BCC:ISD:115:16:23 Date: 03rd February 2023

The Vice-President, The Vice-President,

B S E Ltd., National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers Exchange Plaza,
Dalal Street Bandra Kurla Complex, Bandra (E)
Mumbai – 400 001 Mumbai – 400 051
BSE CODE-532134 CODE-BANKBARODA

Dear Sir/ Madam,

Re: Bank of Baroda – Reviewed Standalone & Consolidated Financial Results –

Q3 (FY2022-23)

We refer to our Stock Exchange notification no. BCC:ISD:115:16:15 dated 23rd January 2023
and advise that Board of Directors of Bank of Baroda at its meeting held today i.e.
03rd February 2023 interalia considered and approved the Reviewed Standalone &
Consolidated Financial Results of the Bank together with relevant segment reporting, for the
quarter / nine months ended 31st December 2022.

We enclose following:
1. Financial Results along with Segment Reporting, Limited Review Report, etc.
2. Security Cover Certificate under Regulation Section 54(2) & 54(3) (LODR)
3. Statement of utilization of issue proceeds of non-convertible securities under Regulation
Section 52(7) & 52(7A) (LODR)

The Meeting commenced at 11.15 a.m. and concluded at 1.15 p.m.

We request you to take a note of the above under Regulation 33 and 52 of SEBI (LODR)
Regulations, 2015 and upload the information on your website.

Yours faithfully,
PRASHANT Digitally signed by
PRASHANT KAMAL
KAMAL AGARWAL
Date: 2023.02.03
AGARWAL 13:28:07 +05'30'

P K Agarwal
Company Secretary
Encl. - As Above
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h◊o Quarter Ended U' Z[ Months Ended Year Ended
Particulars
No. 31.12.2022 NuounoPuPP 31.12.2021 NsosPoPuPP 31.12.2021 31.03.2022
Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Audited
s Interest earned (a)+(b)+(c)+(d)
PN5. us . 2125423 s 6n0Nuu 6373186 5s 6u6s 6 6988078
iqc EZ*[ ◊[­*H
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­ s6s u0sN 1483415 sP0Ns N6 .. n6M0. N0. . NN. . nP6M5N
iVc Income on investments 56s 6s s 5. . s 00 . 506un s0unMnn sPM5u0P s60s 6Ps
i%c EZ*[ ◊[­* ~Z Vq&qZ%[ ­ { '*• Reserve GqZ} ~" EZz' q qZz ~*• [ ◊ 'Z*[ ◊VqZ} "#Zz­ Nn56s Ns nP0 P0s s M suu. . u 60P6n sus 5s 6
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P A*• [ ◊EZ%~J [ N55s n5 sMP5Mu P5snP0 055n6M Mn0s 00 s s . MNn5
3 Total Income (1 B 2) 2709209 2308003 2048226 7029164 6066883 8136473
. EZ*[ ◊[­* KX=[ Zz[ z sP6Ps MN s s u6n66 n. s un6 NNnuu6u P60n65u N6P5n. .
5 A=[ ◊q*' ZWKX=[ Z­[ ­ iqcB iVc 0sNMu6 5n0nNs 55M6n0 s60uuPM s0Ps 60P Ps 6s 0. .
iqc KJ =& ~_[[ ­ %~­* NN. 6us Ns MN. s Nju P6s n56N06 nP60. 6 ss n6MM.
iVc Other operating expenses P6ns u0 P6M5nu P. M5P5 MuP00s 0n. s s 5 n6N60u
6 Q~*q&KX=[ Zz '*#◊[ i. B5c [X%& # z ' ZW=◊~µ' ­' ~Z­ and %~Z*'ZW[ Z%'[­ sMM5nnu s 6u. nuM s. nnMnN 5s 5uunM . Nns 5sP 5Mn65MM
6 A=[ ◊q*'ZWw◊~"'* iNr0c V["~◊[ w◊~µ'­ ' ~Z­ and l ~Z*'ZW[ Z%'[ ­ MPNPs n 0uNun5 5. MNNN s M6nu00 s 065N6s PPNMMM5
M w◊~µ' ­' ~Z­ i~*• [◊ *• qZ *qXc qZz l ~Z*'ZW[ Z%'[ ­ P. uNnN s0P6. 0 P5u6u. 56s 0s n nP00uN sNuuP. s
n KX%[ =*'~Zq&E*[J ­ - o - -
10 w◊~"'*iBcH4 ~­­ i · c "◊~J Ordinary 2 %*'µ'*'[ ­ V[ "~◊[ tax i6rMrnc 582826 440349 297629 sNu6. . 6 748768 938644
EE Provision for Taxes sn655P sunuu6 66nP0 N6. us M snn. s 6 Ps s . s0
12 Net Profit(+)/ Loss(·) from Ordinary Activities after tax (10-11) 385274 331342 219703 933429 549351 727228
sN KX*◊q~◊z' Zq◊_ ' *[ J ­ iZ[* ~"*qX [ X=[Z­[ ­c - - -
14 Net Profit(+)/ Loss(-) for the period (12-13) 385274 331342 219703 933429 549351 727228
s5 wq' zr#= [ ] #' *_ ­•q ◊[ %q='*q& imq%[ Dq& #[ ~" t P [ q%• c suN55N suN55N suN55N suN55N ju N55N suN55N
s0 Reserve excluding Revaluation Reserve 666M6NM
17 Analytical Ratios
' c w[ ◊%[Z*qW[ ~" ­• q◊[­ • [ &
z V_ x ~µ[ ◊ZJ [ Z*~" EZz' q 0Non6 0Non6 0Non6 0Non6 0Non6 0Non6
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ix) Outstanding Redeemable Preference Shares NA NA NA NA NA NA
x) U[*, ~Z• 6Ns PNN. 06665Nu 0s s 0u5s 6Ns PNN. 0s s 0u5s 0s PnM6N
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tOR IDENTIFICATION ONL'f

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Bank of Baroda
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Part A oBusiness Sesments (fin 4q}• ­c

Sr. Quarter Ended Nine Months Ended Year Ended

No. Particulars 31.12.2022 NuounoPuPP 31.12.2021 NsosP oPuPP NsosPoPuPs NsouNoPuPP
Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Audited

E Segment Revenue
iq\ Q◊[q­#◊_ A=[ ◊q*'~Z­ 6P55ns 6s s 05s 0u5uMs snMn0s . sM60Nu6 PNMMu. n
iVc , • ~&[­q&[GqZ}'ZW n005. s 0M0M0u 0MP5M6 PNEn05N Puu6N55 P006666
i%c F [ *q' &GqZ}'ZW suu0P66 nuu06u 65PM5s P0nN0MP Ps . MN5P PnnunM6
i zc A*• [ ◊GqZ}'ZW A=[ ◊q*'~Z­ s uMuu MMPP 66u6 P0Ps 5 N. M0n Mn00u
Total Revenue P6unPun 2308003 2048226 7029164 6066883 8136473
2 Segment Results
iqc Q◊[q­#◊_ A=[ ◊q*' ~Z­ iP. Ns uc s. 5nN6 . nnNn su. 0nu N0s nN. N. MMnP
iVc , • ~&
[ ­q&[ GqZ}'ZW . M6u5s sP6. 0. ss N56M 65uP6. P6. 0n5 s5. n6s
i%c F [ *q'&GqZ}' ZW PnsN0s NN5M60 P065n0 nPnnu6 5uNN6P MnNn6u
iz\ A*•[ ◊ GqZ}'ZW A=[ ◊q*'~Z­ s uMuu MMPP 66u6 P0Ps5 N. M0n Mn00u
Total 764902 618099 438820 1811086 1174870 1487493
/ Zq&&
~%q*[z KX=[Zz'*#◊[ s MPu60 s6665u s. s s ns 5uN0Nn . P0s uP 5. MM. n
Profit before Tax 582826 440349 297629 1307447 748768 938644
Provision for Tax sn655P sunuu6 66nP0 N6. us M snn. s 6 Ps s . s 0
Net Profit 385274 331342 219703 933429 549351 727228
3 Segment Assets
(a} Q◊[q­#◊_ A=[ ◊q*'~Z­ . 5M0s . nM . 5NPs 0uP . s n65s N5 . 5M0s. nM . s n65s N5 . 5P06. N6
iVc , • ~&
[ ­q&[GqZ}'ZW 5. s 65N. u 5u. . 0. s N .. . NPunn 5. s 65N. u . . . NPunn . 6NMNnP5
i%c F [*q' &GqZ}'ZW N6s Ps unM N5MNuuMu Ns N5NM5u N6s Ps unM Ns N5NM5u NNuuPn56
izc A*•[ ◊GqZ}'ZW A=[ ◊q*'~Z­ o o o
i[ c / Zq&&
~%q*[z Ps s M6M0 PuNnnN5 sn. . PM0 Ps s M6M0 sn. . PM0 Ps . 500.
Total Assets 139276722 133638030 ss n6u5N6u 139276722 119705370 127799983
4 Segment Liabilities
iqc Q◊[q­#◊_ A=[◊q*'~Z­ . P0ns un5 . PPu005s Nnu6P6uM . P0ns un5 Nnu6P6uM . PPP. . 0M
iVc , •~ &
[­q&
[ GqZ}' ZW 5u. NuPus . 0n6nPN. . s N5n6MP 5u. NuPus . sN5n6MP . . s nM0MP
i%c F[ *q'&GqZ}'ZW N. 55. ns M NNN06. Ms Pns M5M. 0 N. 55. ns M Pns M5M. 0 Nu6M.. NP
izc A*• [ ◊ GqZ}'ZWA=[ ◊q*' ~Z­ o
i[c / Zq&&
~%q*[z sn6PNs 5 sMnn6Ns sMunM. 0 sn6PNs 5 sMunM. 0 Puus. Pn
Total Liabilities 129648529 124453097 111428182 129648529 111428182 119209011
5 Capital Employed
iq\ Q◊[q­#◊_ A=[ ◊q*'~Z­ Ns 6u. uN Ns s . n5s PnuP. P6 Ns 6u. uN PnuP. P6 Nu. Pn0n
iVc , • ~&
[ ­q&[GqZ}'ZW N6. 5sNn N. 06s 6n Nu6PNs 6 N6. 5s Nn Nu6PNs 6 Ns M5P. N
i %c F [ *q'&GqZ}'ZW P500s Mu P. 0P5nn Ps 0Muu. P500s Mu Ps 0Muu. PPs M5P5
i zc A*• [ ◊ GqZ}'ZW A=[ ◊q*'~Z­ o o o
i[c / Zq&&
~%q*[ z s. 0. 6s s. uPu. sN. .. u s. 0. 6s sN. .. u s. . PN5
Total Capital Employed 9628193 9184933 8277188 9628193 8277188 8590972

