1. Bank of Baroda Financial Results: Q3 & Apr-Dec, 2011-12 (FY12)
A Story of Commitment, Consistency & Credibility
Financial Results: Q3 & Apr-Dec, (FY12)
Dr Rupa Rege Nitsure
Chief Economist
January 25, 2012

2. Bank of Baroda: Comfortably Beats its Guidance for Q3, FY12
Global Business Size: Rs 6,09,867 crore on 31st Dec, 2011 [up 24.8%, y-o-y]
Market Share in Aggregate Deposits up from 3.70% in Mar’07 to 4.14% in Dec’11
Market Share in Credit up from 3.53% in Mar’07 to 4.09% in Dec’11
Global Loan-book: Rs 2,60,661 crore on 31st Dec, 2011 [up 25.8%, y-o-y]
ROAA at 1.29% - above 1.20%
ROE at 21.35% - above 20.0%
NIM (Global): 2.99% - close to 3.0%
NIM (Domestic): 3.51%
Operating Profit at Rs 2, crore – up 40.9%, y-o-y
Net Profit at Rs 1, crore – up 20.7%, y-o-y
CRAR (Basel II): 13.45%; Tier 1 Capital Ratio: 9.31% (without adding the first nine months’ profits of FY12)
Gross NPA: 1.48%
Net NPA: 0.51%

3. Bank of Baroda: Key Strengths
Bank of Baroda is a 103 years old State-owned Bank with modern & contemporary personality, offering banking products and services to Large industrial, SME, retail & agricultural customers across the country.
Uninterrupted Record
in Profit-making and
Dividend Payment
Overseas Business
Operations extend across
24 countries
through 86 Offices
Modern & Contemporary
Personality
Strong Domestic
Presence through
3, 691 Branches & 1,838
ATMs
Pioneer in many
Customer-Centric
Initiatives
Provides Financial
Services to over
43 mln Customers
Globally
First PSB to receive
Corporate Governance
Rating (CGR-2)
Relatively Strong Presence
in Progressive States like
Gujarat & Maharashtra
Robust Technology
Platform with 100%
CBS in Indian Branches
A well-accepted &
recognised Brand in
Indian banking industry

4. Domestic Branch Network
Bank has added 983 branches in its Indian operations during Dec’06 to Dec’11.
With this, its domestic branches totaled 3,691 at end-Dec, 2011.
During Apr-Dec, FY12, the Bank opened 327 new branches.
Bank still has 383 licences left with it to open branches during FY12.
Bank’s newly opened branches during Apr-Dec, FY12 are well diversified across the nation, though a large no. of branches were opened in UP & Uttaranchal; Gujarat; Southern Zones & Rajasthan.
Around 59.4% of the Bank’s network at the end-Dec, FY12 was situated in rural & semi-urban areas.
Regional Break-up of
Domestic Branches as on 31st Dec, 2011
Metro
Urban
Semi-Urban
Rural
809
689
957
1,236

5. Robust Technology Platform
As on 31st Dec 2011, the Bank’s entire domestic, overseas and RRBs [i.e., five sponsored RRBs] related operations were on the CBS platform.
Bank has developed IT facilities for online/offline account opening through Business Correspondents under Financial Inclusion.
Bank’s retail & corporate customers enjoy several facilities under its Internet Banking Delivery Channel such as fund transfers to self & third party (within BoB); online payment of bills & taxes, rail-ticket booking, temple donations, online subscription to IPOs/FPOs thru’ ASBA & institutional fee payment. The SMS alerts & RTGS/NEFT transactions are also implemented in the Internet Banking Portal.
Bank has implemented Internet Banking in 11 of its overseas territories , notably Oman, Tanzania, Uganda, Kenya, Mauritius, Seychelles, Botswana, New Zealand, UAE, Fiji, & UK.
Bank has also implemented RaidFunds2India solution in all the major territories.
Bank has built a State-of-the-Art Data Centre conforming to Uptime Institute Tier-3 standard & a Disaster Recovery Site in different seismic zones to ensure uninterrupted banking services delivery to customers.
Bank’s Mobile Banking (Baroda M-Connect) provides various facilities to its customers like balance-enquiry, mini-statements, linking of multiple accounts, funds’ transfer, bill payments, ticket booking, shopping, feedback facilities, etc.
Bank’s Mobile Banking application is available on all Leading Brands including Blackberry, Android, iPhone, Windows, etc.
Anti Money Laundering (AML) has been implemented in India and 20 of Bank’s overseas territories.

