BOB Analysts FY11

8/4/2019 BOB Analysts FY11

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Bank of Baroda

A Story of Consistency, Credibility

And Good Governance

Performance Analysis: Q4 & Full Year , 2010-11 (FY11)

Dr Rupa Rege Nitsure

Chief Economist

April 28, 2011


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Domestic Branch Network

27042732 2853

2926

3100

3364

0

500

1000

1500

2000

2500

3000

3500

FY06 FY07 FY08 FY09 FY10 FY11

No. of Domestic Branches

Regional Break-up of

Domestic Branches as on 31st

Mar, 2011Metro Urban Semi-

UrbanRural

730 631 832 1,171

Banks network of domestic branches

as on 31st

Mar., 2011 was 3,364 & no. ofATMs were 1,561.

During FY11, the Bank opened 266new branches and merged twoexisting branches.

151 brs under the Brach ExpansionPlan for FY11 are yet to be opened.

Bank proposes to open 500 newbranches in FY12 out of which 269 brsin Tier I and II centres & 231 brs in TierIII to VI centres.

Newly opened branches in FY11 arewell-diversified across India though a

relatively large no. of brs were openedin UP & Uttaranchal, Northern zone,Gujarat, Sothern zone, etc.

Around 34.8% of Banks network atthe end-FY11 was situated in ruralareas.


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Robust Technology Platform

As on 31st Mar. 2011, the Banks entire domestic branch network, that is 3,364 branchesand 38 extension counters were on CBS.

As on 11th Apr, 2011, the Bank completed 100% CBS implementation for its overseasbusiness.

Moreover, the Bank achieved 100% CBS implementation in its five sponsored RRBs as on19 Mar, 2011, (1,218 branches & three extension counters in five RRBs.)

Bank has developed IT facilities for online/offline account opening through BusinessCorrespondent under Financial Inclusion.

Banks Retail & Corporate Customers enjoy several facilities under internet banking suchas fund transfers to self & third party; online payment of bills & taxes, rail-ticket booking,temple donations, online subscription to IPOs/FPOs thru ASBA & institutional feepayment.

Bank also offers phone banking, online money transfer services, SMS alerts, Cash Mgmtservices, online institutional trading, etc.

As on 31st Mar, 2011, Bank had 1,561 ATMs Metro: 642, Urban: 508, Semi-Urban: 318,Rural: 93.

Mobile ATMs have been introduced in Ahmedabad, Pune, Lucknow & New Delhi.

Bank has implemented Multiple Accounts being linked to a single Debit Card (verified byVisa, CVV2) and also a Mobile Number registration thru ATMs in CBS for SMS alert.


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Robust Technology Platform

Internet Payment Gateway for debit/credit cards has been implemented.

Mobile Banking Baroda M Connect was partially implemented on 25th Jan, 2011 thatoffers facilities like balance enquiry, mini statement, linking of multiple accounts, fundtransfer, bill payments, ticket booking, shopping, etc.

Anti Money Laundering (AML) has been implemented in India & 20 overseas territories.

Payment Messaging Solution (PMS) is implemented in 20 overseas territories & allauthorised branches in India.

Integrated Global Treasury Solution has been implemented in UK, UAE, Bahamas,Bahrain, Hong Kong, Singapore, Belgium & India.

All Back Office functions are effectively centralised in the Bank with the implementationof City Back Offices and five Regional Back Offices.

Bank has developed a Software for National Rural Health Mission (NRHM) for Gujarat

& Rajasthan states.Bank has also taken a Green Initiative for implementation of Solar Power GeneralSystem in 64 branches.


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Concentration (%): Domestic Branch Network

Gujarat, 22.06

Maharashtra, 11.18

Rajasthan, 11.36South, 11.00

UP & Uttaranchal,

21.67

Rest of India, 22.73


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Pattern of Shareholding: 31st Mar, 2011

FIIs

17.1%

Corp.

Bodies

4.7%

IndianPublic

5.1%Others

0.2%

Mutual

Funds

8.8%

Insurance

Cos

7.1%

Govt. of

India57.0%

BOB is a Part of the following Indexes

BSE 100, BSE 200, BSE 500 & Bankex

Nifty Junior, BankNifty, CNX 100, CNX 500

BOBs Share is listed on BSE and NSE inFuture and Options segment also.

