Bank of Baroda

"Your Directors have pleasure in presenting the One Hundred and Seventeenth Annual Report of the Bank with the audited Balance Sheet, Profit & Loss Account and the Report on Business and Operations for the year ended March 31, 2025(FY 2025)".

Business Performance & Key Financi?is

(? in Crore)

Total deposits of the bank increased to '14,72,035 crore in FY 2025 from '13,35,136 crore in FY 2024, there by registered a growth of 10.3 % on a YoY basis. The domestic CASA of the bank grew by 6.4% on a YoY basis, to reach to the level of '4,96,462 crore in FY 2025. The Domestic Deposit grew by 9.3% on a YoY basis and reached to '12,42,169 crore in FY 2025. The Global Gross advance of the Bank reached to the level of '12,30,461 crore in FY 2025 as compared with '10,90,506 crore in FY 2024 by registering a growth of 12.8% on a YoY basis. The Total Business of the Bank grew to '27,02,496 crore in FY 2025 crore from '24,25,642 crore in FY 2024, registered a growth of 11.4% on YoY basis.

Net Interest Income of the Bank increased to '45,659 crore in FY 2025 from '44,722 crore in FY 2024, grew by 2.1% on a YoY basis. Other Income of the Bank increased to '16,647 crore in FY 2025 which was at '14,495 crore in FY 2024, thereby registered a growth of 14.8% on a YoY basis. Operating expenses of the Bank stood at '29,871 crore in FY 2025 as compared with '28,252 crore in FY 2024. Operating Income of the Bank increased to '62,306 crore in FY 2025 from '59,217 crore in FY 2024, registered a growth of 5.2% on a YoY basis.

The Bank reported a Net Profit of '19,581 crore in FY 2025 against '17,789 crore in FY 2024, grew by 10.1% on a YoY basis. The Operating profit ofthe Bank grew by 4.7% at'32,435 crore in FY 2025 as compared with '30,965 crore in FY 2024.

Key Performance indicators

Net Interest Margin (NIM) stood at 3.02% in FY 2025 as against 3.18% in FY 2024. Cost to income ratio stood at 47.94% in FY 2025 from 47.71% in FY 2024. Return on Avg.Assets stood at 1.16% in FY 2025 as against 1.17% in 2024. Return on Equity stood at 16.96% in FY2025 as against 18.95% in FY2024. Book value per share increased to '223.36 in FY 2025 from '181.48 in FY 2024. Earnings Per share increased to '37.86 in FY 2025 from '34.40 in FY 2024.

Average Cost & Yield of funds and Average Interest earning Assets

The average cost of fund and yield of fund stood at 5.27% and 8.04% in FY 2025. Average Interest Earning asset increased

to '15,10,144 crore in FY 2025 from '14,05,271 crore in FY 2024. The Average Interest Bearing Liabilities also increased to '14,38,612 crore in FY 2025 from '13,26,655 crore in FY 2024.

Capital Adequacy Ratio

(Ratio in %)

The Capital Adequacy Ratio (CAR) of the Bank increased to 17.19% as of March 31, 2025 from 16.31% as of March 31, 2024. CET-1 ratio increased to 13.78% in FY 2025 from 12.54% in FY 2024. The consolidated capital adequacy ratio of the Bank was 17.60 % as of March 31,2025 against 16.68% as of March 31,2024.

During FY 2025, the Bank issued Tier 2 capital of ' 3500 crore.

Net worth

The Bank's net worth for FY 2025 increased to '1,15,457.35 crore from '93,850.76 crore for the FY 2024. The net worth comprising of paid-up equity capital of '1,035.53 crore and reserves of '1,14,421.82 crore (excluding revaluation reserves, foreign currency translation reserves and other intangible assets).

Book value per share (Face Value '2) increased to '223.26 in FY 2025 from '181.48 in FY 2024.

Provisions towards Retirement and other benefits

During FY 2025, the Bank made provision towards contribution to gratuity ('1206.71 crore), pension funds C2216.33 crore), leave encashment, additional retirement benefits and other benefits ('467.15 crore). Total provisions under these categories amounted to '3890.19 crore during FY 2025.

Dividend Distribution

Board of Directors of the bank has recommended a dividend of '8.35 per share for the financial year ended March 31,2025. The total outgo in the form of dividend will be '4,318.09 crore. The payment of dividend is subject to requisite approvals.

Global Economy

Global growth in 2024 remained steady with economies that contribute over 60% to the world GDP witnessing election. According to the IMF's World Economic Outlook, global GDP growth was solid at 3.2% in 2024 compared with 3.3% in 2023. Despite stable global growth, significant differences have been noted across various countries and regions. The ongoing geopolitical conflict in the Middle East and extreme weather conditions resulted in some disruptions and had an adverse impact on emerging and developing economies.

Within the advanced economies, US registered stable growth of 2.8% in 2024 compared with 2.9% growth in 2023. This was supported by stronger consumption and non-residential investment. In Euro Area, GDP growth was recorded at 0.9% in 2024, up from 0.4% in 2023, driven by strong demand conditions. High real wages also helped consumption. Within the Euro Area, Spain recorded a robust growth of 3.2% in 2024 (2.7% in 2023). In Germany, the pace of contraction has slowed marginally to -0.2% in 2024 against -0.3% in 2023. Economic growth in the UK performed much better than expected at 1.1% in 2024 compared with just 0.3% in 2023. On the other hand, growth in Japan decelerated to 0.1% in 2024 from 1.5% in 2023 amidst lower inflation.

Emerging and Developing economies (EMDE) registered stable growth of 4.3% in 2024. Growth in China moderated marginally to 5% in 2024 from 5.2% in 2023. Positive impetus to growth was provided by exports, especially during the last months of the year. Notably, property sector which declined back in 2021, showed early signs of stabilisation supported by concerted efforts of policymakers in Sep'24.

On the inflation front, consumer prices in the advanced economies eased down to 2.6% in 2024 from 4.6% in 2023. Even for EMDEs, inflation cooled off to 7.7% in 2024 from 8% in 2023. The moderation was led by lower energy and food prices. This has also led to a significant moderation in inflation in a few advanced economies which started to fall below the target. Despite the disinflationary impact, core inflation in certain pockets have remained elevated due to pick up in Service inflation.

In 2024, global central banks made the decisive shift towards easing monetary policy. The Fed began the easing cycle with 50bps cut in Sep'24, and ended the year with a total of 3 cuts in 2024 bringing the federal fund rate to 4.25% to 4.5%. Separately, ECB has made 4 rate cuts in 2024, lowering its deposit rate to 3% from 4% earlier. Bank of England lowered rates twice in 2024, bringing the interest rate down from 5.25% to 4.75%. Given that inflation rate did not align to the central bank target mark in 2024, Reserve Bank of Australia kept rates steady. On the other hand, signalling policy divergence, BoJ raised rates twice in 2024 to 0.1%, moving away from the negative interest rate regime.

Global economy has witnessed unprecedented series of shocks in the past. However, global growth is showing signs of stabilizing with inflation inching closer to the target mark, and a pivot towards monetary easing cycle. However, there are headwinds pertaining to geopolitical conflicts, adverse shift in trade policy, and heightened policy uncertainty pose downside risks to global economic outlook. This raises the possibility of tighter global financial conditions, thereby raising the prospects of global growth to be divergent and uncertain in 2025.

Based on this, IMF has projected world economy to grow at a slower pace of 2.8% in 2025, with risks tilted to the downside. The policy shifts, escalating trade conflicts and uncertainties is expected to hinder global growth. The shift in trade policies could result in capital outflows and tightening of global financial conditions, especially for emerging markets.

Growth in EMDEs is projected to be lower at 3.7% in 2025. This will be driven by China which is expected to register a lower GDP growth of 4%, given weaker domestic demand and the impact of tariffs. Even economies such as Russia and Brazil are expected to clock slower growth 1.5% and 2% respectively. India's GDP growth is expected at 6.2%, which is tad lower than RBI projection of 6.5%.

For AEs, growth will be weaker at 1.4% in 2025, with the US economy expected to grow by 1.8% amidst softer demand outlook, policy uncertainty and trade tensions. Euro Area is projected to grow at a slower pace of 0.8%, weighed down by tariffs and growing uncertainty. Growth in France and Italy is expected to moderate to 0.6% and 0.4% respectively in 2025, while Germany is expected to come out of the recession. On the other hand, GDP growth in Japan is expected to expand by 0.6%, while GDP growth in UK is expected remain stable at 1.1%.

Global inflation is projected to mod?rate to 4.3% in 2025, with inflation in advanced economies expected to converge to the target mark compared with emerging market and developed economies. Even as the inflation outlook has improved, the effects of tariffs impositions will vary across countries. Trade tariffs act as a supply shock with countries imposing the tariffs experiencing higher unit costs and lower productivity. On the other hand, tariffed countries are expected to face negative demand shock as export demand will be lower and there will be downward pressure on prices. The trade uncertainty has also added a layer of demand shock for businesses and these could result in tighter financial conditions along with higher exchange rate volatility. The global trade growth is also expected to slow down on account of increased tariff restrictions which will affect the trade flows.

Indian Economy

Growth in the Indian economy continues to showcase resilience backed by strong macro fundamentals, even as growth came off a high base. The economy clocked a growth of 6.5% in FY 2025 compared with a growth of 9.2% in FY 2024. Industry growth normalised as it rose by 5.6% against 10.8% in FY 2024. This trend was more noticeable in case of manufacturing sector, as its growth eased to 4.3% in FY 2025 from 12.3% in FY 2024, reflecting base-effect. Other sub-sectors such as mining (2.8% versus 3.2%), construction (8.6% versus 10.4%) and utilities (6% versus 8.6%), recorded only marginal softening.

Services sector too registered some moderation (7.3% in FY 2025 versus 9% in FY 2024), but continued to record above 7% growth, supported by sustained momentum in public spending (8.8% in FY 2025, unchanged from last year). Other sub-sectors such as trade, hotels, transport, communication & Services related to broadcasting, and financial, real est?te & professional services noted some softening in growth. This trend was also visible in related high frequency indicators such as services PMI, domestic passenger traffic, vehicle sales, rail freight and port cargo traffic.

On price front, headline inflation averaged 4.6% in FY 2025 down from 5.4% in FY 2024. This is well-below RBI's upper tolerance band of 6%. From 4.9% in Q1, headline inflation

eased to 4.2% in Q2, driven by moderation in food inflation. Within food, downward pressure was recorded in prices of cereals, vegetables, fruits and pulses, amidst good monsoon and higher Kharif sowing. However, by Q3 there was some upward pressure in food and fuel prices, which pushed headline inflation higher to 5.6%. Following this in Q4, when economies around the world were hit by trade war shock, global commodity prices softened. Food inflation also came down significantly, led by vegetable inflation. For FY26, RBI expects headline CPI to moderate further to 4% with risks evenly balanced and assuming a normal monsoon.

India's fiscal d?ficit for Apr-Feb'25 (FYTD25) stood at '13.5 lakh crore which is around 85.8% of the revised annual target for the year. For FY 2025, government has set fiscal d?ficit (% of GDP) target at 4.8% (at '15.7 lakh crore) lower than 4.9% set as per budget estimates. In FYTD25 so far, centre's net tax revenues has risen by 13.5%, non-tax revenues have expanded by 36.9%. For FY26, it is estimated that the fiscal d?ficit target will be much lower than last year at 4.4% of GDR

India's external position in FY 2025 showed signs of revival, as export growth improved. Exports rose by 0.1% in FY 2025, after declining by (-) 3.1% in FY 2024. Signalling robust domestic demand, and led by less sharp decline in international oil prices, import growth also picked up pace and rose by 6.2% in FY 2025 following (-) 5.3% decline in FY 2024. With this India's trade d?ficit widened to US$ 282.6bn in FY 2025 from US$ 241.1bn in FY 2024. On the currency front, INR ended lower by 2.1% in FY 2025 against a depreciation of 2.9% in FY 2024. Dollar index during this period strengthened by 1.4%.

On monetary policy front, RBI embarked upon rate cut ?yele from end of the last fiscal year (Feb'25) when it announced 25bps reduction in rates. At that time stance was left unchanged. At the beginning of the new financial year (FY26), the central bank has delivered another 25bps rate cut in Apr'25 and has changed the stance to ‘accommodative' from ‘neutral'. It has also lowered both its growth and inflation projections for FY26 to 6.5% (6.7% estimated in Feb'25 policy) and 4% (4.2%) respectively. We expect the economy to clock a growth of 6.4-6.6% in the same period.

Developments in Indian Banking

Credit growth of SCBs decelerated in FY 2025 to 11% (increase of Rs. 18.1 lakh crore), while deposit growth was lower at 10.3% (increase of Rs. 21.1 lakh crore), which explained the liquidity d?ficit in the system. Notably, both credit and deposit growth in FY 2025 was lower than last year. In FY 2024, credit and deposit rose by 20.2% and 13.5% respectively. The credit deposit ratio of the banking system stood at 80.8% in FY 2025, marginally higher than 80.5% in FY 2024. On a sectoral level, credit to services and personal loans moderated sharply in FY 2025. This can be attributed to an increase in risk weights on banks' lending to NBFCs and certain categories of personal loans. However, in Feb'25, RBI restored the risk weights on NBFCs lending by banks as per the external rating, which became applicable from FY26 and should boost credit growth to this sector.

Liquidity situation continued to remain volatile in FY 2025, with a marginal liquidity surplus in H1FY 2025, which turned into a d?ficit in H2FY 2025. The liquidity d?ficit was much more acute in Q4FY 2025, with an average daily liquidity d?ficit of Rs. 1.2 lakh crore. In response, RBI announced a slew of measures including a cut in the cash reserve ratio (CRR) by 50bps in Dec'24, restoring the CRR to 4%, a level last seen in May'22, before the start of monetary policy tightening by the RBI. In consonance, RBI also announced daily variable rate repo auctions (VRR), as well as USD/INR swap auctions and OMO purchases. This resulted in a noticeable improvement in liquidity conditions recently.

RBI also reduced its policy repo rate to 6.25% in Feb'25 from 6.5%, marking its first rate cut in 5 years. The weighted average lending rate (WALR) for SCBs on fresh rupee loans remained virtually f?at in FY 2025, while there was a marginal decline in the weighted average domestic term deposits rate (WADTR) during the course of the year.

RBI also introduced significant changes to the priority sector lending (PSL) guidelines aimed at improving credit access for essential sectors, set to take effect from FY26. These included enhanced loan limits on certain segments, enhanced coverage for renewable energy and weaker sections as well as a comprehensive change in PSL for urban cooperative banks (UCB).

Health of the banking system remains robust with strong capital and liquidity buffers as well as improved asset quality. As per latest data from the RBI's Financial Stability Report, the gross non-performing asset (GNPA) and net non-performing asset (NNPA) ratio of SCBs stood at a multi-year low of 2.9% and 0.9% respectively as of Sep'24. The capital to risk- weighted assets ratio (CRAR) of SCBs also remained healthy at 16.7% in Sep'24. Profitability indicators also witnessed an improvement with return on assets (RoA) and return on equity (RoE). Further, stress test results indicate that the CRAR of SCBs is likely to decline only marginally to 16.5% by Mar'26 under baseline scenario. Even under adverse scenarios, the CRAR of SCBs is likely to remain significantly higher than the minimum regulatory requirements. Further, the GNPA ratio of SCBs is expected to rise to 3% in Mar'26 under the baseline scenario, and 5% and 5.3% under adverse scenario 1 and 2 respectively.

Overall, prudent liquidity management by the RBI along with recent regulatory changes are likely to underline the strength of India's banking industry. With adequate capital buffers, improved profitability and strong asset quality, Indian banks are likely to witness another year of robust growth.

EASE

The PSBs Reforms Agenda was launched as Enhanced Access and Service Excellence (EASE) in January 2018. The initial set of EASE reforms, EASE 1.0, EASE 2.0, and EASE 3.0 supported capacity building in multiple areas of banking - such as the Introduction of digital-first reforms such as "Dial- a-Loan", "Credit @ Click", technology, analytics, asset quality improvement, outcome-centric HR, and overall governance. These reforms had a significant contribution to increasing performance, transparency, and accountability across the banking landscape.

EASE 4.0 focused mainly on smart lending backed by analytics; 24x7 banking with resilient technology and cloud- based IT systems; data-enabled agriculture financing; and collaborating with the financial ecosystem.

EASE 5.0 agenda mainly focused on Enhancing Digital Customer Experience, Data-driven Integrated and Inclusive Banking with emphasis on supporting small businesses and agriculture. Further, EASE 5.0 continues to drive progress in ongoing agendas such as co-lending partnerships, mobile banking enhancements, payments in semi-urban and rural areas, cloud adoption, digital marketing improvement through Search Engine Optimization and deepening financial inclusion.

EASE 6.0 focused mainly on driving excellence in customer service with digital enablement, Digital and analytics-driven business improvement, Tech and data-enabled capability building and developing people and enhancing HR Operations. In EASE 6.0 index, Bank has secured 4^th position in FY 24 amongst all the Public Sector Banks. Moreover, bank secured 1^st Position in People & HR Operations and 3^rd Position in Delivering Excellence in Customer Service as well as Digital & Analytics Driven Business Improvement.

EASE 7.0

EASE 7.0 reforms agenda (FY 2025) was launched on 25th April 2024 with an emphasis on enabling banks to drive national priorities, maintaining a strong customer service orientation, managing operational risks effectively and catalysing new age capability building.

