Bank of baroda

Total Business
Percentage of
Total Income
Percentage of
(advances and
Bank’s Business
of Foreign
Bank’s
deposits) of
 (advances and
Branches
Total Income
Foreign Branches
deposits)
(Rs. in million)
(Rs. in million)
Fiscal 2003
134,737
13.24%
6,030
8.19%
Fiscal 2004
150,251
13.84%
5,129
6.52%
Fiscal 2005
180,702
14.49%
6,077
7.86%
Six Months ended
September 30, 2004
171,609
14.79%
2,914
7.61%
Six Months ended
September 30, 2005
206,300
15.27%
3,723
9.58%
As a financial organization we are subject to exchange rate movements. Movements in foreign exchange rates may
impact our business, our future financial performance, our shareholders’ funds and the price of our Equity Shares. In
addition, our financial statements are denominated in Rupees while the functional currencies of our international operations
are foreign currencies. Accordingly, the financial performance of these international operations when translated into
Rupees may from time to time be impacted by exchange rate movements.
Results of Operations
Six Months Ended September 30, 2005 Compared with the Six Months Ended September 30, 2004
Our total income increased by 1.43% from Rs. 38,306.13 million in the six months ended September 30, 2004 to Rs.
38,855.97 million in the six months ended September 30, 2005 and our total expenditure increased by 9.33% from Rs.
26,842.10 million in the six months ended September 30, 2004 to Rs. 29,346.57 million in the six months ended
September 30, 2005. Our operating profit decreased by 17.05% from Rs. 11,464.03 million in the six months ended
September 30, 2004 to Rs. 9,509.40 million in the six months ended September 30, 2005. The operating profit decreased
mainly due to lower profit on sale of investments. Our net profit decreased by 17.83% from Rs. 5,063.00 million in the six
months ended September 30, 2004 to Rs. 4,160.09 million in the six months ended September 30, 2005. The decrease
in net profit compared with operating profit reflected a provision made for shifting securities from the Available for Sale
category to the Held to Maturity category.

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264
BANK OF BARODA
Net Interest Income
Our net interest income increased by 12.33% from Rs. 13,713.36 million in the six months ended September 30, 2004 to
Rs.15,404.60 million in the six months ended September 30, 2005. The following table sets forth the components of our
net interest income: