A RESEARCH PROJECT REPORT

ON

A COMPARETIVE ANALYSIS OF SBI

AND ICICI
Session:2014-2015
Submitted for the partial fulfillment of the requirement for the
award of degree
Of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED TO:

Gautam BuddhTechnical University, Lucknow

SUBMITTED TO:
DR.RITESH AGARWAL

SUBMITTTED BY:
SHAYRA KHATUN
MBA IV SEM

Certificate
This is to certify that Ms.ShayraKhatun, a student of MBA IV Semester has
completed her Research Project Report titledA comparative analysis of
financial performance of SBI AND ICICIassigned by MBA Department and
under my supervision.

It is further certified that she has personally prepared this report that is the result of
her personal survey/observation. It is of the standard expected to MBA student and
hence recommended for evaluation.

Signature of the Supervisor

(Dr.RiteshAgarwal )

ACKNOWLEDGEMENT
Someone has rightly said, No one can live in isolation. It is true that
everyindividual needs the help of others in every work he does.No task is single
mans effort. Any job in this world however trivial ortough cannot be
accomplished without the assistance of others. Anassignment puts the knowledge
and experience of an individual to litmus test. There is always a sense of gratitude
that one likes it express towards thepersons who helped to change an effort in a
success. The opportunity toexpress my indebtedness to people who have helped
me to accomplish thistask.
First of all I would like to express my gratitude to Head of Department and my
faculty Ms. RichaMurti who guided me with her knowledge and skill and helped
me in successful completion of the work.
I thank my institute who has given me an opportunity to show my skills. I also
thank my nearer and dearer ones without whose support this project would not
been possible.
I extent my sincere gratitude towards my parents, who have always encouraged
me and gave suggestions. They always stand by me. Their support has always
motivated me.

DECLARATION
I Manpreet Kaurstudent of SRMSWCET Bareilly has completed my
Dissertation Report at Bareilly, my project title is A comparative analysis of
financial performance of SBI AND ICICI. All the work is original and has
been done during my research.

PREFACE
Someone rightly said that practical experience is for better and closer to the real
world then mere theoretical exposure. The research work constitutes the back bone
of any management education programme. A management student has to do
research work quite frequently during his entire span. This report is helpful to
enhance the knowledge in analyzing the financial performance of the Banks. The
report on the financial performance helped me to find out the various techniques
used to evaluate the financial results of the banking financial statements. The
report is a analysis of its true financial results and it is helpful tool for the
understanding the evaluation techniques. The research work is titled A
comparative analysis of financial performance of Bank of Baroda and HDFC
Bank.

CHAPTER-1
INTRODUCTION & SCOPE
1.1:-Introduction: After preparation of the financial statements, one may be interested in
knowing the position of an enterprise from different points of view. This
can be done by analyzing the financial statement with the help of different
tools of analysis such as ratio analysis, funds flow analysis, cash flow
analysis, comparative statement analysis, etc. Here I have done financial
analysis through ratios. In this process, a meaningful relationship is
established between two or more accounting figures for comparison
Financial ratios are widely used for modeling purposes both by
practitioners and researchers. The firm involves many interested parties,
like the owners, management, personnel, customers, suppliers, competitors,
regulatory agencies, and academics, each having their views in applying
financial statement analysis in their evaluations. Practitioners use financial
ratios, for instance, to forecast the future success of companies, while the
researchers' main interest has been to develop models exploiting these
ratios. Many distinct areas of research involving financial ratios can be
discerned. Historically one can observe several major themes in the
financial analysis literature. There is overlapping in the observable themes,

and they do not necessarily coincide with what theoretically might be the
best founded areas.
Before understanding the meaning of analysis of financial statements, it is
necessary to understand the meaning of analysis and financial
statements.
Analysis means establishing a meaningful relationship between various
items of the two financial statements with each other in such a way that a
conclusion is drawn. By financial statements, we mean two statements- (1)
profit & loss a/c (2) balance sheet. These are prepared at the end of a given
period of time. They are indicators of profitability and financial soundness
of the business concern
Financial statements are those statements which provide information about
profitability and financial position of a business. It includes two statements,
i.e., profit & loss a/c or income statement and balance sheet or position
statement.
The income statement presents the summary of the income earned and the
expenses incurred during a financial year. Position statement presents the
financial position of the business at the end of the year.
.Thus, analysis of financial statements means establishing meaningful
relationship between various items of the two financial statements, i.e.,
income statement and position statement