• Gen AI Adoption - Bank has rolled out Gen AI Chatbot ADI & Gen AI Virtual RM Aditi on Bank's Website for improving Customer Experience & Gyan Sahay for Employee Assistance with successful controlled sandbox testing.

• Formation of Green Cell & Setting up of Essential Infrastructure by the Bank for catering to climate- related initiatives

• Internationalization of UPI App by the Bank by launch of Bank's UPI Application in 7 Countries

• Simplified Death Claim Processing by launch of Death Claim Portal

• Simplified Online Current Account through website by prefilling of Forms during Digital Journey

• Development & Adoption of Prescriptive Models for

Analytics, Business Augmentation and Strengthening Internal Controls thereby improving Compliance.

• Addition of Services on Chatbot (MB / IB), WhatsApp Banking, Bank's UPI Application, Tablets at Branches, Services at Non-Home Branches, Frequently availed customer services, Services available to customers without Branch visit etc.

• Development of New Product Smart OD for unsecured short-term working capital financing existing current account holders of the Bank having GST Registration

• Development of Online Shishu Mudra E2E Journey

- A Complete customer facing E2E Digital STP Journey up to final disbursement stage for Mudra Loans upto 50,000.

• Identification of Champion Sector - Bank has identified infra power renewable energy as Champion Sector under Corporate Segment

• Launch of customer facing Non-Discriminatory Non- Discretionary E OTS Portal on Bank's Website

The action points under each phase of EASE Programme envisaged deep-rooted transformation in approach and building new capabilities in PSBs.

EASE reforms agenda has contributed immensely towards the Bank's journey in achieving efficiency and ease of operations in almost all areas of operations, helping in providing an enhanced experience to its customers.

Operating Performance & Key Ratios

The highlights of operating performance of the bank are as below:

( ' in Crore)

Net Interest Income of the Bank increased to '45,659 crore in FY 2025 from '44,722 crore in FY 2024, grew by 2.1% on a YoY basis. The Interest Income increased to '1,21,442 crore in FY 2025 by registering a growth of 7.8% on a YoY basis. The Interest Expense stood at '75,783 crore in FY 2025 which was at '67,884 crore in FY 2024.

Other Income of the Bank increased to '16,647 crore in FY 2025 which was at '14,495 crore in FY 2024, thereby registered a growth of 14.8% on a YoY basis. Operating expenses of the Bank stood at '29,871 crore in FY 2025 as compared with '28,252 crore in FY 2024. Operating Income of the Bank increased to '62,306 crore in FY 2025 from '59,217 crore in FY 2024, registered a growth of 5.2% on a YoY basis.

Total provisions (other than tax) and contingencies was '5,980 crore during FY 2025 against '6,076 crore during FY 2024. Out of the Total Provision, Provisions for Non- Performing Assets (NPA) was at '5,170 crore in FY 2025 against at ' 6,471 crore in FY 2024.

The Bank reported a Net Profit of '19,581 crore in FY 2025 increased from '17,789 crore in FY 2024, grew by 10.1% on a YoY basis. The Operating profit of the Bank grew by 4.7% at '32,435 crore in FY 2025 as compared with '30,965 crore in FY 2024.

Key Ratios

Cost of deposit (global) stood at 5.10% and Yield on Advances (global) at 8.39% in FY 2025. Net Interest Margin (NIM) global stood at 3.02% and NIM domestic stood at 3.18% in FY 2025. Cost to income ratio stood at 47.94% in FY 2025. Return on Avg. Assets for FY 2025 reported at 1.16% and Return on Equity reported at 16.96% in FY2025.

( 'in crore)

Total deposits of the bank increased to '14,72,035 crore in FY 2025 from '13,35,136 crore in FY 2024, there by registered a growth of 10.3 % on a YoY basis. Total international deposits of the bank increased to '2,29,855 crore in FY 2025 from '1,98,444 crore in FY 2024, there by registered a growth of 15.8% on a YoY basis.

The global CASA of the bank grew by 8.2% on a YoY basis, to reach to the level of '5,56,666 crore in FY 2025 from 5,14,367 crore in FY 2024. The total current deposit of the bank increased to '1,43,729 crore as on 31st March 2025 from '1,20,411 crore as on 31 st March 2024, marked a growth of 19.37 % on a YoY basis. The total Savings deposit of the bank increased to '4,12,937 crore as on 31st March 2025 from '3,93,956 crore as on 31st March 2024, recorded a growth of 4.82% during the period. The global CASA % to global deposit stood at 37.82% in FY 2025 as compared with 38.53% in FY 2024.

Domestic Deposits and Domestic CASA

Domestic Deposit of the Bank increased to '12,42,169 crore as on 31.03.2025 from '11,36,692 crore as on 31.03.2024, registering a growth of 9.3 % during the period.

Bank's domestic CASA deposits increased by 6.4% and rose to '4,96,462 crore as on March 31,2025. Bank's CASA Ratio stood at 39.97%. Dom. Current Account deposits registered growth of 14.9% and reached to '87,778 crore, while Dom. Savings Bank deposits reached to '4,08,684 crore with an increase of 4.8% as on 31.03.2025.

Low-cost deposit mobilization initiatives

In FY 2025, the Bank achieved a milestone by opening 93.37 lakh new CASA accounts, with current account openings Crossing 3 lakh for the first time, reaching a record 3.11 lakh current accounts. A key focus was driving paperless account openings through VCIP & TAB-based onboarding. The Bank has also introduced an innovative, high-end savings product- the Masterstroke SB Account-reinforcing its commitment to cutting-edge digital banking solutions.

Special emphasis was placed on increasing the penetration of key CASA enablers, which include POS systems, QR codes with sound boxes, IP and BCMS. Additionally, efforts were made to activate dormant accounts, initiate DEAF activations, and funding of zero balance accounts.

On the digital front, the Bank has significantly increased client acquisition through various digital channels such as VCIP and TAB mode. During the FY-2025, the Bank opened

I, 19,158 VCIP SB Accounts. Bank opened 3,17,735 Current Accounts in FY-2025; of which 89.97 % (2,85,857) accounts opened through TAB mode. Furthermore, 57,74,251 Non-FI SB Account opened

in FY 2025; of which 65.55 % (37,85,178) accounts opened through TAB mode.

Bank has made significant growth under bob Earth Green Deposit which is well recognized among banking fraternity.

The Bank introduced the bob Parivar Concept, "My Family, My Bank," which extends a range of benefits to family members. This initiative includes tiered offerings for Premium Customers, segmenting them based on their CASA balances into three categories: RISE, Shine, and Sparkle. Sparkle. These customers receive personalized services through assigned personal Relationship Managers to build strong connect and improvise the banking services.

Bank executed MoUs with Govt Dept & Institutions for acquiring new Salary accounts.

Bank's integration with the Ministry of Corporate Affairs Portal for opening Current Accounts of newly formed companies has resulted in the opening of a total of 3,794 current accounts.

Bank has established a dedicated Defence Banking Vertical, which is headed by a Chief Defence Banking Advisor, a retired Lieutenant General. This vertical is further supported by Deputy Defence Banking Advisors who are posted at key locations to effectively penetrate the Defence segment.

Bank is leading in providing Doorstep Banking Services through the PSB Alliance Doorstep Banking Services initiative. During FY 2025, the Bank successfully completed

II, 868 Doorstep Banking services.

Baroda Cash Management Services

Baroda DigiNext, the Bank's Cash Management Services platform, offers a robust suite of omni-channel digital solutions designed for Corporate, MSME, and Government customers to efficiently manage their cash flows and liquidity. Over the past three years, the platform has witnessed remarkable growth, becoming a preferred solution for key

government departments and corporate entities to manage their collections.

Baroda DigiNext provides integrated, paperless payment solutions through both Host-to-Host (H2H) and API channels, enabling seamless transactions for both government and corporate clients. The platform also delivers real-time visibility into all types of receipts—including electronic payments, cheque clearances, and cash deposits made at branches across the country.

In FY 2025, Baroda Cash Management Services continued to expand its reach, establishing over 1,800 new client relationships. A dedicated cell has also been created within BCMS to cater to MSMEs, Supply Chain Finance (SCF), and Microfinance Institutions (MFIs). During the year, more than 11.87 crore transactions were executed through the DigiNext platform, underscoring its growing adoption and operational efficiency.

Credit Expansi?n

The Global Gross advance of the bank increased to '12,30,461 crore during FY 2025 from '10,90,506 crore during FY 2024, thereby registering a growth of 12.8% on YoY basis. The Gross Domestic Advance increased to '10,21,112 crore as on 31st March 2025 from '8,98,116 crore as on 31st March 2024, there by marked a growth of 13.7% during the period. The international advance of the bank increased to '2,09,349 crore during FY 2025, from '1,92,390 crore during FY 2024, there by registered a growth of 8.8% on a YoY basis.

The growth in major credit portfolio of the Bank is given below;

( 'in crore

*Ex-pool purchase (Organic)

The growth in Advance portfolio was mainly led by Retail Advance (organic) which increased to '2,56,633 crore grew by 19.40%, Agriculture advance which increased to '1,58,324 crore grew by 14.20%, MSME (organic) segment which rose to '1,36,377 crore by 14.20%, on a YoY basis in FY 2025. The retail advance including pool purchase was at '2,74,493 crore and MSME including pool purchase was at '1,42,750 crore as on 31.03.2025.

Corporate Loan of the Bank increased to '4,12,274 crore in FY 2025 from '3,79,747 crore in FY 2024, grew by 8.6% on YoY basis.

The Bank has successfully implemented numerous digital banking initiatives to enhance its Advance Portfolio across various segments, including Retail, Corporate, Priority, MSME, and Agriculture. The Bank has equally focused on expanding its asset portfolio through branch banking as well as digital banking channels. Digital Lending Platform continuously contributing EASE of doing business in banking landscape. Bank has designed digital Personal Loan journeys for employees of Central & State Government, PSUs, Autonomous Bodies, high rated corporates, etc. The Bank has launched ‘GST Sahay' an invoice-based financing for Current Account Holders to meet their working capital requirements. Bank has launched Digital Mudra Loan end- to-end digital journeys till disbursement on Digital Lending Platform. The Bank also launched Digital Gold Loan enabling its customers a quick and hassle-free disbursement of gold loans. These are the some of the digital initiative that Bank has taken during FY 2025 to expand its Advance portfolios including Retail, MSME and Agri portfolios.

The Bank has implemented many business campaigns through its Zonal and Regional Office from time to time based on the festival season and other opportunities to grab more business at various geographies across the country.

Corporate Credit

Corporate credit in the Bank is serviced through 33 specialized Corporate Financial Services (CFS) & Mid Corporate branches (MCB) which manages approximately 94% of the total standard corporate credit portfolio of the Bank. The corporate credit portfolio of the Bank has increased to '4,12,275 crore in FY 2025 as compared with '3,79,747 crore in FY 2024, there by recorded a growth rate of 8.6% on a YoY basis.

*External Rating Distribution of Domestic Advances above '50 crore

Total portfolio comprising of A & above in FY 2025 was 94% as against 90% in FY 2024.

Corporate Banking - Structure

During the year, bank has continued with its strategy to focus on Mid Corporate Advances, through -4- Mid Corporate Clusters located at strategic locations i.e. New Delhi (North), Chennai (South), Mumbai (West) and Kolkata (East) and Mid Corporate Branches tagged to them.

Target Market approach

The Bank follows a target market approach which has the following features:

• Identification of industries / sectors for growth based on industry outlook i.e. the combined output of various industry parameters including market size, growth, demand-supply outlook, cost structure, competition, financial performance, government policies and investment outlay.

• Sector-wise business plan for target market lending, based on exposure caps, existing exposures and further appetite for fresh acquisitions.

• Detailed account planning with structured calling plans for meetings, identifying business opportunities, approval and closure.

• Execution of the business plan under target market approach through dedicated relationship managers across the Bank.

• The Bank focuses on overall yield from the customer rather than interest income by offering ancillary services like supply chain finance, valu? chain finance, cash management system facility and other retail products.

MSME Credit

The MSME portfolio of the Bank (excluding TWO, including pool purchase) increased to '1,42,750 crore in FY 2025 from '1,25,899 crore in FY 2024, registered a growth of 13.38% on a YoY basis. During the year, the Bank has taken the following initiatives to augment MSME business with improved asset quality.

1. Formation of 359 specialized MSME Branches with exclusive team. These focussed branches have contributed 24% of the MSME book

2. Digitalization of MSME loan journey through the state of art "Tejas "Platform.

3. Enhanced focus on emerging product segments leading to over achievement of Target.

• TreDs has achieved a YOY growth of 248%.

• Supply Chain Finance has achieved a YOY growth of 90%

• CV/CME segment has achieved a YOY growth of 43%.

Additionally, Bank has achieved almost all the Targets under the following key Government schemes-

1. 103% under PMMY Scheme.

2. 102% under Standup India.

3. 95.6 % under PM Svanidhi scheme (Disbursement against the applications received).

Retail Credit

The Retail Asset of the Bank (excluding TWO, including pool purchase) increased to '2,74,493 crore in FY 2025 from '2,23,911 crore in FY 2024, registered a growth of 22.6% on a YoY basis. The organic Retail Loans increased to '2,56,633 crore in FY 2025 from '2,14,942 crore in FY 2024, an increase of 19.4% over the previous year. Retail loan share (including

Pool, staff, LABOD and others) in total domestic loan book increased to 30.1% in FY 2025 from 28.3% in FY 2024. The gold loan under the retail portfolio registered a growth of 55.6% on a YoY basis, reached to '7,076 in FY 2025. The Personal Loan segment marked a robust growth of 21.3% on a YoY basis, reached to '36,122 crore in FY2025. The Auto loan grew by 20.3% o a YoY basis. to reach to '46,549 crore. The Mortgage Loans marked a growth of 18.9%, Home Loan segment registered a growth of 17.3% and Education Loans grew by 15.9% on a YoY% in FY 2025. The detail of the growth of Retail loan segment is given in the below table.

Cin crore)

*Ex-pool purchase (Organic & Excl. TWO)

The key highlights of retail business in FY 2025 include:

Retail loan share in total domestic loan book increased to 26.88% in FY 2025 from 23.95% in FY 2024.

New 13,29,896 number of retail loan accounts have been sanctioned amounting to '1,01,075 Cr during FY 2025. 2,500 Retail Thrust Branches have been identified for focused growth in retail segment. 119 RAPCs contributed 47.05% of total sanctions ('47,551 Cr) with a YoY growth of 21% in RACPC sanctions during FY 2025. The average TAT reduced to <5 days. The Bank has revamped structure and implemented new process for mortgage-based retail loan and sanction at RAPCs.

In our digital front initiative, end-to-end digital processes has been implemented in Personal Loan, Auto Loan, Education Loan, Pension Loan, , Baroda Flexi loan over home securities, Retail Gold Loan, PM Surya Ghar Scheme and in two-wheeler loans. During the FY 2025, the Bank has digitally disbursed '5,472 crore in Personal Loans, '565 crore in Auto Loans, '14 crore in Top-Up Loans, '18 crore in Education Loans, '4 crore in Pension Loans, and '46 crore in Gold Loans through end-to-end digital journeys. This has enhanced customer experience by eliminating the need of Physical documentation and the branches visit.

The Bank has helped students to realise their academic dreams by disbursing education loans of '2,872 crore in FY 2025. The Bank has launched PM Vidya Lakshmi Scheme in education loan. PM Vidya Lakshmi Portal integrated with LLPS for education loan lead flow.

Standalone and composite rooftop solar schemes have been launched under PM Surya Ghar Yojana. The Integration of Loan Origination System (LOS) with Jan Samarth Portal has been done successfully for faster rooftop solar loan sanctions under PM Surya Ghar Muft Bijli Yojana.

In Home Loan segment, '35,112 crore loan was disbursed and 1,02,190 number of new customers were added in FY 2025. In Education Loan 27,459 new customers added and in Personal Loan 5,76,990 new customers were added in FY 2025. New Home Loan Cash Flow Scheme introduced for EWS, LIG, and MIG segments in urban areas. Pradhan Mantri Awas Yojana 2.0 has been launched. CERSAI 2.0-Finacle API integration has been completed.

In Auto Loan segment, '19,638 Crore loan was disbursed, and 1,93,289 number of new customers were added in FY 2025. Baroda Direct Car Loan rolled out to lower acquisition cost from branch-generated leads. Enhanced partnerships with OEMs and dealers to expand Auto Loan business. Supply chain finance leveraged for Auto Loan business acquisition. Digital two-wheeler loan journey launched.

Strengthened lead generation through Corporate DSAs, DSTs, and BCs. Bank has launched Referral DSA (RDSA) channel and lead submission portal. Continued retention and cross-selling strategy for Home, Mortgage, and Auto Loan customers. Product offerings have been aligned with market trends and customer demand.

Project Approval Module deployed in LLPS. Revised ELSC structure implemented on a Pan-India basis. Lead Force App launched for DSAs and DSTs for efficient lead submission. Vendor Management Application introduced for service provider and vendor tracking. Bulk Retail Sourcing Team has been set up to target large-volume retail loan business..

Rural and Agricultural Lending

Bank has a network of 8,424 domestic branches, of which 5,107 rural and semi urban branches are leveraged fully for priority sector and agriculture lending. The Bank's agriculture advances increased to '1,58,324 Crore as on 31 st March 2025 forming about 15.50% of the gross domestic credit.

