Financial Report Q4 2021-22

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Financial Results March 22



  • Standalone SEBI
    Audited Standalone Financial Results for the Quarter / Year Ended 31st March 2022

      ( ₹ in lakhs)

      Sr. No.   Particulars Quarter Ended
      31.03.2022 31.12.2021 31.03.2021
            Audited Un-Audited Audited
      1   Interest earned (a)+(b)+(c)+(d) 1817361 1796300 1668452
        (a) Interest /discount on advances / bills 1283519 1263137 1174850
        (b) Income on investments 476659 456709 413348
        (c) Interest on balances with Reserve Bank of India and other inter bank funds 25238 26118 22743
        (d) Others 31945 50336 57511
      2   Other Income 252229 251926 481742
      3   Total Income (1 + 2) 2069590 2048226 2150194
      4   Interest Expended 956194 941097 957790
      5   Operating Expenses (a)+ (b) 549882 558796 568941
        (a) Employees cost 270237 310271 312491
        (b) Other operating expenses 279645 248525 256450
      6   Total Expenditure (4+5) excluding provisions and contingencies 1506076 1499893 1526731
      7   Operating Profit (3-6) before Provisions and Contingencies 563514 548333 623463
      8   Provisions (other than tax) and Contingencies 373638 250704 355506
      9   Exceptional Items   -   -   -
      10   Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9) 189876 297629 267957
      11   Provision for Taxes 11999 77926 372607
      12   Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 177877 219703 (104650)
      13   Extraordinary items (net of tax expenses)   -   -   -
      14   Net Profit (+) / Loss (-) for the period  (12-13) 177877 219703 (104650)
      15   Paid-up equity share capital  (Face Value of  ₹ 2 each) 103553 103553 103553
      16   Reserve excluding Revaluation Reserve      
      17   Analytical Ratios      
        i) Percentage of shares held by Government of India 63.97 63.97 63.97
        ii) Capital Adequacy Ratio(%) -Basel-III 15.84 15.47 14.99
          a) CET 1 Ratio (%) 11.59 11.30 10.94
          b) Additional Tier 1 Ratio (%) 1.75 1.94 1.73
        iii) Earnings Per Share      
        (a) Basic EPS before and after Extraordinary items net of tax expenses 
      (not annualized) [in  ₹]
      3.44 4.25 (2.24)
        (b) Diluted EPS before and after Extraordinary items net of tax expenses
      (not annualized) [in  ₹]
      3.44 4.25 (2.24)
        iv) NPA Ratios      
          a) Gross NPA 5405939 5599677 6667099
          b) Net NPA 1336465 1646493 2179988
          c)  Gross NPA to Gross Advances % 6.61 7.25 8.87
          d) Net NPA to NPA Advances % 1.72 2.25 3.09
        v) Return on Assets (annualized) % 0.57 0.74 (0.36)
        vi) Debt Equity ratio* 0.52 0.52 0.54
        vii) Total Debt to Total Assets Ratio** 0.08 0.08 0.06
        viii) Capital Redemption Reserve/ Debenture Redemption Reserve NA NA NA
        ix) Outstanding Redeemable Preference Shares NA NA NA
        x) Net Worth 6152192 6116051 5519081
        xi) Operating Profit Margin % 50.61 49.53 52.29
        xii) Net Profit  Margin % 15.98 19.84 (8.78)

      * Debt represents borrowings with residual maturity of more than one year.  ** Total Debt represents total borrowings of the Bank.

  • Standalone Segment
    Audited Standalone Segment reporting for the Quarter/ Year Ended 31st March 2022

    Part A-Business Segments

    Sr. No. Particulars Quarter Ended Year Ended
    31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
    Audited Un-Audited Audited Audited Audited
    1 Segment Revenue          
      (a) Treasury Operations 511742 605081 608631 2388049 2533328
      (b) Wholesale Banking 660404 682653 733515 2667181 2875350
      (c) Retail Banking 842653 752785 784816 2991583 2895874
      (d) Other Banking  Operations 54791 7707 23232 89660 38351
      Total Revenue 2069590 2048226 2150194 8136473 8342903
    2 Segment Results          
      (a) Treasury Operations (13042) 49939 94025 348892 476289
      (b) Wholesale Banking (123533) 107189 (26015) 56630 (400767)
      (c) Retail Banking 394407 273985 312912 992311 999585
      (d) Other Banking  Operations 54791 7707 23232 89660 38351
      Total 312623 438820 404154 1487493 1113458
      Unallocated Expenditure 122747 141191 136197 548849 557858
      Profit before Tax 189876 297629 267957 938644 555600
      Provision for Tax 11999 77926 372607 211416 472705
      Net Profit 177877 219703 (104650) 727228 82895
    3 Segment Assets          
      (a) Treasury Operations 45267437 41975135 39644149 45267437 39644149
      (b) Wholesale Banking 54957931 51728315 51181306 54957931 51181306
      (c) Retail Banking 25428951 24057634 22969158 25428951 22969158
      (d) Other Banking  Operations - - - - -
      (e) Unallocated 2145664 1944286 1741864 2145664 1741864
      Total Assets 127799983 119705370 115536477 127799983 115536477
    4 Segment Liabilities          
      (a) Treasury Operations 42224468 39072708 37000471 42224468 37000471
      (b) Wholesale Banking 51263548 48151491 47768271 51263548 47768271
      (c) Retail Banking 23719566 22394137 21437455 23719566 21437455
      (d) Other Banking  Operations - - - - -
      (e) Unallocated 2001429 1809846 1625708 2001429 1625708
      Total Liabilities 119209011 111428182 107831905 119209011 107831905
    5 Capital Employed          
      (a) Treasury Operations 3042969 2902427 2643678 3042969 2643678
      (b) Wholesale Banking 3694383 3576824 3413035 3694383 3413035
      (c) Retail Banking 1709385 1663497 1531703 1709385 1531703
      (d) Other Banking  Operations - - - - -
      (e) Unallocated 144235 134440 116156 144235 116156
      Total Capital Employed 8590972 8277188 7704572 8590972 7704572
                 
    Part- B : Geographic Segments          
    Sr. No. Particulars Quarter Ended Year Ended
    31.03.2022 31.12.2021 31.03.2021 31.03.2022 31.03.2021
    Audited Un-Audited Audited Audited Audited
    1 Revenue          
      (a) Domestic 1990172 1957686 2043876 7806724 7879289
      (b) International 79418 90540 106318 329749 463614
      Total 2069590 2048226 2150194 8136473 8342903
    2 Assets          
      (a) Domestic 109087573 104024313 97037709 109087573 97037709
      (b) International 18712410 15681057 18498768 18712410 18498768
      Total 127799983 119705370 115536477 127799983 115536477
  • Standalone Assets & Liabilities
    Statement Of Assets & Liabilities

      ( ₹ in lakhs)

      Particulars   Standalone
        As on
      31st March 2022
      As on
      31st March. 2021
          Audited Audited
      CAPITAL & LIABILITIES      
      Capital   103553 103553
      Reserves and Surplus   8487419 7601019
      Deposits   104593856 96699693
      Borrowings   10389929 6684793
      Other Liabilities and Provisions   4225226 4447419
      T O T A L   127799983 115536477
      ASSETS      
      Cash and Balances with Reserve Bank of India   5518440 3884104
      Balances with Banks and Money at Call and Short Notice   6747059 8157178
      Investments   31579539 26122027
      Advances   77715518 70630051
      Fixed Assets   992190 801624
      Other Assets   5247237 5941493
      T O T A L   127799983 115536477