Part- B : Geographic Segments

h◊o wq◊*'%#&
q◊­ Quarter Ended Nine Months Ended Year Ended
U~o 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Un-Audited Un-Audited Un-Audited Un-Audited Un-Audited Audited
1 Revenue
iqc k ~J [ ­*' % P. 0s060 Ps Mn6N5 sn560M0 05. 0n. 0 5Ms055P 6Mu06P.
iVc EZ*[ ◊Zq*'~Zq& P. 65NN E sMP0M nu5. u . MPPs M P5uNNs NPn6. n
Total 2709209 2308003 2048226 7029164 6066883 8136473
2 Assets
(a) k ~J [­*' % ss nN5PM0N s s . ns Ms 6n su. uP. Ns N s s nN5PM0N su. uP. Ns N sunuM656N
iVc EZ*[ ◊Zq*' ~Zq& snnPNM5n s M6s nM5s s 50Ms u56 snnPNM5n s50Msu56 sM6sP. s u
Total 139276722 133638030 119705370 139276722 119705370 127799983

fOjl IDENTIFICATION ONLY

STATEMENT OF ASSETS O LIABILITIES I t. 'Z Lakhs)
Standalone
Particulars Ason As on As on
31st December 2022 31st December 2021 31st March 2022
Un-Audited Un-Audited Audited
CAPITAL O LIABILITIES
l q='*q& suN55N suN55N suN55N
Reserves and Surplus n5P. 0Nn Ms 6N0N5 M. M6. sn
Deposits ss . n5u0n5 n6MuN. PM su. 5nNM50
Borrowings suu0M0n5 nuMs PP6 suNMnnPn
Other Liabilities and Provisions . 0PnsNn . 5. N5P6 . PP5PP0
TOTAL 139276721 119705370 127799983
ASSETS
Cash and Balances with Reserve Bank oflndia 5usn06. 0su 0500 6s s M. . u
Balances with Banks and Money at Call and Short Notice . P60s u. N0nPsNn 5s. 6u5n
Investments N. nususN Nu0Mn6. s Ns56n5Nn
Advances Mnu0MPNN 6NPs 0N66 666s55sM
Fixed Assets Mn50Mn 6. M6u0 nnPsnu
Other Assets 5s s 0uuM 5P5s M. s 5P. 6PN6
TOTAL sNnP606Ps ss n6u5N6u 127799983
 -) tcJi 3ll!li t1i!h:I
._, Bank of Baroda
a =
NOTES TO STANDALONE FINANCIAL RESULTS:

1. The above standalone financial results have been recommended by the Audit Committee of
Board of Bank of Baroda (hereinafter referred as "Bank") and approved at the meeting of the
Board of Directors held on February 3, 2023. The same has been subjected to limited review
by Statutory Central Auditors of the Bank in line with the guidelines issued by the Reserve
Bank of India and as per SEBI (Listing Obligations & Disclosure Requirements) Regulation
2015, as amended thereafter.

2. The above standalone financial results for the quarter/ nine months ended December 31,
2022 have been prepared in accordance with recognition and measurement principles laid
down in Accounting Standard (AS-25) on 'Interim Financial Reporting' issued by the Institute
of Chartered Accountants of India.

3. The Bank has continued to follow the same accounting policies and practices in preparation
of financial results for the quarter/ nine months ended December 31, 2022 as followed in the
previous financial year ended March 31, 2022. The Bank had, in the quarter ended June
30,2022, implemented the Hedge accounting for derivative contracts in respect of overseas
investments made by International territories of the Bank in accordance with the Guidance
Note on Accounting for derivative contracts issued by ICAI (GN). Hitherto, i.e. up to financial
year 2021-22, the accounting for such contracts was being done as per Accounting Standard
11. "The effects of charges in foreign exchange rates" issued by ICAI.

During the quarter ended December 31, 2022, the Bank has implemented the Hedge
accounting in accordance with GN in respect of outstanding capital hedging deals towards
net investments in overseas branches.

Consequent to the said implementation, there is a positive impact on net profit after tax by t
1683 lakh and t15655 lakh for the quarter and nine months ended December 31, 2022
respectively.

4. The above financial results have been arrived at after considering necessary provision for
Non-Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign
currency exposure, depreciation/amortisation on investments & fixed assets, income tax,
deferred tax, employee benefits and provisions for other items/assets are made on estimated
basis and subject to adjustments, if any, at the year end.

5. In terms of Reserve Bank of India (RBI) guidelines, Pillar 3 disclosures including leverage
ratio, liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- Ill
 •:, itfi 3/mi wh:1
~ Bank of Baroda

framework are being made available on our website

"https://www. ban kofba rod a. in/share holders-corner/d isclosures-u nder-basel-iii". These
disclosures have not been subjected to Review by Statutory Central Auditors of the Bank.

6. As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/

21.04.048/2017-18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts
covered under the provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding
total provision of~ 735694 lakhs (100% of total outstanding) as on December 31, 2022 (~
762219 Lakhs i.e. 100% of total outstanding as on September 30,2022)

7. Based on the available financial statements and the declarations from borrowers, the Bank
has estimated the liability for Unhedged Foreign Currency in terms of RBI circular
DBOD.No.BP.BC.85/21.06.200/2013-14 dated January 15, 2014 and is holding a provision
of ~20968.53 lakhs as on December 31, 2022.

8. Bank has estimated the additional liability on account of revision in family pension for
employees as per IBA Joint Note dated November 11, 2020, amounting to~ 145441 lakhs.
However, RBI vide their Circular RBl/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22
dated 4th October 2021, has permitted Banks to amortize the said additional liability over a
period of not exceeding 5 (five) years, beginning with financial year 2021-22, subject to a
minimum of 115th of the total amount being expensed every year. Bank has opted the said
provision of RBI and accordingly charged an amount of~ 7272 lakhs & ~ 21816 lakhs to the
Profit & Loss account for the Quarter and nine months ended December 31 , 2022 respectively
and the balance unamortized expense of ~94537 lakhs has been carried forward. Had the
Bank charged the entire additional liability to the Profit and Loss Account, the net profit (after
tax) for the Quarter and nine months ended December 31, 2022 would have been lower by
~707 42 lakhs.

9. As per Directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019

disclosure with respect to accounts kept as standard due to the Court order, 02 (Two)
accounts are classified as Standard as per Court orders, with aggregate outstanding of
~22652 lakhs as on December 31, 2022, against which the Bank is holding provision of
~6070 lakhs as on December 31, 2022 as per IRAC norms, including provision for unrealized
interest.

10. The Bank is holding additional provision of~ 42062 lakhs as of December 31, 2022 over and
above the IRAC norms in certain stressed standard advances on prudent basis.

fOft l0£NTIFICATION ONLY

11. In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated
01.01.2019, RBI circular No DOR No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 &
RBI circular No DOR. No. BP. BC/4/21.04.048/2020-21 dated 06.08.2020 and
DOR.STR.REC.12/21.04.048/2021-22 dated 5th May 2021 on "Restructuring of Advances -
Micro, Small and Medium Enterprises (MSME) Sector' (One Time Restructuring)", the details
of MSME restructured borrowers as on 31.12.2022 is as under:
(In~ Lakhs)
No of Borrowers Amount as on 31.12.2022
84156 603901

12. In accordance with the RBI Cir. No. DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021
on "Resolution Framework - 2.0: Resolution of COVID - 19 related stress of Individuals and
Small Business", the number of borrower accounts where modification were sanctioned and
implemented and the aggregate exposure to such borrowers are as under:-
(ln ~ Lakhs)
No of Borrowers Aggregate exposure as on 31.12.2022
5960 56490

13. As per RBI circular no. RBl/2018-19/203 DBR.No.BP.BC.45/21.04.048/2018-19 dated June

7, 2019 on Prudential Framework for Resolution of Stressed Assets, guidelines for
implementation of Resolution Plan have been issued which also contain requirements of
additional provisions as per para 17 of this RBI circular. The Bank is holding additional
provision of~ 138951 lakhs as on 31.12.2022 in 19 nos. of accounts as detailed below.