Bank is the convener of State Level Bankers' Committee (SLBC) in 3 states i.e. Uttar Pradesh, Gujarat and Rajasthan and Union Territory Level Bankers' Committee (UTLBC) in the Union Territory of Dadra and Nagar Haveli and Daman and Diu. Bank also shoulders the Lead Bank responsibility in 72 districts across the country.

Bank continues to be one of the leaders in lending to agriculture sector, which received an impetus with the Government's visi?n of "Atmanirbhar Bharat". The Bank has moved beyond granting simple farm based credit to a more diversified rural lending strategy to encourage capital generation to farmers and build a robust infrastructure in agriculture and Animal Husbandry. The Bank also focus more on newly introduced products such as Agriculture Infrastructure Fund (AIF), Animal Husbandry Infrastructure Development Fund Scheme (AHIDF), PM Formalisation

of Micro Food Processing Enterprises (PMFME), National Livestock Mission (NLM), Pradhan Mantri Kisan Urja Suraksha Evem Utthan Mahabhiyan Scheme (PM Kusum), Pradhan Mantri Matsya Sampada Yojana Scheme (PMMSY) and compressed biogas products.

Bank contin?es to focus on its flagship produc?s like KCC, Financing to Self Help Groups (SHGs), Agri Gold Loans, Farm mechanisation (Tractor loans), Horticulture loans, Financing to Farmer Producer Organization / Farmer producer company (FPO/FPC), Hi-tech Agriculture and Food and agro-processing. During the year, the Bank has issued 4.29 lakh new Kisan Credit Card (KCC) of which 1.18 lakh are Animal Husbandry and Dairy (AHD) KCC issued to farmers engaged in animal husbandry and fisheries activities. As part of microfinance initiatives, Bank has credit linked 56,689 SHGs by granting loans amounting to '2,390.76 crore during FY 2025.

Bank is pursuing tie ups with various private partners to enhance credit linkage of SHGs. Bank has also introduced TAB banking facility, to improve Turnaround Time and to enable hassle free instant Savings Bank Account opening for SHGs. In Tractor loans, rate of interest has been linked with LTV of Tractor for the convenience of farmers. During FY 2025, we have signed MoU with Ministry of Rural Development (MoRD) under "NARI SHAKTI" Scheme of DAY-NRLM for financing individual women entrepreneurs. We have also revised Poultry Scheme & Solar level feeder scheme under component C of PMKUSUM in line with the schemes offered by the other Peer Banks. This scheme was implemented in all Zones. Under Digitization of Agri Lending, Digital Gold loan & Digital BKCC is now live for all Zones. Digital BAHFKCC journey is under CUG testing in RBIH enabled states. Digital journey for Tractor loan, SHG, BKCC renewal & e-NWR is under UAT.

During the financial year, the Bank's Centre for Agriculture marketing and Processing (CAMP), a dedicated centralized centres for processing of agriculture loans with a special focus on non-traditional and high value Agri advances at its various zones and regions has sanctioned loans to 36,263 farmers, amounting to ' 4,497.48 Cr.

"BARODA KISAN PAKHWADA" is Our Bank's annual farmer outreach programme which is observed every year. During "BARODA KISAN PAKHWADA", Branches of our Bank organize various functions/ events of farmers/SHG/ health check-ups of live stocks /Soil Testing and other activities/ meetings to reach out to maximum number of farmers. During FY2025 "BARODA KISAN PAKHWADA" was observed from 11^th Nov. to 22^nd Nov. 2024 in general and from 25^th Nov. to 7^th Dec.2024 in election bound states/constituencies and through this fortnight long festival we have connected with over -2,32,134- farmers Nationwide and cumulatively sanctioned agri loans of over '1225.79 crore.

Priority Sector Lending

Average Priority sector advances of the bank increased to '3,47,466 crore during FY 2025 from ' 3,01,917 crore as of FY 2024 and registered YoY growth of 15.09%.

Advances to SC/ST Communities

The outstanding advances to Scheduled Caste/ Scheduled Tribe (SC/ST) communities went up to ' 25,041 crore as of 31^st March 2025. The SC/ST communities accounted for 18.68%% share in total advances granted to weaker sections by the Bank.

Further, special thrust is given by the Bank in financing SC/ST communities under various Government sponsored schemes such as National Rural Livelihood Mission (NRLM), MUDRA Loan, Startup India and Stand-Up India.

Gold Loan

Bank's gold loan portfolio (excluding TWO) increased to '63,959 crore, as on 31st March 2025, from '47,618 crore, on 31st March 2024, registering a growth of 34.32%. Within gold loan portfolio, Agriculture gold loans grew by 32.30%, reaching '56,783 crore in FY 2025 from '42,921 crore in FY 2024. Retail gold loan increased to '7,076 crore in FY 2025 from '4,546 crore in FY 2024, registering a growth of 55.65%. During the year, the Bank has added 139 new gold loan disbursing branches, taking the total number of Gold Loan designated branches to 6,129 in FY 2025 from 5,990 branches in FY 2024. The increase in spread of Gold loan designated branches across the country with share of geographies other than southern parts stands at 30.10% in FY 2025 as compared to 28.53% in FY 2024. Average ticket size of a gold loan increased to '2.09 lakhs in FY 2025 from '1.79 lakhs FY 2024. Average amount of gold loan per branch increased to '10.44 crore in FY 2025 from '7.95 crore in FY 2024. Credit quality of the Gold Loan portfolio remained healthy, with a GnPA ratio of 0.19% as on 31st March 2025.

Financial Inclusi?n (FI)

In order to provide universal banking services to all sections of the society especially to rural, semi-urban and urban poor at an affordable cost, Bank has taken financial inclusi?n as a social commitment and also an opportunity to tap business through BC model. The Bank has been actively working towards ensuring financial inclusi?n in the country through its branches and BC network. With the advent of technology, innovative steps are being taken for serving the unbanked areas. Bank expanded its BC network to 48,120 as on March 31, 2025 to cater to rural, semi urban, urban & metro areas across the country.

Bank took the following additional initiatives at BC Point towards promoting financial inclusi?n:

• Generation of TDS Certif?cate at BC Points

• Generation of Interest Certif?cate at BC Points

• The functionality for RE-KYC of Customer is enabled at BC Points

• AePS Off US Cash Deposit

Performance highlights under financial inclusi?n during FY 2025:

• Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts increased from 615.74 lakhs in March 2024 to 643.36 lakhs in March 2025 with YoY growth of 4.49%.

• PMJDY deposits increased from Rs. 32,337 crore as on March 2024 to Rs. 36,355 crore as on March 2025 with YoY growth of 12.43%.

• The Bank's share among PSBs stood at 15.01% in PMJDY accounts and 17.73% for deposits in PMJDY accounts, second highest only after SBI.

• Zero balance PMJDY accounts of the Bank reduced to 4.71% as on 31st March 2025 as against 4.98% as on 31st March 2024.

• As on 31^st March 2025, Micro Insurance enrolment under PMJJBY scheme is 70.99 lakhs and under PMSBY scheme is 271.81 lakhs.

Performance of RRBs sponsored by Bank of Baroda

The Bank sponsors three Regional Rural Banks (RRBs) namely Baroda U.P Bank, Baroda Rajasthan Kshetriya Gramin Bank and Baroda Gujarat Gramin Bank in the state of Uttar Pradesh, Rajasthan and Gujarat respectively. The aggregate business of these three RRBs increased to '1,86,088.63 crore as on 31st March 2025 from '1,67,173 crore as on 31st March 2024 i.e. 11.32 % on YoY basis. These RRBs together posted a net profit of '1,317.63 crore during FY 2025, increased by 17.50 % as compared with net profit of ' 1,121.36 crore during FY 2024. The net worth of these RRBs put together improved to '8,262 crore as of 31st March 2025 from the level of '6,887 crore as of 31st March 2024.

Awards received by our sponsored RRBs during FY 2025:

Our three sponsored RRBs have received numerous prestigious appreciations and awards for their efforts in technology upgradation as well as outstanding performance in various Govt. schemes from various bodies like PFRDA, IBA, NRLM during the Financial Year 2025 as under:

A) Baroda U. P. Bank (BUPB) has received -02- awards from Mnistry of Agricultura on 03.09.2024 for "Best Campaign and Rapid Campaign" for AIF Product from Hon'ble Minister Shri Shivraj Singh Chouhan, whereas Mnistry of State of Housing and urban Affairs has awarded BUPB with "PMSVANidhi PRAISE AWARD 2023-24" on 11.09.2024. BUPB has recently won 9 National Awards from PFRDA for good performance in Atal Pension Yojana (APY) in Financial Year 2025.

B) Baroda Rajasthan Kshetriya Gramin Bank (BRKGB) has recently won 9 National Awards from PFRDA for good performance in Atal Pension Yojana (APY) in Financial Year 2025.

C) Baroda Gujarat Gramin Bank (BGGB) has recently won 10 National Awards from PFRDA for good performance in Atal Pension Yojana (APY) in Financial Year 2025.

Stressed Asset Management

The Bank believes that continuous day-to-day monitoring is the first step towards reduction in non-performing loans and thus ensuring good recovery. For this, the Bank undertook various steps and formulated strategies to augment recoveries and reduce slippages.

Bank is strategizing to touch each and every NPA account in a scientific manner. Bank has a special skill-set under an Apex Vertical ‘Stressed Assets Management Vertical', at Corporate Office. Under the vertical there are -5- Stressed Assets Branches (SAM) with special skill set to cater all accounts under National Company Law Tribunal (NCLT), -12- Stressed Assets Recovery Branches (SARB Branch) at Zonal level to handle NPA accounts other than NCLT with outstanding balance above '5 crore. These Branches are under direct supervisi?n of Corporate Office to reduce TAT. Further -69- Regional Stressed Assets Recovery Branches (ROSARB Branch) at Region level are also stablished to handle NPA accounts with outstanding balance above '20 lacs to '5 crore.

Under Govt of India Digital Initiative, Bank has taken several steps for end-to-end digitalization of the entire recovery and monitoring procedure without paper movement and Real Time basis. In this connection bank has taken following initiatives:

1. QLICK: It picks several data points from FINACLE on real time basis without manual intervention and calculates Days Past Due (DPD) Report, NPA Movement Chart and Mock Runs - for forecasting daily degradations.

2. ILMS: Mobile app and Desktop based portal which is an online repository of entire NPA A/Cs irrespective of amount. It provides online 360-degree live monitoring of accounts without any manual intervention, like SARFAESI status, DRT/NCLT status, Provisioning, Daily Recovery, lawyers performance analysis and online submission/ sanction of OTS proposals to reduced the TAT.

3. Bank is member of BAANKNET (Bank Assets Auction Network) portal of PSB alliance Pvt Ltd. which is being used for auction of properties under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI).

4. E-OTS: A Non-discretionary, and Non-discriminatory Digital E-OTS scheme has been introduced under EASE 7.0, which reinforces our Bank's leadership in meeting government priorities. Digital processing enables cost and time savings, with payments made via QR code and no need for branch visits. Borrowers can download the sanctioned letter and No Dues Certif?cate online.

Bank also adopted the following strategies for recoveries and reduce slippages.

1. To have a proper monitoring of the portfolio of Agriculture, MSME and Retail Loans we have taken a cluster / area approach with dedicated recovery officers.

2. Proper allocation of small NPA/SMA accounts to Recovery Agents / Feet on Street is done by Portfolio Managers at ZO/RO level to have a monitoring.

3. Introducing the Pre Lok-Adalat meetings for maximum participation of borrower during the Lok Adalats and resolved the long pending cases under the DRT Lok- Adalats /National Lok-Adalats.

4. Bank has initiated the SARFAESI action in all eligible NPA accounts and continue the action till conclusion / disposal of asset & recovery in the account. We are also listing/ publishing the auction property details on Bank's website, Newspaper, Radio, social media web portals and as well as leading property broking web sites.

5. To address the large number of small NPA accounts, Bank has re-introduced in June-2024 its special One- Time Settlement (OTS) scheme "Vasooli Sankalp 2.0" for settlement of unsecured NPA (DBII/DBIII/Loss) / TWO/ PWO accounts having outstanding balance up to '5.00 crore under MSME, '1.00 crore under Retail and '0.25 crore under Agriculture category.

6. Bank believes in Nation Building by extending hands to stressed entrepreneurs through restructuring as per RBI guidelines. Also to have better and targeted monitoring mechanism & reduction in SMA - I & SMA - II accounts of large corporate are being monitored by Stressed Asset Management Vertical in coordination with Credit Monitoring Vertical to find out the resolution and exploring all prospects of recovery and up gradation.

The movement of NPAs during the last two years is as under:

( 'in crore)

As per asset classification, the bifurcation of loan book is as given below:

( 'in crore)

International Banking

The Bank has -84- overseas branches/offices across -17- countries comprising of -39- overseas branches/offices ( including -1- International Banking Unit in GIFT City, Gandhinagar, Gujarat, India and -9- EBSUs in UAE), -45- branches of the Bank's -7- overseas subsidiaries. In addition, Bank has -1- Joint Venture viz. India International Bank (Malaysia) Bhd. in Malaysia and -1- associate bank viz. Indo Zambia Bank Ltd. in Zambia with -37- branches.

The Bank has presence in the world's major financial centers of New York, London, Dubai, Singapore and Australia. In addition, Bank has a branch in GIFT City (SEZ), Gujarat, India which is treated as an offshore banking unit and has been chosen as a center for business growth taking into consideration the immense business potential, tax advantage, Government initiatives etc. Bank has taken various proactive steps in creating world class infrastructure for the branch in IFSC including state of the art dealing room for International treasury of global standard.

Bank pursues a strategy of driving growth and value by meeting the international banking requirements of Indian corporates; catering to India linked cross-border trade flows for Indian and locally incorporated companies or firms and being the preferred Bank for NRIs/ Persons of Indian Origin.

Looking into the available business opportunities, Bank has also diversified the advances portfolio by taking exposure on Non-India related syndication loans in the primary and secondary market. Also, various new products have been launched to broaden the product basket on the asset side

Further, in overseas centers, substantial progress has been made in IT up gradation for end-to-end business solution, with a focus on digitization and centralization, to improve productivity and customer experience. Bank is continuously integrating multiple platforms of technology to generate synergies. During the year, Bank has taken various steps to automate the Risk & Compliance monitoring.

Bank has strategically undertaken rationalization of its overseas presence based on a comprehensive evaluation framework. Now, the Bank is restrategising its International Operations in line with the new global environment and focused on rebalancing the portfolio with a view to manage risks, shed low-yield assets and increase profitability.

As of March 31, 2025, the Bank's total business (net) from international branches was '4,35,770 crore and constituted 16.25% of the global business. Total deposits were at INR 2,29,866 crore while net advances were '2,05,904 crore.

Foreign Exchange Business

With an objective to implement high standards of compliance in line with extant regulatory guidelines with improved operational efficiency, Service delivery and quality, our Bank has set up Trade Finance Back Office at GIFT City, Gandhinagar(India's 1st smart city) along with BCP set up at Bengaluru to cater trade finance Services of its pan India customers. The significant developments aimed at enhancing the overall foreign exchange business in the current financial year are as follows:

• Bank has automated cross border inward remittances below USD10,000.00 for certain purposes. During FY 2025 we have successfully handled 64,885 transactions through Straight through processing as compared to 59,368 transactions in FY 2023-24. This accounts for 19.03% of total transactions processed during the FY 2025 and reflects a significant improvement in turnaround time (TAT).

• Bank has launched Liberalized Remittance Scheme (LRS) facility through BOB-World enabling individual customers to initiate transactions under LRS for specific purposes viz. gift / family maintenance from their Mobile. A total of 3,759 transactions have been facilitated through the platform in the FY 2025, accounting for 7.38% of the total LRS transactions processed in the year.

• Bank has launched the Liberalized Remittance Scheme (LRS) facility through Internet Banking application, enabling customers to initiate transactions under LRS for specific purposes viz. gift / family maintenance directly from their Internet Banking portal. The facility is expected to see increased adoption by customers in the coming years.

• Bank has created an accessible 24/7 SMART TRADE PORTAL to its customers, enabling them to initiate inland as well as forex trade transactions from the comfort of their home or office, reducing the necessity for branch visits. This channel has onboarded a total of 4,700 customers, including 921 during the current financial year, facilitating 12% of the total trade transactions (both inland and foreign) through the portal.

• The Bank has partnered with NeSL (National E-Governance Services Limited) to enable end-to-end issuance of Bank Guarantees through a fully digital mode, enhancing security and significantly reducing turnaround time (TAT). As part of this initiative, our Bank has set an industry benchmark by rapidly achieving key milestones in the issuance of Electronic Bank Guarantees (e-BGs) on the National E-Governance Services Limited (NeSL) platform. During FY 2024-25, the Bank issued 4,677 Electronic Bank Guarantees (e-BGs), an increase from 2,010 e-BGs issued in FY 2023-24. This brings the total number of e-BGs issued to 6,687 since the commencement of digital issuance through the National E-Governance Services Limited (NeSL) platform. ^•

• As on 31^st Mar 2025, Bank has established 16 Special Rupee Vostro Accounts for Banks worldwide, to spearhead the Government of India's drive to promote INR denominated trade transactions via the Special Rupee Vostro Account (SRVA) mechanism.

Domestic Treasury Operations

The Bank operates its treasury operations from a state of

the-art dealing room at its Corporate Office in Mumbai.

