Bank of Baroda

A Story of Consistency, Credibility And Good Governance

Performance Analysis: Q4 & Full Year , 2010-11 (FY11)
Dr Rupa Rege Nitsure Chief Economist April 28, 2011

Bank of Baroda: Key Strengths

Bank of Baroda is a 102 years old State-owned Bank with modern & contemporary personality, offering banking products and services to Large industrial, SME, retail & agricultural customers across the country.
Uninterrupted Record in Profit-making and Dividend Payment Overseas Business Operations extend across 25 countries through 85 Offices Modern & Contemporary Personality
Strong Domestic Presence through 3, 364 Branches Provides Financial Services to over 39 mln Customers Globally

Pioneer in many Customer-Centric Initiatives

First PSB to receive Corporate Governance Rating (CGR-2) A well-accepted & recognised Brand in Indian banking industry

Relatively Strong Presence in Progressive States like Gujarat & Maharashtra

Robust Technology Platform with 100% CBS in Indian Branches

Domestic Branch Network

No. of Domestic Branches
3500 2926 3000 2500 2000 1500 1000 500 0 FY06 FY07 FY08 FY09 FY10 FY11 27 04 27 32 2853 3364 31 00

Banks network of domestic branches as on 31st Mar., 2011 was 3,364 & no. of ATMs were 1,561. During FY11, the Bank opened 266 new branches and merged two existing branches.

151 brs under the Brach Expansion Plan for FY11 are yet to be opened.
Bank proposes to open 500 new branches in FY12 out of which 269 brs in Tier I and II centres & 231 brs in Tier III to VI centres. Newly opened branches in FY11 are well-diversified across India though a relatively large no. of brs were opened in UP & Uttaranchal, Northern zone, Gujarat, Sothern zone, etc. Around 34.8% of Banks network at the end-FY11 was situated in rural areas.

Regional Break-up of Domestic Branches as on 31st Mar, 2011 Metro 730 Urban 631 SemiUrban 832 Rural 1,171

Robust Technology Platform

As on 31st Mar. 2011, the Banks entire domestic branch network, that is 3,364 branches and 38 extension counters were on CBS. As on 11th Apr, 2011, the Bank completed 100% CBS implementation for its overseas business.

Moreover, the Bank achieved 100% CBS implementation in its five sponsored RRBs as on 19 Mar, 2011, (1,218 branches & three extension counters in five RRBs.)
Bank has developed IT facilities for online/offline account opening through Business Correspondent under Financial Inclusion. Banks Retail & Corporate Customers enjoy several facilities under internet banking such as fund transfers to self & third party; online payment of bills & taxes, rail-ticket booking, temple donations, online subscription to IPOs/FPOs thru ASBA & institutional fee payment. Bank also offers phone banking, online money transfer services, SMS alerts, Cash Mgmt services, online institutional trading, etc. As on 31st Mar, 2011, Bank had 1,561 ATMs Metro: 642, Urban: 508, Semi-Urban: 318, Rural: 93. Mobile ATMs have been introduced in Ahmedabad, Pune, Lucknow & New Delhi. Bank has implemented Multiple Accounts being linked to a single Debit Card (verified by Visa, CVV2) and also a Mobile Number registration thru ATMs in CBS for SMS alert.

Robust Technology Platform

Internet Payment Gateway for debit/credit cards has been implemented.

Mobile Banking Baroda M Connect was partially implemented on 25th Jan, 2011 that offers facilities like balance enquiry, mini statement, linking of multiple accounts, fund transfer, bill payments, ticket booking, shopping, etc.
Anti Money Laundering (AML) has been implemented in India & 20 overseas territories. Payment Messaging Solution (PMS) is implemented in 20 overseas territories & all authorised branches in India. Integrated Global Treasury Solution has been implemented in UK, UAE, Bahamas, Bahrain, Hong Kong, Singapore, Belgium & India. All Back Office functions are effectively centralised in the Bank with the implementation of City Back Offices and five Regional Back Offices.

Bank has developed a Software for National Rural Health Mission (NRHM) for Gujarat & Rajasthan states.
Bank has also taken a Green Initiative for implementation of Solar Power General System in 64 branches.