Parties interested in analysis of financial statements:Analysis of financial statement has become very significant due to
widespread interest of various parties in the financial result of a business
unit. The various persons interested in the analysis of financial statements

are:Short- term creditors:-They are interested in knowing whether the

amounts owing to them will be paid as and when fall due for payment or

not.
Long term creditors:-They are interested in knowing whether the

principal amount and interest thereon will be paid on time or not.

Shareholders:-They are interested in profitability, return and capital
appreciation.
Management:-The management is interested in the financial position and
performance of the enterprise as a whole and of its various divisions.
Trade unions:-They are interested in financial statements for negotiating
the wages or salaries or bonus agreement with management.
Taxation authorities:-These authorities are interested in financial
statements for determining the tax liability.
Researchers :-They are interested in the financial statements in
undertaking research in business affairs and practices.
Employees:-They are interested as it enables them to justify their demands
for bonus and increase in remuneration.
Thus we see that different parties are interested in the results reported in the
financial statements. These results are reported by analyzing financial statements
through the use of ratio analysis.

1.2 Scope of the study:This study contains a wide scope in measuring financial analysis of two banks, of
which one bank is private bank and second bank is public bank.SBI is a public
bank and ICICI is a private bank. By this study I shall be able to measure the
financial performance of both the banks in terms of their profitability. I shall be
use different ratio analysis to find out the financial performance and viability of
the study

.1.3 Objectives:Analysis of financial statements is an attempt to assess the efficiency and

performance of an enterprise. For that there are some objectives which are
described as under.
1. To analyze the deposit performance of SBI and ICICI bank:-This objective
is defined to understand the deposit performance of both the banks and compare it.
This objective in my research process would be achieved by interpretation of
secondary data.
2. To analyze the lending function of SBI and ICICI:- This objective is defined
the lending function of both the banks and the differences in loan procedures of
both the banks.

3. To analyze the profitability segment of SBI and ICICI bank:- This objective
is defined the earning capacity of both the banks. It also helps in knowing the
capacity to pay the interest and dividend. It should be calculated with the help of
ratio analysis, by which comparison of profitability and financial soundness can be
made between one industry and another.
4. To compare the total financial performance of SBI and ICICI bank:- This
objective is defined with the help of different ratio analysis. This objective defines
the overall financial performance of both the banks. Ratio analysis discloses the
position of business with different viewpoint. It discloses the position of business
with liquidity viewpoint, solvency view point, profitability viewpoint, etc. with the
help of such a study, we can draw conclusion regarding the financial health of
business enterprise.

CHAPTER-2
LITERATURE REVIEW
2.1:-State bank of India:-

State bank of India is a type of public bank with (BSE, NSE, SBI) & (LSE: SBID).
It was founded as bank of Calcutta in 1806 in Calcutta. The headquarter is situated
in corporate centre, madam came road, Mumbai 400021 India. The key people is
MR. Pratip Chaudheri who is a chairman of state bank of India.
State Bank of India (SBI) (LSE: SBID) is the largest bank in India. It is also,
measured by the number of branch offices and employees, the second largest bank
in the world. The bank traces its ancestry back through the Imperial Bank of India
to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial
bank in the Indian Subcontinent. The Government of India nationalized the
Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60%
stake, and renamed it the State Bank of India. In 2008, the Government took over
the stake held by the Reserve Bank of India.
SBI provides a range of banking products through its vast network in India and
overseas, including products aimed at NRIs. With an asset base of $126 billion and
its reach, it is a regional banking behemoth. SBI has laid emphasis on reducing the
huge manpower through Golden handshake schemes and computerizing its
operations.
The State Bank Group, with over 16000 branches, has the largest branch network
in India. It has a market share among Indian commercial banks of about 20% in
deposits and advances International presence.