The treasury is a prominent player in various markets such

as foreign exchange, interest rates, fixed income, money

market, derivatives, equity, currency and interest rate futures and other alternate asset classes. The Bank offers various services like interest rate swaps, currency swaps, currency options and forward contracts through authorised branches dealing in foreign exchange across India.

Treasury maintains the regulatory requirements of CRR and Statutory Liquidity Ratio (SLR) and manages the fund position. Treasury borrows/invests in money market and capital market instruments as part of fund management operations.

The total size of the Bank's domestic investment book as of 31st March 2025 stood at '3,70,478 crore. The share of SLR securities in total investments was 82.74%. The percentage of SLR securities (unencumbered) to Net Demand and Time Liabilities (NDTL) as of 31 st March,2025 was at 25.30%. The Bank capitalized on the opportunities offered by yield movements. The Bank managed its portfolio efficiently and maintained yields on interest bearing investments for FY 2025 at 7.09%. During FY 2025, the profit on sale of investment was '2,267.63 crore.

Government Business

The Government Relationships Vertical plays a pivotal role in the strategic framework of the bank. It serves as a cornerstone in meeting the diverse banking needs of both Central and State Governments, as well as Public Sector Undertakings (PSUs) across India. Our comprehensive suite of services encompasses a wide array of financial transactions crucial to the functioning of government bodies.

One of our primary responsibilities involves the seamless processing of payments related to Central Government and State Government pensions, postal transactions, Tax collections (Direct & Indirect ) and Treasury/sub-Treasury transactions. Additionally, we manage various Government savings and investment schemes such as the Public Provident Fund, Senior Citizens' Saving Scheme, Sukanya Samriddhi Yojana, National Pension System, Atal Pension Yojana, e-Kisan Vikas Patra, RBI bonds Gold Monetization Scheme, Mahila Samman Saving scheme, and Sovereign Gold Bonds. These services not only contribute significantly to the bank's fee income, with a notable '88.97 crore in FY 2025, but also bolster our reputation and goodwill in the banking sector.

Moreover, our role extends beyond transactional services. We actively assist in the opening of accounts for various State and Central Government organizations, fostering a symbiotic relationship by mobilizing Current Account Savings Account (CASA) deposits for the bank. Our commitment to providing holistic solutions is evidenced by our efforts in facilitating the onboarding of customers to government portals such as the Government e-Marketplace (GEM) portal and the Public Financial Management System (PFMS). These initiatives not only strengthen our existing relationships but also pave the way for establishing new partnerships and expanding our CASA base. As of March 31,2025, the total Government CASA of the bank amounted to '63,180 crore, representing 12.72% of the total bank's CASA.

Furthermore, our dedication to innovation and technology is paramount. We offer customized IT Solutions to government departments nationwide, catering to their specific needs and requirements. By leveraging technology, we enhance efficiency, streamline processes, and ensure the seamless mobilization of government CASA.

As an accredited banker to esteemed ministries such as the Ministry of Health and Family Welfare and the Ministry of Law & Justice. Ourfocusextends beyond transactional efficiency; we prioritize providing allied services that add value to our government partners. This includes initiatives such as facilitating the onboarding of government departments onto the PFMS Portal, actively canvassing government CASA accounts, and providing comprehensive support to branches engaged in government business.

In essence, our Government Relationships Vertical serves as a trusted partner to government entities, offering a comprehensive suite of banking services tailored to their unique needs. With a steadfast commitment to excellence, innovation, and customer-centricity, we continue to play a pivotal role in the nation's economic development and governance.

Wealth Management

The Wealth Management vertical continues to be a key Strategic Business Unit of the Bank, with a consistent focus on nett business growth and building stronger Assets Under Management (AUM) across diverse client segments. Supported by an expansive network of 8,400+ branches and a customer base exceeding 170 million, the vertical is committed to delivering best-in-class investment and insurance Solutions tailored to the evolving financial needs of its clientele.

Industry Recognition

The Bank's excellence in Wealth Management has been recognized at national platforms, including: ^•

• "Best Performance in Bank's Category for Mutual Fund Business" by the Bombay Stock Exchange (BSE) — awarded to Bank of Baroda for the third consecutive year.

• "Winner - Net Sales - Equity & Hybrid Funds Category" under the Banks category at the inaugural AMFI Partners in Excellence Awards (FY 2023-24).

Strategic Focus Areas

To cater to both retail and affluent clients, the Bank has concentrated efforts on the following key areas:

• Branch Activation to enhance front-line advisory and sales efforts.

• Digital Adoption to streamline customer journeys.

• Client & Employee Engagement Programs to foster stronger relationships.

• Talent Enhancement ensuring all certified staff serving Radiance and non-Radiance segments are trained and fully equipped with the required skills.

Digitization Initiatives

Digitization remained the central pillar of Bank's wealth strategy for enhanced Service efficiency and customer convenience. Notable developments include:

• SMARTINVEST - The Bank's digital investment platform now offers a seamless experience via standalone and BOB World-integrated journeys for Mutual Fund transactions and 360? portfolio management. The platform supports both self-service and branch-assisted sales through API-based integration.

• SMARTINSURE - The platform is live for Life Insurance and is being expanded to cover Non-Life Insurance, with rigorous policy and compliance checks embedded in the journey.

Skilled Workforce & Ethical Sales

A strong emphasis continues to be placed on staff capability building and ethical business practices. The Bank has extended its partnerships with three reputed training organizations to deliver customized learning modules that ensure compliance-led, customer-first advisory services. Despite market volatility, the Wealth Management vertical achieved significant milestones life '752 crore business in Life Insurance Premium mobilisation, '589 crore in Non-Life Insurance Premium mobilisation and Investment AUM of Rs 16,272 crore.

Customer & Stakeholder Engagement

The Bank remains committed to continuous engagement through innovative knowledge-sharing and thought leadership initiatives:

• "Wealth Insight" - Monthly e-magazine for Radiance customers featuring market outlooks.

• "Thursday Thoughts" - Weekly emailer designed to spread financial knowledge.

• "Wealth Bulletin" - A bi-monthly internal publication for the Wealth Management Services (WMS) team.

• "Leadership Chronicle" - A talk show series featuring thought leaders from banking and finance.

• "Expert Insight" - A platform for webinars and interactive sessions with market experts covering key financial topics, including Budget analysis and market trends.

Digital Banking products

The Bank is committed to digitisation and continuously strives to migrate transactions to digital channels which leads to better customer experience. The major focus of digital banking is to make Bank's products available to customers through digital and alternate delivery channels. The key instruments in digital banking are bob World, bob World UPI, Baroda Connect, Debit Cards, Prepaid Cards, BHIM Aadhaar, ATM and Cash Recycler machines, Self Service Passbook Printers(SSPBP), TAB Banking, Internet Payment Gateway (IPG), Bharat Bill Payment Services (BBPS), Baroda FASTag, Bharat QR, Point of Sale (POS), etc.

bobWorld Merchant UPI QR

During the FY2025 the Bank has been able to achieve 25.48 Lacs bob World UPI Merchant base and added 7.01 Lakh new merchants on UPI QR platform. As of March 31,2025 a total of 3.56 Lakhs bob World Merchant UPI QR activations have been achieved. The bank has also been able to achieve a total of 24.67 crore valued ' 50581.60 crore Financial transactions through bob World Merchant UPI QR during FY2025.

Sound Box initiative

Bank has launched Sound box facility to its merchants in October 2024 and successfully installed 14K device in FY 2024.During FY '25 , bank could successfully achieve an installed base 1.04 Lacs sound box devices.

bob World

During the FY'2025, bob World activated user base has been increased by 21.43 lacs users. As of March 31,2025 a total of 327 lacs users have been activated on bob World. The total Financial transactions over bob World platform have crossed 13.62 crore transactions and Non-Financial transactions have crossed 194.39 crore transactions during FY 2024-2025.

Debit cards

As of 31st March 2025, the Bank has a debit card base of 8.82 crore. To boost e-commerce and POS transactions and position the Bank's debit card as the preferred payment option for customers, the Bank collaborated with various merchants to provide attractive offers for debit cardholders. During the period from April 2024 to March 2025, the Bank launched 25 promotional campaigns in partnership with popular merchants.

In FY 2024-25, the Bank introduced various new debit card variants to cater to diverse customer segments out of which the prominent variants are mentioned as under:

• Bank of Baroda EaseMyTrip Debit Card, introduced in partnership with EaseMyTrip, offering a mix of travel and hotel booking discounts, complimentary annual subscriptions to OTT platforms, and other value-added benefits.

• NRI Debit Card, developed in collaboration with MasterCard to specifically address the unique requirements of NRI customers and enhance their overall banking experience.

• Baroda Kisan Pride Debit Card, exclusively for customers who have availed loans under the Baroda Kisan Pride scheme of the bank.

Baroda FASTag (National Electronic Toll Collection - NETC)

Bank has issued 1.31 lakh FASTag in FY2025 and tag base reached to 12.20 lakh. Our Bank has processed 4.79 crore FASTag toll transactions amounting '530.29 crore in FY2025.

Bharat Connect (BBPS) is an interoperable platform for repetitive bill payments which offers real time bill payment and

recharge services to customers. BBPS is an RBI initiative product and managed by NBBL (wholly owned subsidiary of NPCI). Our Bank is authorized as Customer Operating Unit (COU) and Biller Operating Unit (BOU) for facilitating BBPS services. In FY2025, Bank has processed 1.96 crore bill payment transactions amounting approx. '11494 crore. Bank has a biller base of 11 active billers on Bank's BBPS platform.

ATM

The Bank has wide network of 9,316 ATMs and 1,671 Cash re- cyclers as on 31st March 2025 with very user friendly screens that allow navigation in Hindi, English and the local language of the place of deployment offering a smooth experience for our customers in their day to day banking operation. Our ATMs are enriched with features such as green pin generation, National Electronic Fund transfer, Cash on mobile services where customer can withdraw money from ATM without using Debit card etc. Our Bank has launched the facility of Interoperable Card less Cash withdrawal (UPI ATM) at 7145 locations where customer can withdraw money using UPI QR services (ICCW) of Bank. As of 31st March 2025, all our 9316 ATMs are made live under OPEX model for seamless ATM services and enhanced customer's experience.

Internet Payment Gateway (IPG)

The Bank's IPG infrastructure bob World Merchant Gateway is an online service that is being offered to customers to conduct their business online by accepting payments securely in real time. The Internet Payment Gateway provides an interface between merchants and their customers for secure payment processing using online modes.

bob World Merchant Gateway facilitates receiving payment online from Debit/Credit card, Net Banking, UPI, Wallet, AEPS, AADHAR PAY QR code etc. and offline modes i.e. NEFT/ RTGS in a simple and secured manner, which is essential for e-Commerce/online business.

To provide a seamless and customizable service, Bank has tied up with -12- aggregators and master merchants. Bank has on-boarded 1,832 merchants in FY2025 achieving a landmark of 7000+ IPG merchants base with 35% growth in merchant on-boarding and registering an increase in average CASA growth of 20% from '2,981 crore to '3,566 crore on YoY basis.

bob ' Pay:

UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. It also caters to the "Peerto Peer" collect requests which can be scheduled and paid as per requirement and convenience. In FY-25, Bank revamped its UPI app bob World UPI and re-named it bob ? Pay with fresh UI.

During FY-2025, Bank has on boarded 21.34 lacs new users on its UPI Platform which showed approximately 20% growth than previous year.

bob World (Internet Banking):

The total number of Internet Banking users of the bank increased to 120.67 lakh during FY 2025 from 108.46 Lakh during FY 2024.

Baroda TabIT:

The Bank embarked upon digitizing its customer on boarding process through tablet for instant CASA opening along with bundle of services (Personalized Cheque Book, Personalized Debit Card, WhatsApp Banking, SMS Alert, Internet Banking) and POS, Soundbox ,UPI QR, IPG lead generation through its TAB banking platform - bob World Tab. Bank opened more than 37.96 lakh Savings account and 2.85 Lakh Current account through this platform during the FY2025.

NRE/NRO account: Bank has launched NRE/NRO account opening service through TAB. This functionality will enable NRIs to open their SB accounts through a digital channel thereby providing a seamless experience to our customers. Since its launch 6333 account have been opened in these schemes through Tab Banking

Micro Insurance (PMJJBY/PMSBY): Introduction of Micro Insurance through Tab is a joint initiative from Digital Group and Financial Inclusion and CSR Department with aim of further enhancing accessibility and expanding the reach of Micro Insurance. Since its launch Bank has issued PMSBY- 52512and PMJJBY - 25305 through Tab.

Bank has enabled additional modes in existing account opening process through Tab like Biometric Authentication in SHG accounts, CKYC number-based account opening journey in Current/Savings accounts. These functionalities will make account opening process smoother.

Bank has also implemented many services in TAB under EASE 7.0 directives. Major services launched are Locker Allotment, Re-KYC, Debit card Application & Cheque book services.

Bank has recently launched Govt. Scheme Sukanya Samriddhi Yojana (SSA) issuance through TAB banking. As of now, branches have to open SSA through CBS only. SSA account opening through Tablet will allow branches to open account digitally under assisted mode.

WhatsApp Banking:

• WhatsApp Banking User registraron -

WhatsApp Banking Users Registration YOY ( Customers + Non Customers) in Lacs

*Non-customers user registration includes registration of users who are not customers of the bank + registration of customers of the bank who are under in-eligible scheme codes for WhatsApp banking.

WhatsApp Banking Transactions -

Digital Banking Units:

Initially our bank was allotted 8 districts for setting up of Digital Banking Units, subsequently our Bank has set up 10 more DBUs. Now our Bank has Bank of Baroda has most number of DBUs (18) by any Bank in the industry. Total business of '89.22 crore have been canvassed by these DBUs as on 31.03.2025.

Digital Lending

To support the objective of being a pioneer Bank in Digital Lending landscape, Bank has launched Digital Lending Platform in 2020 with the purpose to target and acquire new customers from diverse segments using digital means. Bank has operationalized STP (Straight through Process) Digital Journeys from initial stage of lead generation till disbursement.

At present 70+ digital lending journeys are live in the Bank.

Bank has integrated its Digital Lending Platform with RBIH's Unified Lending Interface (ULI), 20+ FinTech's and has 100+ digital integrations, for the purpose of Landownership verification, Farm Yield Reports, digital verification, authentication & analysis of Bank statement, Credit Bureau, e-mandate, GST, ITR, Udyam, e-KYC, v-KYC, PAN, e-stamping / e-signing, etc.

Total of 26+ Lac customers have been sanctioned and disbursed Digital Loans value Rs.30,000+ Cr.

Retail Initiatives:

• Personal Loan (Pre-approved/non-pre-approved), Education Loan (Premier Institutes & EDP), Auto-Loan (Pre-approved/non-pre-approved), Retail Gold Loan, Pension Loan, Home-Loan Top-up (Pre-approved), Housing Loan (in-principle) and LABOD.

• Digital Gold & Silver Personal Loan: Bank has designed digital Personal Loan journeys for employees of Central & State Government, PSUs, Autonomous Bodies, high rated corporates, etc.

• Strengthened underwriting of Pre-Approved Personal Loans to ensure better quality customer onboarding.

• Baroda Smart OD - The facility is based on applicants' GST returns.

• GST Sahay - Digital journey for invoice-based financing for Current Account Holders to meet their working capital requirements.

• Digital Mudra Loans - Bank has launched end-to-end digital journeys till disbursement on Digital Lending Platform.

• MSME Renewals, MSME (in-principle) sanctions.

Agri Initiatives:

• Digital Gold Loan - Bank has launched a seamless digital journey enabling quick and hassle-free disbursement of gold loans.

• Digital BKCC - Bank has launched an end-to-end digital solution covering onboarding to disbursement.

Analytics Centre of Excellence (ACoE)

The Bank continues to advance its data-driven journey by implementing an increasing number of AI and ML models, further strengthening its leadership in the field of Artificial Intelligence (AI) and Machine Learning (ML) and continuing to scale its capabilities and deliver impactful business outcomes. For the third consecutive year, the Bank has been honoured with the Best AI/ML Bank - 2024 award by the Indian Banks? Association, reaffirming its position at the forefront of AI-led innovation in the banking sector.

The Bank has made significant progress in its Al adoption journey and have developed GenAI-powered products to enhance both customer and employee experiences. These inelude Virtual Relationship Manager "ADITI" offering personalized assistance to customers through intelligent interactions, Virtual Agent "ADI" streamlining the customer inquiry process and improving Service efficiency and Knowledge Management Bot "Gyan Sahay" which

provides employees with contextual and real-time access to information, thereby boosting productivity and decision making.

By embedding intelligence into its core processes, the Bank continues to deliver seamless, data-driven and future-ready banking experiences for all.

Information Technology

• Bank has Revamped UPI app with new UI/UX for better adoptability and introduced new services on the UPI platform, such as accepting Transactions from 22 countries for UPI, Cash withdrawal through UPI, Refund functionality in Merchant Portal, Preapproved Rupay credit card instant issuance & linking, P2P voucher issuance, Lite Auto Top-up, Credit Card Bill payment, Credit Card EMI feature, Tap & Pay Feature.

• Bank introduced additional functionalities in Central Bank Digital Currency (CBDC) referred to as e' (Digital Rupee) viz option to pay through CBDC application under UPI payment, Auto Load in CBDC, P-CBDC deployment, Disbursement of DBT through Digital Rupee tokens.

