BOB-Analysts-Q1-FY12

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					          Bank of Baroda
     Standing Tall in Tough Times

Performance Analysis: Q1, 2011-12 (FY12)
          Dr Rupa Rege Nitsure
             Chief Economist
               July 27, 2011
       Bank of Baroda: Key Strengths
   Bank of Baroda is a 103 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                Overseas Business                Modern & Contemporary
     in Profit-making and              Operations extend across                Personality
      Dividend Payment                       25 countries
                                         through 86 Offices
                                                                             Strong Domestic
      Pioneer in many                                                        Presence through
      Customer-Centric                                                        3, 409 Branches
         Initiatives
                                                                             Provides Financial
                                                                              Services to over
     First PSB to receive                                                    40.5 mln Customers
    Corporate Governance                                                          Globally
       Rating (CGR-2)
                                     Relatively Strong Presence
                                                                            Robust Technology
       A well-accepted &              in Progressive States like
                                       Gujarat & Maharashtra                Platform with 100%
      recognised Brand in
    Indian banking industry                                                CBS in Indian Branches
Domestic Branch Network

   No. of Domestic Branches

                                               3409
3500                                  31 06              •Bank’s network of domestic branches
                   2851     2927
3000      2735                                           as on 30th June, 2011 was 3,409 & no. of
                                                         ATMs were 1,657.
2500
                                                         •During Q1, FY12, the Bank opened
2000
                                                         45 new branches.
1500
                                                         •In FY12, the Bank plans to open 269
1000                                                     branches in Tier-1 & Tier-2 centres and
                                                         253 branches in Tier-3 to Tier-6 centres.
 500
                                                         •Also, 126 branches under the Branch
   0
         Jun'07   Jun'08   Jun'09    Jun'10   Jun'11
                                                         Expansion Plan of FY11 are yet to be
                                                         opened.
                                                         •Newly opened branches in Q1, FY12
               Regional Break-up of
                                                         are mainly in Maharashtra followed by
       Domestic Branches as on 30th June, 2011           Gujarat, M.P. & A.P.
Metro             Urban            Semi-         Rural   •Around 34.4% of the Bank’s network
                                   Urban                 at the end-June, FY12 was situated in
 756               639              842          1,172   rural areas.
 Robust Technology Platform

•As on 30th June 2011, the Bank’s entire domestic, overseas and RRBs [i.e., five sponsored
RRBs] related operations were on the CBS platform.
•Even the branches of Memon Co-op. Bk. Ltd. taken over by the Bank in April’11 are
successfully migrated to the CBS platform.
•Bank has developed IT facilities for online/offline account opening through Business
Correspondents under Financial Inclusion.
• Bank’s retail & corporate customers enjoy several facilities under its Internet Banking
delivery channel such as fund transfers to self & third party (within BoB); online payment
of bills & taxes, rail-ticket booking, temple donations, online subscription to IPOs/FPOs
thru’ ASBA & institutional fee payment.
•Bank has implemented Internet Banking in several of its overseas territories & a Special
Fund Mgmt Solution in UAE & New Zealand.
•Bank has built a State-of-the-Art Data Centre conforming to Uptime Institute Tier-3
standard & a Disaster Recovery Site in different seismic zones to ensure uninterrupted
banking services delivery to customers.
• Bank’s Mobile Banking (Baroda M-Connect) provides various facilities to its customers
like balance-enquiry, mini-statements, linking of multiple accounts, funds’ transfer, bill
payments, ticket booking, shopping, feedback facilities, etc.
•Anti Money Laundering (AML) has been implemented in India and 20 overseas
territories.
 Robust Technology Platform