      Particulars   Standalone
        Year ended
      31st March 2022
      Year ended
      31st March 2021
        Audited Audited
      A. Cash flow from operating activities:      
      Net Profit before taxes   938644 555600
      Adjustments for:      
      Depreciation on fixed assets   138972 131454
      Depreciation on investments (including on Matured debentures)   55898 87944
      Bad debts written-off/Provision in respect of non-performing assets   1481598 1253656
      Provision for Standard Assets   (267226) 215803
      Provision for Other items (Net)   29971 6930
      Profit/(loss) on sale of fixed assets (Net)   (406) (9409)
      Payment/provision for interest on bonds   195799 191476
      Dividend received from subsidiaries/others   (18924) (13170)
      Sub total   2554326 2420284
      Adjustments for:      
      (Increase)/Decrease in investments   (5426918) 1256802
      (Increase)/Decrease in advances   (8567064) (2871633)
      (increase)/Decrease in other assets   557071 337522
      Increase/(Decrease)in borrowings   3641276 (2704048)
      Increase/(Decrease) in deposits   7894163 2101250
      Increase/(Decrease) in other liabilities and provisions   174231 (488349)
      Direct taxes paid (Net of Refund)   (74231) (512745)
      Net cash from operating  activities (A)   752854 (460917)
             
      B. Cash flow from investing activities:      
      Purchase/ Transfer in of fixed assets   (340464) (268261)
      Sales/ Transfer out of fixed assets   11333 233522
      Changes in Trade related investments (Subsidiaries & others)   (86492) (5311)
      Dividend received from subsidiaries/others   18925 13170
      Net cash used in investing activities (B)   (396698) (26880)
             
      C. Cash flow from financing activities:      
      Share Capital/ Share Application Money/ Share Premium     - 448532
      Unsecured Subordinated Bonds   63860 81910
      Dividend paid including dividend tax     -    -
      Payment/provision for interest on bonds   (195799) (191475)
      Net cash from  financing activities (C)   (131939) 338967
      Net increase in cash & cash equivalents (A)+(B)+(C )   224217 (148830)
             
      Cash and cash equivalents as at the beginning of the year   12041282 12190112
      Cash and cash equivalents as at the end of the year   12265499 12041282
             
      Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.  
          As on As on
      Components of Cash & Cash Equivalents   31st March 2022 31st March 2021
      Cash & Balance with RBI   5518440 3884104
      Balances with Banks and Money at Call and Short Notice   6747059 8157178
      Total   12265499 12041282
  • Notes To Standalone Financial Results:
    • The above standalone financial results have been recommended by the Audit Committee of Board and approved at the meeting of the Board of Directors of Bank of Baroda (hereinafter referred as “Bank”) held on May 31, 2022. The results have been audited by the Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank of India and as per the requirements of SEBI (Listing & Obligations and Disclosure Requirements) Regulations, 2015 as amended. The information presented above is extracted from the audited financial statements.
    • The above financial results have been arrived at after considering provision for Non-Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign currency exposure, depreciation/amortisation on investments & fixed assets, income tax, deferred tax, employee benefits and other provisions & contingencies as per RBI's specific directions, judicial pronouncements and applicable Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 as amended.
    • The Bank has applied its significant accounting policies in the preparation of those financial results that are consistent with those followed in the annual financial statements for the year ended on 31.03.2021. During the year the Bank has refined the accounting policy relating to computer software not forming integral part of hardware. Such items having estimated life more than 2 years and in excess of original cost of ₹ 50,000/- were hitherto included with Other Fixed Assets and amortised as computers. These items are now classified as intangibles and amortised over a period of 3 years. There is no material impact of the above refinement on the profit of the year. The carrying value of software as at 31.03.2022 is ₹ 22319 lakhs.
    • In terms of Reserve Bank of India (RBI) guidelines, Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- III framework are being made available on our website https://www.bankofbaroda.in/shareholders-corner/disclosures-under-basel-iii These disclosures have not been subjected to audit by Statutory Central Auditors of the Bank.
    • The Bank has raised Basel-III compliant AT-I Bonds of ₹ 274900 lakhs and redeemed ₹ 232500 lakhs during FY 2021-22.
    • The Bank has set off accumulated losses amounting to ₹ 1104844 lakhs by utilizing an equivalent amount standing to the credit of share premium account of Bank as on the date of set off during the year ended 31.03.2022 after obtaining approval from shareholders as well as Reserve Bank of India.
    • As a consistent practice, the Bank has continued to make provision of 20% on the secured sub- standard advances as against the regulatory minimum requirement of 15%. In addition to the above, the Bank has also continued to maintain provision on non-fund based facilities of NPA borrowers, by applying 50% Credit conversion factor (CCF), based on the asset class of the fund based facility of the borrower. The Bank also continues to make 100% provision on certain classes of non-performing retail advances.
    • As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding total provision of ₹765631 lakhs (100% of total outstanding) as on March 31, 2022 (Previous Year ₹817378 lakhs being 100% of total outstanding).
    • Based on the available financial statements and the declarations from borrowers, the Bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and is holding a provision of ₹19658 lakhs as on March 31, 2022 (Previous Year ₹18410 lakhs).
    • The spread of COVID-19 has earlier led to a regional lockdown which in turn resulted into significant volatility in Global and Indian financial markets and decrease in global and local economic activities during the first wave of Covid-19 pandemic. During FY2022, India has witnessed two more waves of covid-19 pandemic. Currently, the number of new Covid-19 cases have reduced significantly and the Government has withdrawn most of the Covid-19 related restrictions.

    Further, the extent to which the COVID pandemic and its future waves if any may impact the Bank’s operation and asset quality are uncertain. The bank is however keeping a close watch on developments on an ongoing basis and taking proactive measures continuously to maintain and improve asset quality. The bank, therefore, believes that there may not be any significant impact on Bank’s future financial results.

    • Bank has estimated the additional liability on account of revision in family pension for employees as per IBA Joint Note dated November 11, 2020, amounting to ₹ 145441 lakhs. However, RBI vide their Circular RBI/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 dated 4th October 2021, has permitted Banks to amortize the said additional liability over a period of not exceeding 5 (five) years, beginning with financial year 2021-22, subject to a minimum of 1/5th of the total amount being expensed every year. Bank has opted the said provision, and accordingly charged an amount of ₹ 7272 lakhs & ₹ 29088 lakhs to the Profit & Loss account for the quarter and FY ended 31st March 2022 respectively and the balance unamortized expense of ₹116353 lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the net profit (after tax) for the quarter and FY ended March 31, 2022 would have been lower by ₹ 87067 lakhs.
    • As per Directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019 disclosure with respect to accounts kept as standard due to the Court order, three accounts are classified as Standard as per Court orders, with aggregate outstanding of ₹ 28229 lakhs against which the Bank is holding provision of ₹ 7079 lakhs as on March 31, 2022 as per IRAC norms, including provision for unrealized interest.

