Bank of baroda

Six months ended September 30,
2004
2005
(in Rs. million)
Commission, Exchange and Brokerage
1,695.53
1,702.43
Profit on sale of investments (net)
3,752.19
1,399.47
Profit on sale of land, buildings and other assets (net)
0.82
0.16
Profit on exchange transaction (net)
1,037.09
681.84
Income earned by way of dividends, etc.,
from Subsidiaries and associates
187.38
110.97
Miscellaneous Income
867.60
1,288.34
Total other income
7,540.61
5,183.21
Income from commissions, exchange and brokerage increased by 0.41% from Rs.1,695.53 million in the six months
ended September 30, 2004 to Rs.1,702.43 million in the six months ended September 30, 2005. This increase was
mainly due to an increase in the volume of transactions.
Net profit on the sale of investments decreased by 62.70% from Rs. 3,752.19 million in the six months ended September
30, 2004 to Rs. 1,399.47 million in the six months ended September 30, 2005. This was due to a reversal in the interest
rate cycle, negatively impacting volumes in the market and our ability to sell our investments profitably. Net profit from
foreign exchange transactions decreased by 34.25% from Rs. 1,037.09 million in the six months ended September 30,
2004 to Rs. 681.84 million in the six months ended September 30, 2005, due to a fall in margins.
Miscellaneous income includes recovery of bad debts previously written off, incidental charges such as account keeping
fees and sundry charges such as ATM service charges. Miscellaneous income increased by 48.49% from Rs. 867.60
million in the six months ended September 30, 2004 to Rs. 1,288.34 million in the six months ended September 30,
2005. This increase was primarily due to the recovery of bad debts previously written off.
Operating Expenses
Total operating expenses increased from Rs. 9,789.94 million in the six months ended September 30, 2004 to Rs.
11,078.41 million in the six months ended September 30, 2005. As a percentage of our total income, operating expenses
increased to 28.51% in the six months ended September 30, 2005 compared with 25.56% in the six months ended
September 30, 2004.

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