•Bank has successfully implemented an Integrated Global Treasury Solution in its major
territories like U.K., UAE, Bahamas, Bahrain, Hong Kong, Singapore, Belgium, USA and
India to achieve reduced cost of operations & better fund mgmt.
•Enterprise-wide General Ledger (EWGL) has been successfully implemented for the
Bank’s domestic and overseas business.
•Bank has introduced the facility of Multiple Accounts being linked to a single Debit Card
(verified by Visa, CVV2) and also Mobile Number registration thru’ ATMs in CBS for SMS
Alerts.
•E-tax payments thru’ ATMs are also facilitated and Mobile ATMs are introduced in
Ahmedabad, Pune, Lucknow & New Delhi.
•Back Office functions have been centralised in the Bank at City Back Offices & five
Regional Back Offices ( at Baroda, Jaipur, Lucknow, Bhopal & Coimbtore) to improve the
delivery of services.
•On a pilot basis, Automated Cheque Processing Centre (Inward & Outward) has been set
up in Mumbai.
•BoB IIT – an exclusive IT Training Centre has been set up in Ghandhinagar to educate the
Bank’s staff in all IT related products & services.
Concentration (%): Domestic Branch Network




               Rest of India, 22.23                  Gujarat, 21.77


                                                                      Maharashtra, 11.64




     UP & Uttaranchal,
          22.06

                                      South, 11.01     Rajasthan, 11.29
       Pattern of Shareholding: 30th June, 2011

                                                           As on 30th June, 2011
                       Corp.
            Indian
                       Bodies                   •Share Capital:      Rs 392.81 crore
            Public
                        4.8%    Others
             5.2%                               •No. of Shares:      391.55 million
                                 0.3%

         FIIs
                                                • Net worth:         Rs 20,785.30 crore
        16.6%                                   • B. V. per share:   Rs 530.85
                                                •Return on Equity: 19.88%



Insurance                                       • BOB is a Part of the following Indexes
   Cos                               Govt. of    BSE 100, BSE 200, BSE 500 & Bankex
  7.4%                                India
                                      57.0%      Nifty Junior, BankNifty, CNX 100, CNX 500
              Mutual
              Funds                             • BOB’s Share is listed on BSE and NSE in
               8.7%                               ‘Future and Options’ segment also.
Comparative Performance of BoB Stock: Jun’10 to Jun’11



                          Value            Value
Index/Stock
                      (30th June’10)   (30th June’11)   % Change


Sensex                  17,700.90        18,845.87        6.5%

Nifty                   5,312.50         5,647.40         6.3%

Bankex                  10,765.03        12,821.05       19.1%

BankNifty               9,464.60         11,244.65       18.8%

BoB-BSE                  701.95           871.90         24.2%

BoB-NSE                  701.85           870.80         24.1%
          India’s Macro Health: Q1, FY11 to Q1, FY12
Economic Indicator                   Q1, FY11   Q2, FY11   Q3, FY11   Q4, FY11   Q1, FY12


Real GDP growth (%)                    8.8        8.9        8.2        7.8        NA

Agriculture (%)                        2.8        4.4        8.9        7.5        NA

Industry (%)                           11.4       9.0        5.7        5.3        NA

Services (%)                           9.4        9.7        8.7        8.6        NA

Private Consumption Expenditure        26.5       19.5       18.4       17.0       NA
growth (%) (at current market
prices)

Gross Fixed Capital Formation (%       29.8       32.4       27.3       29.6       NA
to GDP) (at current market prices)

SCB Credit growth (%, y-o-y)           21.7       19.0       24.4       21.4       19.9

SCB Deposit growth (%, y-o-y)          14.9       14.3       16.5       15.8       18.4

SCB Incremental Credit-Deposit       100.85      93.02     105.13      97.50      79.61
Ratio (%)

WPI-Inflation (%)                      10.6       9.3        8.9        9.6        9.4
(end-period)

Trade Balance ( US $ Billion)         -32.2      -35.1      -21.3      -21.7      -31.6

Rupee-USD (%, end-period)             46.60      44.92      44.81      44.65      44.72

Foreign Exchange Reserves (end-      278.27     294.16     297.33     305.49     315.72
period, US $ Billion)
Quick Economic Observations

