STATE BANK OF TRAVANCORE Auditors Report

1. We have audited the accompanying fnancial statements of State Bank
of Travancore as at 31st March, 2016, which comprise the Balance Sheet
as at March 31, 2016, Proft and Loss Account, Cash Flow Statement for
the year then ended, Principal Accounting Policies and Notes to
Accounts. Incorporated in these fnancial statements are the returns of
Zonal Ofces, various departments of Head Ofce and 20 branches audited
by us and 820 branches audited by branch auditors. The branches audited
by us and those audited by other auditors have been selected by the
Bank in accordance with the guidelines issued to the Bank by the
Reserve Bank of India. Also incorporated in the Balance Sheet and the
Proft and Loss Account are the returns from 337 branches which have not
been subjected to audit. These unaudited branches account for 4.09% of
advances, 5.35% of deposits, 3.66% of interest income and 4.37% of
interest expenses of the Bank.

Management''''s responsibility for the fnancial statements

2. Management is responsible for the preparation of these fnancial
statements in accordance with the applicable laws of India. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation of the fnancial statements
that are free from material mis- statement whether due to fraud or
error.

Auditor''''s responsibility

3. Our responsibility is to express an opinion on these fnancial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and performtheaudittoobtainreasonable
assurance about whether the fnancial statements are free from material
misstatement.

4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the fnancial statements. The
procedures selected depend on the auditor''''s judgment, including the
assessment of the risks of material misstatement of the fnancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Bank''''s preparation and fair presentation of the fnancial statements in
order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
efectiveness of the bank''''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Management, as well
as evaluating the overall presentation of the fnancial statements.

5. We believe that the audit evidence we have obtained is sufcient and
appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion, as shown by the books of the Bank and to the best
of our information and according to the explanations given to us:

i. The Balance Sheet, read with the notes thereon is a full and fair
Balance Sheet containing all the necessary particulars, is properly
drawn up so as to exhibit a true and fair view of state of afairs of
the Bank as at 31st March, 2016 in conformity with accounting
principles generally accepted in India.

ii. The Proft and Loss account, read with the notes thereon shows a
true balance of proft in conformity with accounting principles
generally accepted in India for the year covered by the account; and

iii. The Cash Flow Statement gives a true and fair view of the cash
fows for the year ended on that date.

7.a. We draw attention to Note No. 4.3 C of Schedule 18 to the fnancial
statements in respect of deferment of shortfall arising from sale of
certain Non-Performing Assets during the year ended 31st March, 2015
and 31st March, 2016. The total unamortised balance as at 31st March
2016 is Rs. 374.96 crores.

Our opinion is not modifed in respect of this matter.

b. We draw attention to Note No. 9.4 of Schedule 18 to the fnancial
statements in respect of change in accounting policy relating to
recognition of commission on Bank Guarantee and Letters of Credit on
cash basis.

Our opinion is not modifed in respect of this matter.

Report on Other Legal and Regulatory requirements

8. The Balance Sheet and the Proft and Loss Account have been drawn up
in the Forms "A" and "B" respectively of the Third Schedule to the
Banking Regulation Act, 1949.

9. Subject to the limitations of the audit indicated in Paragraph 1 to
5 above and as required by the State Bank of India (Subsidiary Banks)
Act, 1959 and subject also to the limitations of disclosure required
therein, we report that:

a. We have obtained all the information and explanations, which to the
best of our knowledge and belief, were necessary for the purpose of our
audit and have found them to be satisfactory.

b. The transactions of the Bank, which have come to our notice, have
been within the powers of the Bank.

c. The returns received from the ofces and branches of the Bank have
been found adequate for the purpose of our audit.

d. The reports on accounts of the branches audited by branch auditors
have been dealt with in preparing our report in the manner considered
necessary by us.

10. In our opinion, the Balance Sheet, Proft and Loss Account and Cash
Flow Statement comply with the applicable Accounting Standards.

AUDITORS

For Kumar Vijay Gupta & Co For G Venugopal Kamath & Co

Chartered Accountants Chartered Accountants

Pawan Kumar Thrivikrama Shenoy.V.

Partner Partner

Membership No.097900 Membership No.209891

FRN: 007814N FRN: 004674S



For Gopalaiyer and Subramanian For Babu A. Kallivayalil & Co

Chartered Accountants Chartered Accountants

Suresh K R Babu Abraham Kallivayalil

Partner Partner

Membership No.025453 Membership No.026973

FRN: 000960S FRN: 005374S

Mumbai

25th April, 2016

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