• Bank has introduced additional services, enhancements in system controls and security features in its mobile banking application for customers. These include NPS account opening, Update customer profile, Credit Card EMI, Persona based theme for NRIs and Millennial customers, Temporary Block/ Unblock, Revamped UI, IRCTC Integration through bobWorld, GST update through bob World, Online Demat & Trading A/c Opening

• Bank added new services/ features in Internet Banking Platform to enhance customer experience viz. Remittance under LRS, Credit Card management services, integration with various state treasuries for payments, Implementation of Virtual Debit Card, option for Mutual Fund purchase.

• Bank has upgraded Loan Life eyele Management (LLPS) to new version and added new services/ products viz. Baroda Scholar Collateral free Education Loan, PM Suryaghar Bundled Scheme, Subsidy details for Education Loan, Area Specific Home Loan etc.

• Bank has enabled online account opening facility in Hindi Language along with English. It will improve accessibility and aligns with customer preferences to engage easily with the bank's services.

• Customer Feedback through QR Code: QR codes have been placed in branches, enabling customers to provide instant feedback about the branch they visited.

• Bank has enabled Marathi Language for Whatsapp Banking and added New features viz 15G/H Status Inquiry, Interest Certif?cate Request, Stop Cheque Payment, New Masterstroke Scheme Codes, SSY Balance Inquiry, State-specific banking holiday calendar

• Bank is continuously enhancing Tablet Banking to offer new features and services to customers i.e.. Enhancements to the NRI TAB feature offer improved services etc.

• Bank has introduced new Services in ATM viz enabling Re-KYC Service through ATMs so customer will be able to do reKYC using debit card through ATMs,. Bank also introduced range of Card Variants viz. EaseMyTrip Debit Card, Phudalvan Debit Card, Exclusive Mastercard for NRI customers etc.

• Bank is continuously upgrading its infrastructure agility and resilience to support banking services and transactions, for higher uptime and performance.

Cyber Security

The Bank has established a comprehensive Cyber Security Governance framework, integrating a robust management structure, well-defined policies, and operational Controls. This framework is tightly aligned with the Bank's business strategies to ensure end-to-end IT risk management and enterprise-wide cyber resilience. The Bank follows both the NIST Cybersecurity Framework and the RBI Cyber Security Framework, enabling a risk-informed and adaptive approach to security.

To further strengthen its cybersecurity posture, the Bank has adopted enhanced GRC processes, embedding risk and compliance considerations into all critical decision-making layers. A key enabler in this journey is the deployment of an enterprise-wide Extended Detection and Response (XDR) platform, which enhances real-time threat detection, correlation, and automated response across endpoints, networks, and email environments.

Cybersecurity is managed 24x7x365 by a centralized Global Cyber Security Operations Centre (CSOC), fully integrated with all domestic and international business verticals. The CSOC leverages advanced capabilities including Threat Modelling, Digital Risk Monitoring (DRM), and Continuous Automated Red Teaming (CART) to proactively identify and mitigate emerging threats. The Bank's Data Centre and Disaster Recovery Centre are certified under ISO/ IEC 27001:2022, reflecting a mature information security management system.

In addition to existing controls, the Bank has implemented the following strategic initiatives:

• Breach and Attack Simulation (BAS) tools are used regularly to validate the effectiveness of security controls and provide actionable insights for risk mitigation.

• Random Early Detection (RED) team exercises simulate real-world attack scenarios to assess control readiness and refine incident response strategies.

• Cyber Insurance coverage is maintained through a reputed insurer to mit?gate financial exposure from cyber-related incidents and frauds.

• Customer Awareness campaigns are conducted across digital channels (SMS, email, social media, ATMs, and

the Bank's website) to promote safe banking practices.

• Data Loss Prevention (DLP) technologies are deployed to ensure sensitive information remains within the Bank's network, supporting compliance and internal policy enforcement.

• Network Access Control (NAC) solutions provide visibility and enforce access controls, limiting lateral movement within the network.

• Advanced tools for Anti-Phishing, External Attack Surface Management (EASM), and DRM are in place to monitor and safeguard the Bank's digital footprint against external threats.

• Bank has also won prestigious IBA award ‘Best IT Risk Management Award' (during FY 2025) recognizing bank's cyber security strategies with respect to cyber security driven by coordination between IT, Info. Security, Risk & Business teams to safeguard Bank's digital ecosystem.

Together, these measures significantly enhance the Bank's cybersecurity capabilities, reduce its attack surface, and support a proactive, intelligence-driven defense strategy aligned with business objectives and regulatory expectations.

Marketing

The year 2025 was characterized by innovative marketing strategies, enhanced brand visibility, and meaningful community engagement, all of which played a key role in reinforcing our reputation as a progressive, customer-centric organization. Our commitment to digital transformation, along with strong media outreach, has further bolstered our brand equity and strengthened our position in the market.

In FY 2025, the Bank executed an ambitious and multi- faceted marketing and branding strategy that spanned multiple channels and touchpoints. Our efforts were aligned with key product launches, national events, and festive seasons, ensuring that our campaigns resonated with diverse customer segments across India.

We embarked on an extensive multi-channel advertising campaign that included Television, Radio, Print, and Cinema with a cumulative reach of approx. 200 crore. Our television campaigns, aired across major news & entertainment channels promoting key retail products such as the Systematic Deposit Plan (SDP), Bob Parivar Account, Bob Masterstroke Account & Bob Green Deposit Plan. Additionally, we leveraged events like the IPL 2024, Paris Olympics 2024 and our 117th Foundation Day to create high-impact moments for customer engagement.

Our radio campaigns, including the BIG FM Antakshari & Dhun Badal ke toh Dekho Season 3 & Mahakumbh were well received with our target customers and reached over millions of listeners across the country. Special initiatives such as the tree plantation drive in partnership with Radio City underscored our commitment to social causes while our product-centric jingles reinforced our offerings during

the festive season. Our Foundation Day Tree Plantation drive enabled the Bank to enter into India Book of Records for most number of e-pledges for tree plantation by taking Green Pratigya pledge.

In print, we maintained a strong presence across leading national and regional newspapers, delivering impactful campaigns that highlighted our products and services. Noteworthy campaigns during the festive period, such as "BOB ke Sang, Tyohar ki Umang" featuring Sachin Tendulkar, further solidified our brand image.

Digital transformation has been a cornerstone of our marketing strategy. We have made significant strides in the digital space, with our social media presence reaching a new milestone of 9.32 million followers across various platforms like Face book with 51.19 lakh, Instagram 18.96Lakh, X 9.99Lakh. Youtube 8.24 Lakh, LinkedIn 4.59Lakh and Quora 0.49 Lakh followers/ Subsribers. During FY 2025, the Bank executed over 30 impactful campaigns spanning sports, financial literacy, fraud awareness and cybersecurity. Notable initiatives included #Pinkathon, #FinancialLiteracyWeek, #PehchaanCon, #CyberJagrooktaDiwas, and #StayWiseActWise. High- engagement campaigns like #BOBatMahakumbh2025, #PlayTheMasterstroke, #SabMeinhainKhiladi, and #bobKeSangTyohaarKiUmang boosted digital outreach.

Our strategic engagement with cultural, educational, and sporting events has been instrumental in enhancing our brand's visibility. We sponsored key cultural events such as the Maharaja Ranjitsinh Gaekwad Baroda Festival of Arts and supported educational initiatives like IIM Bangalore's VISTA, IIM Ahmedabad's CHAOS, IIM Kozhikode's Annual Conference, IIT Bombay's Mood Indigo, and IIM Lucknow's CMEE International Conference. These partnerships not only helped us connect with elite student communities but also allowed us to strengthen our position as a patron of arts, culture, and education.

The appointment of cricket icon Sachin Tendulkar as our global brand ambassador was a significant milestone in enhancing our brand appeal. The "Play The Masterstroke" campaign, featuring Sachin, was a major success across all media platforms and contributed to a significant uptick in retail account openings and loan disbursements.

We also continued to build our presence in the sports arena, with a major sponsorship in the International Masters League (IML), which featured our global brand ambassador, Sachin Tendulkar. This partnership provided exceptional brand visibility and engagement through over 200 million viewers. Additionally, our collaborations with grassroots sports initiatives underscored our commitment to fostering youth talent and supporting national athletes.

As part of our digital strategy, we undertook the website centralization initiative, which involved revamping 19 websites to improve user experience and customer convenience. The enhanced features, including improved search functionality, multilingual capabilities, and advanced filters, have led to a 12% improvement in overall website traffic. We also saw a 30% increase in organic traffic, with over 42 million users visiting our website in FY 2025.

The PR strategy for the year focused on strengthening Bank of Baroda's brand, improving visibility, maintaining its position among India's Top 5 banks as well as protecting brand reputation. In addition to the Bank's financial performance, there were a diverse mix of announcements during the year including onboarding Sachin Tendulkar as the Bank's Global Brand Ambassador, launch of products such as the bob Utsav Deposit Scheme, bob SDP and bob Liquid Fixed Deposits, adopting advanced GenAI technologies, launch of Phygital and all-women branches as well as programmes such as the Baroda Kisan Pakhwada and initiatives undertaken at the Maha Kumbh Mela to support visitors. In FY2025, the Bank consolidated its #2 position in Media Share of Voice among public sector banks.

As we look ahead, we remain focused on enhancing our digital capabilities, expanding our reach, and engaging with customers across multiple touchpoints. Our continued emphasis on social responsibility, financial literacy, and customer-centric initiatives will guide our efforts to build long- term relationships with our stakeholders.

We will also continue to strengthen our partnerships with cultural, educational, and sports institutions, ensuring that Bank of Baroda remains a trusted and progressive brand in the financial services sector.

The Bank has enhanced its reputation and brand visibility through strategic marketing efforts. Bank's strong financial performance, innovative digital initiatives, new customer- centric products and services were effectively promoted and reached to the key segments and target audiences. This successful outreach has resulted in market recognition, earning the Bank numerous prestigious awards, highlighting our achievements in marketing, technology, customer Service, financial performance, operational efficiency and innovation. The details of the notable awards received by the Bank during FY 2025 is also given at the end of this report.

Corporate Ethics - "Creating Valu? with Trust"

Bank of Baroda, one of India's largest and most trusted public sector banks, has always been committed to maintaining the highest standards of integrity, transparency, and accountability in its operations. In line with its vision to be customer-centric and globally competitive, Bank of Baroda has pioneered, among the PSU Banks, the launch of its Code of Ethics and has a dedicated Corporate Ethics Department, which leads the bank's ethical agenda. By adopting the "Code of Ethics", the Bank reinforced its commitment to ethical banking practices, ensuring long-term success and sustainability in a dynamic financial world. The bank has constituted the Apex Level Ethics Committee from a cross- section of the entire workforce, with diverse representations like gender, caste, cadre, geography, function, Persons With Disabilities, sports, and ex-servicemen to uphold the ethical values in the organization.

Our Code of Ethics sets forth our core values, shared responsibilities, global commitments, and promises towards our Five Pillars, i.e.,

• We Barodians

• Our Customers

• Our Other External Stakeholders

• Our Business

• OurCommunities

On the 117th Foundation Day of the bank on 20th July 2024, the bank adopted one more core valu?, "RESPECT" to recognize and value the inherent worth and dignity of every employee. Our Code of Ethics document is placed on the Bank's website.

The Code of Ethics has been structured on a stakeholder- centric approach with the employees at the centre as the ultimate owners of processes and drivers of culture. There is a strong alignment of the Code of Ethics with our Core Values, it sets out a guiding framework for how we behave with our colleagues, our stakeholders, and our expectations from those who work with us. The Code addresses contemporary challenges and ethical dilemmas that the bank and its employees face and outlines the responsibilities they carry when addressing emerging critical issues in the banking operations and important areas like cybersecurity and protecting the environment.

The banking industry has faced numerous challenges over time, yet ethics and trust continue to be its foundation every single day. The Code empowers us to do what is Right and plays a vital role in strengthening our Bank's brand and reputation. Our leadership has consistently championed the promotion of the Code through various employee engagement initiatives.

Apart from conducting round-the-year education and awareness programmes, one of the most impactful strategies for advancing our ethics agenda is developing strong communication channels. As part of this commitment, the ‘Speak Up!' initiative, aligned with the Code of Ethics, was introduced to spotlight the various channels within the bank that empower employees to report unethical practices and raise concerns.

To foster a culture of transparency and engagement, the Bank also publishes Baroda Sanskriti, a quarterly in- house newsletter that features creative contributions from employees. Ethical awareness is further promoted through regular dissemination of Snippets from the Code of Ethics, quizzes, bilingual audiobook of our Code of Ethics, and a suite of digital communication tools such as the ‘Naitik Series'— video stories illustrating ethical dilemmas—and ‘Ethics Talk', modelled on the TED Talk format that underscores the Bank's corporate vision and the strategic role of ethics.

A focused training programme on Corporate Ethics was rolled out for branches identified as high risk during the year. Ethics Counsellors are stationed at Corporate and Zonal Offices to offer ongoing support and guidance to employees facing ethical dilemmas, ensuring that ethical business conduct is upheld across the Bank.

To celebrate our values in action, the Bank introduced ‘Living the Values! - Vol 1' e-booklet, being the part of the ‘Living the Values' series, features inspiring short stories from employees

that exemplify our core values: Integrity, Customer Centricity, Courage, Passionate Ownership, Innovation, Excellence, and Respect. To ensure the principles of the Code of Ethics reach every level of the organization, the Bank conducts webinars, seminars, specialized training sessions, and mandatory e-learning modules for all staff members. These efforts strengthen our culture of ethics and reinforce our commitment to transparency.

To assess the effectiveness of these initiatives, the Bank conducts an anonymous Annual Ethics Survey for all employees. This allows us to assess ethical behavior, monitor cultural progress, and continuously improve our ethical framework, because, as the saying goes, "What gets measured, gets improved."

Bank of Baroda is not just a Financial Institution; it is an institution driven by val?es that define success, its transparency fosters trust, and integrity fuels a sustainable future.

Customer Service

Our Bank constantly endeavours to set industry benchmarks and pioneer innovations across products, processes and service delivery that are imperative to providing seamless experiences to its customers. Customer can interact in 20 languages through IVR/Agent, 11 languages in Bot & in other modes like Video call, Web chat, Email enhances customer experience and ease of use. The Bank ensured time to time addition of AI & Generative AI based features to improve customer's satisfaction with efficiency.

The highlight of Contact Centre:

1. The Contact Centre handled 1.48 lakh average inbound customer calls per day during the year and over 1.19 lakh calls daily responded to through IVR.

2. Average more than 1.89 lakh outbound calls per day for sales and surveys.

3. Bank is handling around 80% call on IVR.

4. Contact Centre provided emergency services to 6 overseas territories i.e. Botswana, Mauritius, Uganda, Oman, Fiji & Seychelles.

5. Contact centre has initiated many new functionalities like- Video call functionality through Phygital branches & Mobile Banking, Any day transaction, despatch information, NRI language selection at IVR, GBM Functionality on IVR, Zero touch NPS Survey

6. Many special helpdesk at Contact Centre for exclusively helping the NRI/HNI, BC Complaint Desk, VRM Shine Desk, Staff Help Desk, NRI global e-mail desk, bob World internet and bob World mobile banking related issue, Complaints, PMJDY

7. Contact Centre is providing 24 IVR services and 26 services through agents 24*7

8. Contact Centre started live Video call and live web chat facility for customers.

9. Contact Centre is equipped with many Al-based technologies like Speech Analytics, Social Media Tools, Automated Email Tool, Genie training Tool, AURA call quality Tool, Work force management, smart dashboard and many more technologies.

10. Our Contact Centre complies with RBI and TRAI directives by adopting the 140 and 1600 series numbers since 07.09.2024 & 14.03.2025 respectively.

During FY 2025, the Bank saw significant improvement in the usage of remote channels for managing grievances. Approximately 95.3% of the grievances were resolved within the pre-defined turnaround time. The Bank not only focussed on improving the quantitative performance indicators of grievance redressal but also on improving the quality of resolution to improve customer satisfaction. Service levels across the network of branches are monitored through mystery shopping / service audits and workshops. General Manager, Operations and Services, is designated as Principal Nodal Officer for customer complaints in the Bank. Moreover, all Deputy Zonal Heads and Regional Heads are designated as nodal officers for their respective zones and regions. The Bank has appointed an Internal Ombudsman which is a forum made available for the grievance redressal of customers before they approach the RBI Ombudsman. All complaints, which are rejected or partially accepted by the Bank, are systematically escalated to the Internal Ombudsman for review. This enhances customer confidence in the Bank's systems and expedites the process of grievance redressal, thus making it even more transparent.

The Bank's code of commitment to customers and MSMEs, citizen charter, grievance redressal policy, and RBI Integrated Ombudsman scheme are available on the Bank's website to promote fair banking practices by maintaining transparency in various products, services and policies. At the Board level, the subcommittee of the Board for Customer Services addresses the issues relating to the formulation of policies and assessment of compliance with the aim of consistent improvement in the quality of customer service.

Bank's ChatBot "ADI" and Virtual Relationship Manager "ADITI" was launched for the first time in the banking sector using AI enabled customer enhancement service is functional on our website. ADI, a text and voice-based chat interface that harnesses the capabilities of Generative AI models. ADI is engineered to deliver a near-real-world interaction experience, significantly enhancing customer engagement and satisfaction. ADITI is innovative digital human, designed to interact with customers using sophisticated Natural Language Processing (NLP) algorithms. ADITI is presented as a computerized 3D graphical illustration, leveraging the power of advanced Generative AI models to provide a lifelike and engaging customer experience.