•Tempo of global economic recovery has slowed down on account of various factors like
elevated prices of crude oil & other commodities, political tensions in Middle East,
earthquake & tsunami in Japan, sovereign debt problems of Europe and fiscal fragility of
the U.S., etc.
•Chronically high inflation pressures have started impacting adversely the investment
sentiment and industrial production growth in India as well
•Higher interest rates on term deposits have improved the pace of deposit mobilisation
and reduced the gap between deposit and credit growth
•While bank credit growth has decelerated to some extent, it is still above the indicative
target of the RBI and has not shown a seasonal slack.
•Rupee-USD Exchange Rate has shown a two-way movement
•Equity markets remained sluggish, private placement market for bonds too was lack-
lustre during Q1, FY12
•Investments in physical assets improved & non-bank finance to commercial sector
remained healthy
•Notwithstanding the partial signs of growth slowdown, the RBI has warned of
inflationary risks and hence continuation of the anti-inflationary stance with a close watch
on new information
Bank’s Business Growth (Y-O-Y): Jun’06 to Jun’11

          Growth: Total Deposits (%)                                                         Growth: Total Advances (%)

                                                                                                       42.1
                                         28.2                               45.0
                             26.5                  28.23                           37.5
 30.0                                                                       40.0                                          30.7
          20.1      22.7                                            22.88   35.0
 25.0                                                                                         27.5               27.7
                                                                            30.0                                                      25.2
 20.0                                                                       25.0
 15.0                                                                       20.0
                                                                            15.0
 10.0
                                                                            10.0
  5.0                                                                        5.0

  0.0                                                                        0.0




                                                                                   Jun'06

                                                                                              Jun'07

                                                                                                       Jun'08

                                                                                                                 Jun'09

                                                                                                                          Jun'10

                                                                                                                                   Jun'11
          Jun'06


                    Jun'07


                             Jun'08


                                      Jun'09


                                                Jun'10


                     Growth: Total Business (%)            Jun'11
                                                                                             Domestic CASA Growth (%)
                             32.6
35.0                                              29.3
                                        28.0                                                                               27.5
        26.2
30.0                                                          23.9          30.0    25.0
                   24.6
25.0                                                                        25.0                                 18.8
                                                                                                       20.3
                                                                                                                                     16.1
20.0                                                                        20.0

15.0                                                                        15.0               11.1

10.0                                                                        10.0

 5.0                                                                         5.0

 0.0                                                                         0.0
        Jun'06


                   Jun'07


                             Jun'08


                                      Jun'09


                                                  Jun'10


                                                             Jun'11




                                                                                    Jun'06


                                                                                              Jun'07


                                                                                                        Jun'08


                                                                                                                 Jun'09


                                                                                                                          Jun'10


                                                                                                                                   Jun'11
                    Bank’s Profitability: Jun’06 to Jun’11
       2000.00
Rs crore
                                                                                                                                1818.27
       1800.00             •During the last five years, the Bank’s First Quarter
                           Net Profit has grown at the robust CAGR of 44.6% .
       1600.00
                                                                                                          1527.87


       1400.00


       1200.00
                                                                                                                                            1032.86
                                                                                    1009.94
       1000.00
                                                                                                                       859.16
                                                              800.19
           800.00                                                                                685.38
                                            644.45
           600.00     503.53

                                                                           370.86
           400.00                                    330.83

                                 163.33
           200.00


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

                                          Gross Profit                                                    Net Profit
Bank’s Asset Quality: Jun’06 to Jun’11




            %
       4                                                                                     2




                                                                                         %
                                                                                             1.8
      3.5

                                                                                             1.6
       3                         2.78
                                                                                             1.4

      2.5
                                                                                             1.2
                                                  1.86
       2                                                                                     1     Gross NPA
                                                                1.44    1.41
                                                                                   1.46            Net NPA
                0.92                                                                         0.8
      1.5
                          0.67
                                                                                             0.6
       1
                                        0.52
                                                                                    0.44     0.4

      0.5                                                              0.39
                                                         0.27                                0.2


       0                                                                                     0
                 Jun'06      Jun'07            Jun'08       Jun'09     Jun'10   Jun'11
    Bank’s Business Performance: Jun’10 to Jun’11

                                                                                       Change
Particular                                                                   Y-O-Y
                                Jun’10          Mar’11         Jun’11                   Over
(Rs crore)                                                                    (%)
                                                                                      Mar’11 (%)