6. Robust Technology Platform
Bank has developed an Integrated Global Treasury Solution in its major territories like U.K., UAE, Bahamas, Bahrain, Hong Kong, Singapore, Belgium, USA and India to achieve reduced cost of operations & better fund mgmt.
Bank has a centralised SWIFT system for India & its 21 overseas territories.
Internet Payment Gateway has been implemented to facilitate e-commerce transactions in multi currencies across the globe.
Bank has introduced the facility of Multiple Accounts being linked to a single Debit Card (verified by Visa, CVV2) and also Mobile Number registration thru’ ATMs in CBS for SMS Alerts.
E-tax payments thru’ ATMs are also facilitated and Mobile ATMs are introduced in several cities.
To provide safe online banking services to its customers & protect them from phishing attacks, Bank has implemented a Fraud Management Solution.
Back Office functions have been centralised in the Bank at City Back Offices & eight Regional Back Offices ( at Baroda, Jaipur, Lucknow, Bhopal, Coimbtore, Kolkata, Mumbai & Jamshedpur) to improve the delivery of services.
Bank has set up two Contact Centres in Lucknow & Baroda to fast addresse the customer queries & grievances.
Cash Management Solution is implemented to provide operational support to customers’ ALM.
BoB IIT – an exclusive IT Training Centre has been set up in Ghandhinagar to educate the Bank’s staff in all IT related products & services.

7. Concentration (%): Domestic Branch Network [As on 31st Dec, 2011]

8. Pattern of Shareholding: 31st Dec, 2011
As on 31st Dec, 2011
Share Capital: Rs crore
No. of Shares: million
Net worth: Rs 24, crore
B. V. per share: Rs
Return on Equity (Apr-Dec, FY12): %
Return on Equity (Q3, FY12): %
BOB is a Part of the following Indexes
BSE 100, BSE 200, BSE 500 & Bankex
Nifty Junior, BankNifty, CNX 100, CNX 500
BOB’s Share is listed on BSE and NSE in ‘Future and Options’ segment also.

9. Comparative Performance of BoB Stock: Dec’10 to Dec’11
Index/Stock
Value
(31st Dec’10)
(31st Dec’11)
% Change
Sensex
20,509.09
15,454.92
-24.6%
Nifty
6,134.50
4,624.30
Bankex
13,379.73
9,153.39
-31.6%
BankNifty
11,791.45
7,968.65
-32.4%
BoB-BSE
896.50
660.85
-26.3%
BoB-NSE
896.70
665.35
-25.8%

10. India’s Macro Health: Dec’10 to Dec’11
Indicator
Apr-Nov, 2010
Apr-Nov, 2011
Infrastructure Industries’ Growth (%, yoy)
5.0%
4.6%
IIP Growth (%, yoy)
8.4%
3.8%
Exports (US$ Bln)
144.66
192.69
Trade Deficit (US$ Bln)
93.00
116.84
Dec, 2010
Dec, 2011
Food Inflation
15.1%
0.7%
Fuel Inflation
11.3%
14.9%
Non-Food Mfg Inflation
6.3%
7.7%
Overall Inflation
9.5%
7.5%
PMI, Manufacturing
57.7
54.2
Passenger Car sales (%, yoy)
28.9%
10.9%
End-Dec, 2010
End-Dec, 2011
Bank Credit (%, yoy)
24.4%
15.9%
Bank Deposits (%, yoy)
16.5%
16.9%
FER (US$ Bln)
297.33
296.69
Exchange Rate (Rs/US$)
44.70
53.10

11. Economic & Banking Outlook
Global growth forecasts for 2012 have been revised downwards by most of the multilateral agencies & investments firms due to the European sovereign debt crisis & ripple effects of 2008 crisis.
Developing countries like India would still lead the global growth but at slower pace.
Weaker global growth and domestic capex slowdown has made RBI revise downwards Indian GDP growth projection to 7.0% from 7.6% for FY12.
RBI expects the growth for FY13 to be slightly faster than FY12 growth, though investment slowdown of FY12 may impact the trend output growth – a major worry.
Despite growth slowdown, RBI has retained its inflation projection at 7.0% due to the likely impact of rupee depreciation & repressed fuel inflation
Inflationary risks to continue in FY13 due to continued price pressures from protein rich items, global energy prices, downward bias in rupee, etc.
RBI has lowered indicative projection for non-food credit growth from 18.0% to 16.0% for FY12
Fiscal slippage has been crowding out private investment & fuelling inflationary pressures
Going by the current trends, FY13 is likely to be qualitatively similar to FY12 unless Union Budget announces some pending reform measures and revives the financial markets