Bank has launched a new channel on 10.12.2024 to capture feedback from both customers and non-customers via Branch QR Code. This QR Code allows users to provide real- time feedback on five aspects of their experience: Branch Ambience, Ease of Transactions, Staff Behaviour, and ATM Ambience. By scanning the QR Code, users can quickly access a feedback form to rate each attribute and share

comments. This feedback helps us continuously improve our services and enhance customer satisfaction.

Handling Customer Complaints

Customers can very easily lodge their complaints directly with the Bank by visiting its website of the Bank and clicking the appropriate link. Alternatively, the customers may also call the toll-free number and get their complaints lodged in the CRM portal of the Bank. Customers also have the option of sending their complaints to Branches and other offices via any mode. All the complaints will be entered into the CRM portal. The complaints are automatically addressed to the concerned resolver based on the category of complaint selected at the time of lodging the complaint.

Bank also has an Internal Ombudsman mechanism in place, as per regulatory guidelines, to instil confidence in the customers regarding the resolution of their complaints.

Bank has also implemented an Online Dispute Redressal (ODR) mechanism for the speedy resolution of online transaction related complaints. Also, the blocking of Baroda Connect facility has been extended via Interactive Voice Response System (IVR) in the contact centre.

To monitor the quality of resolution being given to the customers, Bank subjects 100% of Non - ADC and ADC complaints to quality check through an AI tool developed by Bank, in collaboration with IIT Mumbai which assess the quality of redressal, thus reducing the time and manpower required. The outcome of the quality check is shared with the concerned resolver group for analysis and improvement in resolution.

Branch Network

The Bank has increased its total domestic branch strength to 8424 in FY 2025 from 8243 branches in FY 2024 by adding 188 branches (merged 07 branches with existing branches) at prominent locations of the country across all branch categories. The details of Bank's domestic and overseas network as of 31^st March 2025 is given below.

Currency Chests

The number of currency chests stood at 137 as on 31st March 2025. These chests support effective cash management in the Bank as well as vaulting cash on behalf of RBI. All the currency chests as well as branches dealing in cash transactions are provided with Note Sorting Machine (NSMs) as per RBI guidelines.

Risk Governance and interna! Controls

A sound internal audit function plays an important role in contributing to the effectiveness of the internal control system. The audit function provides high quality counsel to the management on the effectiveness of risk management and internal controls including regulatory compliance by the bank. The Bank has implemented a Risk Based Internal Audit (RBIA) System in line with the guidelines issued by Reserve Bank of India. The increased focus on risk and the supporting governance framework ineludes Identification, measurement, monitoring and controlling of risks as well as ensuring that risk-taking activities are in line with the Bank's strategy and risk appetite.

The Internal Audit function provides vital assurance to the Bank's Board of Directors and Senior Management as to the quality of the Bank's internal control system. In doing so, the function helps to prevent/reduce the risk of loss and reputational damage to the Bank. It is, therefore, an indispensable and an integral function for the safe and sound operation of a Bank.

Internal Audit Function serves the role of the last line in the 3 lines of defence model.

• The first line of defence being the Operations / Business Units themselves who have the responsibility to prevent the risk at the source.

• The second line of defence being the Compliance and Risk Management Function of the Bank. ^•

• Audit being 3^rd line of defence plays the vital role in the Bank in terms of safeguarding the Bank against risks and assessing the risk profile of the auditee units and Bank itself.

Risk Management and Compliance

Risk Management and Compliance are integral part of the banking business and the Bank aims to achieve an appropriate trade-off between risk and returns. To ensure sustainable and consistent growth, the Bank has developed a sound risk management framework so that the risks assumed by the Bank are properly assessed and monitored. The Bank undertakes business activities within the defined risk appetite limits and policies approved by the Board of Directors of the Bank. Specific committees of the Board have been constituted to facilitate focussed oversight on various risks. The Board has also constituted a Risk Management Committee of the Board which oversees the different type of risks. It is supported by specialist Risk advisor on Board. Policies approved from time to time by the Board of Directors or committees of the Board form the governing framework for each type of risk.

Basel III Framework

The Bank's risk management framework rests firmly on the three Basel pillars, i.e. Pillar I- Minimum Capital Requirement, Pillar II- Supervisory Review and Pillar III-Market Discipline. The Bank is strengthened by a healthy level of capital. The Bank maintains adequate levels of Common Equity Tier I, Additional Tier I and Tier II Capital including required Capital Conservation Buffer. Futuristic capital projection ensures that the Bank is always ready to raise additional capital from the market as per business necessity. The position of risk weighted assets is constantly under strong vigil by the credit risk and capital adequacy team. Adequate capital and rationalised risk weighted assets ensures strong Capital to Risk Weighted Assets Ratio (CRAR) for the Bank.

The Bank has a comprehensive Internal Capital Adequacy Assessment Process and Stress Testing Policy in place. Capital Adequacy is assessed considering Pillar 2 risks such as Liquidity Risk, Interest Rate Risk, Concentration Risk, etc. and stressed conditions (under both normal and adverse scenarios) as per the extant guidelines. A brief outline of the mechanism for identifying, evaluating and managing the major risks within the Bank is given below:

Enterprise Risk Management

The diversity of the Bank's business lines requires a comprehensive Enterprise Risk Management approach to promote a strong risk management culture to help in the early Identification, assessment, measurement, aggregation and management of all risks and to facilitate capital allocation among various business lines.

The bank has instilled a robust risk culture across its organization, ensuring that all three lines of defence are equipped to effectively manage risk. Roles and responsibilities pertaining to risk culture amongst various stakeholders in upholding risk culture are clearly defined. Through continuous training efforts, employees at all levels are equipped with the knowledge and skills necessary to navigate and adhere to the bank's risk appetite limits. This proactive approach not only enhances risk awareness but also strengthens the overall risk culture, promoting a vigilant and informed workforce.

As part of its ongoing commitment to elevate its Enterprise Risk Management practices, Bank has established a dedicated framework to identify emerging risks and gauge their material significance. This framework is specifically designed to comprehensively identify all risks the Bank is exposed to. Additionally, it provides guidance for conducting materiality assessments to pinpoint key risks that could potentially impact the Bank's objectives and strategies adversely.

The risk appetite of the Bank is dynamic and will evolve with business profile, strategy, economic environment, and shareholders' expectations. The risk appetite framework aligns the risk appetite to business and financial planning and requires revising and/or developing Risk Appetite limits with the evolving risk profile ofthe Bank.

Credit Risk

Credit risk is managed through a Board approved framework that sets out policies, procedures and reporting which is in line with best practices. Bank has a strong credit appraisal and risk management framework for identification, measurement, monitoring and control of the risks in credit exposures.

Bank uses various Internal Credit Risk Assessment Models and scorecards to assess borrower-wise credit risk. Various Credit Risk models for internal credit ratings of the borrowers were developed internally/externally. They are reviewed and back tested periodically through comprehensive internal/ external validation. The internal ratings are validated by independent rating validating authority.

The Bank has put in place prudential caps across industries, sectors and borrowers with an objective to build a resilient portfolio and de-risk from portfolio concentration. The Bank has developed in-house models for risk assessment of various Countries, State Governments, Group Borrowers etc. and setting exposure caps. As a part of enhanced exposure monitoring, quarterly reviews are carried out for the Bank's key exposures, segments, industries and sectors. A dedicated team tracks internal & external developments to assess impact on the portfolio performance and recommend pro-active remedial actions. The Bank also conducts comprehensive Thematic review comprising sector outlook & other event-specific impact studies.

Adequate attention is given to the independence of the risk evaluators and business functions for establishing a sound credit culture and a well-structured credit approval process.

Market Risk

Market Risk implies the risk of loss of earnings or economic value due to adverse changes in market rates or prices of trading portfolio. The change in economic value of different market products is largely a function of change in factors such as interest rates, exchange rates, economic growth and business confidence. The Bank has well defined policies to control and monitor its treasury functions which undertakes various market risk positions.

Mid-Office as a part of Risk Management, measures and monitors interest rate risk in its trading book through risk limits like modified duration, PV01 and Valu? at Risk (VaR) on a daily basis. The foreign exchange risk is measured and monitored in terms of Net Overnight Open Position limits (NOOPL), VaR limits, Individual Gap Limits (IGL), Aggregate Gap Limits (AGL) and total Aggregate Gap Limit (TAGL) on a daily basis. Equity price risk is measured and monitored through VaR limits. At a transaction level, stop loss limits and dealer wise limits have been prescribed and implemented as per the extant guidelines of the Bank. Under its stress testing framework, the Bank conducts comprehensive stress tests of its trading book portfolio on a quarterly basis. Risk-return analysis of treasury trading portfolio is also conducted on a quarterly basis. The market risk capital charge for the Bank is computed by mid office as per the Standardised Duration Approach (SDA) in line with the regulatory guidelines.

Asset Liability Management

Liquidity Risk is the inability to meet expected and unexpected cash and collateral obligations at reasonable cost. In the Bank, the liquidity risk is measured and monitored through Flow Approach and Stock Approach and other prudential stipulations as per the latest guidelines of the RBI. The Bank has implemented the Basel III Framework on Liquidity Standards - Liquidity Coverage Ratio (LCR), Liquidity Risk Monitoring Tools and LCR Disclosure Standards. The LCR standard aims to ensure that banks maintain an adequate level of unencumbered High - Quality Liquid Assets that can be converted into cash to meet liquidity needs for a 30-calendar days' time horizon under a significantly severe liquidity stress scenario. The Bank has always been well above the stipulated level of LCR on a solo basis as well as on a consolidated basis. The RBI has also introduced NSFR (Net Stable Funding Ratio) with effect from 01 st October 2021 which promotes resilience over a longer-term time horizon whereby Banks are required to fund their activities with more stable sources on an ongoing basis. The NSFR seeks to ensure that Bank maintains a stable funding profile in relation to the composition of its assets and off-balance sheet activities. The Bank's NSFR has been well above the stipulated level of 100%.

Interest Rate Risk in the Banking Book (IRRBB) arises due to mismatch between rate sensitive assets and rate sensitive liabilities which may adversely impact the earnings/economic value of equity of the Bank with the change in interest rates in the market. For measurement and monitoring of interest rate risk in banking book, the Bank uses risk management tools such as Traditional Gap Analysis, Earning at Risk and Duration Gap Approach. The short-term impact of interest rate movements on Net Interest Income (NII) is worked out through the ‘Earnings at Risk' approach by taking into consideration parallel shift in yield curve, yield curve risk, basis risk and embedded options risk. The long-term impact of interest rate movements is measured and monitored through change in Market Value of Equity.

Operational Risk

The Bank has a well-defined Operational Risk Management Framework (ORMF) and Operational Risk Management System (ORMS) for effective management of Operational Risk in the organization. ORMF comprises the organizational structure for management of Operational Risk, Governance Structures, Policies, Procedures and Processes whereas ORMS consists of the systems used by the Bank in identifying, measuring, monitoring, controlling and mitigating Operational Risk. The Bank has a web based Operational Risk Management System for data capturing and for systemic and integrated management of Operational Risk. In our endeavour to use the best of technology, Bank is using a web based Operational Risk Management System for Operational Risk Compliance & Governance. Monitoring of Key Risk Indicators Programme (KRI), Risk & Control Self-Assessment Programme (RCSA) and Root Cause Analysis of various loss incidents strengthen the control environment. The Bank has created a repository of Internal Loss Data as part of Operational Risk Management. Ongoing review of products and processes in the light of the

changing business environment further strengthens the risk culture. Efforts are made for inculcation of risk culture, val?es, beliefs, knowledge, attitudes and understanding about risk among the staff. In order to ensure this, Campaigns are carried out to create awareness in the staff by the means of emails, workshops, on-the-job trainings, webinars, meetings, fliers, magazines, E-Learning modules etc . Also, Risk Council comprising of frontline staff has been formed to further strengthen the Risk Aware Culture through bottom- up approach. Furthermore, through strategic utilization of social media platforms, initiatives have been deployed to increase customer awareness regarding prevalent fraud incidents, accompanied by actionable guidance to mitigate susceptibility to such fraudulent activities.

Business Continuity Plan

Bank has a detailed and effective Business Continuity Management (BCM) framework in place for ensuring continuity of operations and rendering customer service at the Branches and Offices during disruptions. The framework is in line with the guidelines issued by RBI and global best practices. The Bank continuously works towards strengthening the business continuity preparedness. Through the exhibition of the Business Continuity Plan, the bank provides customers with the assurance that their services will persist in being dependable and secure, even in the face of adversity. Basis the understanding of risks, Business Impact Analysis (BIA) conducted and mapping of dependencies across enablers for all the critical processes, helps the Bank to allocate resources more efficiently, investing in resilience- critical areas and cutting non-critical spending. The Bank has ISO 27001:2022 certified Data Centre and Disaster Recovery site. Bank's Disaster Recovery site is capable of handling the CBS and other functions of the bank in case of any disruption at Data Centre. The Bank achieved ISO 22301:2019 Certification covering Risk Management, Digital Group and Treasury Department.

Sustainability, ESG and Climate Risk

Bank of Baroda, with over a century of legacy, is committed to sustainable and inclusive growth through robust ESG practices. By embedding climate risk considerations into its operations, Bank aims to enhance community resilience, ensure long-term economic progress, and support a low- carbon future. During FY 2024-25, Bank has accelerated its journey toward sustainability and green finance, making bold strides that powerfully reaffirm our unwavering commitment to building a greener, more responsible future. A key initiative was the establishment of a dedicated Climate Risk Cell within our Risk Management Department (RMD), tasked with overseeing the bank's green finance and sustainability efforts. Additionally, the integration of the Sustainability, ESG & Ethics Department with the RMD aims to create an overarching framework that ensures comprehensive management of environmental, social, and governance risks. These initiatives underscore our commitment to addressing climate change and minimizing its impact on our operations and the communities we serve.

The bank's Board-approved Environmental, Social and Governance (ESG) Policy guides decision-making, ensures compliance, manages risks, attracts investments, and improves accountability. Key objectives include promoting sustainable banking practices, integrating ESG principles into decision-making, aligning with international sustainability frameworks, and mitigating ESG risks. Our robust targets and metrics across key Environmental, Social, and Governance (ESG) parameters include ambitious goals for renewable energy adoption, carbon emission reductions, and comprehensive capacity building for top management and employees at all levels. In alignment with national climate goals, we have set an aspiration for achieving Net Zero by 2057, coinciding with the 150th year of our bank's founding. To further strengthen our green finance initiatives, Bank is conducting impact assessment for the projects eligible under the RBI's Green Financing Framework, ensuring rigorous assessments for proposals within these sectors.

The policy also focuses on fostering an ESG-centric culture and monitoring performance. The Policy is supported by a strong governance framework, featuring a Board-level and Executive-level CSR & Sustainability Committees at the top and Zonal ESG Committees at the field level.

The bank is dedicated to driving positive change through its green initiatives and recognizes the urgent need to address environmental challenges, actively contributing to a sustainable future. As part of this commitment, the bank has launched various initiatives under the ambit of "bob earth", reaffirming its dedication to protecting and preserving nature for future generations.

We launched our Green Hydrogen Financing Scheme, an

exclusive initiative aimed at supporting projects producing Green Hydrogen for captive consumption. This scheme highlights our dedication to the clean energy transition. In alignment with this vision, the Bank has also undertaken efforts to promote sustainable opportunities, such as financing solar-powered irrigation pumps, compressed biogas plants, and the installation of solar and other renewable energy systems for farmers.

During the financial year, the Bank launched the "Baroda Mahila Swavalamban Scheme," aimed at providing seamless institutional credit to women entrepreneurs. Furthermore, the Bank is actively supporting sustainability-linked initiatives, including renewable energy, waste management and electric mobility. We remain steadfast in our commitment to developing innovative, sustainability-focused financial products.

We have also placed significant emphasis on Green Deposit Scheme, further solidifying our leadership in promoting environmentally responsible banking solutions. The Green Term Deposit encourages depositors to invest in environmentally friendly projects and activities that contribute to sustainable development.

Our bank became a signatory to the Partnership for Carbon Accounting Financials (PCAF), joining a global effort to standardize the methodology for measuring and disclosing greenhouse gas (GHG) emissions linked to loans and

investments.

The bank has implemented various initiatives to reduce emissions, conserve energy, and minimize water consumption. A key focus area has been the reduction of carbon emissions. Currently, around 274 branches are powered by solar energy, resulting in reduced power consumption and significant reductions in carbon dioxide emissions.

Additionally, the installation of LED lights in all domestic branches has contributed to enhanced energy efficiency. The bank actively promotes sustainability awareness among stakeholders and has organized initiatives such as "Swachhata Abhiyaan" in which 23,000 saplings were planted to foster a culture of sustainable living, environmental preservation, and cleanliness.

The bank places significant emphasis on technology- enabled banking through our platform "bobWorld," enabling seamless and convenient banking operations for our customers while reducing paper usage for transactions and the need for physical visits to branches. The bank has implemented a paperless approval process internally and has digitized document management, contributing to enhanced operational efficiencyand reduced environmental impact.

Our sustainability efforts are recognized, with our ESG Rating, by ESG Risk Analysis & Insights, an Acuite Group Company, improving from Adequate to Strong, showcasing our efforts in the right direction.