    Apart from above, the Bank is holding additional provision of ₹ 59888 lakhs as of 31.03.2022 over and above the IRAC norms in certain stressed standard advances on prudent basis.

    • In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, RBI circular No DOR. No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 & RBI circular No DOR. No. BP. BC/4/21.04.048/2020-21 dated 06.08.2020 on 'Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector' (One Time Restructuring), the details of MSME restructured borrowers as on 31.03.2022 is as under:                                     

     (In ₹ Lakhs)

    No of Accounts Amount as on 31.03.2022
    99854 729188
    • In accordance with RBI circular No DOR.STR.REC.12/21.04.048/2021-22 dated 05.05.2021 & RBI circular No DOR.STR.REC.21/21.04.048/2021-22 dated 04.06.2021 on Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs), the details of accounts restructured is as under.

    (In ₹ Lakhs)

    No of Accounts Funded O/s as on 31.03.2022 Provision Held
    20576 173812 20608
    • In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021 on “Resolution Framework – 2.0: Resolution of COVID – 19 related stress of Individuals1 and Small Business2”, the number of borrower accounts where modification were sanctioned and implemented and the aggregate exposure to such borrowers are as under:-  

     (In ₹ Lakhs)

    No of Accounts Aggregate exposure as on 31.03.2022
    6336 61514
    • As per RBI circular no. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, guidelines for implementation of Resolution Plan has been issued, also containing requirements of additional provisions as per para 17 of this RBI circular. The Bank is holding additional provision of ₹ 194765 lakhs as on 31.03.2022 in 26 nos. of accounts as detailed below.                                                   

    (In ₹ Lakhs)

    Amount of Loans impacted by RBI Circular (A) Amount of Loans to be classified as NPA (B) Amount of Loans as on 31.03.2022 out of (B) classified as NPA (C) Provision held as on 31.12.2021 (D) Additional provision/ (reversal) made during quarter ended 31.03.2022 (E) Provision held as on 31.03.2022 (F)
    1022109 971267 971267 401592 (206827) 194765
    • As per the RBI circular no. RBI/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the Bank has opted to provide the liability for frauds over a period of four quarters. Accordingly, the carry forward provision as on March 31, 2022 is ₹ 8702 lakhs which is to be amortised in the subsequent quarters by the Bank.
    • Non-Performing Assets Provisioning Coverage Ratio (including floating provision) is 88.71% as on March 31, 2022 (Previous Year 81.80%).
    • Divergence in asset classification and provisioning

    As per RBI direction No. DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021 (updated as on 15th, November 2021), in case the additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and contingencies and/or additional Gross NPAs identified by RBI exceeds 15% of published incremental Gross NPAs for the reference period then banks are required to disclose divergences from prudential norms on income recognition, asset classification and provisioning. Divergence from prudential norms assessed by the RBI for the year ended 31st March, 2021 are within threshold limits specified above hence the need for additional disclosure does not apply.

    • Details of Resolution plan implemented under Resolution Framework for COVID 19 related stress as per RBI circular RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 06.August 2020 (RF 1.0) and 05.05.2021 (RF 2.0) as of March 31, 2022 are given below:  

    (In ₹ Lakhs)

    Type of borrower Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of the Previous half-year i.e 30.09.2021 (A) Of (A), Aggregate debt that slipped into NPA during the half-year Of (A), amount written off during the half-year Of (A), amount paid by the borrowers during the half-year Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of this half-year (A)
    Personal Loans$ 542046 17762 0 24346 488276
    Corporate persons* 912975 222849 0 274924 427785
    Of which, MSMEs 37277 11990 0 1555 26287
    Others 92387 0 0 522 157817**
    Total 1547408 240611 0 299792 1073878

    *As defined in Section 3(7) of the Insolvency and Bankruptcy Code, 2016

    **Exposure increased due to implementation of resolution plan in one account in month of December 2021 as permitted by regulator.

    In case of Pool Accounts, the information is as provided by the originator.

    • In terms of Banks approved revaluation policy, The immovable properties are revalued based on the revaluation reports of Bank’s approved valuers and the surplus arising from revaluation amounts to ₹ 267000 lakhs has been added to “Revaluation Reserve” during the current year. Also in terms of AS – 28 “Impairment of Assets” ₹ 1055 lakhs has been debited to Profit & Loss account wherein current value is less than cost of the property.
    • Number of Investors’ complaints pending at the beginning of the year was NIL. The Bank has received 644 Investors’ complaints during the year ended March 31, 2022. All complaints have been disposed of during the year. There are NIL pending Investors' complaints at the end of the year.
    • A penalty of ₹ 974.40 Lakhs has been imposed on the Bank by RBI and ₹ 32.80 Lakh by Overseas regulator during the year ended March 31, 2022.
    • Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:
    Particulars Amount In ₹ Lakhs
    PSLC Purchased
    During Q4 (From 01.01.2022 to 31.03.2022) Nil
    Cumulative till Q4 (From 01.04.2021 to 31.03.2022) 350000
    PSLC Sold
    During Q4 (From 01.01.2022 to 31.03.2022) Nil
    Cumulative till Q4 (From 01.04.2021 to 31.03.2022) 100000
    • Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
      STR.REC.51/21.04.048/2021-22 “Master Direction – Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021” dated 24.09.2021 is as under:
    • In respect of “Loans not in default”@, that are transferred or acquired
    • Assignment
    Sr. No. Name of the transferor Date of acquisition Number of Loans acquired Amount of Loans acquired (in lakhs) Maximum Maturity Period of Loans (In Months) * Minimum Holding Period of Loans (In Months) * Economic Interest acquired by Bank Minimum Security Coverage
    (In times)
    Minimum Ratings (at the time of acquisition) accepted
    1 Asirvad Microfinance Limited 29-03-2022 98164           25691 24 3 90% Unsecured advance Non defaulter status in Credit bureau
    2 Chaitanya Microfinance Limited 31-03-2022 25937             6919 24 3 90% Unsecured advance Non defaulter status in Credit bureau
    3 Fullerton India Commercial Credit Limited 30-03-2022 849           22189 210 6 95% 1.67 Minimum CIBIL score of 700
    4 IIFL Home Finance Limited 29-03-2022 2081           29693 354 6 90% * Upto Rs. 30/- Lakhs - 1.11
    * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25
    * Above Rs. 75/- lakhs - 1.33
    Minimum CIBIL score of 675 for Individuals and CMR-5 for Non Individuals
    5 IIFL Home Finance Limited 29-03-2022 360             7522 240 6 90% 1.43 Minimum CIBIL score of 675 for Individual and CMR-5 for Non Individual
    6 IKF Finance Limited 31-03-2022 641             2614 60 6 90% 1.11 Minimum CIBIL score of 650, 0 and -1 for Individuals and CMR-5 for Non Individuals
    7 India Shelter Finance Corporation Limited  28-03-2022 486             4852 180 6 90% 2 Minimum CRIF Highmark score of 675
    8 Indiabulls Commercial Credit (India) Limited 31-03-2022 162             3443 210 6 90% 1.53 Minimum CIBIL score of 675 for Individuals and CMR-5 for Non-Individuals
    9 Indiabulls Commercial Credit (India) Limited 31-03-2022 132             1852 210 6 90% 1.53 Minimum CIBIL score of 675 for Individuals and CMR-5 for Non-Individuals
    10 Indiabulls Housing Finance Limited 11-03-2022 575             9982 300 6 90% * Upto Rs. 30/- Lakhs - 1.11
    * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25
    * Above Rs. 75/- lakhs - 1.33
    Minimum CIBIL score of 700
    11 MAS financial Services Limited 30-03-2022 16897             9478 60 3 & 6 90% Unsecured advance Minimum CIBIL score of 650, 0 and -1
    12 Muthoot Microfin Limited 31-03-2022 20248             5251 24 3 90% Unsecured advance Non defaulter status in Credit bureau
    13 Satin Credicare Network Limited 23.03.2022 181433           45059 24 3 90% Unsecured advance Non defaulter status in Credit bureau
    14 Vistaar Financial Services private Limited 22-03-2022 325             3726 120 6 90% 1.54 Minimum CIBIL score of 700