12. Bank’s Business Growth (Y-O-Y): Dec’06 to Dec’11

13. Bank’s Profitability: Dec’06 to Dec’11
During the last five years, the Bank’s Gross Profit during Nine Months (Apr-Dec) has grown at the robust CAGR of 31.4% & Net Profit at 34.9%.

14. Bank’s Asset Quality: Dec’06 to Dec’11

15. Bank’s Business Performance: Dec’10 to Dec’11
Particular
(Rs crore)
Dec’10
Mar’11
Dec’11
Y-O-Y
(%)
Change
Over
Mar’11 (%)
Global Business
4,88,721
5,34,116
6,09,867
24.8
14.2
Domestic Business
3,67,417
4,02,731
4,35,228
18.5
8.1
Overseas Business
1,21,304
1,31,385
1,74,639
44.0
32.9
Global Deposits
2,81,512
3,05,439
3,49,206
24.1
14.3
Domestic Deposits
2,15,378
2,33,323
2,54,994
18.4
9.3
Overseas Deposits
66,134
72,116
94,212
42.5
30.6
Global CASA Deposits
81,996
87,589
94,823
15.6
8.3
Domestic CASA
75,632
80,181
86,836
14.8
Overseas CASA
6,364
7,407
7,987
25.5
7.8
Share of Domestic CASA was at 34.05% in terms of Total Deposits and at 35.45% in terms of Core Deposits as on 31st Dec, 2011.

16. Bank’s Business Performance: Dec’10 to Dec’11
Particular
(Rs crore)
Dec’10
Mar’11
Dect’11
Y-O-Y
(%)
Change
Over
Mar’11 (%)
Global advances (Net)
2,07,209
2,28,676
2,60,661
25.8
14.0
Domestic Advances
1,52,039
1,69,408
1,80,234
18.5
6.4
Overseas Advances
55,170
59,269
80,427
45.8
35.7
Retail Credit
Of which:
29,606
32,435
31,047
4.9
-4.3
Home Loans
11,895
12,539
13,700
15.2
9.3
SME Credit
25,255
27,365
32,123
27.2
17.4
Farm Credit*
23,117
24,529
25,932
12.2
5.7
Credit to Weaker Sections*
12,471
13,245
14,080
12.9
6.3
* As of Last Reporting Friday

17. Bank’s Business Performance: Dec’10 to Dec’11
Particular
(Rs crore)
Dec’10
Mar’11
Dec’11
Y-O-Y
(%)
Change
Over
Dec’10 (%)
Global Saving Deposits
61,540
64,454
71,842
16.7
11.5
Domestic Savings Deposits
60,092
62,959
70,169
16.8
Overseas Savings Deposits
1,448
1,495
1,674
15.6
12.0
Global Current Deposits
20,456
23,135
22,981
12.3
-0.7
Domestic Current Deposits
15,540
17,222
16,667
7.3
-3.2
Overseas Current Deposits
4,916
5,912
6,314
28.4
6.8

18. Bank’s Profits & NII: Apr-Dec & Q3, FY11 and FY12
Particular
(Rs crore)
Apr-Dec’
FY11
FY12
% Change
(Y-o-Y)
Q3, FY11
Q3, FY12
(Y-o-Y
Gross Profit
5,035.81
6,579.44
30.7%
1,851.20
2,608.19
40.9%
Net Profit
2,947.34
3,488.78
18.4%
1,068.88
1,289.85
20.7%
Net Interest Income
6,188.39
7,519.61
21.5%
2,292.26
2,655.51
15.8%