(In~ Lakhs)
Amount of Amount of Amount of Provision Additional Provision held
Loans Loans to Loans as on held as on provision/ as on
impacted by be 31.12.2022 out 30.09.2022 (reversal) made 31.12.2022
RBI Circular classified of (B) classified during quarter
as NPA as NPA ended (F)
(A) (B) (C) (D) 31.12.2022
(E)
410341 290956 290956 187852 (48901) 138951

14. As per the RBI circular no. RBl/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April
18, 2016 the Bank has opted to provide the liability for frauds over a period of four quarters.
Accordingly, the carry forward provision as on December 31, 2022 is ~ 5593 lakhs which is to be
amortised in the subsequent quarters by the Bank.
FOR lOENTIF ICATION ON11
15. Non-Performing Assets Provisioning Coverage Ratio (including TWO/PWO) is 92.34% as on
December 31, 2022.
16. Number of Investors' complaints pending at the beginning of the quarter was 5. The Bank has
received 375 Investors' complaints during the quarter ended December 31, 2022. 377 complaints
have been disposed off during the quarter. There are 3 pending Investors' complaints at the end
of the quarter.
17. Penalties of~ 24.08 lakhs and ~ 91.85 lakhs have been imposed on the Bank by Reserve Bank
of India for the Quarter and Nine months Ended December 31, 2022 respectively.
18. Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:
Particulars Amount In ~ Lakhs
PSLC Purchased
During Q3 (From 01.10.2022 to 31.12.2022) -
Cumulative till Q3 (From 01.04.2022 to 31.12.2022) r
PSLC Sold
During 03 (From 01.10.2022 to 31.12.2022) -
Cumulative till 03 (From 01.04.2022 to 31.12.2022) 100000

19. Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86

DOR.STR.REC.51/21.04.048/2021-22 "Master Direction - Reserve Bank of India (Transfer of
Loan Exposures) Directions, 2021" dated 24.09.2021 is as under:
a) In respect of "loan accounts not in default"# acquired from other entities as per the para 86
of Transfer of Loan Exposure guidelines.
Reporting for the Nine months ended 31.12.2022
Particulars Values
(i) Loans acquired through "assignment"
- Aggregate amount of loans acquired If in lakhs) 507584
- Weighted average residual maturity (In months) 83
- Weiqhted averaqe holdino period (In Months) 11
- Weighted average Retention of beneficial economic interest by
the transferor 9.94%
- Tangible security coverage of secured loans (times) 2.50
- Rating (CIC) wise distribution of rated loans(% of rated loans
acquired)
-- Individual rating (wherever applicable)
-- 650 & above upto 750
--Above 750 46.80%
53.20%
-- CMR rating (wherever applicable)
-- CMR 4 & CMR 5 65.92%
-- Upto CMR 3 34.08%
(ii) Loans acquired through "novation" NIL
(iii) Loans acquired through "Loan participation" NIL
 flll) ifi1i 3ihn ililiCI
~ Bank of Baroda
a =
b) Details of stressed loans transferred is as under:
(t In Lakhs)
Details of stressed loans (NPA Accounts) transferred during the period
01st April 2022 to 31st December 2022
To To permitted To other
ARCs transferees transferees
No. of NPA accounts 4 - -
Accreoate principal outstandinq of loans transferred 12873 r -
Weiohted averaqe residual tenor of the loans transferred r r r
Net book value of loans transferred (at the time of 482 r -
transfer)
Aaareqate consideration 8067 r -
Additional consideration realized in respect of accounts - - -
transferred in earlier years
Quantum of excess provision reversed to the profit & loss 7585 r r
account on account of sale of stressed loans
c) Details of stressed Loan (NPAs) Acquired during FY 2022-23- Nil

d) The Distribution of the SRs held across the various categories of Recovery Ratings
assigned to such SRs by the credit Rating Agencies as on 31.12.2022
Recovery Rating Band Book Value (f In Lakhs)
RR1 77.67
RR2 64.51
RR3 89.84
RR4 20.56
RR5 9.69
Rating withdrawn 744.92
Grand Total 1007.19

20. Other income of the Bank includes recoveries made in written off accounts, commission/fee
income on non-fund based banking activities, earnings from foreign exchange transactions,
profit and loss on revaluation of investments, profit and loss on sale of investments and
dividends from subsidiaries etc.
21. Notes on Segment Reporting:-
a. As per the guidelines of the RBI on compliance with the Accounting Standards, the bank has
adopted "Treasury Operations", "Wholesale", "Retail" and "Other Banking Operations", as
primary business segments and "Domestic" and "International" as secondary I geographic
segments for the purpose of compliance with Accounting Standard 17 on Segment Reporting
issued by ICAI.

FOR lOENTIF\CAllON ONLY

 il/i 3ll!li il{l),:1
Bank of Baroda
11 :.::: 1 ltfM.:;

b. Segment revenue represents revenue from external customers.

c. Capital employed for each segment has been allocated proportionate to the assets of the
respective segment.

22. As per RBI circular DOR.AUT.REC.12/22.01.001/2022-23 dated 07.04.2022 on

establishment of Digital Banking Units (DBUs), the Reserve Bank of India (RBI) has
prescribed reporting of Digital Banking Segment as a sub segment of Retail Banking
segment under Accounting Standard 17, Segment Reporting. During the quarter ended
December 31, 2022, the Bank has commenced 9 DBUs .Reporting of the Digital Banking as
a separate sub -segment of Retail Banking segment will be implemented by the Bank based
on the guidance to be received from the Indian Bank's Association (IBA).

23. Pursuant to proposed bipartite agreement on wage revision (due with effect from November
1, 2022), an ad hoc provision of ~ 20000 Lakhs has been made towards wage revision for
the quarter ended December 31, 2022.

24. As per the RBI Circular RBl/2005-06/421/DBOD.NO.BP.BC.89 /21.04.048/2005-06 dated

June 22, 2006, Bank has in place Floating Provision Policy approved by the Board. During
the current quarter, Bank has created a floating provision of ~17000 lakhs in accordance
with the policy.

25. Divergence in asset classification and provisioning

As per RBI Master Direction No RBI/DOR/2021-22/83

DOR.ACC.REC.No.45/21.04.018/2021-22 dated 30-08-2021 (updated as on 11-10-2022)
on financial statements-presentation and disclosures, divergence in the asset classification
and provisioning , Banks should disclose divergences , if either or both of the following
conditions are satisfied:-
a. the additional provisioning for NPAs assessed by RBI exceeds 10 percent of the
reported profit before provisions and contingencies for the reference period, and

b. the additional Gross NPAs identified by the RBI as part of its supervisory process
exceed 10 percent of the reported incremental Gross NPAs for the reference
period.
Divergence from prudential norms for the Bank, as assessed by the RBI are within threshold
limits as specified above. Hence, no disclosure is required with respect to RBl's annual
supervisory process for FY 2021-22.

FOR lDENllf !CATION ON\.V

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w1,,
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26. The comparative figures for quarter ended December 31, 2022 are the balancing figures
between reviewed figures in respect of the Nine months ended December 31, 2022 and the
published year to date figures up to September 30, 2022 which were subject to limited
review.
P6o The figures of the previous period have been regrouped/ rearranged, wherever necessary,
to conform to the current period classifications.

jiv
ing Director & CEO

r-
D ~ Lalit Tyagi
Executive Director Executive Director Executive Direct r

~
G Ramesh
Chief Financial Officer General Manager

Place: Mumbai
Date: February 3, 2023

FOR IDENTIFICATION ONLY

R. Devendra Kumar O Associates Dassani O Associates Vyas O Vyas
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SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (as amended)

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Page 3 of3
 lim:JiiJlim/li:l
Bank of Baroda
a ·::::; 1u;M44M
Regd Office: Baroda House PB No.506 Mandvi Baroda- 390006
Corporate Office: C-26 G-Block Bancra Kurla Complex Bandra (E) Mumbai- 400051

Un-audited (Reviewed) Consolidated Financial Results for the Quarter/ Nine Months Ended 3lsl December 2022
(f in lakhs)
Sr. Quarter Ended Nine Months Ended Year Ended
Particulars
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Un-Audited Un-Audited Un-Audil'ed Un-Audited Un-Audited Audited
I Interest earned (a)+(b)+(c)+(d)
2473319 2234371 1872162 6706129 5428829 7338546
(a) Interest /discount on advances/bills 1755534 1524717 1300571 4623502 3752579 5075066
(b) Income on investments 642139 608779 492330 1807893 1426082 1953607
(c) Interest on balances with Reserve Bank of India and other inter bank funds
45270 35588 29282 112693 85867 113829
(d) Others 30376 65277 49979 162041 164301 196044
2 Other Income 561948 397678 335137 1118863 1102144 1439473
3 Total Income (I+ 2)
3035267 2632049 2207299 7824992 6530973 8778019
4 Interest Expended 1316149 1149457 980012 3515171 2885976 3881547
5 Operating Expenses (a)+ (b) 747179 789096 629238 2216111 1864908 2483880
(a) Employees cost
359827 341409 325262 1027925 973648 1264383
(b) Other operating expenses 387352 447687 303976 1188186 891260 1219497
6 Total Expenditure (4+5) excluding provisions and contingencies
2063328 1938553 1609250 5731282 4750884 6365427
7 Operating Profil (3-6) before Provisions and Contingencies 971939 693496 598049 2093710 1780089 2412592
8 Provisions (other than tax) and Contingencies 354005 251714 268820 746845 980264 1411762
9 Exceptional Items
- -
10 Profit(+)/ Loss(-) from Ordinary Activities before tax (7-8-9) 617934 441782 329229 1346865 799825 1000830
11 Provision for Taxes 201323 114558 84445 389091 218616 230807
12 Net Profit(+)/ Loss(-) from Ordinary Activities after tax (10-11)
416611 327224 244784 957774 581209 770023
13 Less: Minority Interest 5025 (800) 2441 4008 6225 8329
14 Add: Share of earnings in Associates 18980 12023 4032 11237 6830 23275
15 Extraordinary items (net of tax expenses)

-
16 Net Profit(+)/ Loss(·) for the period (12-13+14+15) 430566 340047 246375 965003 581814 784969
17 Paid-up equity share capital
(Face Value on 2 each) 103553 !03553 !03553 103553 103553 !03553
18 Reserve excluding Revaluation Reserve
8371723
19 Analytical Ratios
i) Percentage of shares held by Governm ent ofIndia 63.97 63.97 63.97 63.97 63.97 63.97
ii) Capital Adequacy Ratio(%) -Basel-Ill 15.44 15.77 15.97 15.44 15.97 16.19
(a) CET 1 Ratio (%) 11.45 11.60 11.91 11.45 11.91 12.05
(b) Additional Tier I Ratio (%)
1.73 1.79 1.88 1.73 1.88 1.70
iii) Earnings Per Share
(a) Basic EPS before and after Extraordinary items net of tax expenses (not 8.33 6.58 4.76 18.66 11.25 15.18
annuali=l ) [in ~]
(b) Diluted EPS before and after Extraordinary items net of tax expenses (not 8.33 6.58 4.76 18.66 11.25 15.18
annualized) [in ~]
iv) NPA Ratios
GrossNPA
Net NPA
Not Applicable
Gross NPA to Gross Advances%
Net NPA to Net Advances%
v) Return on Assets (annualized)% 1.21 0.99 0.80 0.92 0.63 0.62
vi) Debt Equity ratio* 0.50 0.52 0.55 050 0.55 0.56
vii) Total Debt to Total Assets Ratio** 0.◊7 0.08 0.08 O.D7 0.08 0.08
viii) capital Redemption Reserv e/ Debenture Redemption Reserv e NA NA NA NA NA NA
ix) Outstanding Redeemable Preference Shares NA NA NA NA NA NA
x) Net Worth 7811338 7233156 6612553 7811338 6612553 6587468
xi) Opera ting Profit Margin% 32.02 26.35 27.09 26.76 27.26 27.48
xii) Net Profit Maraia % 14.19 12.92 11.16 12.33 8.91 8.94
• Debt represents borrowings with residual matunty of more than one year. ** Total Debt represents consolidated borrowmgs of the Group.