Concentration (%): Domestic Branch Network

Rest of India, 22.73

Gujarat, 22.06 Maharashtra, 11.18

UP & Uttaranchal, 21.67 South, 11.00 Rajasthan, 11.36

Pattern of Shareholding: 31st Mar, 2011

As on 31st Mar, 2011
Indian Public 5.1% FIIs 17.1% Corp. Bodies 4.7%

Share Capital:
Others 0.2%

Rs 392.81 crore 391.55 million

No. of Shares:

Net worth:
B. V. per share:

Rs 19,750.63 crore
Rs 504.43

Return on Equity: 21.48%

BOB is a Part of the following Indexes

Insurance Cos 7.1% Mutual Funds 8.8%

BSE 100, BSE 200, BSE 500 & Bankex

Govt. of India 57.0%

Nifty Junior, BankNifty, CNX 100, CNX 500

BOBs Share is listed on BSE and NSE in Future and Options segment also.

Comparative Performance of BoB Stock: Mar10 to Mar11

Index/Stock

Value (31st Mar10) 17,528 5,249 10,652

Value (31st Mar11) 19,445 5,834 13,300

% Change 10.9% 11.1% 24.9%

Sensex Nifty Bankex

BankNifty
BoB-BSE BoB-NSE

9,460
639 639

11,705
963 965

23.7%
50.7% 51.0%

Awards & Accolades in FY11

Bank of Baroda has received several awards during FY11, for its consistent outstanding performance (both business & financial), superior management, dedication to excellence and contribution to rural economy & financial inclusion. Awards received in 2010 (Apr-Dec) DSIJ PSU Award for Excellence in Performance & Contribution to Indian Economy by the PSUs by Dalal Street Investment Journal FE Best Nationalised Bank Award; Rank II Silver Award by Dainik Bhaskar Group (DNA) under its Annual India Pride Award, 2010 Business India Best Bank Award, 2010 National Award 2010 for Excellence in the field of Khadi & Village Industries Central Zone for PMEGP Bank of the Year for 2010 for India by The Banker (London) Awards received in 2011 (Jan-Mar) President Zuma Award for Outstanding Contribution to Advancement of South Africa at Durban IBA- Banking Technology Award 2011 Runner Up Award given by Dr APJ Abdul Kalam Business Standard Best Banker Award to Mr M.D.Mallya, CMD given by the Prime Minister Dr Manmohan Singh Best SME Business Start-up Scheme Award in the Banker Middle East Product Awards, 2011 ceremony at Dubai.

Indias Macro Health: Mar10 to Mar11

Economic Indicator Real GDP growth (%) Q1, FY11 8.8% Q2, FY11 8.9% Q3, FY11 8.2% FY11 8.6%e

Agriculture (%)
Industry (%) Services (%) Private Consumption Expenditure growth (%) (at current market prices) Gross Fixed Capital Formation (% to GDP) SCB Credit growth (%, y-o-y) SCB Deposit growth (%, y-o-y) SCB Credit-Deposit Ratio (%) WPI-Inflation (%) (end-period) Trade Balance ( US $ Billion) Rupee-USD (%, end-period) Foreign Exchange Reserves (end-period, US $ Billion)

2.8%
11.4% 9.4% 26.5% 29.8% 21.7% 14.9% 73.4% 10.30% -31.2 46.6 278.3

4.4%
9.0% 9.7% 19.5% 32.4% 19.0% 14.3% 72.7% 8.93% -35.1 44.9 294.2

8.9%
5.7% 8.7% 18.4% 27.3% 24.4% 16.5% 75.7% 9.40% -21.3 44.8 297.3

5.4%e
7.0%e 9.0%e 18.8%e 31.6%e 21.4% 15.8% 75.7% 8.98% -104.4 44.0 305.5

e: estimated

Economic outlook for FY12

The IMFs World Economic Outlook (Apr 11, 2011) projects world output to expand 4.5% in both 2011 & 2012 down modestly from 5.0% in 2010. But downside risks continue to outweigh upside risks. For EMEs like India downside risks are from commodity prices esp. oil and from overheating & booming of goods & asset markets. IMF projects real GDP growth for India at 8.25% in 2011 and 7.75% in 2012. Infrastructure will remain the key contributor to growth in India; corporate investments are expected to accelerate with supportive financial conditions. Inflationary risks are growing with inflation becoming more generalised; headline inflation is expected to average around 7.5% for India in FY12. Positives for India in FY12: Improved agricultural output & prosperity in FY11, a broad-based revival in credit demand, strong private consumption, a sustained robust growth of exports, relatively stable currency and a healthy position of foreign exchange reserves.