As on 31st Mar, 2011

Share Capital: Rs 392.81 crore

No. of Shares: 391.55 million

Net worth: Rs 19,750.63 crore

B. V. per share: Rs 504.43

Return on Equity: 21.48%


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Comparative Performance of BoB Stock: Mar10 to Mar11

Index/Stock Value(31stMar10)

Value(31st Mar11) % Change

Sensex 17,528 19,445 10.9%

Nifty 5,249 5,834 11.1%

Bankex 10,652 13,300 24.9%

BankNifty 9,460 11,705 23.7%

BoB-BSE 639 963 50.7%

BoB-NSE 639 965 51.0%


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Awards & Accolades in FY11

Bank of Baroda has received several awards during FY11, for its consistent outstandingperformance (both business & financial), superior management, dedication to excellence andcontribution to rural economy & financial inclusion.

Awards received in 2010 (Apr-Dec)

DSIJ PSU Award for Excellence in Performance & Contribution to Indian Economy by the PSUs by Dalal Street Investment Journal

FE Best Nationalised Bank Award; Rank II

Silver Award by Dainik Bhaskar Group (DNA) under its Annual India Pride Award, 2010

Business India Best Bank Award, 2010

National Award 2010 for Excellence in the field of Khadi & Village Industries Central Zone forPMEGP

Bank of the Year for 2010 for India by The Banker (London)

Awards received in 2011 (Jan-Mar)

President Zuma Award for Outstanding Contribution to Advancement of South Africa atDurban

IBA- Banking Technology Award 2011 Runner Up Award given by Dr APJ Abdul Kalam

Business Standard Best Banker Award to Mr M.D.Mallya, CMD given by the Prime MinisterDr Manmohan Singh

Best SME Business Start-up Scheme Award in the Banker Middle East Product Awards, 2011ceremony at Dubai.


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Indias Macro Health: Mar10 to Mar11

Economic Indicator Q1, FY11 Q2, FY11 Q3, FY11 FY11

Real GDP growth (%) 8.8% 8.9% 8.2% 8.6%e

Agriculture (%) 2.8% 4.4% 8.9%5.4%e

Industry (%) 11.4% 9.0% 5.7%7.0%e

Services (%) 9.4% 9.7% 8.7%9.0%e

Private Consumption Expenditure

growth (%) (at current market prices)26.5% 19.5% 18.4%

18.8%e

Gross Fixed Capital Formation (% toGDP)

29.8% 32.4% 27.3% 31.6%e

SCB Credit growth (%, y-o-y) 21.7% 19.0% 24.4% 21.4%

SCB Deposit growth (%, y-o-y) 14.9% 14.3% 16.5% 15.8%

SCB Credit-Deposit Ratio (%) 73.4% 72.7% 75.7% 75.7%

WPI-Inflation (%)

(end-period)

10.30% 8.93% 9.40% 8.98%

Trade Balance ( US $ Billion) -31.2 -35.1 -21.3 -104.4

Rupee-USD (%, end-period) 46.6 44.9 44.8 44.0

Foreign Exchange Reserves (end-period,

US $ Billion)278.3 294.2 297.3 305.5

e: estimated


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Economic outlook for FY12

The IMFs World Economic Outlook (Apr 11, 2011) projects world output to expand4.5% in both 2011 & 2012 down modestly from 5.0% in 2010.

But downside risks continue to outweigh upside risks.

For EMEs like India downside risks are from commodity prices esp. oil and fromoverheating & booming of goods & asset markets.

IMF projects real GDP growth for India at 8.25% in 2011 and 7.75% in 2012.

Infrastructure will remain the key contributor to growth in India; corporate

investments are expected to accelerate with supportive financial conditions.Inflationary risks are growing with inflation becoming more generalised; headlineinflation is expected to average around 7.5% for India in FY12.