19. Other Highlights: Q3,FY11 to Q3,FY12
Particular (in %)
Q3, FY11
Q4, FY11
Q1, FY12
Q2, FY12
Q3, FY12
Global Cost of Deposits
4.53
4.79
5.36
5.61
5.65
Domestic Cost of Deposits
5.27
5.63
6.41
6.84
6.90
Overseas Cost of Deposits
1.94
1.83
1.80
1.82
1.96
Global Yield on Advances
8.58
8.74
9.11
9.64
9.45
Domestic Yield on Advances
10.34
10.65
11.23
12.14
12.01
Overseas Yield on Advances
3.70
3.54
3.38
3.37
3.60

20. Other Highlights: Q3, FY11 to Q3,FY12
Particular (in %)
Q3, FY11
Q4, FY11
Q1, FY12
Q2, FY12
Q3, FY12
Global Yield on Investment
7.39
7.45
7.47
7.58
7.67
Domestic Yield on Investment
7.56
7.60
7.59
7.72
7.79
Overseas Yield on Investment
3.85
4.34
4.86
4.24
4.90
Global NIM
3.20
3.45
2.87
3.07
2.99
Domestic NIM
3.82
4.16
3.39
3.67
3.51
Overseas NIM
1.40
1.41
1.37
1.42
1.64

21. Key Financial Ratios : Q3, FY12 versus Q3, FY11
Return on Average Assets at 1.29% [ 1.34% in Q3, FY11]
Earning per Share at Rs [Rs in Q3, FY11]
Book Value per Share at Rs at end-Dec, [Rs at end-Dec, 2010 ]
Return on Equity (ROE) at 21.35% [ 25.5% in Q3, FY11]
Capital Adequacy Ratio at % (without inclusion of nine-monthly profits)
with Tier I Capital at 9.31%
Cost-Income Ratio at % [ 37.64% in Q3, FY11]
Gross NPA ratio at 1.48% -- is one of the lowest for large-sized banks in India
Net NPA ratio too low at 0.51%
NPA Coverage at the healthy level of % (including the technical write-offs)
Incremental Delinquency Ratio contained at 0.87% for Apr-Dec, FY12; This means 1.16% in annualised terms – contained in the close neighbourhood of 1.0% as guided by us.

22. Key Productivity Indicators Q3, FY12 versus Q3, FY11
Particular
Q3, FY11
Q3, FY12
Business per Employee (Rs crore)#
11.54
13.53
Business per Branch (Rs crore)#
147.65
162.85
Profit per Employee (Rs lakh)
10.88
12.27
Profit per Branch (Rs lakh)
129.17
137.77
#: Total Business = Core Deposits + Net Advances

23. Non-Interest Income: Q3, FY11 and Q3, FY12
(Rs crore)
Q3, FY11
Q3, FY12
% Change
(Y-O-Y)
Commission, Exchange, Brokerage
244.54
292.97
19.8%
Incidental Charges
74.11
74.20
0.12%
Other Miscellaneous Income
64.17
84.79
32.1%
Total Fee-Based Income
382.82
451.96
18.1%
Trading Gains
84.77
385.50
354.8%
Profit on Forex Transactions
147.09
240.74
63.7%
Recovery from Written-off Accounts
61.47
71.13
15.7%
Total Non-Interest Income
676.15
1,149.33
70.0%

24. Non-Interest Income: Apr-Dec, FY11 and Apr-Dec, FY12
(Rs crore)
Apr-Dec, FY11
Apr-Dec, FY12
% Change
(Y-O-Y)
Commission, Exchange, Brokerage
694.36
881.40
26.9%
Incidental Charges
241.74
228.60
-5.4%
Other Miscellaneous Income
160.27
194.93
21.6%
Total Fee-Based Income
1,096.37
1,304.93
19.0%
Trading Gains
322.85
469.66
45.5%
Profit on Forex Transactions
368.72
528.09
43.2%
Recovery from Written-off Accounts
186.75
221.86
18.8%
Total Non-Interest Income
1,974.69
2,524.54
27.8%

25. Provisions & Contingencies: Q3, FY11 and Q3, FY12
(Rs crore)
Q3, FY11
Q3, FY12
Absolute
Change
Provision for NPA & Bad Debts Written-off
206.42
508.92
+302.5
Provision for Depreciation on Investment
53.45
224.11
+170.7
Provision for Standard Advances
36.91
99.51
+62.6
Other Provisions (including Provision for staff welfare)
7.28
4.21
-3.1
Tax Provisions
478.26
468.59
-9.7
Total Provisions
782.32
1,305.34
+523.0