The bank remains committed to being a responsible corporate citizen with sustainability at its core and will continue to work towards minimizing its impact on the environment. To support this commitment, the bank has unveiled the "bob earth Webspace" (https://www.bankofbaroda.in/bob-earth ), a dynamic and transparent public platform designed to showcase our sustainability ambitions, highlight ongoing ESG progress, feature our green product offerings, and share real-time data and impactful stories—underscoring our commitment to accountability, innovation, and a greener future.

Periodical Meetings

The Bank holds Quarterly meetings with the representatives of All India Bank of Baroda SC/ST (AIBOBSCSt) Employees' Welfare Association and Half Yearly meetings with the representatives of All India Bank of Baroda OBC Employees' (AIBOBOBC) Welfare Association, for addressing their concerns.

Workshops and Training Programmes

Bank conducts following training programmes every year for members of AIBOBSCST Employees' Welfare Association and AIBOBOBC Employees' Welfare Association and Liaison Officers of SC/ STs and OBCs at its various training academies:

• Pre-promotion training for SC/ST/OBC candidates.

• Workshop on reservation policy.

• Training programme on disciplinary proceedings. Document Management System

Our Bank is one of the pioneer PSB to initiate implementation of Document Management System (DMS) (First among PSBs to implement Records Digitisation) by engaging professional companies to manage the records so that our Branches give a neat & clean look providing better feel and experience to our customers.

Under DMS, physical records are barcoded, indexed and moved to the warehouse of Record Storage Agency for storage thereof, which can be retrieved at any time as per Bank's requirement. The space which is unlocked is being utilized for customer Service efficiency, better branch ambience etc.

Records Digitisation/DMS, a major step towards paperless banking under green initiative, encompasses scanning of identified documents (Loan Files/ HR documents/Legal documents and other critical documents) and uploading the scanned data on "Baroda Document Management System (BDMS) server, a digital repository.

This is an ambitious project of our Bank under which around 63.01 Cr images have so far been scanned covering more than -7436- branches/offices. Also, around approx. -3.40- lac sq. ft. of space has been unlocked in identified Branches/ offices ofthe Bank by shifting 2.31 Cr barcoded and indexed files to Vendor's warehouse

After successful implementation of the Records Digitisation/ DMS in Bank's identified Branches/Offices, DASKBOARD is being implemented for better monitoring of Records Digitization project at RO/ZO/BCC level.

Premises Re-engineering

• -09- numbers of PHYGITAL Branches designed PAN India.

• State of the Art construction of Apex Academy Building at Law Garden, Ahmedabad completed. Inauguration awaited.

• Various other Projects ongoing PAN India viz. Administrative Building at Dehradun, Ernakulam nearing completion.

• Construction of Residential Building- Redevelopment Project at Jogeshwari, Mumbai- Work has commenced.

• Other construction projects viz. Commercial & Residential projects are set to commence shortly at Financial City, Bengaluru, Financial City, Kolkata, Canon Shed Road at Ernakulam, Manoharpura at Jaipur.

• Construction of 50 RSETI Buildings completed.

• Over 99% of eligible procurement were made through GeM Portal (1830 crore).

Green/other Initiatives

• 210 Leased Branches in rural/semi urban areas being run on Solar Energy capacity of 1.5 Mega Watts reducing approx. 4739 Tons of Carbon Dioxide Emission since inception.

• Installed Solar Panels in 76owned Premises ofthe Bank. Installed capacity 1.73 Mega Watts reducing approx. 1619 Tons of Carbon Dioxide Emission each year

• Solar Panels of Capacity 125 KWp installed at Bank's MMO Building, 100 KWp at Barda Apex Academy Building.

• Bank has set up Rain Water Harvesting system in 18 Administrative Buildings.

• More than 1300 Water Efficient Taps & Waterless Urinals installed in several Administrative Buildings saving approx. 30 lakh Liters of water a year.

• Tree Plantation- 24000 No. of trees/sapling planted in Schools, parks, residential societies etc. - PAN India during the event of Swachhata Pakhwada

• IGBC Green Building Certification in Bank's 3 Owned Buildings. -19- other buildings are in process of receiving the approval shortly

• Introduced Recycled Paper for office use as pilot project in Corporate Office, Ceased the practice of using pl?stic water bottles under Green initiatives-BOB Earth.

• Digitization of Security Reports & Returns though Bank's IT Team

• Conducted Fire drills at all High-rise Buildings of the Bank all over India.

• Health Checkup camps for staff members in tie-ups with various Medical Centers/Hospitals conducted.

• 24*7 Ambulance facility at BCC.

• Annual Sports Day organized in the month of December 2024 involving all the staff members along with their families.

• Various sports and cultural activities' selection procedure done to participate in Interzonal sports tournament.

• Automation of work order portal to generate monthly & quarterly procurement reports PAN India.

• Automation of Lease Management Portal PAN India.

Implementation of Official Language (OL) Policy

Use of Hindi and other Indian Languages for promoting business as well as providing digital products to the customers is a significant characteristic of the Bank's Official Language policy. This approach has been well appreciated by Government of India and regulatory authorities from time to time. Bank adopted a well-structured Annual Action Plan for Official Language in order to achieve various targets set by the Government of India under its Annual Implementation Programme FY 2025 and the assurances given to the Committee of Parliament on Official Language during its visits to various offices/branches of the Bank.

The Meetings of Central Official Language Implementation Committee, presided over by MD & CEO/ Executive Director of the Bank, were organized regularly on quarterly basis and various new initiatives were taken during the year FY 2025. Bank has made remarkable progress to provide Mobile Banking and transactional SMS services in Hindi and 12 other regional languages. Whatsapp Banking services are now available in Hindi, Gujarati, Bengali, Marathi and English and Internet Banking services are available to our customers in Hindi too. As a new initiative during the period under review, Bank's Virtual Relationship Manager "Aditi", Chatbot "Adi",

ILMS package, Digital lending platform and BC knowledge portal have been made available in Hindi also. All the auto generated emails from various apps and digital channels/ portals of the Bank and loan sanction letters containing terms and conditions generated through Bank's LLPS package have been made available in bilingual i.e. Hindi & English. The journey of digital Baroda Kisan Credit card and Gold loan have also been made available in Hindi. All the mails sent through the Re-KYC platform have been also made available in bilingual.

Bank had introduced official language rating system for Branches/ offices and ‘Bhashayi Choupal' programs for staff members, the same were continued during the year. Bank has created a ‘Shabdnaad' page on the Bank's website to preserve records of various Official Language (OL) related activities conducted by the Bank at Corporate Office /Zonal Office/Regional Office and Branches, awards and other OL related information pertaining to the Bank.

Bank conducted different campaigns on quarterly basis to increase Hindi correspondence in various departments of the zones (viz. Risk Management, Information Technology, Legal, Credit). Hindi Diwas, World Hindi Day and Mother Language Day were celebrated at various offices/branches all over India and abroad. In order to enhance the creative and writing skills of staff members, the Bank is publishing two corporate magazines - BobMaitri (House Journal) and Akshayyam (Hindi Magazine). Bank is continuously working to enhance the feature of ‘BOB Abhivyakti 2.0' mobile app, designed for all serving and retired staff members to provide an interesting online reading experience with respect to all magazines/ newspapers/house journals published by the Bank including Bobmaitri and Akshayyam. It has proved to be a significant step in promoting the Go-Green initiative in the Bank.

Bank's Self-service Passbook printing machine ‘Kiosk' were enabled for printing of Passbook in Hindi for the convenience of customers. While providing digital banking facilities to customers, bank is offering the facility of sending SMS in Indian languages in all the Financial Inclusion accounts. Bank is providing the facility to generate bilingual certificates/ statements/ reports through mobile banking app. Further, WhatsApp banking service has been made available to customers in Hindi, Gujarati, Marathi and Bengali languages. Bank has made the HR Connect portal bilingual for the use of staff members. Bank's Hindi website has been given an attractive look and its content has been kept updated resulting in significant increase in number of visitors. Bank has provided customers the facility to opt for SMS and WhatsApp Banking facility in their own language at the time of opening an account through tab banking. Bank has introduced bilingual (Hindi and English) digital journey facility for opening savings account online. Further, the Bank has ensured translation of Bank's all promotional materials in Hindi and other Indian languages on a regular basis. Bank has ensured to post Hindi content on social media handles from time to time befitting the occasion.

In line with the present Banking requirements, an AI based "Samarthya Toolkit 3.0" (Technical Toolkit) has been developed by the Bankto promote implementation of Official

Language in the Bank and to sensitize staff members about various e-tools for working in Hindi and regional languages. Training to staff members on usage of this tool has been imparted at various levels. In addition, various programs/ competitions were also organized in schools/colleges across the country to connect with the young generation of our country, which helped the Bank to strengthen its brand image among the younger generation and mobilize/increase business.

The efforts of the Bank have been appreciated by the Government of India from time to time. During the year, the Bank was awarded with the First prize under the "Rajbhasha Kirti Puruskar" scheme of the Government of India for its outstanding performance in the field of Official Language Implementation. In addition, the Town Official Language Implementation Committee (TOLIC), Vadodara working under the convenorship of the Bank was awarded with the third prize under the Narakas Rajbhasha Samman Yojna. Similarly, Varanasi, Ahmedabad and Jaipur TOLIC working in convenorship of the Bank were selected for the award by the respective Regional OL Implementation Offices of the Government of India. Our Zonal Offices Baroda & Lucknow and Regional Offices Jaipur & Varanasi were also awarded for their outstanding performance in the field of Official Language implementation by the respective Regional OL Implementation Offices of the Government of India. Bank was conferred with a total 9 awards by the Ministry of Home Affairs in the year 2025 which includes Rajbhasha Kirti Puraskar/ Regional and other awards. Various offices of the Bank received a total of 64 awards from TOLIC, working under the aegis of Ministry of Home Affairs.

Bank organised regular meetings of the 28 TOLICs working under its convenorship and ensured compliance with the instructions laid down by the Government of India in this regard. Bank continued with its unique scheme "Medhavi Vidyarthi Samman Yojana" for popularising Hindi in 71 Universities of the country. Under this scheme, cash prizes and commendation certificates are given to two meritorious students securing first and second positions respectively in M.A. (Hindi) examinations every academic year.

In nutshell, the Bank is committed to fulfil its constitutional responsibilities regarding the use of Official Language and other Indian languages for regulatory compliance, business development and customer convenience.

Corporate Social Responsibility (CSR)

The Bank has a long lega c y and tradition of actively contributing to the soci a l and economic development of the communities through v arious development activities. The Bank as a responsible corporate citizen, continuously strives to contribute towards social welfare & environmental protection, particularly for the upliftment of the underprivileged sections of the society to make sustainable social changes in their lives. Skill development through training for gainful employment, human welfare and other social activities like women welfare, health care etc continues to remain the Bank's key focus areas. The Bank is helping different organizations engaged in various commu n ity development and socio-

economic welfare activities for the benefit of weaker sections and rural citizens.

The Bank has 65 Rural Self Employment Training Institutes (RSETIs) in 11 States/UTs across the country to impart skill development training to the youth of rural and semi urban areas for generating self-employment. Since inception, these centres have conducted 26,640 training programmes and imparted training to 7.46 lakh youth, out of which 5.16 lakh have already setup their own ventures or have secured wage employment. During this financial year we have installed IP- Enabled CCTV Camera in 62 RSETIs and solar panel in 12 RSETIs which will augur well for online monitoring of training programme at RSETI by MoRD/NACER and save electricity cost in future.

The Bank has also set up 86 Financial Literacy Centres (FLCs) in 12 States/UTs which provide financial counselling Services and education to the people in rural, semi-urban and urban areas about various financial produc?s and Services available from the formal financial sector. These centres also take up activities that promote financial literacy, cyber security awareness, and awareness about banking services, digital banking, financial planning and amelioration of debt-related distress of an individual." During this financial year our FLCs centres across the country conducted 7933 meetings/camps to impart financial awareness to 3,91,580 people.

As per RBI directives, Bank has also set up 196 Centres for Financial Literacy (CFLs) spread across -9- states and -1- Union Territory that are aimed at imparting financial literacy in tribal and backward blocks through innovative and participatory approach.

As a part of Bank's commitment towards protection of environment, under Environmental, Social, and Governance (ESG) principles, Bank is implementing a project of planting a tree against each Auto loan/Housing loan disbursement.

Bank has also donated to various social causes viz., financial assistance to deserving poor students for their education, donation of passenger vehicle to Children home for traveling to school, donation of medical equipment and healthcare to hospitals, donation of generator set to hospital, donation towards installation of RO Water Purification System, donation towards relief fund in cyclone affected areas and donation towards providing farmers with agricultural tools and capacity building trainings.

BOBCARD Limited

BOBCARD Limited (formerly known as BOB Financial Solutions Limited) was established in 1994 as a Non-Banking Financial Company, wholly owned by the Bank. Its primary business is in credit cards with key differentiator being simple, easy-to-understand produc?s that are fairly priced, efficiently serviced, and can easily be availed through a digital-all application process.

FY 2025 was a continued year of growth for BOBCARD consolidating its industry position and budling seamless integration with parent Bank. As per RBI data for Feb'25, the

company continued with steady increase in share across cards and spends in the credit card industry. We rank 9th in terms of market share of cards with a share of 2.7% and with a spends share of 1.7%, BOB Card ranks 11th in terms of monthly spends.

The company issued over a million new credit cards in FY 2025 and continued to be among the largest issuers in terms of incremental customer acquisition. The company further consolidated its two-pronged growth strategy (of BoB customers on one side and key partnerships on the other) by focusing on growing both portfolios i.e. proprietary cards, where the focus in FY 2025 has been on paid and premium cards to diversify the composition, and co-branded cards, where the focus has been on growing the customer base.

Over the past year, BOBCARD's technology initiatives have driven significant transformaron across product, infrastructure, digital, and compliance areas. The journey began with a sharp focus on enhancing the customer experience. A seamless sourcing capability was rolled out, enabling paperless journeys that improve open market activation. Two new products namely ETERNA and TIARA were successfully launched on Rupay Network towards our commitment to expanding card offerings and deepening market penetration.

In the digital ecosystem, the mobile app saw strategic enhancements with features like deep linking and smarter EMI options with selfcare service. These additions were designed to improve usability and drive higher customer engagement. Simultaneously, our analytics foundation was strengthened with the introduction of analytics platform, rolling out multiple use cases and empowering data-driven decisions across the enterprise.

Key launches such as BOBCARD UNI cards showcased our agile execution approach. Simultaneously, groundwork was laid for future scalability through enterprise-wide onboarding platforms with centralized business rule engines and de dupe.

Partnerships also played a pivotal role, with Tripstacc and Zaggle integration service offerings for both retail and corporate customers. A new travel and hotel booking platform was conceptualized to offer value-added services to cardholders, marking BOBCARD's step into lifestyle enablement.

Through business-led innovation, tech-driven execution, and a deep commitment to customer experience, FY 2024-25 was a year of foundational transformation. We now stand well-positioned to scale, secure, and simplify the future of financial services.

FY 2025 was a landmark year for BOBCARD's brand and marketing efforts, building on its strong foundation as a customer-first credit card brand. The team rolled out award-winning campaigns under the "Reimagine Credit for India" positioning—leveraging insight-led, purpose-driven communications to deepen relevance, trust, and aspiration. These initiatives strengthened brand salience and customer engagement across platforms. Flagship campaigns like #AurKyaChahiye, #LifeIsBetterWithBOBCARD,

#ReimagineTheWomanCard, #ReimagineFestiveFun, etc. delivered strong digital visibility and drove significant social media engagement. The launch of the BOBCARD blog further amplified the brand's commitment to credit education. These sustained efforts not only fueled business momentum but also earned industry recognition, with multiple wins—Silver and Bronze at the Pitch BFSI Marketing Awards 2024, and a Double Bronze at the Campaign India PR Awards 2025— reimagining BOBCARD's position as a performance-driven, marketing-led brand.

Brief Highlights of BOBCARD limited for FY 2025 (IGAAP financi?is) are indicated below:

('in crore)

BOB Capital Markets Ltd.

BOB Capital Markets Ltd. (BOBCAPS), a wholly owned subsidiary of Bank of Baroda, is a SEBI registered Category-I Merchant Banker and also a Stock Broker with memberships of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

BOBCAPS offers a wide spectrum of financial Services that includes fund raising from primary markets /PE funds, debt syndication, debt resolution, mergers and acquisitions advisory and stock broking (both institutional and retail). It has two operating segments, viz. Investment Banking and Broking.

BOBCAPS continued to receive good traction for its businesses during FY 2025. Investment banking team successfully closed several transactions including marquee IPOs, OFS, Rights Offers, Debt resolutions, Debt syndication, DCM and M&A advisory. Investment Banking Equity team successfully closed IPOs of Bharti Hexacom, Ola Electric & PNG Jewellers; OFS of Cochin Shipyard & GIC; Rights offer of Dhanlaxmi Bank & Shobha Developers and M & A advisory of Caspian Impact. These mandates have led to establishing deal credentials which is important for securing new mandates. For the year, Company incurred a loss, largely on account of creation of technology infrastructure & account-acquisition costs. The Retail Broking business revenue has demonstrated growth during the year and the customer base has significantly grown from 2.08 lacs to 3.34 lacs. The Depository participant business of Bank of Baroda was successfully migrated to the Company in Q4FY 2025 & this business will contribute significantly to Retail revenue in coming years. The Company has revamped its entire retail technology platform with an eye to scale up business.