Negatives for India in FY12: High level of core inflation; second round effects of higher food & fuel prices, more rounds of rate hikes & expected tightness in liquidity, higher subsidy burden on account of fuel & fertilisers and a likelihood of an upward revision in borrowings.

Banks Business Growth (Y-O-Y): Mar07 to Mar11

Growth: Total Deposits (%)
39.6

Growth: Total Advances (%)

40.0

33.4 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 21.7 26.6 25.4 26.6

34.3 30.7 27.6 22.2

35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0

Mar'07

Mar'08

Mar'09

Mar'10
25.1

Mar'07

Mar'08

Mar'09

Mar'10

Growth: Total Business (%)

40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 24.1 35.8 29.7 24.0 28.3 30.0 25.0 20.0 15.0 10.0 5.0 16.1

Mar'11

Domestic CASA Growth (%)

20.0 14.1

Mar'07

Mar'08

Mar'09

Mar'10

Mar'07

Mar'08

Mar'09

Mar'10

Mar'11

Mar'11

0.0

Mar'11
21.4

Banks Profitability: FY06 to FY11

8000.00 Rs crore 7000.00

During the last five years, the Banks Net Profit has grown at the robust CAGR of 38.7%.

6981.61

6000.00

5000.00
4305.01

4935.26 4241.68

4000.00
3058.33

3000.00
2415.01

2928.55 2227.20

2000.00

1917.51 1435.52

1000.00

826.97

1026.47

0.00 FY'06 FY'07 FY'08 FY'09 FY'10 FY'11

Gross Profit

Net Profit

Banks Asset Quality: FY06 to FY11

3.90

%
2.47 1.84

2 1.8 1.6

3.5

3 1.4 1.2 1 Gross NPA Net NPA

2.5

1.5

0.87 0.6

1.27

1.36

1.36

0.8 0.6

0.47
0.5

0.4

0.31

0.34

0.35
0.2 0

0 FY'06 FY'07 FY'08 FY'09 FY'10 FY'11

Banks Business Performance: FY10 to FY11

Change Over Dec10 (%) 9.3 9.6 8.3 8.5 8.3 9.0 6.8 6.0 16.4

Particular (Rs crore) Global Business Domestic Business Overseas Business Global Deposits Domestic Deposits Overseas Deposits Global CASA Deposits Domestic CASA Overseas CASA

Mar10 4,16,297 3,17,144 99,153 2,41,262 1,85,500 55,762 71,468 66,024 5,444

Dec10 4,88,721 3,67,417 1,21,304 2,81,512 2,15,378 66,134 81,996 75,632 6,364

Mar11 5,34,116 4,02,731 1,31,385 3,05,439 2,33,323 72,116 87,589 80,181 7,407

Y-O-Y (%) 28.3 27.0 32.5 26.6 25.8 29.3 22.6 21.4 36.1

Share of Domestic CASA has shrunk marginally to 34.4% due to a sharp increase in retail term deposit rates.

Banks Business Performance: Mar10 to Mar11

Change Over Dec10 (%) 10.4 11.4 7.4

Particular (Rs crore)

Global advances (Net) Domestic Advances Overseas Advances

Mar10

Dec10

Mar11

Y-O-Y (%)
30.7 28.7 36.6

1,75,035 1,31,644 43,392

2,07,209 1,52,039 55,170

2,28,676 1,69,408 59,269

Retail Credit Of which: Home Loans SME Credit Farm Credit Credit to Weaker Sections