    * The maturity period (in months) is conservatively disclosed as maximum period accepted by the Bank in individual underlying borrowers instead of weighted average period. Similarly, Minimum holding period is also disclosed conservatively as minimum holding period accepted by the Bank in individual underlying borrowers instead of weighted average period.

    The Loans not in default are identified on the basis of DPD in each underlying account at the time of purchase.

    • Novation – No such transaction.
    • Loan Participation – No such transaction.
    • Details of stressed loans transferred is as under:             (₹ In lakhs)
    Details of stressed loans (NPA Accounts) transferred during the period of 01.04.2021 to 31.03.2022
      To ARCs To permitted transferees To other transferees
    No: of accounts 17 4 -
    Aggregate principal outstanding of loans transferred 92125 3940 -
    Weighted average residual tenor of the loans transferred - - -
    Net book value of loans transferred (at the time of transfer) 23133 158 -
    Aggregate consideration 37374 904 -
    Additional consideration realized in respect of accounts transferred in earlier years - - -
    Quantum of excess provision reversed to the profit & loss account on account of sale of stressed loans 14241 746
    • Details of stressed Loan (NPAs) Acquired during FY 2021-22 – Nil
    • The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 31.03.2022
    Recovery Rating Band Book Value (₹ In Lakhs)
    RR1 9335
    RR2 21623
    RR3 4801
    RR4 3839
    RR5 403
    RR6 902
    NR1 49
    NR3 1764
    NR4 4535
    NR5 201
    NR6 38013
    Rating withdrawn 34404
    Grand Total 119869
    • Other income of the Bank includes recoveries made in written off accounts, commission/fee income on non-fund based banking activities, earnings from foreign exchange transactions, profit and loss on revaluation of investments, profit and loss on sale of investments and dividends from subsidiaries etc.
    • Note on amendments in Financial Results:

    The Board of Directors of the Bank in their meeting held on May 13, 2022, had approved the financial results of the Bank which were also communicated to the respective Stock Exchanges. Subsequently, the Board of Directors in their meeting held on May 31, 2022, have recommended a dividend of ₹2.85 per equity share (142.50%) as against ₹1.20 per equity share (60%) recommended earlier and the Financial Results have been amended accordingly. The financial results after giving effect of the enhancement in proposed dividend have been approved by the Board of Directors. The amendment in the financial results has remained limited to give effect to the above said decision of the Board of Directors. The recommended dividend is subject to requisite approval from shareholders.

    • Notes on Segment Reporting
      • As per the guidelines of the RBI on compliance with the Accounting Standards, the bank has adopted “Treasury Operations”, “Wholesale”, “Retail” and “Other Banking Operations”, as primary business segments and “Domestic” and “International” as secondary / geographic segments for the purpose of compliance with Accounting Standard 17 on Segment Reporting notified under the Companies (Accounting Standard) Rules, 2006 as amended.
      • Segment revenue represents revenue from external customers.
      • Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
    • The figures for the fourth quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the reviewed year to date figures up to the end of the third quarter of the respective financial year.
    • The figures of the previous period have been regrouped / rearranged, wherever necessary, to conform to the current period classifications.

    Sanjiv Chadha

    Managing Director & CEO

                                                                                                   

               

    Ajay K Khurana            Vikramaditya Singh Khichi          Debadatta Chand          Joydeep Dutta Roy

    Executive Director         Executive Director                      Executive Director         Executive Director

               

                                                                                                                                       

           Ian Desouza                           G Ramesh                                            Subrat Kumar Swain

    Chief Financial Officer                 General Manager                                   Deputy General Manager

                   Corporate Accounts & Taxation             Corporate Accounts & Taxation   

    Place: Mumbai           

    Date: May 31, 2022    

  • Consolidated Financial Statement- SEBI Format
    Audited Consolidated Financial Results for the Quarter / Year Ended 31st March 2022
    Sr. No.   Particulars Quarter Ended
    31.03.2022 31.12.2021 31.03.2021
          Audited Un-Audited Audited
    1   Interest earned (a)+(b)+(c)+(d) 1909717 1872162 1740830
      (a) Interest /discount on advances / bills 1322487 1300571 1208140
      (b) Income on investments 527525 492330 450993
      (c) Interest on balances with Reserve Bank of India and other inter bank funds 27962 29282 25012
      (d) Others 31743 49979 56685
    2   Other Income 337329 335137 631974
    3   Total Income (1 + 2) 2247046 2207299 2372804
    4   Interest Expended 995571 980012 994237
    5   Operating Expenses (a)+ (b) 618972 629238 689331
      (a) Employees cost 290735 325262 328008
      (b) Other operating expenses 328237 303976 361323
    6   Total Expenditure (4+5) excluding provisions and contingencies 1614543 1609250 1683568
    7   Operating Profit (3-6) before Provisions and Contingencies 632503 598049 689236
    8   Provisions (other than tax) and Contingencies 431498 268820 399933
    9   Exceptional Items   -   -  -
    10   Profit (+) / Loss (-) from Ordinary Activities before tax (7-8-9) 201005 329229 289303
    11   Provision for Taxes 12191 84445 374233
    12   Net Profit (+) / Loss (-) from Ordinary Activities after tax (10-11) 188814 244784 (84930)
    13   Less: Minority Interest 2104 2441 2062
    14   Add: Share of earnings in Associates 16445 4032 12913
    15   Extraordinary items (net of tax expenses)   -   -   -
    16   Net Profit (+) / Loss (-) for the period (12-13+14+15) 203155 246375 (74079)
    17   Paid-up equity share capital
    (Face Value of ₹ 2 each)
    103553 103553 103553
    18   Reserve excluding Revaluation Reserve      
    19   Analytical Ratios      
      i) Percentage of shares held by Government of India 63.97 63.97 63.97
      ii) Capital Adequacy Ratio(%) -Basel-III 16.33 15.97 15.74
      (a) CET 1 Ratio (%) 12.20 11.91 11.80
      (b) Additional Tier 1 Ratio (%) 1.69 1.88 1.67
      iii) Earnings Per Share      
      (a) Basic EPS before and after Extraordinary items net of tax expenses  (not annualized) [in ₹] 3.93 4.76 (1.59)
      (b) Diluted EPS before and after Extraordinary items net of tax expenses (not annualized) [in ₹] 3.93 4.76 (1.59)
      iv) NPA Ratios      
        Gross NPA Not Applicable
        Net NPA
    Gross NPA to Gross Advances %
        Net NPA to NPA Advances %
      v) Return on Assets (annualized) % 1.40 0.80 (0.24)
      vi) Debt Equity ratio* 0.56 0.55 0.56
      vii) Total Debt to Total Assets Ratio** 0.08 0.08 0.06
      viii) Capital Redemption Reserve/ Debenture Redemption Reserve NA NA NA
      ix) Outstanding Redeemable Preference Shares NA NA NA
      x) Net Worth 6612014 6612553 5989288
      xi) Operating Profit Margin % 50.54 48.73 50.00
      xii) Net Profit  Margin % 16.23 20.07 (5.37)

    * Debt represents borrowings with residual maturity of more than one year.  ** Total Debt represents consolidated borrowings of the Group.