As of December 31, 2009, the bank had 157 overseas offices spread over 32
countries. It has branches of the parent in Colombo, Dhaka, Frankfurt, Hong
Kong, Tehran, Johannesburg, London, Los Angeles, and Male in the Maldives,
Muscat, Dubai, New York, Osaka, Sydney, and Tokyo. It has offshore banking
units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan
and Cape Town. It also has an ADB in Boston, USA.
SBI operates several foreign subsidiaries or affiliates. In 1990, it established an
offshore bank: State Bank of India (Mauritius).
In 1982, the bank established a subsidiary, State Bank of India (California), which
now has ten branches nine branches in the state of California and one in
Washington, D.C. The 10th branch was opened in Fremont, California on 28
March 2011. The other eight branches in California are located in Los Angeles,
Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield.
The Canadian subsidiary, State Bank of India (Canada) also dates to 1982. It has
seven branches, four in the Toronto area and three in British Columbia.
In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the IndoNigerian Merchant Bank and received permission in 2002 to commence retail
banking. It now has five branches in Nigeria.

In Nepal, SBI owns 55% of Nepal SBI Bank, which has branches throughout the
country. In Moscow, SBI owns 60% of Commercial Bank of India, with Canara
Bank owning the rest. In Indonesia, it owns 76% of PT Bank Indo Monex.
The State Bank of India already has a branch in Shanghai and plans to open one in
Tianjin In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which
it acquired for US$8 million in October 2005..
The State Bank of India (with 74% of the total capital) along with the largest
global banking groupBNP Paribas (with 26% of the remaining capital)
headquartered in Parisformed a joint venture which established India's most
reputed and trusted life insurance company named SBI Life Insurance company
Ltd. in March 2001.
As of March 2011, it had assets of US$370 billion with over 13,000 outlets
including 150 overseas branches and agents globally. The bank traces its ancestry
to British India, through the Imperial Bank of India, to the founding in 1806 of the
Bank of Calcutta, making it the oldest commercial bank in the Indian
Subcontinent. Bank of Madras merged into the other two presidency banksBank
of Calcutta and Bank of Bombayto form the Imperial Bank of India, which in
turn became the State Bank of India. The Government of India nationalized the
Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60%
stake, and renamed it the State Bank of India. In 2008, the government took over

the stake held by the Reserve Bank of India. SBI is ranked #292 globally in
Fortune Global 500 list in 2011.
SBI provides a range of banking products through its vast network of branches in
India and overseas, including products aimed at non-resident Indians (NRIs). The
State Bank Group, with over 16,000 branches, has the largest banking branch
network in India. SBI has 14 local head offices situated at Chandigarh, Delhi,
Luck now, Patna, Kolkata, Guwahati (North East Circle), Bhubaneswar,
Hyderabad, Chennai, Trivandrum, Bangalore, Mumbai, Bhopal & Ahmadabad and
57 Zonal Offices that are located at important cities throughout the country. It also
has around 130 branches overseas.
SBI is a regional banking behemoth and is one of the largest financial institutions
in the world. It has a market share among Indian commercial banks of about 20%
in deposits and loans. The State Bank of India is the 29th most reputed company in
the world according to Forbes. Also, SBI is the only bank featured in the coveted
"top 10 brands of India" list in an annual survey conducted by Brand Finance and
The Economic Times in 2010.
The State Bank of India is the largest of the Big Four banks of India, along with
ICICI Bank, Punjab National Bank and HDFC Bankits main competitors.
The government of India is the largest shareholder in SBI. The bank has 52
branches, agencies or offices in 32 countries. It has branches of the parent in

Colombo, Dhaka, Frankfurt, Hong Kong, Johannesburg, London and environs,

Los Angeles, Male in the Maldives, Muscat, New York, Osaka, Sydney, and
Tokyo. It has offshore banking units in the Bahamas, Bahrain, and Singapore, and
representative offices in Bhutan and Cape Town.
SBI operates several foreign subsidiaries or affiliates. In 1990 it established an
offshore bank, State Bank of India (Mauritius). It has two subsidiaries in North
America, State Bank of India (California), and State Bank of India (Canada). In
1982, the bank established its California subsidiary, which now has seven
branches. The Canadian subsidiary was also established in 1982 and also has
seven branches, four in the greater Toronto area, and three in British Columbia. In
Nigeria, it operates as INMB Bank. This bank was established in 1981 as the IndoNigerian Merchant Bank and received permission in 2002 to commence retail
banking. It now has five branches in Nigeria. In Nepal SBI owns 50% of Nepal
SBI Bank, which has branches throughout the country. In Moscow SBI owns 60%
of Commercial Bank of India, with Canara Bank owning the rest. In Indonesia it
owns 76% of PT Bank Indo Monex. State Bank of India already has a branch in
Shanghai and plans to open one up in Tianjin.