26. Provisions & Contingencies: Apr-Dec, FY11 and Apr-Dec, FY12
(Rs crore)
Apr-Dec, FY11
Apr-Dec, FY12
Absolute
Change
Provision for NPA & Bad Debts Written-off
626.21
939.00
+312.8
Provision for Depreciation on Investment
-25.71
507.64
+533.4
Provision for Standard Advances
117.76
259.38
+141.6
Other Provisions (including Provision for staff welfare)
22.62
5.12
-17.5
Tax Provisions
1,347.59
1,340.51
-7.1
Total Provisions
2,088.47
3,051.65
+963.2

27. Bank’s Treasury Highlights: Q3, FY12
Treasury Income stood at the level of Rs crore in Q3, FY12.
As on 31st Dec, 2011, the Bank’s break-even yield on AFS was 8.55%.
As of Dec 31st, 2011, the share of SLR Securities in Total Investment was 88.9%.
The Bank had 81.9% of SLR Securities in HTM and 17.6% in AFS at end-Dec 2011.
The per cent of SLR to NDTL as on 31st Dec, 2011 was 26.9%.
While the modified duration of AFS investments is 2.79 years; that of HTM securities is 4.86 years.
Total size of Bank’s Domestic Investment Book as on 31st Dec, 2011 stood at Rs 79,833 crore.
Total size of Bank’s Overseas Investment Book as on 31st Dec, 2011 stood at Rs 3,967 crore.

28. Overseas Business: Apr-Dec & Q3, FY12
As on 31st Dec, 2011, the “Overseas Business” contributed 28.6% to the Bank’s Total Business, 19.6% to its Gross Profit and 36.1% to its Core Fee income (i.e. Commission, Exchange & Brokerage) based on the first nine months’ data.
While the Cost-Income Ratio for Domestic Operations stood at 34.78% in Q3, FY12, it was more favourable at 15.11% for the Bank’s Overseas Operations.
While the Gross NPA (%) in Domestic Operations stood at 1.83% at end-Dec, 2011, that for Overseas Operations was lower at 0.69%.
The Gross Profit to Avg. Working Funds (%) for Overseas Operations stood at 1.46% in Q3, FY11 and at 1.63% in Q3, FY12.
NIM as % of Interest Earnings Assets in Overseas Operations improved from 1.40% in Q3, FY11 to 1.64% in Q3, FY12.
Return on Equity in Overseas Operations was at 19.98% at end-Dec, 2011.

29. NPA Movement (Gross): Apr-Dec, FY12
Particular
( Rs crore)
A. Opening Balance
3,152.50
B. Additions during Apr-Dec, FY12
2,119.98
Out of which, Fresh Slippages
1,979.80
C. Reduction during Apr-Dec, FY12
1,377.40
Recovery
409.71
Upgradation
279.17
PWO & WO
688.52
Exchange Difference
0.00
NPA as on 31st Dec, 2011
3,895.08
Recovery in PWO in Apr-Dec, FY12
221.86

30. Sector-wise Gross NPAs: Apr-Dec, FY12 versus Apr-Dec, FY11
Agriculture
3.24
4.01
Large & Medium Industries
1.41
1.36
Retail
1.94
2.13
Housing
2.00
1.85
SSI (Mfg)
1.45
1.35
Total MSME
2.91
3.09
Overseas Operations
0.55
0.69

31. Cumulative Position of Restructured Assets (Domestic)
During the past 45 months (1 Apr’08 to 31 Dec’11), the Bank has restructured 78,239 accounts amounting Rs 9, crore.
Within this, the loans worth Rs 3, crore were restructured in Apr-Dec, FY12.
For the period of 45 months, out of the total amount restructured, Rs 6, crore (65.0%) belonged to wholesale banking, Rs 1, crore (20.0%) to SMEs, Rs crore (6.0%) to retail and Rs crore (9.0%) to agriculture sector.
About 76 accounts (of Rs 1 crore & above) restructured on/after 1st Apr, 2008 with aggregate outstanding of Rs 1, crore slipped to NPA after restructuring and most of them belonged to the SME segment.
Industry-wise break-up shows that the Bank’s restructured accounts are well spread over different sectors, the major ones being infrastructure, iron & steel, cotton textiles, engineering, real estate, etc.
The Bank has primarily helped genuine borrowers who suffered from temporary cash flow problems due to the global crisis. These accounts are restructured looking into the internal strength and the financial viability of such borrowers.