Global Business                4,40,262        5,34,116        5,45,283       23.9       2.1

Domestic Business              3,31,878        4,02,731        4,05,156       22.1       0.6

Overseas Business              1,08,384        1,31,385        1,40,127       29.3       6.7

Global Deposits                2,54,668        3,05,439        3,12,943       22.9       2.5

Domestic Deposits              1,96,166        2,33,323        2,36,536       20.6       1.4

Overseas Deposits               58,502          72,116         76,407         30.6       6.0

Global CASA Deposits            74,784          87,589         87,221         16.6       -0.4

Domestic CASA                   69,114          80,181         80,225         16.1       0.05

Overseas CASA                    5,670           7,407          6,996         23.4       -5.5


•Share of Domestic CASA was at 33.92% in terms of Aggregate Deposits and at 35.90% in terms of
Core Deposits as on 30th June, 2011.
     Bank’s Business Performance: Jun’10 to Jun’11


                                                                           Change
Particular                                                        Y-O-Y
                                 Jun’10     Mar’11     Jun’11               Over
(Rs crore)                                                         (%)
                                                                          Mar’11 (%)

Global advances (Net)            1,85,595   2,28,676   2,32,340   25.2       1.6

Domestic Advances                1,35,712   1,69,408   1,68,621   24.3       -0.5

Overseas Advances                49,882     59,269     63,719     27.7       7.5



Retail Credit
                                 24,994     32,435     30,934     23.8       -4.6
Of which:

      Home Loans                 10,779     12,539     12,910     19.8       3.0

SME Credit                       21,593     27,365     28,367     31.4      3.7%

Farm Credit*                     20,475     24,529     23,211     13.4      -5.4%

Credit to Weaker Sections*
                                 11,012     13,245     13,248     20.3      0.02%


 * As of Last Reporting Friday
     Bank’s Business Performance: Jun’10 to Jun’11


                                                                Change
Particular                                             Y-O-Y
                            Jun’10   Mar’11   Jun’11             Over
(Rs crore)                                              (%)
                                                               Dec’10 (%)

Global Saving Deposits      56,061   64,454   65,654   17.1       1.8



Domestic Savings Deposits   54,769   62,959   64,162   17.2       1.9


Overseas Savings Deposits   1,292    1,495    1,491    15.4       -0.3


Global Current Deposits     18,723   23,135   21,567   15.2       -6.8



Domestic Current Deposits   14,345   17,222   16,063   12.0       -6.7


Overseas Current Deposits
                            4,378    5,912    5,505    25.7       -6.9
Bank’s Profits & NII: Apr-Jun, FY11 & FY12



Particular                                      Y-O-Y
                      Apr-Jun’10   Apr-Jun’11
(Rs crore)                                       (%)

Gross Profit           1,527.87     1,831.28    19.9

Net Profit              859.16      1,032.85    20.2

Net Interest Income
                       1,857.99     2,297.19    23.6
   Other Highlights: Q1,FY11 to Q1,FY12


Particular (in %)             Q1,    Q2,     Q3,     Q4,     Q1,
                             FY11   FY11    FY11    FY11    FY12




Global Cost of Deposits      4.39   4.50    4.53    4.79    5.36
Domestic Cost of Deposits    5.09   5.27    5.27    5.63    6.41
Overseas Cost of Deposits    1.95   2.02    1.94    1.83    1.80


Global Yield on Advances     8.17   8.40    8.58    8.74    9.11
Domestic Yield on Advances   9.79   10.17   10.34   10.65   11.23
Overseas Yield on Advances   3.67   3.75    3.70    3.54    3.38
Other Highlights: Q1, FY11 to Q1,FY12


Particular (in %)               Q1,    Q2,    Q3,    Q4,    Q1,
                               FY11   FY11   FY11   FY11   FY12




Global Yield on Investment     6.66   7.06   7.39   7.45   7.47
Domestic Yield on Investment   6.83   7.24   7.56   7.60   7.59
Overseas Yield on Investment   3.71   3.71   3.85   4.34   4.86


