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Ratings of major Indian financial institutions/commercial Banks

Extract from Standard & Poor's Ratings- 27th October 2003


The affirmation of the foreign currency counterparty credit rating with a negative outlook on Bank of Baroda (BoB) recognizes the improved interest margins in fiscal 2002-2003. BoB's tight control on its interest expense has largely been achieved through management of the bank's liabilities base, in particular its customer deposits, which form more than 80% of its total liabilities. At the same time, BoB has continued improving its asset quality, evident from its gross NPA ratio falling to 11.07% in fiscal 2002-2003 from 12.75% in the previous fiscal year. In terms of its operational efficiency, as measured by its ratio of noninterest expenses to revenue, despite an improvement in fiscal 2002-2003 to 48.8% from 53.1%, this is still weak against global international practice. Mitigating this has been the bank's measures to achieve a higher level of efficiency, which includes the thrust for IT system upgrades. As a result, the number of computerized branches had risen to 86% of its businesses at March 2003.

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