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Company Information

Home » Market » Company Information

Bank of Baroda

May 30, 12:44
176.25 +2.20 (+ 1.26 %)
 
VOLUME : 451628
Prev. Close 174.05
Open Price 174.80
TODAY'S LOW / HIGH
172.05
 
 
 
177.25
Bid PRICE (QTY.) 176.10 (1394)
Offer PRICE (Qty.) 176.20 (700)
52 WK LOW / HIGH
136.00
 
 
 
202.45
May 30, 12:34
176.35 +2.70 (+ 1.55 %)
 
VOLUME : 6972314
Prev. Close 173.65
Open Price 173.30
TODAY'S LOW / HIGH
172.00
 
 
 
177.30
Bid PRICE (QTY.) 176.30 (5687)
Offer PRICE (Qty.) 176.35 (8)
52 WK LOW / HIGH
135.25
 
 
 
202.50
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Market Cap. ( ₹ ) 40744.79 Cr. P/BV 0.96 Book Value ( ₹ ) 183.96
52 Week High/Low ( ₹ ) 203/135 FV/ML 2/1 P/E(X) 22.45
Bookclosure 24/06/2016 EPS ( ₹ ) 7.86 Div Yield (%) 0.68
NOTES TO ACCOUNTS
You can view the entire text of Notes to accounts of the company for the latest year
Year End :2016-03 C-1 Balancing of Books and Reconciliation

Initial matching of debit and credit outstanding entries in various heads of accounts included in Inter office Adjustments has been completed up to 31.03.2016, the reconciliation of which is in progress.

C-2 Capital

During the year, the Bank has allotted 9,26,63,692 equity shares of Rs. 2/- each at a cash premium of Rs. 190.74 per share (total issue price of Rs. 192.74 per share) to Government of India as determined by the Board in accordance with regulation 76 (1) of SEBI Issue of Capital and Disclosures Requirements Regulation on preferential basis. The total amount of capital received by the Bank on this account is Rs 1786.00 Crores. The resolution in this regard was duly passed in Extra Ordinary General Meeting held on 28th September 2015.

C-3 Capital Reserves

Capital Reserve includes appreciation arising on revaluation of immovable properties and amount subscribed by Government of India under the World Bank's Scheme for Export Development Projects for small / medium scale industries.

C-4 Investments

C-4.1 In terms of RBI Guidelines, the bank has transferred a portion of Government Securities (SLR) kept in "Available for Sale" category to "Held to Maturity" category during the year. The resultant depreciation of Rs 11.05 Crores (previous year Rs. 10.79 Crores) has been charged to the Profit & Loss Account.

C-4.2 Profit on sale of investment held under "Held to Maturity" category amounting to Rs. 296.25 Crores, which has been transferred to Profit and Loss account initially and thereafter an amount of Rs. 193.72 Crores net of tax & transfer to statutory reserve has been appropriated to the Capital Reserve.

C-4.3 FCNR (B) Swap with RBI

RBI introduced a US Dollar-Rupee concessional swap window for fresh FCNR(B) funds mobilized in any permitted currency for a minimum tenor of three years and above.

Bank has swapped USD 1710 Million mobilized with RBI for the corresponding tenor. As the Swaps done with RBI were at 3.5 % against the then prevailing interest rate of 8 %, there would have been a distortion in profits on the first year as well as on maturity date. To avoid this inherent distortion, and as prescribed by RBI, we have adopted the method of amortization of swap points to even out expenses throughout the tenor of swaps

C-5 Provision for Taxes

C-5.1 Provision for Taxes has been arrived at after due consideration of decisions of the appellate authorities and advice of counsels.

C-5.2 Tax paid in advance /tax deducted at source appearing under "Other Assets" amounting toRs. 5360.77Crores (previous year Rs. 5555.52 Crores) is inclusive of Rs. 3616.78 (previous year Rs.4687.25 Crores) crores which represents amount adjusted by the Department / paid by the Bank in respect of disputed tax demands for various assessment years. No provision is considered necessary in respect of the said demands, as in the bank's view, duly supported by counsels opinion and / or judicial pronouncements, additions / disallowances made by the Assessing Officer are not sustainable.