FllR iilfi~Ttf !CATION ONLY

 •~ am :1ii!li <1i!h:1
__, Bank ofBaroda
a ' 11,[M.!1
Un-audited (Reviewed) Consolidated Segment reporting for the Quarter/ Nine Months Ended 31st December 2022
Part A-Business Segments (tin Lakhs)
Sr. Particulars Quarter Ended Nine Months Ended Year Ended
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Un-audited Un-audited Un-audited Un-Audited Un-Audited Audited
I Segment Revenue
(a) Treasury Operations 756714 752080 642341 2087829 1981707 2524648
(b) Wholesale Banking 987362 705217 698067 2378520 2059477 2740217
(c) Retail Banking 1043698 934763 780942 2792413 2220283 3089991
(d)Other Banking Operations 247493 239989 85949 566230 269506 423163
Total Revenue 3035267 2632049 2207299 7824992 6530973 8778019
2 Segment Results
(a) Treasury Operations (21159) 166724 64811 133192 397885 389611
(b) Wholesale Banking 490709 135451 122136 774084 300595 187793
(c) Retail Banking 296083 341545 274584 942950 517478 907901
(d)Other Banking Operations 49808 (8959) 12374 14122 15924 88732
Total 815441 634761 473905 1864348 1231882 1574037
Unallocated Expenditure 183552 180156 143085 510254 431452 558261
Profit before Tax 631889 454605 330820 1354094 800430 1015776
Provision for Tax 201323 114558 84445 389091 218616 230807
Net Profit 430566 340047 246375 965003 581814 784969
3 Segment Assets
(a) Treasury Operations 47954242 47394332 44171692 47954242 44171692 47445450
(b) Wholesale Banking 55258935 51489175 45326272 55258935 45326272 48431819
(c) Retail Banking 37980787 36594514 32093962 37980787 32093962 33666236
(d)Other Banking Operations 2512125 2338933 1151893 2512125 1151893 2261108
(e) Unallocated 2140601 2055081 1961106 2140601 1961106 2209096
Total Assets 145846690 139872035 124704925 145846690 124704925 134013709
4 Segment Liabilities
(a) Treasury Operations 44581197 44090540 41038779 44581197 41038779 44193005
(b) Wholesale Bankin g 51372086 47899937 42111470 51372086 42111470 45111757
(c) Retail Bankin g 35309263 34043562 29817672 35309263 29817672 31358373
(d)Other Banking Operations 2335425 2175889 1070194 2335425 1070194 2106106
(e) Unallocated 1990034 1911824 1822013 1990034 1822013 2057660
Total Liabilities 135588005 130121752 115860128 135588005 115860128 124826901
5 Capital Employed
(a) Treasury Operations 3373045 3303792 3132913 3373045 3132913 3252445
(b) Wholesale Banking 3886849 3589238 3214802 3886849 3214802 3320062
(c) Retail Banking 2671524 2550952 2276290 2671524 2276290 2307863
(d)Other Banking Operations 176700 163044 81699 176700 81699 155002
(e) Unallocated 150567 143257 139093 150567 139093 151436
Total Capitol Employed 10258685 9750283 8844797 10258685 8844797 9186808

Part- B • Geooraohic Seoments

Sr. Particulars Quarter Ended Nine Months Ended Year Ended
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Un-audited Un-audited Un-audited Un-Audited Un-Audited Audited
I Revenue
(a) Domestic 2725221 2466161 2063180 7186899 6127987 8242625
(b) International 310046 165888 144119 638093 402986 535394
Total 3035267 2632049 2207299 7824992 6530973 8778019
2 Assets
(a) Domestic 122886726 118213722 106026252 122886726 106026252 112294306
(b) International 22959964 21658313 18678673 22959964 18678673 21719403
Total 145846690 139872035 124704925 145846690 124704925 134013709

FOft IDENTIFICATION ONLY

STATEMENT OF ASSETS & LIABILITIES (~in Lakhs)
Consolidated
Particulars Ason Ason Ason
31st Dec 2022 31st Dec 2021 31st Mar 2022
Un-audited Un-audited Audited
CAPITAL & LIABILITIES
Capital 103553 103553 103553
Reserves and Surplus 10155132 8741243 9083255
Minority Interest 92811 48846 75778
Deposits 117939313 100775302 107580444
Borrowings 10737124 9607672 1095261 I
Other Liabilities and Provisions 6818757 5428309 6218068
TOTAL 145846690 124704925 134013709
ASSETS
Cash and Balances with Reserve Bank of India 5187479 6258840 7277494
Balances with Banks and Money at Call and Short Notice 4773701 4272310 5745366
Investments 38330906 32850786 34758710
Advances 91244048 75157217 79728094
Fixed Assets 921415 770677 1018806
Other Assets 5298063 5372704 5394161
Goodwill on Consolidation 91078 22391 91078
TOTAL 145846690 124704925 134013709
NOTES TO CONSOLIDATED FINANCIAL RESULTS:

1. The above consolidated financial results of Bank of Baroda (hereinafter referred as "Bank") including
Subsidiaries (hereinafter referred as "Group"), Joint Ventures and Associates have been
recommended by the Audit Committee of Board and approved at the meeting of the Board of
Directors held on February 3, 2023. The same has been subjected to limited review by Statutory
Central Auditors of the Bank in line with the guidelines issued by the Reserve Bank 9f India and as
per SEBI (Listing Obligations & Disclosure Requirements) Regulation, 2015, as amended thereafter.

2. The above consolidated financial results are prepared in accordance with, Accounting Standard 21
on "Accounting for Consolidated Financial Statements", Accounting Standard 23 on Accounting for
"Investment in Associates", Accounting Standard 25 on "Interim Financial Reporting" and Accounting
Standard 27 on "Financial Reporting of Interest in Joint Venture" issued by ICAI.

3. The group has continued to follow the same accounting policies and practices in preparation of
financial results for the quarter I nine months ended December 31, 2022 as followed in the previous
financial year ended March 31, 2022.The Bank had, in the quarter ended June 30,2022, implemented
the Hedge accounting for derivative contracts in respect of overseas investments made by
International territories of the Bank in accordance with the Guidance Note on Accounting for
derivative contracts issued by ICAI (GN). Hitherto, i.e. upto financial year 2021-22, the accounting for
such contracts was being done as per Accounting standard 11. "The effects of charges in foreign
exchange rates" issued by ICAI.

During the quarter ended December 31, 2022, the Bank has implemented the Hedge accounting in
accordance with GN in respect of outstanding capital hedging deals towards net investments in
overseas branches.
/
Consequent to the said implementation, there is a positive impact on net profit after tax by ~ 1683
lakh and ~15655 lakh for the quarter and nine months ended December 31, 2022 respectively.

4. The above financial results have been arrived at after considering necessary provision for Non-
Performing Assets (NPAs), standard assets, restructured assets, Unhedged foreign currency
exposure, depreciation/amortisation on investments & fixed assets, income tax, deferred tax,
employee benefits and provisions for other items/assets are made on estimated basis and subject to
adjustments, if any, at the year end.
 -)hf 3itg;ifkr
WY Bank of Baioda
a . ~ 111~-.. ~1-
6. The Consolidated Financial Results comprises the financial results of 8 Domestic Subsidiaries, 7
Overseas Subsidiaries, 2 Joint Ventures and 4 Associates including 3 Regional Rural Banks (RRBs)
as under:-
A. Subsidiaries I Country of Type Percentage
! lncorporati of Holding
on
i The Nainital Bank Limited India · Banking 98.57%
ii BOB Financial Solutions Limited ! India Non-Banking 100%
'
iii BOB Capital Markets Limited India Non-Banking 100%
iv Baroda Global Shared Services Limited India Non-Banking 100%
V Baroda Sun Technologies Limited India Non-Banking 100%
vi Baroda BNP Paribas Asset Management India Non-Banking 50.10%
India Private Limited (formerly known as BNP
Paribas Asset Management India Private
Limited)
vii Baroda BNP Paribas Trustee India Private India Non-Banking 50.10%
Limited (formerly known as Baroda Trustee
India Private Limited)
viii lndiaFirst Life Insurance Company Limited India Non-Banking 65.00%
ix Bank of Baroda (Uganda) Limited Uganda Banking 80%
( consolidated)
Baroda Capital Markets (Uganda) Limited Uganda Non-Banking 100%
(Subsidiary of Bank of Baroda (Uganda)
Limited.
X Bank of Baroda (Kenya) Limited Kenya Banking 86.70%
xi Bank of Baroda (Botswana) Limited Botswana Banking 100%
xii Bank of Baroda (New Zealand) Limited New Banking 100%
Zealand
xiii Bank of Baroda (Guyana) Inc. Guyana Banking 100%
xiv Bank of Baroda (UK) Limited United Banking 100%
Kingdom
xv Bank of Baroda (Tanzania) Limited Tanzania Banking 100%
B. Joint Ventures
i India lnfradebt Limited India Non-Banking 40.99%
--····-..------··
ii India International Bank (Malaysia) Berhad Malaysia Banking 40%
C. Associates
i Baroda U.P. Bank India RRB 35%
-'4/'":::,o1·L ii Baroda Rajasthan Kshetriya Gramin Bank India RRB 35%
,G \,;: •••
Ill Baroda Gujarat Gramin Bank India RRB 35%
iv lndo Zambia Bank Limited Zambia Banking 20%
··-·-·-·····-- ·I

"
.,"- R IDENTIFICATION OPILY
~
- -- - - -
7. In terms of Reserve Bank of India (RBI) guidelines, Pillar 3 disclosures including leverage ratio,
liquidity coverage ratio and Net stable funding ratio (NSFR) under the Basel- Ill framework are being
made available on our website "https://www.bankofbaroda.in/shareholders-corner/disclosures-
under-basel-iii". These disclosures have not been subjected to Review by Statutory Central Auditors
of the Bank.