Positives for India in FY12: Improved agricultural output & prosperity in FY11, abroad-based revival in credit demand, strong private consumption, a sustained robustgrowth of exports, relatively stable currency and a healthy position of foreign exchange

reserves.Negatives for India in FY12: High level of core inflation; second round effects of higherfood & fuel prices, more rounds of rate hikes & expected tightness in liquidity, highersubsidy burden on account of fuel & fertilisers and a likelihood of an upward revision inborrowings.


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Banks Business Growth (Y-O-Y): Mar07 to Mar11

33.4

21.7

26.6 25.426.6

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Mar'07

Mar'08

Mar'09

Mar'10

Mar'11

Growth: Total Deposits (%)39.6

27.6

34.3

22.2

30.7

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Ma

r'07

Ma

r'08

Ma

r'09

Ma

r'10

Ma

r'11

Growth: Total Advances (%)

35.8

24.1

29.7

24.0

28.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

Mar'07

Mar'08

Mar'09

Mar'10

Mar'11

Growth: Total Business (%)

16.114.1

20.0

25.121.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Mar'07

Mar'08

Mar'09

Mar'10

Mar'11

Domestic CASA Growth (%)


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Banks Profitability: FY06 to FY11

4935.26

4305.01

2928.55

2415.01

1917.51

6981.61

826.97 1026.47

1435.52

2227.20

3058.33

4241.68

0.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00

8000.00

FY'06 FY'07 FY'08 FY'09 FY'10 FY'11

Rs crore

Gross Profit Net Profit

During the last five years, the Banks Net Profit has

grown at the robust CAGR of 38.7%.


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Banks Asset Quality: FY06 to FY113.90

1.361.36

1.27

1.84

2.47

0.350.340.31

0.47

0.6

0.87

0

0.5

1

1.5

2

2.5

3

3.5

4

FY'06 FY'07 FY'08 FY'09 FY'10 FY'11

%

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2%

Gross NPA

Net NPA


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Banks Business Performance: FY10 to FY11

Particular

(Rs crore)Mar10 Dec10 Mar11

Y-O-Y

(%)

Change

Over

Dec10 (%)

Global Business 4,16,297 4,88,721 5,34,116 28.3 9.3

Domestic Business 3,17,144 3,67,417 4,02,731 27.0 9.6

Overseas Business 99,153 1,21,304 1,31,385 32.5 8.3

Global Deposits 2,41,262 2,81,512 3,05,439 26.6 8.5

Domestic Deposits 1,85,500 2,15,378 2,33,323 25.8 8.3

Overseas Deposits 55,762 66,134 72,116 29.3 9.0

Global CASA Deposits 71,468 81,996 87,589 22.6 6.8

Domestic CASA 66,024 75,632 80,181 21.4 6.0

Overseas CASA 5,444 6,364 7,407 36.1 16.4

Share ofDomestic CASA hasshrunk marginally to 34.4% due to a sharp increase in retail term depositrates.


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Banks Business Performance: Mar10 to Mar11

Particular

(Rs crore) Mar10 Dec10 Mar11

Y-O-Y

(%)

Change

OverDec10 (%)

Global advances (Net) 1,75,035 2,07,209 2,28,676 30.7 10.4

Domestic Advances 1,31,644 1,52,039 1,69,408 28.7 11.4

Overseas Advances 43,392 55,170 59,269 36.6 7.4

Retail Credit

Of which:24,248 29,606 32,435 33.8 9.6

Home Loans 10,313 11,895 12,539 21.6 5.4

SME Credit 21,111 25,255 27,365 29.6 8.4

Farm Credit 21,617 23,117 24,529 13.5 6.1

Credit to Weaker Sections10,945 12,471 13,245 21.0 6.2


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Banks Business Performance: Mar10 to Mar11

Particular

(Rs crore) Mar10 Dec10 Mar11

Y-O-Y

(%)

Change

OverDec10 (%)

Global Saving Deposits 52,544 61,540 64,454 22.7 4.7

Domestic Savings Deposits 51,258 60,092 62,959 22.8 4.8

Overseas Savings Deposits 1,286 1,448 1,495 16.2 3.2

Global Current Deposits 18,924 20,456 23,135 22.3 13.1

Domestic Current Deposits 14,766 15,540 17,222 16.6 10.8

Overseas Current Deposits4,158 4,916 5,912 42.2 20.3


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Other Highlights: Q4,FY10 to Q4,FY11Particular (in %) Q4,