  • Consolidated Financial Statement - Segment
    Audited Consolidated Segment reporting for the Quarter/ Year Ended 31st March 2022
    Sr. No. Particulars Quarter Ended Year Ended
    31.03.2022 31.12.2021 31.03.2021 31.03.2022
    Audited Un-Audited Audited Audited
    1 Segment Revenue        
      (a) Treasury Operations 542941 642341 662699 2524648
      (b) Wholesale Banking 680722 698133 746192 2739621
      (c) Retail Banking 869726 780876 801886 3090587
      (d)Other Banking  Operations 153657 85949 162027 423163
      Total Revenue 2247046 2207299 2372804 8778019
    2 Segment Results        
      (a) Treasury Operations (8274) 64811 101337 389611
      (b) Wholesale Banking (116611) 115747 (14160) 89452
      (c) Retail Banking 394233 280973 308372 1006243
      (d)Other Banking  Operations 72807 12374 42661 88731
      Total 342155 473905 438210 1574037
      Unallocated Expenditure 126809 143085 138056 558261
      Profit before Tax 215346 330820 300154 1015776
      Provision for Tax 12191 84445 374233 230807
      Net Profit 203155 246375 (74079) 784969
    3 Segment Assets        
      (a) Treasury Operations 47445450 44171692 41908241 47445450
      (b) Wholesale Banking 56005825 52622488 52007481 56005825
      (c) Retail Banking 26092230 24797746 23655779 26092230
      (d)Other Banking  Operations 2261108 1151893 908482 2261108
      (e) Unallocated 2209096 1961106 1787596 2209096
      Total Assets 134013709 124704925 120267579 134013709
    4 Segment Liabilities        
      (a) Treasury Operations 44193005 41038779 39037307 44193005
      (b) Wholesale Banking 52166555 48890196 48444697 52166555
      (c) Retail Banking 24303575 23038946 22035234 24303575
      (d)Other Banking  Operations 2106106 1070194 846246 2106106
      (e) Unallocated 2057660 1822013 1665137 2057660
      Total Liabilities 124826901 115860128 112028621 124826901
    5 Capital Employed        
      (a) Treasury Operations 3252445 3132913 2870934 3252445
      (b) Wholesale Banking 3839270 3732292 3562784 3839270
      (c) Retail Banking 1788655 1758800 1620545 1788655
      (d)Other Banking  Operations 155002 81699 62236 155002
      (e) Unallocated 151436 139093 122459 151436
      Total Capital Employed 9186808 8844797 8238958 9186808
               
    Part- B : Geographic Segments        
    Sr. No. Particulars Quarter Ended Year Ended
    31.03.2022 31.12.2021 31.03.2021 31.03.2022
    Audited Un-Audited Audited Audited
    1 Revenue        
      (a) Domestic 2114638 2063180 2215130 8242625
      (b) International 132408 144119 157674 535394
      Total 2247046 2207299 2372804 8778019
    2 Assets        
      (a) Domestic 112294306 106026252 98816417 112294306
      (b) International 21719403 18678673 21451162 21719403
      Total 134013709 124704925 120267579 134013709
  • Consolidated Financial Statement Of Assets & Liabilities
    Statement Of Assets & Liabilities
    Particulars   Consolidated  
      As on
    31st Mar 2022
    As on
    31st March. 2021
     
        Audited Audited  
    CAPITAL & LIABILITIES        
    Capital   103553 103553  
    Reserves and Surplus   9083255 8135405  
    Minority Interest   75778 43620  
    Deposits   107580444 99590981  
    Borrowings   10952611 7126334  
    Other Liabilities and Provisions   6218068 5267686  
    T O T A L   134013709 120267579  
    ASSETS        
    Cash and Balances with Reserve Bank of India   5677494 4015372  
    Balances with Banks and Money at Call and Short Notice   7345366 8850741  
    Investments   34758710 28185900  
    Advances   79728094 72324225  
    Fixed Assets   1018806 821694  
    Other Assets   5394161 6047256  
    Goodwill on Consolidation   91078 22391  
    T O T A L   134013709 120267579  
             
    STATEMENT OF CASH FLOW     ( ₹ in Lakhs)  
    Particulars   Consolidated  
      Year ended
    31st March 2022
    Year ended
    31st March 2021
     
      Audited Audited  
    A. Cash flow from operating activities:        
    Net Profit before taxes   1015776 646694  
    Adjustments for:        
    Depreciation on fixed assets   143824 135730  
    Depreciation on investments (including on Matured debentures)   56687 88433  
    Bad debts written-off/Provision in respect of non-performing assets   1481469 1254873  
    Provision for Standard Assets   (266173) 218080  
    Provision for Other items (Net)   139780 126195  
    Profit/(loss) on sale of fixed assets (Net)   (423) (27125)  
    Payment/provision for interest on bonds   195799 191476  
    Dividend received from subsidiaries/others   (646)   -  
    Sub total   2766093 2634356  
    Adjustments for:        
    (Increase)/Decrease in investments   (6604857) 719558  
    (Increase)/Decrease in advances   (8885338) (2925126)  
    (increase)/Decrease in other assets   454388 333961  
    Increase/(Decrease)in borrowings   3762417 (2530846)  
    Increase/(Decrease) in deposits   7989463 2268166  
    Increase/(Decrease) in other liabilities and provisions   1271815 (55922)  
    Direct taxes paid (Net of Refund)   (100788) (532852)  
    Net cash from operating  activities (A)   653193 (88705)  
             
    B. Cash flow from investing activities:        
    Purchase/ Transfer in of fixed assets   (316288) (278605)  
    Sales/ Transfer out of fixed assets   (24225) 252685  
    Changes in Trade related investments (Subsidiaries & others)   (24640) (21219)  
    Dividend received from subsidiaries/others   646   -  
    Net cash used in investing activities (B)   (364507) (47139)  
             
    C. Cash flow from financing activities:        
    Share Capital/ Share Application Money/ Share Premium                                     -   11016  
    Unsecured Subordinated Bonds   63860 81910  
    Payment/provision for interest on bonds   (195799) (191476)  
    Net cash from  financing activities (C)   (131939) (98550)  
    Net increase in cash & cash equivalents (A)+(B)+( C)   156747 (234394)  
             