Board of directors:1. Pratip Chaudhuri (Chairman)

2. Hemant G. Contractor (Managing Director)

3. Diwakar Gupta (Managing Director)

4. A Krishna Kumar (Managing Director)
5. Dileep C Choksi (Director)
6. S. Venkatachalam (Director)
7. D. Sundaram (Director)
8. Parthasarathy Iyengar (Director)
9. G. D. Nadaf (Officer Employee Director)
10. Rashpal Malhotra (Director)
11. D. K. Mittal (Director)
12. Subir V. Gokarn (Director)

2.2:- Industrial Credit & Investment Corporation of

India (ICICI):ICICI was formed in 1955 at the initiative of the World Bank, the government of
India and Indian industry representatives. The principal objective was to create a
development financial institution for providing medium-term and long-term
project financing to Indian businesses. Until the late 1980s, ICICI primarily
focused its activities on project finance, providing long-term funds to a variety of
industrial projects. With the liberalization of the financial sector in India in the
1990s, ICICI transformed its business from a development financial institution
offering only project finance to a diversified financial services provider that, along
with its subsidiaries and other group companies, offered a wide variety of products
and services. As Indias economy became more market-oriented and integrated
with the world economy, ICICI capitalized on the new opportunities to provide a
wider range of financial products and services to a broader spectrum of clients.
ICICI Bank was incorporated in 1994 as a part of the ICICI group. ICICI Banks
initial equity capital was contributed 75.0% by ICICI and 25.0% by SCICI
Limited, a diversified finance and shipping finance lender of which ICICI owned
19.9% at December 1996. Pursuant to the merger of SCICI into ICICI, ICICI Bank
became a wholly-owned subsidiary of ICICI. ICICIs holding in ICICI Bank
reduced due to additional capital rising by ICICI Bank and sale of shares by ICICI,

pursuant to the requirement stipulated by the Reserve Bank of India that ICICI
dilute its ownership of ICICI Bank. Effective March 10, 2001, ICICI Bank
acquired Bank of Madura, an old private sector bank, in an all-stock merger.
The issue of universal banking, which in the Indian context means the conversion
of long-term lending institutions such as ICICI into commercial banks, had been
discussed at length over the past several years. Conversion into a bank offered
ICICI the ability to accept low-cost demand deposits and offer a wider range of
products and services, and greater opportunities for earning non-fund based
income in the form of banking fees and
commissions. ICICI Bank also considered various strategic alternatives in the
context of the emerging competitive scenario in the Indian banking industry. ICICI
Bank identified a large capital base and size and scale of operations as key success
factors in the Indian banking industry. In view of the benefits of transformation
into a bank and the Reserve Bank of Indias pronouncements on universal
banking, ICICI and ICICI Bank decided to merge.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian
financial institution, and was its wholly-owned subsidiary. ICICI's shareholding in
ICICI Bank was reduced to 46% through a public offering of shares in India in
fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal
2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock
amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional
investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative

of the World Bank, the Government of India and representatives of Indian

industry. The principal objective was to create a development financial institution
for providing medium-term and long-term project financing to Indian businesses.
In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group
offering a wide variety of products and services, both directly and through a
number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the
first Indian company and the first bank or financial institution from non-Japan
Asia

to

be

listed

on

the

NYSE.