FY10Q1,

FY11Q2,

FY11Q3,

FY11Q4,

FY11

Global Cost of Deposits 4.42 4.39 4.50 4.53 4.79

Domestic Cost of Deposits 5.08 5.09 5.27 5.27 5.63

Overseas Cost of Deposits 2.06 1.95 2.02 1.94 1.83

Global Yield on Advances 8.23 8.17 8.40 8.58 8.74

Domestic Yield on Advances 9.76 9.79 10.17 10.34 10.65

Overseas Yield on Advances 3.74 3.67 3.75 3.70 3.54


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Other Highlights: Q4, FY10 to Q4,FY11Particular (in %) Q4,

FY10

Q1,

FY11

Q2,

FY11

Q3,

FY11

Q4,

FY11

Global Yield on Investment 6.51 6.66 7.06 7.39 7.45

Domestic Yield on Investment 6.72 6.83 7.24 7.56 7.60

Overseas Yield on Investment 3.68 3.71 3.71 3.85 4.34

Global NIM 2.97 2.90 3.02 3.20 3.45

Domestic NIM 3.50 3.43 3.62 3.82 4.16

Overseas NIM 1.30 1.31 1.33 1.40 1.41


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Key Financial Ratios : FY11 versus FY10 Return on Average Assets at 1.33% [1.21% in FY10]

Earning per Share at Rs 116.37 [Rs 83.96 in FY10]

Book Value per Share at Rs 504.43 [Rs 378.40 in FY10]

Return on Equity (ROE) at 21.48% [22.19% in FY10]

Capital Adequacy Ratio at 14.52% with Tier I Capital at 9.99%

Cost-Income Ratio declined from 43.57% to 39.87% (Y-o-Y)

Gross NPA ratio stable at 1.36%

Net NPA ratio stable at 0.35%

NPA Coverage at the healthy level of 85.0% (including technical write-offs)

Incremental Delinquency Ratio contained at 1.06% in FY11.


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Key Productivity Indicators (Quarterly)Q4,

FY10

Q1,

FY11

Q2,

FY11

Q3,

FY11

Q4,

FY11

Business per Employee (Rs cr) 10.93 11.42 12.00 12.44 13.33

Business per Branch (Rs cr) 132.24 139.59 142.26 147.65 156.27

Profit per Employee (Rs lakh) 2.32 2.22 2.64 2.72 3.23

Profit per Branch (Rs lakh) 28.78 27.22 31.34 32.29 37.86


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Non-Interest Income: FY10 and FY11(Rs crore) FY10 FY11

% Change

(Y-O-Y)Commission, Exchange,Brokerage

897.29 1,020.64 13.7

Incidental Charges 308.57 346.46 12.3

Other Miscellaneous Income 191.13 210.97 10.4

Total Fee-Based Income 1,396.99 1,578.07 13.0

Trading Gains 723.23 443.70 -38.7

Profit on Exchange Transactions 385.97 514.77 33.4

Recovery from PWO 300.17 272.66 -9.2

Total Non-Interest Income 2806.36 2809.19 0.10


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Non-Interest Income: Q4, FY10 and Q4, FY11(Rs crore) Q4, FY10 Q4, FY11

% Change

(Y-O-Y)Commission, Exchange,Brokerage

273.34 326.27 19.4

Incidental Charges 84.16 104.72 24.4

Other Miscellaneous Income 59.19 50.71 -14.3

Total Fee-Based Income 416.69 481.70 15.6

Trading Gains 206.81 120.86 -41.6%

Profit on Exchange Transactions 106.70 146.05 36.9

Recovery from PWO 118.13 85.90 -27.3

Total Non-Interest Income 848.33 834.50 -1.6


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Provisions & Contingencies: FY10 and FY11(Rs crore) FY10 FY11 Absolute

Change

Provision for NPA & Bad DebtsWritten-off

955.46 1050.60 95.14

Provision for Depreciation onInvestment

-380.74 9.01 389.75

Provision for StandardAdvances

106.63 223.85 117.22

Other Provisions (includingProvision for staff welfare)

