Bank of baroda

Year ended March 31
2004
2005
(in Rs. million)
Commission, Exchange Brokerage
3,441.17
3,444.48
Profit on sale of investments (Net)
6,315.18
10,175.30
Profit on sale of land, building. and other assets (Net)
0.49
1.14
Profit on exchange transaction (Net)
1,382.71
1,695.62
Income earned by way of dividends, etc., from
Subsidiaries/companies/Associates
63.62
114.70
Miscellaneous Income
1,413.85
1,758.83
Total other income
12,617.02
17,190.07
Net profit on the sale of investments increased by 61.12% from Rs. 6,315.18 million in fiscal 2003 to Rs. 10,175.30
million in fiscal 2004. This was due to a decrease in interest rates in fiscal 2004 and the growth in the wholesale debt
market, with a good volume of business transacted between market participants.
Net profit from foreign exchange transactions increased by 22.63% from Rs. 1,382.71 million in fiscal 2003 to Rs.
1,695.62 million in fiscal 2004. This increase was due to more business activity in this area.
Miscellaneous income increased by 24.40% from Rs. 1,413.85 million in fiscal 2003 to Rs. 1,758.83 million in fiscal 2004.
This increase was primarily due to the recovery of bad debts previously written off.
Operating Expenses
Total operating expenses increased from Rs. 16,484.40 million in fiscal 2003 to Rs. 18,053.03 million in fiscal 2004.
However, as a percentage of our total income, operating expenses decreased to 22.95% in fiscal 2004 compared with
22.40% in fiscal 2003.

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273
Year ended March 31
2004
2005
(in Rs. million)
Payment to and provision for employees
11,285.88
12,525.22
Rent, Taxes and Lighting
1,459.67
1643.08
Printing and Stationery
179.41
190.65
Advertisement and publicity
94.64
241.09
Depreciation on Banks Properties
(net of amounts adjusted against revaluation reserve)
886.11
755.70
Director’s Fees, Allowances and Expenses
4.23
4.61
Auditor’s Fees and Expenses
124.61
181.64
Law Charges
102.86
102.87
Postage, Telegrams, Telephones etc.
157.88
128.54
Repairs and Maintenance
339.44
383.59
Insurance
361.82
420.33
Other Expenditure
1,487.84
1,475.71