    Cash and cash equivalents as at the beginning of the year   12866113 13100507  
    Cash and cash equivalents as at the end of the year   13022860 12866113  
             
    Cash & Cash equivalents includes Cash on hand, Balance with RBI & Other banks and Money at call and Short Notice.
        As on As on
    Components of Cash & Cash Equivalents   31st March 2022 31st March 2021
    Cash & Balance with RBI   5677494 4015372
    Balances with Banks and Money at Call and Short Notice   7345366 8850741
    Total   13022860 12866113
  • Notes To Consolidated Financial Results:
      • The above consolidated financial results of Bank of Baroda (hereinafter referred as “Bank”) including Subsidiaries (hereinafter referred as “Group”), Joint Ventures and Associates have been recommended by the Audit Committee of Board and approved at the meeting of the Board of Directors in their respective meeting held on May 31, 2022. The auditors have issued unmodified opinion on above financial results. The information presented above is extracted from the audited financial statements.
      • The above consolidated financial results are prepared in accordance with, Accounting Standard 21 on “Accounting for Consolidated Financial Statements”, Accounting Standard 23 on Accounting for “Investment in Associates” and Accounting Standard 27 on “Financial Reporting of Interest in Joint Venture” notified under the Companies (Accounting Standard) Rules, 2006 as amended.
      • The above financial results have been arrived at after considering provision for Non-Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign currency exposure, depreciation/amortisation on investments & fixed assets, income tax, deferred tax, employee benefits and other provisions & contingencies as per Reserve Bank of India's (RBI) specific directions, judicial pronouncements and applicable Accounting Standards notified under the Companies (Accounting Standard) Rules, 2006 as amended.
      • In accordance with Securities and Exchange Board of India (SEBI) regulations, for the purpose of consolidation financial results of the year ended March 31, 2022, minimum eighty percent of each of consolidated revenue, assets and profits have been subjected to Audit.
      • In terms of RBI guidelines, Pillar 3 disclosures including leverage ratio, liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- III framework are being made available on our website https://www.bankofbaroda.in/shareholders-corner/disclosures-under-basel-iii. These disclosures have not been subjected to audit by Statutory Central Auditors of the Bank.
      • The Bank has set off accumulated losses amounting to ₹ 1104844 lakhs by utilizing an equivalent amount standing to the credit of share premium account of Bank as on the date of set off during the year ended 31.03.2022 after obtaining approval from shareholders as well as RBI.
      • The Consolidated Financial Results comprises the financial results of 8 Domestic Subsidiaries, 7 Overseas Subsidiaries, 2 Joint Ventures and 4 Associates including 3 Regional Rural Banks (RRBs) as under :-
      A. Subsidiaries Country of Incorporation Type Percentage of Holding
      i The Nainital Bank Limited India Banking 98.57%
      ii BOB Financial Solutions Limited India Non-Banking 100%
      iii BOB Capital Markets Limited India Non-Banking 100%
      iv Baroda Global Shared Services Limited India Non-Banking 100%
      v Baroda Sun Technologies Limited India Non-Banking 100%
      vi Baroda Asset Management India Limited * India Non-Banking NA
      vii Baroda BNP Paribas Asset Management India Private Limited India Non-Banking 50.10%
      viii Baroda BNP Paribas Trustee India Private Limited (formerly known as Baroda Trustee India Private Limited) India Non-Banking 50.10%
      ix  IndiaFirst Life Insurance Company Limited# India Non-Banking 65.00%
      x Bank of Baroda (Uganda) Limited (consolidated) Uganda Banking 80%
      Baroda Capital Markets (Uganda) Limited (Subsidiary of Baroda (Uganda) Limited. Uganda Non-Banking 100%
      xi Bank of Baroda (Kenya) Limited Kenya Banking 86.70%
      xii Bank of Baroda (Botswana) Limited Botswana Banking 100%
      xiii Bank of Baroda (New Zealand) Limited New Zealand Banking 100%
      xiv Bank of Baroda (Guyana) Inc. Guyana Banking 100%
      xv Bank of Baroda (UK) Limited United Kingdom Banking 100%
      xvi Bank of Baroda (Tanzania) Limited Tanzania Banking 100%
      B. Joint Ventures
      i India Infradebt Limited India Non-Banking 40.99%
      Ii India International Bank (Malaysia) Bhd Malaysia Banking 40%
      C.  Associates
      i Baroda U.P. Bank India RRB 35%
      ii Baroda Rajasthan Kshetriya Gramin Bank India RRB 35%
      iii Baroda Gujarat Gramin Bank India RRB 35%
      iv Indo Zambia Bank Limited    Zambia Banking 20%

      The Bank has increased its stake in India First Life Insurance Company Limited from 44% to 65% after receiving all statutory and regulatory approvals. Hence the same will be considered as subsidiary w.e.f 31.03.2022.

      *Merged with BNP Paribas Asset Management India Pvt. Ltd’ (renamed as ‘Baroda BNP Paribas Asset Management India Private Limited’)

      • As a consistent practice, the Bank has continued to make provision of 20% on the secured sub- standard advances as against the regulatory minimum requirement of 15%. In addition to the above, the Bank has also continued to maintain provision on non-fund based facilities of NPA borrowers, by applying 50% Credit conversion factor (CCF), based on the asset class of the fund based facility of the borrower. The Bank also continues to make 100% provision on certain classes of non-performing retail advances.
      • As per directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019 disclosure with respect to accounts kept as standard due to the Court order, three accounts are classified as Standard by the Bank as per Court orders, with aggregate outstanding of ₹ 28229 lakhs against which the Bank is holding provision of ₹ 7079 lakhs as on March 31, 2022 as per IRACP norms, including provision for unrealized interest.

      Apart from above, the Bank is holding additional provision of ₹ 59888 lakhs as of 31.03.2022 over and above the IRACP norms in certain stressed standard advances on prudent basis.

      • Based on the available financial statements and the declarations from borrowers, the Bank has estimated the liability for Unhedged Foreign Currency in terms of RBI circular DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and is holding a provision of ₹19658 lakhs as on March 31, 2022 (Previous Year ₹18410 lakhs).
      • During the year, ‘Baroda Asset Management India Limited’ (Transferor Company) was merged with ‘BNP Paribas Asset Management India Pvt. Ltd’ (Transferee Company) which was renamed as ‘Baroda BNP Paribas Asset Management India Private Limited’. Bank of Baroda being the sole shareholder of the transferor company, has been allotted 10, 81,50,783 shares of the transferee company pursuant to the NCLT order. After fulfilling the conditions mentioned in NCLT order, the merger was effected on 14th March 2022. Accordingly, Bank of Baroda holds 50.10% stake in the transferee company after completion of merger.
      • During the year ‘BNP Paribas Trustee India Private Limited’ (Transferor Company) was merged with ‘Baroda Trustee India Private Limited’ (Transferee Company) which was renamed as Baroda BNP Paribas Trustee India Private Limited. Pursuant to the NCLT order, BNP Paribas Asset Management Asia Limited (holding of Transferor Company) was issued 49,800 shares in the transferee company. After fulfilling the conditions mentioned in NCLT order, the merger was effected on 14th March 2022. Accordingly, Bank of Baroda’s shareholding in the transferee company diluted to 50.10% after completion of merger.
      • The spread of COVID-19 has earlier led to a regional lockdown which in turn resulted into significant volatility in Global and Indian financial markets and decrease in global and local economic activities during the first wave of Covid-19 pandemic. During FY2022, India has witnessed two more waves of covid-19 pandemic. Currently, the number of new Covid-19 cases have reduced significantly and the Government has withdrawn most of the Covid-19 related restrictions.