8. As per Directions of RBI vide letter no 10655/21.04.048/2018-19 dated 21.06.2019 disclosure with
respect to accounts kept as standard due to the Court order, 02 (Two) accounts are classified as
Standard as per Court orders, with aggregate outstanding of ~ 22652 lakhs against which the Bank
is holding provision of~ 6070 lakhs as on December 31, 2022 as per IRAC norms, including provision
for unrealized interest.

9. The Bank is holding additional provision of~ 42062 lakhs as of December 31, 2022 over and above
the IRAC norms in certain stressed standard advances on prudent basis.

10. Based on the available financial statements and the declarations from borrowers, the Bank has
estimated the liability for Unhedged Foreign Currency in terms of RBI circular DBOD.No.BP.BC.85/
21.06.200/2013-14 dated January 15, 2014 and is holding a provision of~ 20968.53 lakhs as on
December 31, 2022.

11. As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR.No.BP.1906/21.04.048/2017-

18 dated June 23, 2017 and August 28, 2017 respectively, for the accounts covered under the
provisions of Insolvency and Bankruptcy Code (IBC), the Bank is holding total provision of ~735694
lakhs (100% of total outstanding) as on December 31, 2022 (~762219 Lakhs i.e. 100% of total
outstanding as on September 30,2022).

12. Bank has estimated the additional liability on account of revision in family pension for employees as
per IBA Joint Note dated November 11, 2020, amounting to t 145441 lakhs. However, RBI vide their
Circular RBl/2021-22/105 DOR.ACC.REC.57/21.04.018/2021-22 dated 4th October 2021, has
permitted Banks to amortize the said additional liability over a period of not exceeding 5 (five) years,
beginning with financial year 2021-22, subject to a minimum of 115th of the total amount being
expensed every year. Bank has opted the said provision of RBI and accordingly charged an amount
of ~ 7272 lakhs & ~ 21816 lakhs to the Profit & Loss account for the Quarter and Nine ended
December 31, 2022 respectively and the balance unamortized expense of ~94537 lakhs has been
carried forward. Had the Bank charged the entire additional liability to the Profit and Loss Account,
the net profit (after tax) for the Quarter and nine months ended December 31, 2022 would have been
lower by ~70742 lakhs.

:· •rflFIC:AilQN ONLY

~ ,. J f.'
 -) IJi1i 3ll!li dt/)t:J
~ Bank of Baroda

13. In accordance with RBI Circular No. DBR.No.BP.BC.18/21.04.048/2018-19 dated 01.01.2019, RBI
circular No DOR. No. BP. BC. 34/21.04.048/2019-20 dated 11.02.2020 & RBI circular No DOR. No.
BP. BC/4/21.04.048/2020-21 dated 06.08.2020 and DOR.STR.REC.12/21.04.048/2021-22 dated 5th
May 2021 on "Restructuring of Advances - Micro, Small and Medium Enterprises (MSME) Sector (One
Time Restructuring)", the details of MSME restructured borrowers is as under:

(In~ Lakhs)
No of Borrowers Amount as on 31.12.2022
84158 604967

14. In accordance with the RBI Cir. No.DOR.STR.REC.11/21.04.048/2021-22 dated 05.05.2021 on

"Resolution Framework - 2.0: Resolution of COVID - 19 related stress of Individuals and Small
Business", the number of borrower accounts where modification were sanctioned and
implemented and the aggregate exposure to such borrowers are as under:-
(ln ~ Lakhs)

No of Borrowers Aggregate exposure as on 31.12.2022

5960 56490

15. As per RBI circular no. RBl/2018-19/203 ·osR.No.BP.BC.45/21.04.048/2018-19 dated June 7, 2019
on Prudential Framework for Resolution of Stressed Assets, guidelines for implementation of
Resolution Plan have been issued which also contain requirements of additional provisions as per
para 17 of this RBI circular. The Bank is holding additional provision of~ 138951 lakhs as on
31.12.2022 in 19 nos. of accounts as detailed below.
(In~ Lakhs)
Amount Amount of Amount of Provision Additional Provision held
of Loans Loans to be Loans as on held as on provision/ (reversal) as on
impacted classified 31.12.2022 out 30.09.2022 made during 31.12.2022
by RBI as NPA of (B) classified quarter ended
Circular (B) as NPA 31.12.2022
(C) (D) (E) (F)
(A)
410341 290956 290956 187852 (48901) 138951

16. As per the RBI circular no. RBl/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18,
2016 the Bank has opted to provide the liability for frauds over a period of four quarters. Accordingly,
the carry forward provision as on December 31, 2022 is ~5593 lakhs which is to be amortised in the
subsequent quarters by the Bank.
 a =
18. Number of Investors' complaints pending at the beginning of the quarter was 5. The Bank has
received 375 Investors' complaints during the quarter ended December 31, 2022. 377 complaints
have been disposed off during the quarter. There are 3 pending Investors' complaints at the end of
the quarter.

19. Details of Priority Sector Lending Certificate (PSLC) purchased and sold are as under:

Particulars Amount In ~ Lakhs

PSLC Purchased
During Q3 (From 01.10.2022 to 31.12.2022) -
Cumulative till Q3 (From 01.04.2022 to 31.12.2022) -
PSLC Sold
During Q3 (From 01.10.2022 to 31.12.2022) -
Cumulative till Q3 (From 01.04.2022 to 31.12.2022) 100000

20. Disclosure as per the RBI Master directions ref no RBI/DOR/2021-22/86

DOR.STR.REC.51/21.04.048/2021-22 "Master Direction - Reserve Bank of India (Transfer of Loan
Exposures) Directions, 2021" dated 24.09.2021 is as under:

a) In respect of "loan accounts not in default" # acquired from other entities as per the para 86 of
Transfer of Loan Exposure guidelines.
Reporting for the Nine Months ended 31.12.2022
Particulars Values
(i) Loans acquired through "assignment"
- Aggregate amount of loans acquired R in lakhs) 507584
- WeiQhted averace residual maturity (In months) 83
- WeiQhted averace holdino period (In Months) 11
- Weighted average Retention of beneficial economic interest by
the transferor 9.94%
- Tangible security coverage of secured loans (times) 2.50
- Rating (CIC) wise distribution of rated loans (% of rated loans
acquired)

-- Individual rating (wherever a1212licable)

-- 650 & above upto 750 46.80%
--Above 750 53.20%
-- CMR rating (wherever applicable)
-- CMR 4 & CMR 5 65.92%
-- Upto CMR 3 34.08%
(ii) Loans acquired through "novation" NIL
(iii) Loans acquired through "Loan participation" NIL

FOR IDENTIFICATION ONLY

 tifi 3ll!li m/it:1
Bank ofBaroda
a =
b) Details of stressed loans transferred is as under: (~ In Lakhs)
Details of stressed loans (NPA Accounts) transferred during the period
01st April 2022 to 3pt December 2022
To To permitted To other
ARCs transferees transferees
No. of NPA accounts 4 - -
Aoqrecate principal outstandinq of loans transferred 12873 - -
Weiqhted averaqe residual tenor of the loans transferred - - -
Net book value of loans transferred (at the time of 482 - -
transfer)
Aaaregate consideration 8067 - -
Additional consideration realized in respect of accounts - - -
transferred in earlier years
Quantum of excess provision reversed to the profit & loss 7585 - -
account on account of sale of stressed loans

c) Details of stressed Loan (NPAs) Acquired during FY 2022-23 - Nil

d) The Distribution of the SRs held across the various categories of Recovery Ratings assigned to
such SRs by the credit Rating Agencies as on 31.12.2022

Recovery Rating Band Book Value (f In Lakhs)

RR1 77.67
RR2 64.51
RR3 89.84
RR4 20.56
RR5 9.69
Rating withdrawn 744.92
Grand Total 1007.19

21. Other income of the Bank includes recoveries made in written off accounts, commission/fee income
on non-fund based banking activities, earnings from foreign exchange transactions, profit and loss
on revaluation of investments, profit and loss on sale of investments and dividends from subsidiaries
etc.

22. Notes on Segment Reporting

a. As per the guidelines of the RBI on compliance with the Accounting Standards, the Bank has
adopted "Treasury Operations", "Wholesale", "Retail" and "Other Banking Operations", as primary
business segments and "Domestic" and "International" as secondary / geographic segments for
the purpose of compliance with Accounting Standard 17 on Segment Reporting issued by ICAI.
b. Segment revenue represents revenue from external customers.
--=-.c-=:=,....
FOR IDENTIFICATION ONLY
.. -·--·~
' :-~~-.
 "11 3ll!li iJQh;J
Bank of Baroda
a : lh[M:JM
c. Capital employed for each segment has been allocated proportionate to the assets of the
respective segment.