32. Sectoral Deployment of Credit, End-Dec, 2011
% share in Gross Domestic Credit
Agriculture
14.2%
Retail
17.0%
SME
17.6%
Wholesale
37.2%
Misc. including Trade
14.0%
Total
100.0%

33. Major Awards & Accolades in FY12 so far ..
Awards for the Bank
Best Public Sector Bank (PSB) by CNBC-TV18 & MCX
Golden Peacock Award for Excellence in Corporate Governance by Institute of Directors & World Forum for Corporate Governance received in London
Dainik Bhaskar India Pride Award for 2011
Most Efficient Bank in Kenya
Best Initiatives in Inclusive Banking – FIBC Banking Award
Dun & Bradstreet’s Leading PSB in “Global Business Development Category”
National Award for Performance under SME Business
Award for Best Utilisation of Intellectual Resources
Best Growing Large Bank by Business World-PWC
Business Leadership Award by NDTV- Best PSB in 2011
Award for Excellence in Financial Reporting by ICAI in PSB category
Awards for the Bank’s CEO (CMD)
Outstanding Financial Professional-2010 by CNBC-TV18 & MCX
Best Banker Award (T. A. Pai Memorial Award) by Karnataka State Open University
Lifetime Achievement Award by Dainik Bhaskar India Pride Awards
Banker of the Year by Business World-PWC

34. Bank’s BPR Project - Navnirmaan
Project Navnirmaan has altogether 18 activities covering both BPR & Organisational Restructuring, aimed at transforming the Bank’s branches into a sales & service centres to make possible a sustained sales growth, superior customer experience and alternate channel migration.
The most important initiatives were
Conversion of all metro & urban branches into Baroda Next branches within a timeline [637 branches rolled out so far across Ten zones & 45 regions]
Creation of automated & leaner Back Offices like:
City Back Office (Automated cheque processing introduced in Mumbai on 17 Jan, 2011)
Regional Back Office [Six RBOs at present & four more are being opened coupled with tech changes for faster account opening].
Establishment of two Contact or Call Centres
Introduction of frontline automation at select branches for customer convenience
Creation of an Academy of excellence
Organisational Restructuring

35. Bank’s BPR Project - Navnirmaan
The initial impact of Baroda Next migration has been found to be rewarding both in terms of increased customer satisfaction and CASA growth.
The said impact has been sustained at 110 Baroda Next branches recently evaluated on (a) sales and (b) customer satisfaction, Further evaluation initiatives are on.
To sustain sales growth, a new Sales Operating Model has been rolled out in 53 branches in Mumbai, Surat & Baroda.
Out of 15 mid-corporate branches planned, two are already functional and six are expected to commence the operations soon.
Further “centralisation” initiatives are under progress to enable the Bank’s branches to become a full-fledged “Sales-Cum-Service-Outlet”.
Bank’s Hi-tech City Branch in Hyderabad has been transformed into an e-branch.

36. Bank’s HR Initiatives Recruitment Plan for FY12
Total New Hires Planned for Recruitment: Approximately 4,000
Probationary Officers: 1,200 planned; 891 joined up to Dec’11
Campus Recruitment: 539 joined so far
Specialist Officers: 58 joined; 50 more to join soon
Clerks – 2,000 planned; 1,011 joined up to Dec’11; rest in the process of joining
Project Udaan: The Bank is currently conducting a massive & comprehensive Leadership Development Programme to cover all branch heads of Urban/Metro Branches and AGMs/DGMs in the Bank. This programme will cover almost 1,500 people and develop their leadership effectiveness further.
Opening of Baroda-Manipal School of Banking: This is to help in getting trained manpower for the Bank.
Project Sparsh: The Bank has initiated this project in consultation with BCG to revamp its existing HR processes, structures and policies and create an integrated HR framework revolving around initiatives like creating a scientific staffing model, manpower planning, succession planning, development and capability building, career management, performance management, etc.

37. Abraham Lincon (1809 to 1865) had said “Always bear in mind that your own resolution to succeed is more important than any one thing.”
Bank of Baroda’s consistently sound performance for the last 15 quarters despite global turbulence & domestic risks reflects nothing but its “Firm Resolution to Succeed”.
Thank you