Global NIM                     2.90   3.02   3.20   3.45   2.87
Domestic NIM                   3.43   3.62   3.82   4.16   3.39
Overseas NIM                   1.31   1.33   1.40   1.41   1.37
    Key Financial Ratios : Q1, FY12 versus Q1, FY11

    Return on Average Assets at 1.13% [ 1.19% in Q1, FY11]

    Earning per Share at Rs 105.52 [Rs 94.36 in Q1, FY11]

    Book Value per Share at Rs 530.85 [Rs 402.08 in Q1, FY11]

    Return on Equity (ROE) at 19.88% [ 23.46% in Q1, FY11]

    Capital Adequacy Ratio at 13.10% with Tier I Capital at 9.06%

•    Cost-Income Ratio at 38.11% [ 38.27% in Q1, FY11]

    Gross NPA ratio at 1.46% -- is one of the lowest for large-sized banks in India

    Net NPA ratio too low at 0.44%

    NPA Coverage at the healthy level of 82.52% (including the technical write-offs)


    Incremental Delinquency Ratio contained at 0.25% for Q1, FY12; This means 1.0% in
     annualised terms – the best level by the international standards.
Key Productivity Indicators Q1, FY12 versus Q1, FY11


                                        Q1, FY11   Q1, FY12




     Business per Employee (Rs crore)    10.57      12.65



     Business per Branch (Rs crore)      129.07     146.97



     Profit per Employee (Rs lakh)        2.23       2.57



     Profit per Branch (Rs lakh)         27.22      29.83
Non-Interest Income: Q1, FY11 and Q1, FY12


                                                        % Change
(Rs crore)                        Q1, FY11   Q1, FY12    (Y-O-Y)

Commission, Exchange,
                                   201.54     274.77      36.3
Brokerage

Incidental Charges                 77.14      79.55        3.1

Other Miscellaneous Income         32.89      43.76       33.0

Total Fee-Based Income             311.57     398.08      27.8

Trading Gains                      127.94     74.02       -42.4

Profit on Exchange Transactions    121.61     140.01      15.1

Recovery from PWO                  56.12      28.76       -48.7

Total Non-Interest Income          617.25     640.87       3.8
Provisions & Contingencies: Q1, FY11 and Q1, FY12


 (Rs crore)                        Q1, FY11   Q1, FY12   Absolute
                                                         Change


 Provision for NPA & Bad Debts
                                    277.54     131.95      -146
 Written-off
 Provision for Depreciation on
                                    -58.91     138.54     +197
 Investment

 Provision for Standard Advances    28.81      112.94      +84

 Other Provisions (including
                                     3.89       7.62       +4
 Provision for staff welfare)

 Tax Provisions                     417.38     394.37      -23

 Total Provisions                   668.71     785.42     +117
       Bank’s Treasury Highlights: Q1, FY12

•   Treasury Income stood at the level of Rs 214.02 crore in Q1, FY12
•   Out of this, Trading Gains Stood at Rs 74.01 crore in Q1, FY12 despite the
    hardening of 31 bps in the benchmark yields on GoI paper & lack-lustre equity
    markets.
•   As of June 30, 2011, the share of SLR Securities in Total Investment was 87.95%
•   The Bank had 84.5% of SLR Securities in HTM and 14.8% in AFS at end-June
    2011.
•   The per cent of SLR to NDTL as on 30th June, 2011 was 25.96%.
•   While the modified duration of AFS investments is 2.50 years; that of HTM
    securities is 4.90 years.
•   Total size of Bank’s Domestic Investment Book as on 30th June, 2011 stood at Rs
    79,818 crore.
•   Total size of Bank’s Overseas Investment Book as on 30th June, 2011 stood at Rs
    3,084 crore.
         Overseas Business: Q1, FY12

•   As on 30th June, 2011, the “Overseas Business” contributed 25.7% to the Bank’s
    Total Business, 19.4% to its Gross Profit and 35.5% to its Core Fee income.

•   While the Cost-Income Ratio for Domestic Operations stood at 41.53% in Q1,
    FY12, it was more favourable at 18.31% for the Bank’s Overseas Operations.