      Further, the extent to which the COVID pandemic and its future waves if any may impact the Bank’s operation and asset quality are uncertain. The bank is however keeping a close watch on developments on an ongoing basis and taking proactive measures continuously to maintain and improve asset quality. The bank, therefore, believes that there may not be any significant impact on Bank’s future financial results.

      • The Bank is holding additional provision of ₹ 59888 lakhs over and above the provision as per IRACP norms in certain stressed standard advances on prudent basis.
      • As per RBI Circular no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC), the group is holding total provision of ₹ 765631 lakhs being 100% of total outstanding as on March 31, 2022 (Previous Year ₹829761 lakhs being 100% of total outstanding).
      • Bank has estimated the additional liability on account of revision in family pension for employees as per IBA Joint Note dated November 11, 2020, amounting to ₹ 145441 lakhs. However, RBI vide their Circular RBI/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 dated 4th October 2021, has permitted Banks to amortize the said additional liability over a period of not exceeding 5 (five) years, beginning with financial year 2021-22, subject to a minimum of 1/5th of the total amount being expensed every year. Bank has opted the said provision of RBI, charged an amount of ₹ 7272 lakhs & ₹ 29088 lakhs to the Profit & Loss account for the quarter and FY ended 31st March 2022 respectively and the balance unamortized expense of ₹116353 lakhs has been carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account, the net profit (after tax) for the quarter and FY ended March 31, 2022 would have been lower by ₹ 87067 lakhs.
      • Divergence in asset classification and provisioning

      As per RBI direction No. DOR.ACC.REC.No.45/21.04.018/2021-22 dated August 30, 2021 (updated as on 15th, November 2021), in case the additional provisioning for NPAs assessed by RBI exceeds 10% of the reported profit before provisions and contingencies and/or additional Gross NPAs identified by RBI exceeds 15% of published incremental Gross NPAs for the reference period then banks are required to disclose divergences from prudential norms on income recognition, asset classification and provisioning. Divergence from prudential norms assessed by the RBI for the year ended 31st March, 2021 are within threshold limits specified above hence the need for additional disclosure does not apply.

      • In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, RBI circular No DOR. No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 & RBI circular No DOR. No. BP. BC/4/21.04.048/2020-21 dated 06.08.2020 on 'Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector (One Time Restructuring), the details of MSME restructured borrowers is as under:                                                                                                          (In ₹ Lakhs)
      No of Accounts Amount as on 31.03.2022
      99857 730637.81
      • In accordance with RBI circular No DOR.STR.REC.12/21.04.048/2021-22 dated 05.05.2021 & RBI circular No DOR.STR.REC.21/21.04.048/2021-22 dated 04.06.2021 on Resolution Framework 2.0 – Resolution of Covid-19 related stress of Micro, Small and Medium Enterprises (MSMEs), the details of accounts restructured is as under.        (In ₹ Lakhs)
      No of Accounts Amount as on 31.03.2022 Provision Held
      20802 176561.46 20908.32
      • In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021 on “Resolution Framework – 2.0: Resolution of COVID – 19 related stress of Individuals and Small Business”, the number of borrower accounts where modification were sanctioned and implemented and the aggregate exposure to such borrowers are as under:-    (In ₹ Lakhs)
      No of Accounts Aggregate exposure as on 31.03.2022
      6541 64186.10
      • As per the RBI circular no. RBI/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016 the Bank has opted to provide the liability for frauds over a period of four quarters. Accordingly, the carry forward provision as on March 31, 2022 is ₹ 8702 lakhs which is to be amortised in the subsequent quarters by the Bank.
      • Details of Resolution plan implemented under Resolution Framework for COVID 19 related stress as per RBI circular RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 06.August 2020 (RF 1.0) and 05.05.2021 (RF 2.0) as of March 31, 2022 are given below. (In ₹ Lakhs)
      Type of borrower Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of the Previous half-year i.e 30.09.2021 (A) Of (A), Aggregate debt that slipped into NPA during the half-year Of (A), amount written off during the half-year Of (A), amount paid by the borrowers during the half-year Exposure to accounts classified as standard consequent to implementation of Resolution Plan – Position as at the end of this half-year (A)
      Personal Loans$ 542046 17762 0 24346 488276
      Corporate persons* 912975 222849 0 274924 427785
      Of which, MSMEs 37277 11990 0 1555 26287
      Others 92387 0 0 522 157817**
      Total 1547408 240611 0 299792 1073878

      *As defined in Section 3(7) of the Insolvency and Bankruptcy Code, 2016

      **Exposure increased due to implementation of resolution plan in one account in month of December 2021 as permitted by regulator.

      In case of Pool Accounts, the information is as provided by the originator.

