Bank of baroda

(Rs. in million)
As of
March 31,
March 31,
March 31,
September 30,
 2003
 2004
 2005
 2005
Cash in hand
(including foreign currency notes)
4,178.89
4,020.15
3,972.27
4,580.79
Balance with the RBI
30,479.35
26,547.69
23,150.95
29,835.53
Balance with banks in India
5,505.37
8,374.32
9,477.88
12,444.60
Balance with banks outside India
6,520.54
8,191.44
18,200.79
17,103.88
Money at call and short notice
21,486.85
25,534.51
37,740.13
40,429.16
Investments (Net)
301,793.83
380,188.10
370,744.41
382,817.71
Total advances
353,480.82
356,008.82
434,003.84
489,523.18
Fixed Assets
(net of revaluation reserve)
4,354.76
5,659.98
6,240.48
6,319.12
Other Assets
3,2851.93
33,120.31
40,313.67
30,502.09
Total Assets
760,652.35
847,645.32
943,844.41
1,013,556.06
Our total assets increased by 11.43% from Rs. 760,652.35 million as of March 31, 2003 to Rs. 847,645.32 million as of
March 31, 2004, and further increased by 11.35% to Rs. 943,844.41million as of March 31, 2005. Our total assets as of
September 30, 2005 were Rs.1,013,556.06 million. The most significant elements of these changes were increase in
investments and advances as a result of a general increase in our business activities.
Our net investments increased by 25.98% from Rs. 301,793.83 million as of March 31, 2003 to Rs. 380,188.10 million as
of March 31, 2004, and decreased by 2.48% to Rs. 370,744.41 million as of March 31, 2005. Our net investments as of
September 30, 2005 were Rs. 382,817.71 million. The decrease in investments in fiscal 2004 was due to the sale of
Government of India securities, which we sold in order to take advantage of the increase in their market value following
a softening of interest rates, and the redeployment of those funds into advances. Of our investment portfolio in India as
of September 30, 2005, 80.61% consisted of securities issued by the Government of India and state governments,
compared with 80.38%, 79.78% and 84.19% as of March 31, 2003, 2004 and 2005, respectively.
Our advances increased by 0.72% from Rs. 353,480.82 million as of March 31, 2003, to Rs. 356,008.82 million as of
March 31, 2004, and further increased by 21.91% to Rs. 434,003.84 million as of March 31, 2005. Our advances as of
September 30, 2005 were Rs. 489,523.18 million. The reasons for these increases in our advances were improved credit
off take in the market coupled with our thrust on credit growth.

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Other assets, which included net inter-office adjustments, interest accrued, tax paid in advance/tax deducted at source
(net of provisions) and stationery, increased by 0.82% from Rs. 32,851.93 million as of March 31, 2003 to Rs. 33,120.31
million as of March 31, 2004, and increased by 21.72% to Rs. 40,313.67 million as of March 31, 2005. Our other assets
as of September 30, 2005 were Rs. 30,502.09 million. Our gross non-performing assets decreased from Rs. 41,679.00
million as of March 31, 2003, to Rs. 39,798.60 million as of March 31, 2004, and decreased to Rs. 33,218.10 million as
of March 31, 2005, or, as a percentage of gross advances were 11.02%, 10.52% and 7.30%, respectively. Our gross non-
performing assets as of September 30, 2005 were Rs. 32,349.50 million or 6.34% as a percentage of gross advances.
The reduction in gross NPAs was due to our concerted efforts to reduce further NPAs, due to the recovery of NPAs and
due to NPAs written off during the periods.
Our net NPAs to net advances ratio were 3.72% as of March 31, 2003, 2.99% as of March 31, 2004, 1.45% as of March
31, 2005 and 1.13% as of September 30, 2005. Our provisions and reductions for NPAs were Rs. 28,695.70 million as of
March 31, 2003, Rs. 29,378.5 million as of March 31, 2004, Rs. 27,021.60 million as of March 31, 2005 and Rs.
26,876.80 million as of September 30, 2005. Our net NPAs as of September 30, 2005 were Rs. 5,472.50 million.
See the section titled “Selected Statistical Information” on page 238 of this Red Herring Prospectus for a further discussion
of our non-performing assets.