15.85 47.83 31.98

Tax Provisions 1,179.73 1,408.64 228.91

Total Provisions 1,876.93 2,739.93 863.00


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Provisions & Contingencies: Q4, FY10 and Q4, FY11(Rs crore) Q4, FY10 Q4, FY11 Absolute

Change

Provision for NPA & Bad DebtsWritten-off

231.83 424.39 192.56

Provision for Depreciation onInvestment

61.69 34.58 -27.11

Provision for StandardAdvances

79.21 106.10 26.89

Other Provisions (includingProvision for staff welfare)

4.60 25.34 20.74

Tax Provisions 345.17 61.05 -284.12

Total Provisions 722.50 651.46 -71.04


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Banks Treasury Highlights: Q4 and Full Year, FY11 Treasury Income stood at the healthy level of Rs 266.91 crore in Q4, FY11 and at

Rs 958.47 crore in FY11.

The Banks Trading Gains Stood at Rs 120.86 crore in Q4, FY11 and at Rs 443.70

crore in FY11.

As of March 31, 2011, the share of SLR Securities in Total Investment was 87.95%

The Bank had 83.66% of SLR Securities in HTM and 15.81% in AFS at end-March

2011.

The per cent of SLR to NDTL as on 31st March, 2011 was 26.79%.

While the modified duration of AFS investments is 2.81 years; that of HTM

securities is 4.97 years.

Total size of Banks Domestic Investment Book as on 31st March, 2011 stood at

Rs 68,001 crore. Total size of Banks Overseas Investment Book as on 31st March, 2011 stood at Rs

3,337 crore.


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Overseas Business: FY11 As on 31st Mar, 2011, the OverseasBusiness contributed 24.6% to the Banks

Total Business, 17.1% to its Gross Profit and 32.1% to its Core Fee income.

While the Cost-Income Ratio for Domestic Operations stood at 42.84% in FY11,it was more favourable at 19.72% for the Banks Overseas Operations.

While the Gross NPA (%) in Domestic Operations stood at 1.62% at end-March,2011, that for Overseas Operations was lower at 0.62%.

The Gross Profit to Avg. Working Funds (%) for Overseas Operations stood at1.56% in Q4, FY11 and at 1.43% in FY11.

NIM as % of Interest Earnings Assets in Overseas Operations improved from1.31% in Q1, FY11 to 1.33% in Q2, FY11 to 1.40% in Q3, FY11 to 1.41% in Q4,FY11.

During FY11, the Bank raised US $ 350 mln in Apr, 2011 & US $ 500 mln in Feb,2011 at the finest terms under its MTN programme and also US $ 225 mln asSyndicated loans to finance the expansion of its overseas assets.


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Capital Adequacy & Capital Raising in FY11 The Banks CRAR (Basel II) as on 31st Mar., 2011 was at 14.52%; of which

Tier1 was at 9.99% and Tier 2 at %.

The size of Banks risk-weighted assets as on 31st March, 2011 was Rs2,09,890.48 crore.

The Bank proposes to maintain its CRAR in the band of 13.0% to 13.5% in thecoming years (with the Tier 1 between 8.0% and 8.5%).

The Bank raised Rs 2,211.50 crore during FY11 by way of the following issues.

Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore inMay, 2010

Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore inJune, 2010

Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore in

August, 2010 Perpetual [IPID] (maturing in 2020): Rs 711.50 crore in August, 2010

During the last month of FY11, the Bank has received Rs 2,461 crore from theGovernment of India (GoI) that has increased the GoI shareholding from53.81% to 57.03%.


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NPA Movement (Gross): FY11Particular ( Rs crore)

A. Opening Balance 2,400.69

B. Additions during FY11 1,897.01

Out of which, Fresh Slippages 1,845.17

C. Reduction during FY11 1,145.20

Recovery 455.49

Upgradation 189.17

PWO & WO 500.54

Exchange Difference 0.00

NPA as on 31st March, 2011 3,152.50

Recovery in PWO in FY11 272.66


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Sector-wise Gross NPAs: FY10 versus FY11Sector Gross NPA (%)

FY10

Gross NPA (%)

FY11

Agriculture3.33 3.41

Large & MediumIndustries

1.43 1.77

Retail

2.11 1.79

Housing2.31 1.92

SSI (Mfg)1.74 1.25

Total MSME

2.60 2.66

Overseas Operations0.47 0.62


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Cumulative Position of Restructured Assets (Domestic) During the past 36 months (1 Apr08 to 31 Mar11), the Bank has restructured

71,411 accounts amounting Rs 6,711.43 crore.