24,248 10,313 21,111 21,617 10,945

29,606 11,895 25,255 23,117 12,471

32,435 12,539 27,365 24,529 13,245

33.8 21.6 29.6 13.5 21.0

9.6 5.4 8.4 6.1 6.2

Banks Business Performance: Mar10 to Mar11

Particular (Rs crore) Global Saving Deposits

Mar10

Dec10

Mar11

Y-O-Y (%) 22.7

Change Over Dec10 (%) 4.7

52,544

61,540

64,454

Domestic Savings Deposits

51,258

60,092

62,959

22.8

4.8

Overseas Savings Deposits

1,286

1,448

1,495

16.2

3.2

Global Current Deposits

18,924

20,456

23,135

22.3

13.1

Domestic Current Deposits Overseas Current Deposits

14,766

15,540

17,222

16.6

10.8

4,158

4,916

5,912

42.2

20.3

Banks Profits & NII: Jan-Mar, FY10 & FY11

Particular (Rs crore) Gross Profit Net Profit Net Interest Income

Jan-Mar10

Jan-Mar11

Y-O-Y (%) 25.8 42.8 49.8

1,547.33 906.28 1,744.95

1,945.81 1,294.35 2,613.88

The Banks NII grew sequentially from Rs 1,744.95 crore in Jan-Mar10 to Rs 1,857.99 crore in Apr-Jun10 to Rs 2,038.14 crore in Jul-Sept10 to Rs 2,292.26 crore in Oct-Dec10 to Rs 2,613.88 crore in Jan-Mar11 reflecting a consistently healthy growth in credit and prudent management of liabilities.

Other Highlights: Q4,FY10 to Q4,FY11

Particular (in %)

Q4, FY10

Q1, FY11

Q2, FY11

Q3, FY11

Q4, FY11

Global Cost of Deposits Domestic Cost of Deposits Overseas Cost of Deposits

4.42 5.08 2.06

4.39 5.09 1.95

4.50 5.27 2.02

4.53 5.27 1.94

4.79 5.63 1.83

Global Yield on Advances Domestic Yield on Advances Overseas Yield on Advances

8.23 9.76 3.74

8.17 9.79 3.67

8.40 10.17 3.75

8.58 10.34 3.70

8.74 10.65 3.54

Other Highlights: Q4, FY10 to Q4,FY11

Particular (in %)

Q4, FY10

Q1, FY11

Q2, FY11

Q3, FY11

Q4, FY11

Global Yield on Investment Domestic Yield on Investment Overseas Yield on Investment

6.51 6.72 3.68

6.66 6.83 3.71

7.06 7.24 3.71

7.39 7.56 3.85

7.45 7.60 4.34

Global NIM Domestic NIM Overseas NIM

2.97 3.50 1.30

2.90 3.43 1.31

3.02 3.62 1.33

3.20 3.82 1.40

3.45 4.16 1.41

Key Financial Ratios : FY11 versus FY10

Return on Average Assets at 1.33% [1.21% in FY10] Earning per Share at Rs 116.37 [Rs 83.96 in FY10]

Book Value per Share at Rs 504.43 [Rs 378.40 in FY10]

Return on Equity (ROE) at 21.48% [22.19% in FY10] Capital Adequacy Ratio at 14.52% with Tier I Capital at 9.99%

Cost-Income Ratio declined from 43.57% to 39.87% (Y-o-Y)

Gross NPA ratio stable at 1.36% Net NPA ratio stable at 0.35%

NPA Coverage at the healthy level of 85.0% (including technical write-offs)

Incremental Delinquency Ratio contained at 1.06% in FY11.

Key Productivity Indicators (Quarterly)

Q4, FY10

Q1, FY11

Q2, FY11

Q3, FY11

Q4, FY11

Business per Employee (Rs cr)

10.93

11.42

12.00

12.44

13.33

Business per Branch (Rs cr)

132.24

139.59

142.26

147.65

156.27

Profit per Employee (Rs lakh)

2.32

2.22

2.64

2.72

3.23

Profit per Branch (Rs lakh)

28.78

27.22

31.34

32.29

37.86

Non-Interest Income: FY10 and FY11

% Change (Y-O-Y) 13.7 12.3 10.4 13.0 -38.7 33.4

(Rs crore)
Commission, Exchange, Brokerage Incidental Charges Other Miscellaneous Income Total Fee-Based Income Trading Gains Profit on Exchange Transactions

FY10
897.29 308.57 191.13 1,396.99 723.23 385.97

FY11
1,020.64 346.46 210.97 1,578.07 443.70 514.77

Recovery from PWO Total Non-Interest Income

300.17 2806.36

272.66 2809.19

-9.2 0.10

Non-Interest Income: Q4, FY10 and Q4, FY11

% Change (Y-O-Y) 19.4 24.4 -14.3 15.6 -41.6% 36.9

(Rs crore)
Commission, Exchange, Brokerage Incidental Charges Other Miscellaneous Income Total Fee-Based Income Trading Gains Profit on Exchange Transactions

