>Bank of Baroda (CITI)

3Q09 Results: Impressive – Quantitatively and Qualitatively

* Up 41% - well ahead, and strong — BOB has reported a strong quarter; profits
up 41% (19% above expectations), margins are up, fees remain robust, and
asset quality holds steady. This is a strong mix; while boosted by rate gains,
does reflect a healthy and profitable quarter, in a challenging environment.

* Growth, Asset quality and Capital -- All there, as is management confidence— BS
is the strength of the quarter; against a weakening economy, asset quality
holds steady, loan growth remains strong (international loans grow faster than
domestic), capital appears comfortable. Importantly, management confident on
outlook; but a tough environment suggests greater investor caution.

* Margins expand, fees robust, and the market impacts — The P&L is also
impressive; margins expand and BOB is now almost in line with industry
standard, fees continue to growth 25%, and trading gains provide a boost (with
offsets on equity and offshore bond portfolio mark-downs). While there is
probably upside from here; all drivers appear to be in order.

To see full report: BOB