In Investment Banking League table for IPO & OFS, the Company is ranked amongst Top 15 for the year.

Brief Highlights of BOB Capital Markets Ltd for FY 2025 are indicated below:

Baroda Global Shared Services Ltd.

Baroda Global Shared Services, a wholly owned subsidiary of the Bank of Baroda, is an outcome of a strategic decision made by the Bank in 2017 to int?grate back-office Services into a single entity, thereby, reducing service replication & business unit silos, creating synergies, and improving economies of scale.

Pioneered as a Shared Services provider in the Public Sector Banking segment, the company has grown as a leading player and a role model for many other Banks within the ecosystem over the 8 years of operations.

As a Shared Services organisation, we continue to create value for the parent Bank through a wide portfolio of products & services including Retail Assets (Sales, Operations & collections); Retail Liabilities Back Office; Trade Finance Back Office; Cali Centre operations; Financial Inclusi?n Services; Government Business Support services; International Banking Support (BOB UK Support Operations).

BGSS locus is in creating value for the parent bank through reduced cost-to-income ratio, reduced credit losses, new business generation & client retention.

During FY2025, the company played a pivotal role in sourcing customers for Home Loan, Auto Loan, Education Loan, Tractor Loan, leveraging its Sales team by contributing ~'14K Cr of business & witnessed a substantial productivity improvement, while keeping COA under control.

In Collections, the company supported the Bank by providing Tele-Calling (SMA0) support & achieved POS resolution of ~'65K Cr. Further, in continuation to our commitment to deliver high business performance, BGSSL's Corporate Business Correspondent (CBC) operations revenue increased to '8.5 Cr in FY2025, while expanding the number of BC points to 1815.

Continuing with our emphasis on continuous improvement with robust compliance, BGSSL enhanced its productivity/ efficiency across back-office operations by ~14% Y-o-Y and successfully completed surveillance audits for ISO 9001:2015 (Quality Management) across 9 processes, ISO 22301:2019 (Business Continuity) & ISO 27001:2013 (Information

Security).

Realizing the importance of information security, the company has implemented various solutions viz, Realtime Managed Detection and Response driven Cyber Security Operations Centre; Data Loss Prevention solution; Next-Generation Firewall; Secure Web Gateway.

Annual CSAT survey was conducted, wherein an improved score of 91.41 % was achieved. BGSSL achieved a score of 4.40 in Darpan Survey (Employees' Survey) conducted during FY 2025. The Company successfully implemented Competency Based Talent Acquisition (CBTA) process. It also Implemented a Self-paced Learning Tool - "Gyansagar Eduringo".

A Snapshot of the BGSS Financial Performance

(? Cr)

*FY 2025 figures are unaudited.

BarodaSun Technologies Ltd.

BarodaSun Technologies Limited has been incorporated as a wholly owned subsidiary of Bank of Baroda on July 5, 2017 with the Registrar of Companies, Mumbai, Maharashtra. The company has been formed to deliver system integration and consultancy services on matters relating to ever evolving IT enabled business solutions, software product application and implementation across various lines of business, for Bank of Baroda.

The Company is yetto commence full-fledged operations and it is envisioned to initiate activities like programme / project management and support services to implement enterprise- wide IT projects and development of financial produc?s and solutions to effectively cater to various business needs providing technological edge across different business verticals of the Bank.

The Nainital Bank Ltd.

The Nainital Bank Limited (NBL), originally promoted by Late Bharat Ratna Pandit Govind Ballabh Pant in 1922, became a subsidiary of Bank of Baroda in 1973. The Bank's holding in Nainital Bank Ltd is 98.57%. NBL has its registered office in Nainital and operates in five States: Uttarakhand, Uttar Pradesh, Delhi and National Capital Region (NCR), Haryana, and Rajasthan. NBL has 173 branches as of March 31,2025. The total business of NBL increased to '13,225.68 crore on

March 31,2025, from '13,086.87 crore as of March 31,2024. The Bank posted a net profit of '50.61 crore in FY 2025, compared to a net profit of '47.10 crore during the previous year.

Baroda BNP Paribas Asset Management India Pvt. Ltd (BBNPA AMC)

BBNPP AMC is a majority owned subsidiary of Bank of Baroda. It is a joint venture between Bank of Baroda (50.1% shareholding) and BNP Paribas Asset Management Asia Ltd (49.9% shareholding). The Company is the Asset manager for Baroda BNP Paribas Mutual Fund. Both Bank of Baroda and BNP Paribas AM had existing fund management businesses in India, which were merged in March 2022 to create this JV.

BBNPP AMC builds on the strength of its sponsors. The AMC leverages the vast network and local reach of the Bank of Baroda and global best practices and market knowledge of BNP Paribas Asset Management. Over the years, AMC has aggressively invested in strengthening investment capabilities, product range, reach, and distribution. The AMC managed MF AAUM of Rs 45,541 crs during Jan-Mar 2025, representing a strong growth of 28% yoy. Additionally, the AMC opened a branch in GIFT city and registered as Fund Management Entity (FME) and currently offers portfolio management and advisory services to offshore clients with AUM of Rs 4,105 crs as of Mar 31, 2025. Driven by strong AUM growth and cost discipline, it has resulted in significant cost savings. The positive jaw effect led to a significant jump in profitabilityfor FY 24-25.

Brief Highlights of Baroda BNP Paribas Asset Management India Pvt. Ltd for FY 2025 are indicated below:

(' in crore)

*Includes advisory AAuM of '2,257 crore in Q4 24 and '4,105 crore in Q4 25. **FY 2025 figures are unaudited.

Indian MF industry is seeing accelerated growth driven by the rising aspiration of Indian middle class coupled with increased awareness about Mutual funds. An encouraging trend is that smaller towns are growing faster than the pace of larger cities. India has possibly the best digital transaction infrastructure in the world, leading to rapid digital adoption by clients. Our AMC is leveraging all these trends to create a strong presence in India.

The AMC is committed to building a top-tier fund house that serves both -clients at home in India as well as helps foreign investors access the Indian market.

Baroda BNP Paribas Trustee India Pvt. Ltd.

BNP Paribas Trustee India Pvt. Ltd. was merged with Baroda Trustee India Pvt. Ltd. (a wholly owned subsidiary of the Bank) with effect from 14.03.2022 leading to formation of Baroda BNP Paribas Trustee India Pvt. Ltd. wherein Bank's share is 50.10% and that of BNP Paribas Asset Management Asia Ltd is 49.90. It is a governing body for Baroda Mutual Fund / BBNPP AMC with a duly constituted Board of Directors, as prescribed under the SEBI (Mutual Funds) Regulations, 1996.

IndiaFirst Life Insurance Company Ltd.

Headquartered in Mumbai, IndiaFirst Life Insurance Co. Ltd., is a domestic subsidiary of Bank of Baroda promoted along with Carmel Point Investments India Private Limited, owned by private equity funds managed by Warburg Pincus LLC. Union Bank of India is an investor in the Company. Total share capital of the Company is '1,435 crore (including share premium).

In FY 2025, IndiaFirst Life posted Total Gross Written Premium of '7,218 crore with YoY growth of 3.5%. The Company maintained 12th rank as compared to last year on Individual New Business APE (Regular premium + Single premium at 10%) amongst private Life Insurers. IndiaFirst Life's assets under management (AUM) is at '30,968 crore as on 31 st March 2025. Company posted Net Profit of '102.3 crore and total Income of '9,238 crore for FY 2025. IndiaFirst Life settled over 41,668 claims in FY 2025 amounting to over INR 801 crore.

IndiaFirst Life was certified as a Great Place to Work (GPTW) for the seventh time in a row, a recognition considered as the gold standard for defining great workplaces across business, academia and government organisations. IndiaFirst Life was recognised among Best Brands of 2024 by The Economic Times. IndiaFirst Life was also named ‘Best Employer in Private Life Insurance' at the NavaBharat BFSI Conclave & Awards 2025.

India Infradebt Ltd.

India Infradebt Limited (Infradebt) is the first Infrastructure Debt Fund (IDF)- NBFC to commence operations in India. Bank of Baroda and ICICI Bank Limited are the largest shareholders, while other shareholders include Citicorp Finance (India) Limited and Life Insurance Corporation of India. Infradebt finances the relatively safe, completed infrastructure projects which have achieved at least one year of commercial operations. Infradebt has been rated AAA/ Stable outlook by CRISIL and ICRA since inception. Infradebt also enjoys 100% income-tax exemption on all its income.

The synergy with the Bank arises from Infradebt's focus on lending to strong, stable infrastructure projects - mainly renewable energy projects, road projects and airport projects, thus promoting green energy in India and contributing to nation building. Infradebt business has grown steadily, with a loan book of '25,595 crore, Net Profit of '518 crore and

Return on Equity of 14.9% during FY2025. Infradebt has also been paying dividends continuously for the past eight years.

A brief summary of Bank's all the domestic subsidiaries and Joint Ventures is given below for FY 2025 :

(' in crore)

*3489 On BGSS payroll & 706 third party Employees **FY 2025 figures are unaudited.

Awards & accolades received by the Bank

In recognition of Bank's excellent highlighting our achievements in marketing, technology, customer service, financial performance, operational efficiency and innovation., the Bank was conferred with many awards and accolades during FY 2025 which are given below;

• Bank of Baroda has been honoured with CXO Security Innovation Award 2024 in the category of IT Infrastructure Security Initiatives.

• Bank of Baroda has won three awards at The Great Indian BFSI Awards 2024 as given below:

• Social Media Campaign of the Year - bob x Spotify

• Influencer Campaign of the Year- PehchaanCon

• Social Media Campaign of the Year - BOB Ke Sang Tyohaar Ki Umang

• Bank of Baroda was ranked among three top performers at the All-India CII SECEX 2024. CII SECEX is a national- level critical information infrastructure cybersecurity operations exercises organised by NCIIPC annually.

• Bank of Baroda won the ‘Best Risk Management Solution Provider' award at the IBS - India Banking Summit & Awards 2024.

• At the e4m Golden Mikes Radio and Audio Conference & Awards 2024, Bank of Baroda was bestowed with the following awards:

• Gold Metal - in the category Best Use of Radio for Long Term Effectiveness for BIG FM's BIG Green Ganesha with Bank of Baroda.

• Silver Metal - in the category Most Unique Programming Concepts/Ideas for BIG FM's BIG Antakshari with Bank of Baroda.

• Silver Metal - in the category Best Program Launch on Radio for BIG FM's BIG Antakshari with Bank of Baroda.

• Silver Metal - in the category Best Use of Radio for Launch/Relaunch for BIG FM's BIG Antakshari with Bank of Baroda.

• Bronze Metal for Bank of Baroda's BOB Army campaign on RED FM.

• Bank of Baroda was named Best Banking Group in India at the World Finance Banking Awards 2024.

• Bank of Baroda has been awarded "Best Contact Centre of the Year (Banking)" award at the CX Excellence Awards organised by Quantic India.

• Bank of Baroda won the ‘Best Influencer Campaign' award for #PehchaanCon at the afaqs! Marketers' Excellence Awards 2024.

• Bank of Baroda won the Dun & Bradstreet Public Sector Excellence Award 2024 in the Large Banks (Central PSU) category.

• Bank of Baroda won the Elets BFSI Rising Leaders' Award 2024 for exceptional contribution to the BFSI sector.

• Bank of Baroda won two awards at the FinCrime Expert Conclave: 1) Excellence in Technology Implementation for AML 2) BFSI Team Adopting Emerging Technologies for AML.

• Bank of Baroda won three awards at The Collection & Recovery Summit India.

i. Risk Management Framework- Collection Practices in the PSB Category.

ii. Receivables Management Function-Business Re-

engineering in the PSB Category.

iii. Portfolio Management Strategies-Receivable

Management-RAM in the PSB Category.

• Bank of Baroda enters India Book of Records for the Plantation drive pledge initiative on the occasion of 117th Foundation Day.

• Bank of Baroda has been awarded ‘First Prize' under

the Government of India's ‘Rajbhasha Kirti Puraskar' Scheme for the year 2023-2024 for outstanding

performance in Official Language Implementation.

• Head - Marketing & Branding, Bank of Baroda has been recognised as a leading CMO at the Laqshya Pitch Best CMO Awards 2024.

• Bank of Baroda has been recognised as one of the Iconic Brands of India at the 7th edition of the ET Now Iconic Brands of India.

• Head - Marketing & Branding, Bank of Baroda has been selected as one of the ‘Dun & Bradstreet Marketing Mavericks 2024' at the 2nd edition of the Marketing Mavericks Summit.

• Bank of Baroda has been declared Runner-Up in the category Best Customer Experience among Large and Mid-Sized Banks at ASSOCHAM's 19th Annual Summit & Awards on Banking & Financial Sector Lending Companies.

• Bank of Baroda has been conferred with the ‘Best Performance in Bank's Category ‘ award for Mutual Fund Business by Bombay Stock Exchange (BSE) for the third consecutive year.

• Bank of Baroda receives SKOCH Gold Award-2024 for Digital Contact Centre in the BFSI Category.

• Bank of Baroda Receives India's Best Brands Award 2024 by ET Now.

• Bank of Baroda awarded prestigious accolades at Annual IBA Technology Awards 2024.

• BestBankinAI/MLAdoption-Winner

• Best Bank in IT Risk Management-Winner

• Best Technology Bank- Runner-Up

• Best Tech Talent & Organization- Runner-Up

• Special Mention- Best Fintech & DPI Adoption.

• Bank of Baroda wins Golden Peacock HR Excellence Award 2024 under Financial Sector (Banking).

• Bank of Baroda felicitated at IBEX India 2025 BFSI Technology Awards - Runner-Up position in Most Innovative Use of Technology.

• Bank of Baroda felicitated at IBEX India 2025 BFSI Technology Awards - Runner-Up position in Outstanding Use of Emerging Technology for Enhanced Customer Service Experience.

• Bank of Baroda receives Best Data Completeness Award (First Runner Up) in the "PSU Consumer Segment" for FY 2025 by IBA-TransUnion CIBIL.

• Bank of Baroda declared as Winner Bank in "Net Sales - Equity and Hybrid Mutual Funds" category at the AMFI Mutual Fund Summit 2025.

• Bank of Baroda has secured the #1 position for People & HR Operations in the EASE 6.0 Index. Additionally, the Bank has been ranked #3 in Customer Service Excellence and Analytics-Driven Business Improvement.

• Bank of Baroda honoured with ‘Significant Achievement in HR Excellence' Award by CII.

• Bank of Baroda received ET Now Best BFSI Brands 2025 Award.

Dividend Distribution Policy

Board of Directors of the bank has recommended a dividend of '8.35 pershare forthefinancial year ended March 31,2025. The total outgo in the form of dividend will be '4,318.09 crore. The payment of dividend is subject to requisite approvals. The dividend distribution policy is given in this Annual Report and is also available on the Bank's website.

Appointments

Dr. M.P Tangirala was nominated as Government Nominee Director w.e.f. 13^th May, 2024 by the Central Government u/s 9 (3) (b) of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, to hold the post until further orders.

Shri Ravindran Menon was elected as Shareholder Director u/s 9(3)(i) of The Banking Companies Acquisition and Transfer of Undertakings) Act, 1970, for a period of three years from 16^th May, 2024 to 15^th May, 2027.

Shri Vijay Dube was elected as Shareholder Director u/s 9(3) (i) of The Banking Companies Acquisition and Transfer of Undertakings) Act, 1970, for a period of three years from 9^th July, 2024 to 8^th July, 2027.

Smt. Beena Vaheed was appointed as Executive Director, with effect from 9^th August, 2024 by the Central Government u/s 9(3)(a) of The Banking Companies Acquisition and Transfer of Undertakings) Act, 1970, for a period of three years, or until further orders, whichever is earlier.

Shri Manoranjan Mishra was nominated as RBI Nominee Director w.e.f. 12^th December, 2024 by the Central Government u/s 9 (3) (c) of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, to hold the post until further orders.

Cessations

Shri Ajay K. Khurana ceased to be Executive Director w.e.f. 1^st April, 2024 upon attaining the age of superannuation.

Shri Mukesh Kumar Bansal ceased as a Government Nominee Director w.e.f. 13^th May, 2024 on the appointment of Dr. M.P Tangirala.

Shri Alok Vajpeyi ceased to be a Shareholders Director w.e.f. 9^th July, 2024 on completion of his tenure of -3- years.

Smt. Parvathy V. Sundaram ceased as a RBI Nominee Director w.e.f. 12^th December, 2024 on the appointment of Shri Manoranjan Mishra.

Shri Ajay Singhal ceased to be a Non-Executive Director w.e.f. 21^st December, 2024 on completion of his tenure of -3- years.

Board Evaluation

Bank is following Government of India guidelines dated August 30, 2019 for PSB Governance Reforms - Enhancing governance through improved effectiveness of non-official directors.

Auditors' Compliance Certif?cate on Corporate Governance:

The Auditors' Compliance Certif?cate regarding the compliance of the conditions of Corporate Governance for the year 2025 is annexed with this report pursuant to "Part E" of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Business Responsibility and Sustainability Report (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) Report as required by SEBI has been hosted on the website of the bank (www.bankofbaroda . co.in). Any member interested in obtaining a physical copy of the same may write to the Company Secretary of the bank.