Q4, FY10
273.34 84.16 59.19 416.69 206.81 106.70

Q4, FY11
326.27 104.72 50.71 481.70 120.86 146.05

Recovery from PWO Total Non-Interest Income

118.13 848.33

85.90 834.50

-27.3 -1.6

Provisions & Contingencies: FY10 and FY11

(Rs crore)

FY10

FY11

Absolute Change

Provision for NPA & Bad Debts Written-off Provision for Depreciation on Investment Provision for Standard Advances

955.46

1050.60

95.14

-380.74
106.63 15.85 1,179.73

9.01
223.85 47.83 1,408.64

389.75
117.22 31.98 228.91

Other Provisions (including Provision for staff welfare)

Tax Provisions

Total Provisions

1,876.93

2,739.93

863.00

Provisions & Contingencies: Q4, FY10 and Q4, FY11

(Rs crore)

Q4, FY10

Q4, FY11

Absolute Change

Provision for NPA & Bad Debts Written-off Provision for Depreciation on Investment Provision for Standard Advances

231.83

424.39

192.56

61.69
79.21 4.60 345.17

34.58
106.10 25.34 61.05

-27.11
26.89 20.74 -284.12

Other Provisions (including Provision for staff welfare)

Tax Provisions

Total Provisions

722.50

651.46

-71.04

Banks Treasury Highlights: Q4 and Full Year, FY11

Treasury Income stood at the healthy level of Rs 266.91 crore in Q4, FY11 and at Rs 958.47 crore in FY11. The Banks Trading Gains Stood at Rs 120.86 crore in Q4, FY11 and at Rs 443.70 crore in FY11. As of March 31, 2011, the share of SLR Securities in Total Investment was 87.95% The Bank had 83.66% of SLR Securities in HTM and 15.81% in AFS at end-March 2011. The per cent of SLR to NDTL as on 31st March, 2011 was 26.79%. While the modified duration of AFS investments is 2.81 years; that of HTM securities is 4.97 years. Total size of Banks Domestic Investment Book as on 31st March, 2011 stood at Rs 68,001 crore.

Total size of Banks Overseas Investment Book as on 31st March, 2011 stood at Rs 3,337 crore.

Overseas Business: FY11

As on 31st Mar, 2011, the Overseas Business contributed 24.6% to the Banks Total Business, 17.1% to its Gross Profit and 32.1% to its Core Fee income. While the Cost-Income Ratio for Domestic Operations stood at 42.84% in FY11, it was more favourable at 19.72% for the Banks Overseas Operations. While the Gross NPA (%) in Domestic Operations stood at 1.62% at end-March, 2011, that for Overseas Operations was lower at 0.62%. The Gross Profit to Avg. Working Funds (%) for Overseas Operations stood at 1.56% in Q4, FY11 and at 1.43% in FY11. NIM as % of Interest Earnings Assets in Overseas Operations improved from 1.31% in Q1, FY11 to 1.33% in Q2, FY11 to 1.40% in Q3, FY11 to 1.41% in Q4, FY11. During FY11, the Bank raised US $ 350 mln in Apr, 2011 & US $ 500 mln in Feb, 2011 at the finest terms under its MTN programme and also US $ 225 mln as Syndicated loans to finance the expansion of its overseas assets.

Capital Adequacy & Capital Raising in FY11

The Banks CRAR (Basel II) as on 31st Mar., 2011 was at 14.52%; of which Tier1 was at 9.99% and Tier 2 at %. The size of Banks risk-weighted assets as on 31st March, 2011 was Rs 2,09,890.48 crore. The Bank proposes to maintain its CRAR in the band of 13.0% to 13.5% in the coming years (with the Tier 1 between 8.0% and 8.5%). The Bank raised Rs 2,211.50 crore during FY11 by way of the following issues. Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore in May, 2010 Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore in June, 2010 Subordinated Upper Tier II Bonds (maturing in 2025): Rs 500 crore in August, 2010 Perpetual [IPID] (maturing in 2020): Rs 711.50 crore in August, 2010 During the last month of FY11, the Bank has received Rs 2,461 crore from the Government of India (GoI) that has increased the GoI shareholding from 53.81% to 57.03%.