23. As per RBI circular DOR.AUT.REC.12/22.01.001/2022-23 dated 07.04.2022 on establishment of

Digital Banking Units (DBUs), the Reserve Bank of India (RBI) has prescribed reporting of Digital
Banking Segment as a sub segment of Retail Banking segment under Accounting Standard 17,
Segment Reporting. During the quarter ended December 31, 2022, the Bank has commenced 9
DBUs.Reporting of the Digital Banking as a separate sub -segment of Retail Banking segment will
be implemented by the Bank based on the guidance to be received from the Indian Bank's
Association {IBA).

24. Pursuant to proposed bipartite agreement on wage revision ( due with effect from November 1, 2022),
an ad hoc provision of ~ 20000 Lakhs has been made towards wage revision for the quarter ended
December 31, 2022.

25. As per the RBI Circular RBl/2005-06/421/DBOD.NO.BP.BC.89 /21.04.048/2005-06 dated June 22,
2006, Bank has in place Floating Provision Policy approved by the Board. During the current quarter
Bank has created a floating provision of ~17000 lakhs in accordance with the policy.

26. Divergence in asset classification and provisio"ning

As per RBI Master Direction No RBI/DOR/2021-22/83 DOR.ACC.REC.No.45/21.04.018/2021-22

dated 30-08-2021 ( updated as on 11-10-2022) on financial statements - presentation and disclosures
, divergence in the asset classification and provisioning , Banks should disclose divergences , if either
or both of the following conditions are satisfied:-

a. the additional provisioning for NPAs assessed by RBI exceeds 10 percent of the reported
profit before provisions and contingencies for the reference period, and

b. the additional Gross NPAs identified by the RBI as part of its supervisory process exceed 10
percent of the reported incremental Gross NPAs for the reference period.

Divergence from prudential norms for the Bank, as assessed by the RBI are within threshold limits
as specified above. Hence, no disclosure is required with respect to RB l's annual supervisory process
for FY 2021-22.

FOR 10ENTIFICATION ONlY

 •1 tili 3ll!li iJsh;/
._, Bank of Baroda
'1 = !lu•M,:.!M

28. The figures of the previous period have been regrouped/rearranged, wherever necessary, to conform
to the current period classification.

j
Ma ging Director & CEO

Aj~na
E:e~~~rector
D
Executive Director
?½ Joydeep Dutta Roy
Executive Director
Lalit Tyagi
Executive Director

~a,}h ...
lanD::::o G Ramesh
Chief Financial Officer General Manager

Place: Mumbai
R. Devendra Kumar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants
205, Blue Rose Industrial Estate, 1- B Sagar Matha Apartment, 310 ,Creative Industrial Estate,
Western Express Highway, 18/7, MG Road, N M Joshi Marg, Lower Pa rel
Borivali (East), Mumbai - 400 066 Indore - 452 001 Mumbai - 400 011

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants
12-8 Baldota Bhawan, 5th Floor II Floor, 218, T.T.K. Road,
117, Maharshi Karve Road Alwarpet,
Churchgate, Mumbai -400 020 Chennai - 600 018

Independent Auditor's Review Report on Unaudited Consolidated Financial Results of Bank of Baroda for the
quarter and nine months ended December 31, 2022 pursuant to the Regulation 33 and 52 of SEBl (Listing
Obligations and Disclosures Requirements) Regulations, 2015 (as amended)

To
The Board ofDirectors
Bank of Baroda
Mumbai

I. We have reviewed the accompanying Statement ofConsolidated Unaudited Financial Results ofBank of Baroda
("the Parent"/ "the Bank") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"),
its Joint Ventures and its share of the net profit/(loss) after tax of its associates for the quarter and nine months
ended December 31, 2022 ("the Statement"), being submitted by the Parent pursuant to the requirement of
Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended ("the Regulations") except for the disclosures relating to 'Consolidated Pillar 3 as at December 31,
2022 including Leverage Ratio, liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under Basel III
Capital Regulations' as disclosed on the Bank's website and in respect of which a link has been provided in the
aforesaid Statement and have not been reviewed by us.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of
Directors, has been prepared in accordance with the recognition and measurement principles laid down in
Accounting Standard 25 "Interim Financial Reporting" ("AS 25"), issued by Institute of Chartered Accountants
oflndia, the relevant provisions of the Banking Regulation Act, 1949, the circulars, guidelines and directions
issued by the Reserve Bank oflndia (RBI) from time to time ("RBI Guidelines") and other accounting principles
generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
R. Devendra Kumar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants

3. We conducted our review ofthe Statement in accordance with the Standard on Review Engagements (SRE) 2410
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the
Institute of Chartered Accountants of India. A review of interim financial information consists of making
inquiries, primarily ofpersons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
The financial results of the Parent incorporate the relevant returns of 20 domestic branches and Specialised
Integrated Treasury branch reviewed by us and 26 foreign branches reviewed by local auditors offoreign branches
specially appointed for this purpose.

In the conduct of our review of the Parent, we have also considered the review reports in respect of non­
performing assets submitted by the concurrent auditors of362 domestic branches to the Bank Management ofthe
Parent included in the Group. Apart from these review reports, we have also considered various management
certified returns received from the Branches and Zonal offices of the Parent.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) ofthe
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities:

A. Parent
Bank of Baroda

B. Subsidiaries
I. The Nainital Bank Limited
2. BOB Financial Solutions Limited
3. BOB Capital Markets Limited
4. Baroda Global Shared Services Limited
5. Baroda Sun Technologies Limited
6. Baroda BNP Paribas Asset Management India Private Limited
7. Baroda BNP Paribas Trustee India Private Limited (formerly known as Baroda Trustee India Private
Limited)
8. IndiaFirst Life Insurance Company Limited
R. Devendra Kumar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants

9. Bank of Baroda (Uganda) Limited *#, Baroda Capital Markets (Uganda) Limited (wholly owned
subsidiary of Bank ofBaroda (Uganda) Limited)
10. Bank of Baroda (Kenya) Limited #
11. Bank ofBaroda (Botswana) Limited#
12. Bank of Baroda (New Zealand) Limited#
13. Bank ofBaroda (Guyana) Inc.#
14. Bank ofBaroda (UK) Limited #
15. Bank ofBaroda (Tanzania) Limited#

C. Joint Ventures
I. India Infradebt Limited
2. India International Bank (Malaysia) Bhd #

D. Associates
I. Baroda U.P. Bank
2. Baroda Rajasthan Kshetriya Gramin Bank
3. Baroda Gujarat Gramin Bank
4. lndo Zambia Bank Limited #
# Incorporated/located outside India
* Based on Consolidated financial Statements

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration ofthe review report ofthe other auditors referred to in paragraph 7 below, nothing has come to our
attention that causes us to believe that the accompanying Statement read with notes to financial results, prepared
in accordance with the recognition and measurement principles laid down in the aforesaid Accounting Standards,
RBI Guidelines and other accounting principles generally accepted in India, has not disclosed the information
required to be disclosed in terms of Regulations including the manner in which it is to be disclosed, except for
the disclosures relating to consolidated Pillar 3 disclosure as at December 31, 2022, including leverage ratio ,
liquidity coverage ratio and Net Stable Funding Ratio (NSFR) under Basel III Capital Regulations as disclosed
on the Bank's website and in respect of which a link has been provided in the Statement and have not been
reviewed by us, or that it contains any material misstatement.
R. Devendra Kum ar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants

Emphasis of Matter
6. We draw attention to the following:

a) Note No. 12 of the of the Statement regarding amortization of additional liability on account of revision in
family pension amounting to~ 145441 lakhs. The Bank has charged an amount of~ 7272 lakhs and t 21816
Lakhs to the Profit and Loss Account for the quarter and nine months ended December 31, 2022 respectively
and the balance unamortized expense on 94537 lakhs has been carried forward in terms ofRBI Circular no.
RBl/2021-22/105 DOR.ACC.REC.57/21.04.0 I 8/2021-22 dated October 4, 2021.
b) Note No. 16 ofthe Statement relating to deferment of provision oft 5593 lakhs pertaining to fraud accounts
identified till December 31, 2022 which is to be amortised in the subsequent quarters by the Bank in terms
ofRBl Circular no. RBI/2015-16/376 DBR No. BP.BC.92/21.04.048/2015-16 dated April 18, 2016.
Our conclusion is not modified in respect ofthese matters.

Other Matters
7. We did not review the interim financial information of26 foreign branches included in the standalone unaudited
financial results ofthe Parent included in the Group, whose results reflect total revenues of~ 172382 lakhs and ~
449736 lakhs for the quarter ended December 3 I, 2022 and for the period from April 1, 2022 to December 31,
2022 respectively, as considered in the respective standalone unaudited financial results of the entities included
in the Group. These interim financial information have been reviewed by other auditors whose reports have been
furnished to us and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included
in respect of these branches is based solely on the reports of other auditors and the procedures performed by us
as stated in paragraph 3 above.

We did not review the interim financial information of 8 subsidiaries ( 2 domestic and 6 foreign subsidiaries) and
I joint venture (Domestic) .included in the consolidated unaudited financial results, whose interim financial
information reflect total revenues on 118713 lakhs and ~ 306241 lakhs and total net profit after tax on 30210
lakhs and ~ 55419 lakhs for the quarter ended December 31, 2022 and for the period from April 1, 2022 to
December 31, 2022 respectively, as considered in the consolidated unaudited financial results. The consolidated
unaudited financial results also include Group's share of net profit/(loss) after tax of~ 17447 lakhs and ~ 7496
lakhs for the quarter ended December 3 I, 2022 and for the period from April I, 2022 to December 31, 2022
respectively, as considered in the consolidated unaudited financial results, in respect of 3 Associates, whose
financial results have not been reviewed by us. These interim financial Information have been reviewed by other
I,

auditors whose reports have been furnished to us by the Management and oµr conclusion on the Statement, in so
,, '
R. Devendra Kum ar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants

far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint ventures and
Associates is based solely on the reports of the other auditors and the procedures performed by us as stated in
paragraph 3 above.

