up Equity	36553	36553	0
Reserves	1400167	1145038	22.28
%age of shares Held by GOI	53.81	53.81	0
Capital Adequacy Ratio	13.37	13.62	-1.84
Basic EPS (in Rs.)	87.28	65.45	33.35
Gross/Net NPA	-	-
% of Gross/Net NPA	-	-
Return on Assets	-	-

QUARTERLY RESULTS

The quarterly results of BOB present  quite a healthy improvement QOQ. The Q4 of FY 10 is therefore the best so fat and is better than Q3 of FY10 and Q4 of FY 09 on most of the parameters.

Basic EPS  has risen to Rs.24.88 in Q4 FY10 from Rs.22.85 in Q3 of FY10 and Rs.20.66 in Q4 of FY 09.

B O B - QTRLY	Mar-10	Dec-09	Dif%	Mar-09	Dif% 2
Interest on Advances	324613	315715	2.82	307621	5.52
Income on Investments	92495	91317	1.29	88450	4.57
Income on Balances With RBI	12328	10200	20.86	8083	52.52
Others	5948	465	1179.1	9724	-38.83
Interest Earned	435384	417697	4.23	413878	5.2
Other Income	76689	65965	16.26	85363	-10.16
Total Income	512073	483662	5.87	499241	2.57
Interest Expended	260889	257574	1.29	266799	-2.22
Employees Cost	53179	62917	-15.48	63468	-16.21
Other OprtgExpenses	43272	36676	17.98	38526	12.32
Operating Expenses	96451	99593	-3.15	101994	-5.43
Expdr excl.provisions	357340	357167	0.05	368793	-3.11
Operating Profit	154733	126495	22.32	130448	18.62
Provisions & Contingencies	37733	24249	55.61	20974	79.9
Exceptional Items	-8145	-		-
Profit before tax	125145	102246	22.4	109474	14.31
Tax Expense	34517	18997	81.7	34205	0.91
Misc Expenditure w/o	-	-		-
Net Profit After Tax	90628	83249	8.86	75269	20.41
Extraordinary Items	-	-		-
Net Profit	90628	83249	8.86	75269	20.41
Face Value (in Rs.)	10	10	0	10	0
Paid-up Equity	36553	36553	0	36553	0
Reserves	1341961	-		1102166	21.76
Dividend (%)	150	-		90	66.67
Shares Held by GOI(%)	53.81	53.81	0	53.81	0
Capital Adequacy Ratio	12.84	14.3	-10.21	12.88	-0.31
Basic EPS	24.88	22.85	8.88	20.66	20.43
a) Gross/Net NPA	60232	48768	23.51	45115	33.51
b) % of Gross/Net NPA	0.34	0.31	9.68	0.31	9.68
c) Return on Assets	1.37	1.36	0.74	1.41	-2.84
Public Shareholding (%)	46.19	46.19	0	46.19	0

ANNOUNCEMENTS

TO THE EXCHANGE

26-05-2010          Bank Of Baroda has informed the Exchange that Annual General Meeting of the shareholders of the Bank will be held on July 05, 2010 to transact the following business: 1) To discuss, approve and adopt the Balance Sheet of the Bank as at March 31, 2010, Profit and Loss Account for the year ended March 31, 2010, the report of the Board of Directors on the working and activities of the Bank for the period covered by the Accounts and the Auditors' Report on the Balance Sheet and Accounts. 2) To declare dividend for the year 2009-10. Further the Register of the shareholders and Share Transfer Register of the Bank will remain closed from June 26, 2010 to July 05, 2010 (both days inclusive) for the purpose of Annual General Meeting and for ascertaining the entitlement for the payment of Dividend 2009-10, if any. Further, July 12, 2010 shall be the date on and from which the Dividend for the F.Y. 2009-10 on fully paid equity shares of the Bank will be payable, if any.          

25-05-2010          Bank of Baroda has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1723482 lacs for the year ending on 31-MAR-2010 against Rs. 1554756 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1102334 lacs for the year ending on 31-MAR-2010 against Rs. 1016735 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 317930 lacs for the year ending on 31-MAR-2010 against Rs. 238408 lacs for the year ending on 31-MAR-2009.     -

28-04-2010          Bank Of Baroda has informed the Exchange that the Board of Directors of Bank of Baroda at its meeting held on April 28, 2010 recommended a dividend @ Rupees 15/- (Fifteen) per equity share (Equity Share of Rs.10/- each fully paid up) for the Financial year 2009-10 subject to declaration at the ensuing Annual General Meeting of the Shareholders of the Bank.       -

28-04-2010          Bank of Baroda has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Interest earned of Rs. 435384 lacs for the quarter ending on 31-MAR-2010 against Rs. 413878 lacs for the quarter ending on 31-MAR-2009. Interest expended of Rs. 260889 lacs for the quarter ending on 31-MAR-2010 against Rs. 266799 lacs for the quarter ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 90628 lacs for the quarter ending on 31-MAR-2010 against Rs. 75269 lacs for the quarter ending on 31-MAR-2009.           -

28-04-2010          Bank of Baroda has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Interest earned of Rs. 1669834 lacs for the year ending on 31-MAR-2010 against Rs. 1509158 lacs for the year ending on 31-MAR-2009. Interest expended of Rs. 1075886 lacs for the year ending on 31-MAR-2010 against Rs. 996817 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 305833 lacs for the year ending on 31-MAR-2010 against Rs. 222720 lacs for the year ending on 31-MAR-2009.     -

06-04-2010          Bank Of Baroda has informed the Exchange that "RBI vide their circular no.RBI:2008-2009/452 DBOD no.Dir.BC. 128/13.03.00/2008-09 dated April 24, 2009, had advised that all commercial banks would pay the interest on Savings Bank Account on Daily Product basis w.e.f. 1st April 2010, in view of the present satisfactory level of computerization in commercial bank branches. In compliance of the aforesaid directives of Reserve Bank of India i.e. the Regulator, the Bank of Baroda would be paying interest on Savings Bank Accounts on daily product basis w.e.f 1st April 2010".