Within this, the loans worth Rs 1,597.81 crore were restructured in FY11, Rs2455.05 crore in FY10 & Rs 2,658.57 crore in FY09.

For the period of 36 months, out of the total amount restructured, Rs 3,715.97crore (55.4%) belonged to wholesale banking, Rs 1,659.79 crore (24.7%) to SMEs,Rs 578.62 crore (8.6%) to retail and Rs 757.05 crore (11.3%) to agriculture sector.

About 63 accounts (of Rs 1 crore & above) restructured on/after 1st Apr, 2008 withaggregate outstanding of Rs 819.19 crore slipped to NPA after restructuring andmost of them belonged to the SME segment.

Industry-wise break-up shows that the Banks restructured accounts are wellspread over different sectors, the major ones being iron & steel, cotton textiles,engineering, infrastructure, real estate, etc.

The Bank has primarily helped genuine borrowers who suffered from temporarycash flow problems due to the global crisis. These accounts are restructuredlooking into the internal strength and the financial viability of such borrowers.


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Sectoral Deployment of Credit at end-Mar, 2011Sector % share in Gross

Domestic Credit

Agriculture 14.3

Retail 18.8

SME 15.9

Wholesale 36.9

Misc. including

Trade

14.1

Total 100.0%


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Banks Guidance & VisionThe Bank would continue with its thrust on sustainable & qualitativegrowth --

Would maintain its growth above the industry average to furtherexpand the market share. From Mar07 to Mar11, the Banks marketshare in Deposits has gone up from 3.70% to 4.04% and in Credit from3.53% to 4.01%.

The Bank would grow its deposits in the band of 20% to 22.0%; credit in therange of 23.0% to 24.0%, fee-based income in line with the loan-book and

overall profitability by 25.0%, factoring in various downside risks stemmingfrom the economic environment.

The Bank is building Strong Foundation for Future Growth by

working aggressively on enhancing the HR capabilities

working in a dedicated fashion on its BPR project in consultation with

Mckinsey & Co.focusing on development of marketing and sales & service culture

expanding the market share in both Indian and overseas territories

raising capital at every appropriate opportunity


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Banks BPR Project - NavnirmaanProject Navnirmaan has altogether 18 activities covering both BPR & OrganisationalRestructuring, aimed at transforming the Banks branches into a sales & servicecentres to make possible a sustained sales growth, superior customer experience and

alternate channel migration.

The most important initiatives were

Conversion of all metro & urban branches into Baroda Next branches within atimeline [156 branches rolled out so far across five zones & 14 regions]

Creation of automated & leaner Back Offices like:

City Back Office (Automated cheque processing introduced in Mumbai on 17Jan., 2011)

Regional Back Office [five more offices are being opened coupled withtechnology changes for faster account opening].

Establishment of two Call Centres

Introduction of frontline automation at select branches for customer

convenience

Creation of an Academy of excellence

Organisational Restructuring

The initial impact of Baroda Next migration has been found to be rewarding both interms of increased customer satisfaction and CASA growth.


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Banks HR InitiativesRecruitment during FY11

Probationary Officers 1,200

Specialist Officers (in various specialised disciplines) 319

Clerks 2,000

Campus Recruitment 605

(Bank visited nearly 102 institutes including some of the premier Business schools of the

country)

Recruitment Plans for FY12

Probationary Officers 1,200

Campus Recruitment around 600

Specialist officers (in various disciplines) 200

Clerks 2,000

New Hires Planned for Recruitment in FY12: 4,000

Bank has launched two massive Leadership Development Programmes for 1,200 of its branch

heads, 300 AGMs/DGMs unparalleled in industry & first of its kind for an Indian state-owned

Bank.


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Documents

BOB Analysts FY11