In the case of foreign subsidiaries, the financial information has been prepared in accordance with accounting
principles generally accepted in their respective countries and has been reviewed by the other auditors under
generally accepted standards on review engagements as applicable in their respective countries. The Company's
management has converted the financial information of such subsidiaries from accounting principles generally
accepted in their respective countries to accounting principles generally accepted in India and these conversion
adjustments have been reviewed by the other auditors. Our Conclusion in so far as it relates to the balances of
such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments
prepared by the management of the Company and reviewed by the other auditors.

Our conclusion on the Statement is not modified in respect of the above matters.

8. The consolidated unaudited financial results include the interim financial information which have not been
reviewed of8162 Branches (8157 domestic branches and 5 foreign branches) included in the standalone unaudited
financial results ofthe Parent included in the Group, whose results reflect total revenues of t 1195405 lakhs and
t 3128274 lakhs for the quarter ended December 31, 2022 and for the period from April 1, 2022 to December 31,
2022 respectively, as considered in the standalone unaudited financial results ofthe Parent included in the Group.
Based on our review ofthe Parent conducted as per para 3 above and according to the information and explanation
given to us by the management, these interim financial information are not material to the Group.

The consolidated unaudited financial results includes the interim financial information of 7 subsidiaries (6
domestic subsidiaries and I foreign subsidiaries) and I joint ventures which have not been reviewed by their
auditors, whose interim financial information reflect total revenues oft 230087 lakhs and t 561928 lakhs and
total net profit/(loss) after tax on7085 lakhs and t (3081) lakhs for the quarter ended December 31, 2022 and
for the period from April 1, 2022 to December 31, 2022 respectively, as considered in the consolidated unaudited
financial results. The consolidated unaudited financial results also include the Group's share of net profit after
tax oft 1533 lakhs and t 3741 lakhs in respect of 1 Associate for the quarter ended December 31, 2022 and for
the period from April 1, 2022 to December 3 I, 2022 respectively, as considered in the consolidated unaudited
financial results based on their interim financial information which have not been reviewed by their auditors.
 R. Devendra Kum ar & Associates Dassani & Associates Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants

Khandewal Jain & Co S Venkatram & Co LLP

Chartered Accountants Chartered Accountants

According to the information and explanations given to us by the Management, these interim financial information
are not material to the Group.

9. The consolidated Financial statements of the Bank for the previous year ended March 31,2022 were audited by
the joint auditors two of whom are predecessor audit firms and have expressed unmodified opinion on such
Financial statements. Further the unaudited financial results of the Bank as per Securities Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended, for the quarter and nine
months ended on December 31,2021 and for the quarter ended on September 30, 2022 were reviewed by thejoint
auditors two of which are predecessor audit firms and have expressed their unmodified conclusions on such
results.
Our conclusion on the Statement is not modified in respect of the above matters.

For R. Devendra Kumar & Associates For Dassani & Associates For Vyas & Vyas
Chartered Accountants Chartered Accountants Chartered Accountants
FRN: ]]4207W FRN: 009096C FRN: 000590C

Partner
M. No.: 409458
UDIN:23409458BGWKWZ8128

For Khandewal Jain & Co For S Venkatram & Co LLP

Chartered ~ccountants Chartered Accountants
FRN: 105049W FRN: 004656S

Date: February 3, 2023

Place : Mumbai

Page 6 of 6
 KHANDELWAL JAIN & CO.
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et CHARTERED ACCQU NTANTS
6-B&C, Pil Court, 6th Floor,
12-B, Boldoto Bhovcn, 5th Floor,
111, M. Korve Rood, Churchgote,
117, M. Korve Road, Churchgote,
Mumbai - 400 020.
Tel.: (+91-22) 4311 5000 Mumbai - 400 020.
Fox: 4311 5050 Tel.: (+91-22) 4311 6000
Fox: 4311 6060

INDEPENDENT AUDITORS' CERTIFICATE

Independent Auditors' Certificate for Security Cover and Compliance with

Covenants as at December 31, 2022 in respect of listed debt securities pursuant to
the requirements of Regulation 54 read with Regulation 56(1){d) of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended and SEBI
Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022.

To,
The Board of Directors, IDBI Trusteeship Services Canara Bank,
Bank of Baroda, Ltd. ET & T Section,
Baroda Corporate Centre, Asian building, FM& S Wing,
C-26, G Block, Ground Floor, Head Office, No. 112,
Sandra Kurla Complex, 17, R. Kamani Marg, JC Road,
Sandra East, Ballard Estate, Bangalore - 560002.
Mumbai - 400051. Mumbai - 400001.
Centbank Financial Catalyst Trusteeship Axis Trustee Services
Services Limited, Limited, Limited,
3rd Floor(East Wing), 'GOA House', Plot No. - 85 Axis House, Ground Floor,
Central Bank of India MMO Bhusari Colony (Right), Bombay Dyeing Mills
Building, 55 M.G. Road, Paud Road, Pune - 411038 Compound,
Fort, Mumbai - 400001. Pandurang Budhkar Marg,
Worli, Mumbai - 400025.

1. This Certificate is issued in accordance with the terms of our engagement letter
dated January 25, 2023 with Bank of Baroda (the "Bank")

2. We, Khandelwal Jain & Co., Chartered Accountants, are Joint Statutory Auditors of
the Bank and have been requested by the Bank to examine the accompanying
Annexure showing 'Security Cover and Compliance with Covenants' as at
December 31, 2022 in respect of unsecured Bonds issued on Private Placement
basis (the "Annexure") which has been prepared by the Bank from the unaudited
financial results and other relevant records and documents maintained by the Bank
as at and for the nine months period ended December 31, 2022 pursuant to the

Page 1 of 5
KHANDELWAL JAIN & CO. CONTINUATION SHEET
CHARTERED ACCOUNTANTS

requirements of the Regulation 54 read with Regulation 56(1 )(d) of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended,(the "SEBI Regulations"), and has been initialed by
us for identification purpose only.

This certificate is required by the Bank for the purpose of submission to the
Debenture Trustees of the Bank and the Stock Exchanges to ensure compliance
with the SEBI Regulations and SEBI Circular SEBI/HO/MIRSD/
MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022 (the circular) in respect of its
unsecured Bonds as at December 31, 2022 ("Debentures"). The Bank has entered
into agreement(s) with the Debenture Trustees ("Debenture Trust Deed) in respect
of such unsecured bonds issued on private placement , as Indicated in the
Annexure.

3 Management's Responsibility
It is the responsibility of the management to compute I extract the data related to
Security Cover from the books of accounts of the Bank based on the unaudited
financial results and other relevant records and documents maintained by the Bank
as at and for the nine months period ended December 31, 2022. The responsibility
includes designing, implementing and maintaining internal control relevant to the
preparation and presentation of the data of Security Cover and applying an
appropriate basis of preparation. This responsibility includes compliance with
maintenance of Security cover pursuant to the requirements of Regulation 54 read
under Reg 56(1)(d) of the SEBI Regulations and Circular No. SEBI/HO/MIRSD/
MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022. This responsibility includes
compliance with all the covenants of Information Memorandum and Debenture
Trust Deed in respect of unsecured Bonds issued on Private Placement basis.

As per clarification received from NSE, entities having only unsecured debt
securities are required to submit a "NIL" report in the prescribed format with
reference to SEBI Circular no. SEBI/HO/MIRSD/MIRSD_CRADT/ CIR/P/2022/67
dated May 19, 2022.

The Management is also responsible for complying with various provisions of

Reserve Bank of India guidelines, applicable Accounting Standards, The Banking
Regulation Act, 1949 and conditions stated in the SEBI Regulations.

Page 2 of 5
KHANDELWAL JAIN & CO. CONTINUATION SHEET
CHARTERED ACCOUNTANTS

4 Auditors' Responsibility
Pursuant to the requirements, our responsibility is to provide a reasonable
assurance in the form of an opinion based on the unaudited financial results and
other relevant records and documents with respect to the data of Security Cover as
laid down in Annexure as at December 31, 2022 pursuant to the requirements of
Regulation 54 read under Reg 56(1 )(d) of the SEBI Regulations and Circular No.
SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022, and form of
an opinion based on our examination of books and records as to whether the Bank
has complied with covenants of Information Memorandum in respect of unsecured
Bonds issued on Private Placement basis.

5 We conducted our examination of the Annexure in accordance with the Guidance

Note on Reports or Certificates for Special Purposes issued by the Institute of
Chartered Accountants of India (ICAI) in so far applicable for the purpose of the
certificate. The Guidance Note requires that we comply with the ethical
requirements of the Code of Ethics issued by the Institute of Chartered Accountants
of India.

6 We have complied with the relevant applicable requirements of the Standard on

Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews
of Historical Financial Information, and Other Assurance and Related Services
Engagements.

7 Our scope of work did not involve us performing audit tests for the purposes of
expressing an opinion on the fairness or accuracy of any of the financial information
or the financial results of the Bank taken as a whole and verification of compliance
with other requirements of the SEBI Regulations/ other circulars, notifications, etc.,
as issued by relevant regulatory authorities from time to time, and any other laws
and regulations applicable to the Bank. We have not performed an audit, the
objective of which would be the expression of an opinion on the financial results,
specified elements, accounts or items thereof, for the purpose of this report.
Accordingly, we do not express such opinion.