NPA Movement (Gross): FY11

Particular A. Opening Balance B. Additions during FY11 Out of which, Fresh Slippages C. Reduction during FY11 ( Rs crore) 2,400.69 1,897.01 1,845.17 1,145.20

Recovery Upgradation PWO & WO Exchange Difference NPA as on 31st March, 2011 Recovery in PWO in FY11

455.49 189.17 500.54 0.00 3,152.50 272.66

Sector-wise Gross NPAs: FY10 versus FY11

Sector Agriculture Large & Medium Industries Retail Housing SSI (Mfg) Total MSME Overseas Operations

Gross NPA (%) FY10 3.33 1.43 2.11 2.31 1.74 2.60

Gross NPA (%) FY11 3.41 1.77 1.79 1.92 1.25 2.66

0.47

0.62

Cumulative Position of Restructured Assets (Domestic)

During the past 36 months (1 Apr08 to 31 Mar11), the Bank has restructured 71,411 accounts amounting Rs 6,711.43 crore. Within this, the loans worth Rs 1,597.81 crore were restructured in FY11, Rs 2455.05 crore in FY10 & Rs 2,658.57 crore in FY09. For the period of 36 months, out of the total amount restructured, Rs 3,715.97 crore (55.4%) belonged to wholesale banking, Rs 1,659.79 crore (24.7%) to SMEs, Rs 578.62 crore (8.6%) to retail and Rs 757.05 crore (11.3%) to agriculture sector. About 63 accounts (of Rs 1 crore & above) restructured on/after 1st Apr, 2008 with aggregate outstanding of Rs 819.19 crore slipped to NPA after restructuring and most of them belonged to the SME segment. Industry-wise break-up shows that the Banks restructured accounts are well spread over different sectors, the major ones being iron & steel, cotton textiles, engineering, infrastructure, real estate, etc. The Bank has primarily helped genuine borrowers who suffered from temporary cash flow problems due to the global crisis. These accounts are restructured looking into the internal strength and the financial viability of such borrowers.

Sectoral Deployment of Credit at end-Mar, 2011

Sector

% share in Gross Domestic Credit

Agriculture Retail SME Wholesale Misc. including Trade

14.3 18.8 15.9 36.9 14.1

Total

100.0%

Banks Guidance & Vision

The Bank would continue with its thrust on sustainable & qualitative growth -Would maintain its growth above the industry average to further expand the market share. From Mar07 to Mar11, the Banks market share in Deposits has gone up from 3.70% to 4.04% and in Credit from 3.53% to 4.01%. The Bank would grow its deposits in the band of 20% to 22.0%; credit in the range of 23.0% to 24.0%, fee-based income in line with the loan-book and overall profitability by 25.0%, factoring in various downside risks stemming from the economic environment. The Bank is building Strong Foundation for Future Growth by working aggressively on enhancing the HR capabilities working in a dedicated fashion on its BPR project in consultation with Mckinsey & Co.

focusing on development of marketing and sales & service culture

expanding the market share in both Indian and overseas territories raising capital at every appropriate opportunity

Banks BPR Project - Navnirmaan

Project Navnirmaan has altogether 18 activities covering both BPR & Organisational Restructuring, aimed at transforming the Banks branches into a sales & service centres to make possible a sustained sales growth, superior customer experience and alternate channel migration. The most important initiatives were Conversion of all metro & urban branches into Baroda Next branches within a timeline [156 branches rolled out so far across five zones & 14 regions] Creation of automated & leaner Back Offices like:
City Back Office (Automated cheque processing introduced in Mumbai on 17 Jan., 2011) Regional Back Office [five more offices are being opened coupled with technology changes for faster account opening]. Establishment of two Call Centres Introduction of frontline automation at select branches for customer convenience Creation of an Academy of excellence Organisational Restructuring The initial impact of Baroda Next migration has been found to be rewarding both in

terms of increased customer satisfaction and CASA growth.

Banks HR Initiatives
Recruitment during FY11
Probationary Officers 1,200 Specialist Officers (in various specialised disciplines) 319 Clerks 2,000 Campus Recruitment 605 (Bank visited nearly 102 institutes including some of the premier Business schools of the country)

Recruitment Plans for FY12

Probationary Officers 1,200 Campus Recruitment around 600 Specialist officers (in various disciplines) 200 Clerks 2,000 New Hires Planned for Recruitment in FY12: 4,000 Bank has launched two massive Leadership Development Programmes for 1,200 of its branch heads, 300 AGMs/DGMs unparalleled in industry & first of its kind for an Indian state-owned Bank.

Thank you.