•   While the Gross NPA (%) in Domestic Operations stood at 1.77% at end-June,
    2011, that for Overseas Operations was lower at 0.62%.

•   The Gross Profit to Avg. Working Funds (%) for Overseas Operations stood at
    1.40% in Q1, FY11 and at 1.49% in Q1, FY12.

•   NIM as % of Interest Earnings Assets in Overseas Operations improved from
    1.31% in Q1, FY11 to 1.37% in Q1, FY12.

•   Return on Equity in Overseas Operations too improved from 17.55% in Q1, FY11
    to 21.44% in Q1, FY12.
    NPA Movement (Gross): Q1, FY12

Particular                      ( Rs crore)
A. Opening Balance               3,152.50

B. Additions during Q1, FY12      584.82

Out of which, Fresh Slippages     566.19

C. Reduction during Q1, FY12      311.86



Recovery                          125.47

Upgradation                       71.48

PWO & WO                          114.91

Exchange Difference                0.00

NPA as on 30th June, 2011        3,425.46

Recovery in PWO in Q1, FY12       28.76
Sector-wise Gross NPAs: Q1, FY12 versus Q1, FY11


  Sector                Gross NPA (%)   Gross NPA (%)
                          Q1, FY11        Q1, FY12
  Agriculture
                            3.43            4.10

  Large & Medium
                            1.69            1.80
  Industries
  Retail
                            2.41            2.11

  Housing
                            2.41            1.96

  SSI (Mfg)
                            1.73            1.50

  Total MSME
                            2.91            2.50

  Overseas Operations
                            0.54            0.62
    Cumulative Position of Restructured Assets (Domestic)

•    During the past 39 months (1 Apr’08 to 30 June’11), the Bank has restructured
     74,050 accounts amounting Rs 7,166.28 crore.

•    Within this, the loans worth Rs 454.85 crore were restructured in Q1, FY12; Rs
     1,597.81 crore were restructured in FY11, Rs 2,455.05 crore in FY10 & Rs 2,658.57
     crore in FY09.

•    For the period of 39 months, out of the total amount restructured, Rs 4,089.13
     crore (57.1%) belonged to wholesale banking, Rs 1,710.88 crore (23.9%) to SMEs,
     Rs 583.83 crore (8.1%) to retail and Rs 782.44 crore (10.9%) to agriculture sector.

•    About 71 accounts (of Rs 1 crore & above) restructured on/after 1st Apr, 2008 with
     aggregate outstanding of Rs 897.88 crore slipped to NPA after restructuring and
     most of them belonged to the SME segment.

•    Industry-wise break-up shows that the Bank’s 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-June, 2011


      Sector            % share in Gross
                        Domestic Credit


      Agriculture             13.6


      Retail                  18.1


      SME                     16.6


      Wholesale               37.4


      Misc. including         14.3
      Trade
      Total                 100.0%
    Bank’s BPR Project - Navnirmaan

•Project Navnirmaan has altogether 18 activities covering both BPR & Organisational
Restructuring, aimed at transforming the Bank’s 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 [310 branches rolled out so far across five zones & 22 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.
     •The said impact has been sustained at 110 Baroda Next branches recently evaluated on (a)
     sales and (b) customer satisfaction.
       Bank’s HR Initiatives

•Recruitment during FY11 [Exercise Concluded]
     •Probationary Officers – 1,200
     •Specialist Officers (in various specialised disciplines) – 319
     •Clerks – 2,000
     •Campus Recruitment – 608
     •(Bank visited nearly 102 institutes including some of the premier Business schools of the
     country)

•Recruitment proposed in FY12
     •Probationary Officers – 1,200
     •Campus Recruitment – around 600 [Currently in the process of joining]
     •Specialist officers (in various disciplines) – 200
     •Clerks – 2,000
     •New Hires Planned for Recruitment in FY12: 4,000
•Bank introduced a massive Leadership Development Programme in Aug’10 under which 700
Senior Executives (AGMs/DGMs] have been rigorously trained so far.
•Bank proposes to inaugurate Baroda-Manipal School of Banking in August’10 to create the future
stream of professionally trained bankers for itself
Thank you.

				
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