8 A limited assurance engagement includes performing procedures to obtain

sufficient appropriate evidence on the applicable criteria, mentioned in paragraph 4
above. The procedures performed vary in nature and timing from and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained is substantially lower than the assurance that would have been

Page 3 of 5
KHANDELWAL JAIN & CO. CONTINUATION SHEET
CHARTERED ACCOUNTANTS

obtained had a reasonable assurance engagement been performed. Accordingly,

we have performed the following procedures in relation to the Annexure:
a) Obtained and read on a test check basis, the Debenture Trust Deeds and
the Information Memorandum in respect of the unsecured Bonds and noted
that there is no minimum Security Cover percentage prescribed therein in
respect of the such Bonds, as indicated in the Annexure.
b) Traced and agreed the principal amount of the Debentures outstanding as
at December 31, 2022 to the unaudited financial results and the books of
account maintained by the Bank as at and for nine months period ended
December 31, 2022.
c) Examined and verified the arithmetical accuracy.
d) Obtained the computation of the financial covenants as at December 31,
2022 and verified the figures included in such computation to the unaudited
financial results and other relevant records maintained by the Bank on a test
check basis.
e) Compared the financial covenants referred above with the requirements
stipulated in the Debenture Trust Deeds to verify whether such covenants
are in compliance with the requirements of the Debenture Trust Deeds on a
test check basis.
f) Obtained the bank statements and traced the date of payment of principal
and interest due during the period October 1, 2022 to December 31, 2022
on a test check basis.
g) Performed necessary inquiries with the management regarding any
instances of non-compliance with covenants or communications received
from the Trustees indicating any breach of covenants as at December 31,
2022.
h) With respect to covenants other than those mentioned in Statement. the
Management has represented and confirmed that the Bank has complied
with such covenants including affirmative, informative, and negative
covenants, as prescribed in the Debenture Trust Deeds, as at and for nine
months period ended December 31, 2022, except for covenants where the
due date for compliance has not elapsed as on date of this Report and that
such covenants shall be complied with subsequent to the date of this Report.
We have solely relied on such representation provided by the management
and have not performed any independent procedures in this regard.
i) Performed necessary inquiries with the Management and obtained
necessary representations.

Page 4 of 5
KHANDELWAL JAIN & CO. CONTINUATION SHEET
CHARTERED ACCOUNTANTS

We have obtained the list of covenants in the Information Memorandum and

Debenture Trust Deed from the management and verified the compliance with the
relevant supporting records and documents produced before us
9 Opinion
Based on our examination and procedures performed by us, as referred to in
paragraph 8 above and according to the information & explanations given to us, we
report that the data related to Security Cover as laid down in Annexure as at
December 31, 2022 has been extracted accurately from the Books of account for
the quarter and nine months period ended December 31, 2022 pursuant to the
requirements of Regulation 54 read under Reg 56(1 )(d) of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (the "SEBI Regulations") and
Circular No. SEBI/HO/MIRSD/ MIRSD_CRADT/CIR/P/2022/67 dated May 19,
2022.

Further, we report that the Bank has complied with covenants of Information
Memorandum in respect of unsecured Bonds issued on Private Placement basis.

10 Restriction on Distribution and Use

This certificate has been prepared at the request of the Bank solely for the purpose
of enabling it to comply with the requirements of the SEBI Regulations and to be
submitted with the accompanying Annexure to the Stock Exchanges and Debenture
Trustees and should not be used by any other person or for any other purpose.
Accordingly, we do not accept or assume any liability or any duty of care or for any
other purpose or to any other party to whom it is shown or into whose hands it may
come without our prior consent in writing. We have no responsibility to update this
certificate for events and circumstances occurring after the date of this certificate.

For KHANDELWAL JAIN & CO.

Chartered Accountants

Partner
Membership No. 033632
UDIN: :.l-3tJ:b 3(; 3,2 ~Ct )c. \N ({l.J 5 cl cc

Place: Mumbai
Date : February 03, 2023
Page 5 of 5
 ANNEXURE

Security C over fo r the quarter ended D ecem ber 2022 and com pliance w ith covenants in respect of
listed debt securities pursuant to the requirem ents of R egulation 54 read with R egulation 56 (1) (d) of
SE B I (Lis ting O bligations and D isclosure R equirem ents) R egulations, 2015, as am ended and C ircular
No. SEB l/ H O/M JRSD /M IR SD_C R A D T/C lR/ P/2022/67 dated M ay 19, 2022

a) Bank of Baroda has vide its Board Resolution and information memorandum/ offer documents and
under various Debenture Trist Deeds, has issued the following listed Non-Convertible Securities:

Outstanding Amount Cover Security

Private Placement
SR No ISIN
/ Public Issue
Type of charge As on 31-12-2022
(Rs. In Crs) Required Required
1 INE028A08042 Private Placement Unsecured 1,000.00 NA NA
2 INE028A08059 Private Placement Unsecured 1,000.00 NA NA
3 INE028A08125 Private Placement Unsecured 971.50 NA NA
4 INE028A08133 Private Placement Unsecured 240.00 NA NA

5 INE028A08141 Private Placement Unsecured 285.00 NA NA

6 INE028A08158 Private Placement Unsecured 460.00 NA NA

7 INE028A0815G Private Placement Unsecured 500.00 NA NA

8 INE028A08174 Private Placement Unsecured 1,650.00 NA NA

9 INE028A08182 Private Placement Unsecured 1,747.00 NA NA

10 INE028A08190 Private Placement Unsecured 920.00 NA NA

11 INE028A08208 Private Placement Unsecured 2,000.00 NA NA

12 INE028A08216 Private Placement Unsecured 764.00 NA NA

13 INE028A08224 Private Placement Unsecured 981.00 NA NA

14 INE028A08232 Private Placement Unsecured 833.00 NA NA

15 INE028A08240 Private Placement Unsecured 969.00 NA NA

16 INE028A08257 Private Placement Unsecured 188.00 NA NA

17 INE028A08265 Private Placement Unsecured 1,997.00 NA NA
18 \NE028A08273 Private Placement Unsecured 752.00 NA NA
19 INE028A08281 Private Placement Unsecured 1,000.00 NA NA
20 INE028A08299 Private Placement Unsecured 2,474.00 NA NA
21 INE028A09123 Private Placement Unsecured 500.00 NA NA
22 INE077A08064 Private Placement Unsecured 780.00 NA NA
23 INE077A08098 Private Placement Unsecured 400.00 NA NA
24 INE705A08029 Private Placement Unsecured 250.00 NA NA
25 INE705A08037 Private Placement Unsecured 500.00 NA NA

26 INE705A08052 Private Placement Unsecured 500.00 NA NA

27 INE705A08078 Private Placement Unsecured 450.00 NA NA

TOTAL 24,111.50 /

b) Monitoring of covenants:

• Compliance status with respect to financial covenants of its listed debt securities : Complied
With
• Compliance with all the covenants, in respect of listed non-convertible debt securities :
Complied With

~~
c) Security Cover for listed unsecured debt securities:

The security provided bv the listed entity provide coverage of_ times of the interest and principal
amount, which is in accordance with the terms of issue/ debenture trust deed : Not Applicable (As
per clarification received from NSE, entities having only Unsecured debt securities are required to
submit a "NIL" report in the prescribed format with reference to SEBI Circular no.
SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022)

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For Bank of Baroda For Khandelwal Jain & Co.

Chartered Accountants

~~
(S.~ n)

General Manager

Treasury Back Office Partner

~r~· M. no. 033632

- 3 FEB 2023
 fOP) ltifi 3/f!li ~f;l
1
~ Bank ofBaroda
a··=·---·~

Statement indicating utilisation and statement indicating deviation / variation in use of

proceeds of issue of listed non-convertible securities for Qtr Ending Dec, 2022

[As per Regulation 52 (7) / (7A) of SEBI (LODR) Regulations 2015 and SEBI Circular no.
SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/0000000103 dated 29th July, 2022 (updated as on
December 01, 2022))

A. Statement of utilization of issue proceeds:

Name ISIN Mode of Type of Date of Amount Funds Any If 8 is Yes,
of the Fund Instrument Raising Remarks,
Raised utilised Deviation then specify
issuer Raising if any
Funds (Rs. in (Rs. in (Yes/No)
(Public the purpose
Crores) Crores) of for which
Issues/
Private the funds
Placement) were utilised
1 2 3 4 5 6 7 8 9 10

NIL

B. Statement of deviation/ variation in use of Issue proceeds:

Particulars
Name of listed entity Remarks
Bank of Baroda
Mode of fund raisina
Not Applicable
Type of instrument
Date of raislna funds Non-Convertible Securities
Not Aoolicable
Amount raised in Rs. Crore
Not Aoeucabte
Report filed for auarter ended
31.12.2022
Is there a deviation/ variation in use of funds raised? No
Whether any approval is required to vary the objects of the issue stated
in the prospectus/ offer document?
Not Aoolicable
If yes, details of the aooroval so required?
Not Aoolicable
Date of aooroval
Not Aoolicable
Explanation for the deviation/ variation
Not Annlicable
Comments of the audit committee after review
Not Annlicable
Comments of the auditors, if any
Not Aoolicable
Objects for which funds have been raised and where there has been a deviation/ variation, in the
followlnq table:

Original Modified Modified Amount of deviation/

object, if Original Funds variation for the quarter
object allocation, if Remarks,
any allocation utilised according to applicable
any if any
object /in Rs: crore and in%)
Not Applicable
Deviation could mean:
a. Deviation in the objects or purposes for which the funds have been raised.
b. Deviation in the amount of funds actually utilized as aqainst what was oriqtnatlv disclosed.
/· ..
I ,

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~) I ...
• , ,,•
\\ ,\ :\. ·- /\/ ~_;
~ ~-:--~_,.-,,,.:. ff
Name of the Si darsan 'PJ-;;;:::::.:·.;f;_;f
Designation: General Manager - Treasury Bae r/i:J;Y
Date :11 2~ bl j 'J,,,, '1 ':I.J
V'. I

Specialized Integrated Treasury Branch, 4th & 5th Floor, Baroda Sun Tower,
C-34, G-Block, Sandra Kurla Complex, Bandra (East), MUMBAI 400 051
Tel: (022) 6759 2654 / 2656, / 2510 / 2508, Fax: (022) 6759 2509
E-mail ID: [email protected] & [email protected]