After consideration of various corporate structuring alternatives in the context of

the emerging competitive scenario in the Indian banking industry, and the move
towards universal banking, the managements of ICICI and ICICI Bank formed the
view that the merger of ICICI with ICICI Bank would be the optimal strategic
alternative for both entities, and would create the optimal legal structure for the
ICICI group's universal banking strategy. The merger would enhance value for
ICICI shareholders through the merged entity's access to low-cost deposits, greater
opportunities for earning fee-based income and the ability to participate in the
payments system and provide transaction-banking services. The merger would
enhance value for ICICI Bank shareholders through a large capital base and scale
of operations, seamless access to ICICI's strong corporate relationships built up
over five decades, entry into new business segments, higher market share in
various business segments, particularly fee-based services, and access to the vast

talent

pool

of

ICICI

and

its

subsidiaries.

In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the
merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited, with
ICICI Bank. The merger was approved by shareholders of ICICI and ICICI Bank
in January 2002, by the High Court of Gujarat at Ahmadabad in March 2002, and
by the High Court of Judicature at Mumbai and the Reserve Bank of India in April
2002.

BOARD OF DIRECTORS:1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.

N. Vaghul, Chairman
Sridar Iyengar
L. N. Mittal
Narendra Murkumbi
Anupam Puri
Arun Ramanathan
M. K. Sharma
P. M. Sinha
Marti G. Subrahmanyam
T. S. Vijayan
V. Prem Watsa
K. V. Kamath, Managing Director

CHAPTER-3
RESEARCH DESIGN
3.1-Introduction: -

Research is defined as human activity based on

intellectual application in the investigation of matter. The primary aim for applied
research is discovering, interpreting, and the development of methods and the

system for the advancement of human knowledge on a wide variety of scientific

matters of our world and the universe.
The term "research design" refers to how a researcher puts a research study
together to answer a question or a set of questions. Research design works as a
systematic plan outlining the study, the researchers' methods of compilation,
details on how the study will arrive at its conclusions and the limitations of the
research. Research design is not limited to a particular type of research and may
incorporate both quantitative and qualitative analysis. When defining research
design to an audience, there are a few things one will need to make clear, while
avoiding the use of scientific terms that may lose your audience.

3.2: Types of research:-There are four main types of researches. Such

as: Qualitative, Quantitative, Pragmatic (mixed) and Advocacy/participatory
research.

1) Qualitative Research: - Qualitative research is the approach usually

associated with the social constructivist paradigm which emphasizes the socially
constructed nature of reality. It is about recording, analyzing and attempting to
uncover the deeper meaning and significance of human behavior and experience,
including contradictory beliefs, behaviors and emotions. Researchers are
interested in gaining a rich and complex understanding of peoples experience and
not in obtaining information which can be generalized to other larger groups.

2) Quantitative Research: - Quantitative research is generally associated

with the positivist/post positivist paradigm. It usually involves collecting and
converting data into numerical form so that statistical calculations can be made
and conclusions drawn.

3) Pragmatic Research (mixed research): -The pragmatic approach to

science involves using the method which appears best suited to the research
problem and not getting caught up in philosophical debates about which is the best
approach. Pragmatic researchers therefore grant themselves the freedom to use any
of the methods, techniques and procedures typically associated with quantitative
or qualitative research. They recognize that every method has its limitations and
that the different approaches can be complementary.
They may also use different techniques at the same time or one after the other. For
example, they might start with face-to-face interviews with several people or have
a focus group and then use the findings to construct a questionnaire to measure
attitudes in a large scale sample with the aim of carrying out statistical analysis.
Depending on which measures have been used, the data collected is analyzed in
the appropriate manner. However, it is sometimes possible to transform qualitative
data into quantitative data and vice versa although transforming quantitative data
into qualitative data is not very common.

4) Advocacy/participatory research: - To some degree, researchers

adopting an advocacy/participatory approach feel that the approaches to research
described so far do not respond to the needs or situation of people from
marginalized or vulnerable groups. As they aim to bring about positive change in
the lives of the research subjects, their approach is sometimes described as
emancipator. It is not a neutral stance. The researchers are likely to have a
political agenda and to try to give the groups they are studying a voice. As they
want their research to directly or indirectly result in some kind of reform, it is
important that they involve the group being studied in the research, preferably at
all stages, so as to avoid further marginalizing them.
The researchers may adopt a less neutral position than that which is usually
required in scientific research. This might involve interacting informally or even
living amongst the research participants (who are sometimes referred to as coresearchers in recognition that the study is not simply about them but also by
them). The findings of the research might be reported in more personal terms,
often using the precise words of the research participants. Whilst this type of
research could by criticized for not being objective, it should be noted that for
some groups of people or for certain situations, it is necessary as otherwise the
thoughts, feelings or behavior of the various members of the group could not be
accessed or fully understood