      • As per RBI circular no. RBI/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, guidelines for implementation of Resolution Plan has been issued, also containing requirements of additional provisions as per para 17 of this RBI circular. The Bank is holding additional provision of ₹ 194765 lakhs as on 31.03.2022 in 26 nos. of accounts as detailed below.                                                                   (In ₹ Lakhs)
      Amount of Loans impacted by RBI Circular (A) Amount of Loans to be classified as NPA (B) Amount of Loans as on 31.03.2022 out of (B) classified as NPA (C) Provision held as on 31.12.2021 (D) Additional provision/ (reversal) made during quarter ended 31.03.2022 (E) Provision held as on 31.03.2022 (F)
      1022109 971267 971267 401592 (206827) 194765
      • A penalty of ₹ 1033.32 Lakhs has been imposed on the Group by RBI and ₹ 32.80 Lakh by Overseas regulator during the year ended March 31, 2022.
      • In terms of Banks approved revaluation policy, The immovable properties are revalued based on the revaluation reports of Bank’s approved valuers and the surplus arising from revaluation amounts to ₹ 267000 lakhs has been added to “Revaluation Reserve” during the current year. Also in terms of AS – 28 “Impairment of Assets” ₹ 1055 lakhs has been debited to Profit & Loss account wherein current value is less than cost of the property.
      • Number of Investors’ complaints pending at the beginning of the year was NIL. The Bank has received 644 Investors’ complaints during the year ended March 31, 2022. All complaints have been disposed of during the year. There are NIL pending Investors' complaints at the end of the year.
      • Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:
      Particulars Amount In ₹ Lakhs
      PSLC Purchased
      During Q4 (From 01.01.2022 to 31.03.2022) Nil
      Cumulative till Q4 (From 01.04.2021 to 31.03.2022) 350000
      PSLC Sold
      During Q4 (From 01.01.2022 to 31.03.2022) Nil
      Cumulative till Q4 (From 01.04.2021 to 31.03.2022) 100000
      • In the case of one of the subsidiary Nainital Bank Limited, the management of the subsidiary and the Parent has initiated various steps to improve the controls required as per various regulatory directions in the area of core Banking solution, classification and identification of loan losses and other supervisory functions. The management of Parent Bank does not foresee any material impact over the Group Financial position arising out of the same.
      • Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86
        STR.REC.51/21.04.048/2021-22 “Master Direction – RBI (Transfer of Loan Exposures) Directions, 2021” dated 24.09.2021 is as under:
      • In respect of “Loans not in default”@, that are transferred or acquired.
      • Assignment
      Sr. No. Name of the transferor Date of acquisition Number of Loans acquired Amount of Loans acquired (in lakhs) Maximum Maturity Period of Loans (In Months) * Minimum Holding Period of Loans (In Months) * Economic Interest acquired by Bank Minimum Security Coverage
      (In times)
      Minimum Ratings (at the time of acquisition) accepted
      1 Asirvad Microfinance Limited 29-03-2022 98164           25691 24 3 90% Unsecured advance Non defaulter status in Credit bureau
      2 Chaitanya Microfinance Limited 31-03-2022 25937             6919 24 3 90% Unsecured advance Non defaulter status in Credit bureau
      3 Fullerton India Commercial Credit Limited 30-03-2022 849           22189 210 6 95% 1.67 Minimum CIBIL score of 700
      4 IIFL Home Finance Limited 29-03-2022 2081           29693 354 6 90% * Upto Rs. 30/- Lakhs - 1.11
      * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25
      * Above Rs. 75/- lakhs - 1.33
      Minimum CIBIL score of 675 for Individuals and CMR-5 for Non Individuals
      5 IIFL Home Finance Limited 29-03-2022 360             7522 240 6 90% 1.43 Minimum CIBIL score of 675 for Individual and CMR-5 for Non Individual
      6 IKF Finance Limited 31-03-2022 641             2614 60 6 90% 1.11 Minimum CIBIL score of 650, 0 and -1 for Individuals and CMR-5 for Non Individuals
      7 India Shelter Finance Corporation Limited  28-03-2022 486             4852 180 6 90% 2 Minimum CRIF Highmark score of 675
      8 Indiabulls Commercial Credit (India) Limited 31-03-2022 162             3443 210 6 90% 1.53 Minimum CIBIL score of 675 for Individuals & CMR-5 for Non-Individuals
      9 Indiabulls Commercial Credit (India) Limited 31-03-2022 132             1852 210 6 90% 1.53 Minimum CIBIL score of 675 for Individuals & CMR-5 for Non-Individuals
      10 Indiabulls Housing Finance Limited 11-03-2022 575             9982 300 6 90% * Upto Rs. 30/- Lakhs - 1.11
      * Above Rs. 30/- Lakhs and upto Rs. 75/- Lakhs - 1.25
      * Above Rs. 75/- lakhs - 1.33
      Minimum CIBIL score of 700
      11 MAS financial Services Limited 30-03-2022 16897         9478 60 3 & 6 90% Unsecured advance Minimum CIBIL score of 650, 0 and -1
      12 Muthoot Microfin Limited 31-03-2022 20248       5251 24 3 90% Unsecured advance Non defaulter status in Credit bureau
      13 Satin Credicare Network Limited 23.03.2022 181433           45059 24 3 90% Unsecured advance Non defaulter status in Credit bureau
      14 Vistaar Financial Services private Limited 22-03-2022 325             3726 120 6 90% 1.54 Minimum CIBIL score of 700

      * The maturity period (in months) is conservatively disclosed as maximum period accepted by the Bank in individual underlying borrowers instead of weighted average period. Similarly, Minimum holding period is also disclosed conservatively as minimum holding period accepted by the Bank in individual underlying borrowers instead of weighted average period.

      The Loans not in default are identified on the basis of DPD in each underlying account at the time of purchase

      • Novation – No such transaction.
        • Loan Participation – No such transaction.
      • Details of stressed loans transferred is as under:             (₹ In lakhs)
      Details of stressed loans (NPA Accounts) transferred during the period of 01.04.2021 to 31.03.2022
        To ARCs To permitted transferees To other transferees
      No: of accounts 17 4 -
      Aggregate principal outstanding of loans transferred 92125 3940 -
      Weighted average residual tenor of the loans transferred - - -
      Net book value of loans transferred (at the time of transfer) 23133 158 -
      Aggregate consideration 37374 904 -
      Additional consideration realized in respect of accounts transferred in earlier years - - -
      Quantum of excess provision reversed to the profit & loss account on account of sale of stressed loans 14241 746
      • Details of stressed Loan (NPAs) Acquired during FY 2021-22 – Nil
      • The Distribution of the SRs held across the various categories of Recovery Ratings assigned to such SRs by the credit Rating Agencies as on 31.03.2022
      Recovery Rating Band Book Value (₹ In Lakhs)
      RR1 9335
      RR2 21623
      RR3 4801
      RR4 3839
      RR5 403
      RR6 902
      NR1 49
      NR3 1764
      NR4 4535
      NR5 201
      NR6 38013
      Rating withdrawn 34404
      Grand Total 119869
      • Other income of the Bank includes recoveries made in written off accounts, commission/fee income on non-fund based banking activities, earnings from foreign exchange transactions, profit and loss on revaluation of investments, profit and loss on sale of investments and dividends from subsidiaries etc.
      • Note on amendments in Consolidated Financial Statements

      The Board of Directors of the Bank in their meeting held on May 13, 2022, had approved the financial results of the Bank which were also communicated to the respective Stock Exchanges. Subsequently, the Board of Directors in their meeting held on May 31, 2022, have recommended a dividend of ₹2.85 per equity share (142.50%) as against ₹1.20 per equity share (60%) recommended earlier and the Financial Results have been amended accordingly. The financial results after giving effect of the enhancement in proposed dividend have been approved by the Board of Directors. The amendment in the financial results has remained limited to give effect to the above said decision of the Board of Directors of the Bank. The recommended dividend is subject to requisite approval from shareholders

      • Notes on Segment Reporting
      • As per the guidelines of the RBI on compliance with the Accounting Standards, the Bank has adopted “Treasury Operations”, “Wholesale”, “Retail” and “Other Banking Operations”, as primary business segments and “Domestic” and “International” as secondary / geographic segments for the purpose of compliance with Accounting Standard 17 on Segment Reporting notified under the Companies (Accounting Standard) Rules, 2006 as amended.
      • Segment revenue represents revenue from external customers.
      • Capital employed for each segment has been allocated proportionate to the assets of the respective segment.
      • The figures for the fourth quarter in each of the financial years are the balancing figures between audited figures in respect of the full financial year and the reviewed year to date figures up to the end of the third quarter of the respective financial year.
      • The figures of the previous period have been regrouped/rearranged, wherever necessary, to conform to the current period classification.

      Sanjiv Chadha

      Managing Director & CEO

                                                                                                     

                 

      Ajay K Khurana            Vikramaditya Singh Khichi          Debadatta Chand          Joydeep Dutta Roy

      Executive Director         Executive Director                      Executive Director         Executive Director

                 

                                                                                                                                         

             Ian Desouza                           G Ramesh                                            Subrat Kumar Swain

      Chief Financial Officer               General Manager                                         Deputy General Manager

                 Corporate Accounts & Taxation                   Corporate Accounts & Taxation   

      Place: Mumbai           

      Date: May 31, 2022