Bank of baroda

Six months ended September 30,
2004
2005
(in Rs. million)
Commission, Exchange and Brokerage
1,800.71
1,869.28
Profit on sale of Land, Buildings and Other Assets (Net)
1.25
Profit on Exchange Transactions (Net)
1,073.31
706.35
Profit on sale of Investments (Net)
3,797.34
1,428.64
Miscellaneous Income
1,144.62
1,685.85
Total other income
7,817.23
5,690.12
Income from commissions, exchange and brokerage increased by 3.81% from Rs. 1,800.71 million in the six months
ended September 30, 2004 to Rs. 1,869.28 million in the six months ended September 30, 2005. This increase was as
a result of a general growth in our business.

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Net profit on the sale of investments decreased by 62.37% from Rs. 3,797.34 million in the six months ended September
30, 2004 to Rs. 1,428.64 million in the six months ended September 30, 2005. This decrease was due to a reversal in the
interest rate cycle, negatively impacting volumes in the Indian debt market and our ability to sell our Government of India
securities profitably. Net profit from foreign exchange transactions decreased from Rs. 1,073.31 million in the six months
ended September 30, 2004 to Rs. 706.35 million in the six months ended September 30, 2005.
Our miscellaneous income, which includes incidental income from services charges, minimum balance charges, up front-
fees and other account keeping fees, increased from Rs. 1,144.62 million in the six months ended September 30, 2004
to Rs. 1,685.85 million in the six months ended September 30, 2005.
Operating Expenses
Total operating expenses increased from Rs. 10,263.93 million in the six months ended September 30, 2004 to Rs.
11,658.25 million in the six months ended September 30, 2005. As a percentage of our total income, operating expenses
increased to 28.74% in the six months ended September 30, 2005 compared with 25.84% in the six months ended
September 30, 2004. Set forth below are the details of our total operating expenses for six months ended September 30,
2004 and six months ended September 30, 2005.