3.3: Types of data: - There are two types of data. Such as:
1) Primary Data:-Primary data are data that has not been previously
published, i.e. the data is derived from a new or original research study and
collected at the source, e.g., in marketing, it is information that is obtained directly
from first-hand sources by means of surveys, observation or experimentation.
Primary research entails the use of immediate data in determining the survival of
the market. The popular ways to collect primary data consist of surveys,
interviews and focus groups, which shows that direct relationship between
potential customers and the companies. Primary data is more accommodating as it
shows latest information. Primary data are accumulated by the researcher
particularly to meet up the research objective of the subsisting project.

2) Secondary Data: -

These are sources containing data that have been

collected and compiled for another purpose. The secondary sources consist of
readily available compendia and already compiled statistical statements and
reports whose data may be used by researches for their studies.Secondary sources
consist of not only published records and reports, but also unpublished records.
The latter category includes various records and registers maintained by firms and
organizations, e.g., accounting and financial records, personnel records, register of
members, minutes of meetings, inventory records, etc. Features of Secondary

Sources: Though secondary sources are diverse and consist of all sorts of
materials, they have certain common characteristics.
First, they are readymade and readily available, and do not require the trouble of
constructing tools and administering them. Others shape both the form and the
content of secondary sources. Finally, secondary sources are not limited in time
and space. That is, the researcher using them need not have been present when and
where they were gathered.
But in this research work I have used only Secondary data.

3.4- Research Tool: The data required for the study have been collected
from annual reports of respective banks, journals and reports on trends, and
websites of respective banks.

3.5:Mode of data collection: In my research report I have used only

secondary data and for which I took help of balance sheet of the respective banks

CHAPTER-4
DATA ANALYSIS AND
INTERPRATATION

4.1: Introduction: -

Data analysis is a body of methods that help to

describe facts, detect patterns, develop explanations, and test hypotheses. It is used
in business, in administration, and in policy.
The numerical results provided by a data analysis are usually simple: It finds the
number that describes a typical value and it finds differences among numbers.
Data analysis finds averages, like the average income or the average temperature,
and it find differences like the difference in income from group to group or the
differences in average temperature from year to year. Fundamentally, the
numerical answers provided by data analysis are that simple.

4.2: Analysis of data:1) Capital deposit ratio: - The traditional function of bank capital is to
protect bank depositors against loss. Bank capital is in effect, a first line of deposit
guarantee; supervisory authorities have come to apply the proportion of a bank
capital to its deposit as a measure to its capital position.
The capital deposit standard frequently is cited in a very precise and concrete
form, that is one to ten. There appears to be no scientific basis for this particular
ratio. It is simply a good round decimal, easy to calculate at a glance.
The circumstances that have decreased capital deposit ratios are well known.
Deposits have grown very considerably, not so much as a result of an increase in
earning assets, as of a growth in cash holdings

Capital deposit ratios from 2007-2011:Table 4.1:-capital deposit ratio

Sr.no.

Banks

2007

2008

2009

2010

2011

1
2

name
SBI
ICICI

12.34
11.69

13.47
13.97

14.25
15.33

13.39
19.41

11.98
19.54

25

20

15
SBI
Series 3

10

0
2007

2008

2009

2010

2011

Figure-4.1 capital deposit ratio

Interpretation:-It shows that in 2007 capital deposit ratio is higher in case of
SBI than ICICI but after that the capital deposit ratio is higher in case of ICICI as
compared to SBI. In 2011 capital deposit ratio of ICICI is much higher than SBI
.So in 2011 ICICI is much capable of protecting their capital against bank
depositors.