C-5.3 During the year in compliance of ICDS, the unrealized gain for the year on translation of foreign currency items of non integral operations of bank amounting to Rs. 562.89 Crores, credited to FCTR account, has been offered for tax. As this being a timing difference with reasonable certainty being repatriation of foreign currency funds/foreign currency movement and is capable of full reversal in future, the bank has created the Deferred tax Assets amounting to Rs. 194.80 Crores on the same and the same has been credited to profit and loss account as per Accounting Standard-22.

C-5.4 During the year the Bank has created DTA of Rs 848 crores on account of difference in provision requirement at UAE which in the opinion of the Bank is fully reversible. Out of this Rs. 540.73 crores pertains to earlier years, which was credited to past reserves.

C-6 Premises

C-6.1 Execution of conveyance deeds is pending in respect of certain properties amounting to Rs. 64.97 Crores (Previous Year Rs. 43.54 Crores).

C-6.2 Premises include assets under construction/acquisition amounting to Rs. 336.09 Crores (Previous Year Rs. 98.73 Crores).

C-6.3 Certain properties of the Bank are stated at revalued amounts. The gross amount of revaluation included in cost of premises as at end of the year is Rs. 5015.08 Crores (previous year Rs. 1773.77 crores) including Rs. 27.34 Crores at overseas offices (previous year Rs 32.85 crores). The revalued amount net of depreciation is Rs. 4098.87 crores (Previous Year Rs. 987.30 Crores).

These premises are revalued based on the reports of bank's approved values and the surplus arising from revaluation amount to Rs. 3241.31 crore has been added to "Revaluation Reserve" during current year.

C-7 Other income for the current year includes Rs. 302.97 crores on account of exchange gain on repatriation of funds from foreign offices.

C-8 In accordance with UDAY (Ujwal Discom Assurance Yojna) Scheme of GOI, Ministry of Power for operational and financial turnaround of Power Distribution Companies (DISCOMs) during the FY 2015-16, the bank has subscribed to Non SLR SDL Bond of Government of Rajasthan (GoR) and Government of UP (GoUP) amounting to Rs. 1976.66 crores & Rs. 297.16 crores respectively.

In compliance to the RBI letter No. DBR. BRNO.11657/21.04:132/2015-16 dated 17th March 2016 bank has made the provision as under:

i) Rs. 121.63 crores in respect of segment not envisaged to be converted into SDL in FY 2016-17 @15% on Rs 810.86 crores and classified as standard assets.

ii) Rs. 25.31 crores for diminution in the fair value of loan / DISCOM bonds.

C-9 In compliance to the RBI letter no. DBR. NOBR13018/21.04.048/2015-16 dated 12.04.2016, Bank has provided a sum of Rs 289.45 crore being 15% of the existing outstanding of Rs 1962.02 Crore as on 31.03.2016 under food credit availed by a State Government. As per RBI's directives, said provision was required to be made in two quarters i.e 7.5% in March, 2016 and 7.5% in June, 2016. However bank has decided to make the full required provision in March 2016 quarter.

C-10 BOB Fiscal Services Limited (BOBFSL), erstwhile wholly owned subsidiary of Bank of Baroda (BOB), had passed a special resolution for voluntary winding up of the Company on 24.09.1990 and the Liquidator was appointed for the same.

BOBFSL had entered into an agreement with BOB pursuant to which entire assets and liabilities of BOBFSL were transferred to BOB as a going concern / as sale in liquidation of the entire business w.e.f. 28.2.1991. As the Company could not be liquidated due to pending legal cases, a decision to merge BOBFSL with BOB was taken in the Annual General Meeting of BOBFSL held on 30th March 2007.

The Board of Directors of BOB has approved the merger of BOBFSL with BOB in its Board meeting on 28.01.2009 and authorized the Management to file necessary petition for merger of BOBFSL with BOB before the Bombay High Court.

C-11 During the year, as a part of Asset Quality Review (AQR) conducted by RBI, the bank has been advised to reclassify / make additional provisions in respect of certain advance accounts over two quarters ending December 2015 and March 2016. The Bank has accordingly implemented the RBI direction.

C-12 The Bank has made provision @ 20% on the Secured Sub-standard Advance as against the Regulatory requirement of 15%. However on unsecured sub standard advances, the bank has made provision @25% as per regulatory requirement.

C-13 Figures of previous year have been regrouped/ rearranged wherever considered necessary to conform to current year's presentation.