2)Loan deposit ratio:-The loan to deposit ratio is used to calculate a lending

institution's ability to cover withdrawals made by its customers. A lending
institution that accepts deposits must have a certain measure of liquidity to
maintain its normal daily operations. Loans given to its customers are mostly not
considered liquid meaning that they are investments over a longer period of time.
Although a bank will keep a certain level of mandatory reserves, they may also
choose to keep a percentage of their non-lending investing in short term securities
to ensure that any monies needed can be accessed in the short term .The formula
for the loan to deposit ratio is exactly as its name implies, loans divided by
deposits.
Loan deposit ratio=loan/deposit
Loans in the numerator of the formula are investments or assets for a bank.
Deposits in the denominator of the formula can be considered the same as debt as
the individual depositors are essentially granting monies to the bank with a return
equal to the deposit rates and that can be called upon at any time. In these respects,
the loan to deposit ratio is similar to a liquidity ratio and debt ratio.
The loan to deposit ratio can be used by investors and internally by the company
to determine the financial institutions short term viability. Although many
depositors may not be as concerned when a financial institution is insured, the loan
to deposit ratio may be used to ensure that any money needed is immediately
available. Banking insurance companies may also find this ratio or some variation
of it of use when underwriting the policy to determine insurability.

Loan deposit ratios from 2007-2011:-

Table 4.2:-Loan deposit ratio

Sr. no.

Bank

2007

2008

2009

2010

2011

73.44
83.83

77.51
84.99

74.97
91.44

75.96
90.04

79.90
87.81

name
1
2

SBI
ICICI
100
90
80
70
60

SBI

50

Series 3

40
30
20
10
0
2007

2008

2009

2010

2011

Figure 4.2:-Loan deposit ratio

Interpretation:-In comparison of SBI and ICICI the loan deposit ratio of

ICICI is high in comparison of SBI. It means that ICICI insured that to investor
when they required money it is available to him. So lending function of ICICI is
better than ICICI. But in last three years the loan deposit ratio of SBI increases
whereas the loan deposit ratio of ICICI decreases.

3) Cash deposit ratio:- The amount of money a bank should have available
as a percentage of the total amount of money its customers have paid into the
bank. This amount is calculated so that customers can be sure that they will be
able to take their money out of the bank if they want to.Cash deposit ratio is with
reference to a bank's the ratio of average cash balance held against total deposits of
a particular branch
Cash deposit ratio= total cash balance/deposits
Cash deposit ratio plays a crucial role in banking operations. The banks try to finetune it. They do not want to hold more than necessary cash reserves because in
that case they lose some of the profit, which they can otherwise earn. Similarly,
they cannot afford to have a lower than necessary cash reserve ratio because that
can result in their failure to meet their payment obligations. If a bank false to
honour its commitment to pay in time, the customers lose confidence in its ability
(or willingness) to pay. As a result, all of them rush to the bank and demand

payment. And the bank, by the very nature of its balance sheet, is never able to
meet this demand in full. It can go bankrupt.

Cash deposit ratios from 2007-2011:-

Table 4.3:-cash deposit ratio

SR NO. BANKS

2007

2008

2009

2010

2011

6.22
6.99

8.29
10.12

8.37
10.14

7.56
10.72

8.96
11.32

NAME
1
2

SBI
ICICI
12
10
8

SBI

Column1
4
2
0
2007

2008

2009

2010

2011

Figure 4.3:- Cash deposit ratio

Interpretation:-The cash deposit ratio of ICICI is better than SBI. In 2007

there did not have too much differences between two bank but after that cash
deposit ratio of ICICI went at rapid pace as compare to SBI.

4) Investment deposit ratio:-This ratio shows the comparison of

investments and deposits. This is calculated as
Investment deposit Ratio=Investment/deposits

Table 4.4:-investment deposit ratio

Sr no.

Banks

2007

2008

2009

2010

2011

38.22
41.15

34.81
42.68

36.38
46.35

36.33
53.28

33.45
59.77

name
1
2

SBI
ICICI

70
60
50
40
SBI
Series 3

30
20
10
0
2007

2008

2009

2010

2011

Figure 4.4:- investment deposit ratio

Interpretation:-From above table and graph it is very much clear that ICICI
are using their deposit very efficiently. And earning high profits. The ratio has an
upward trend, which shows the performance of ICICI is very good. But in the case
of SBI the trend is downward since 2009 so they focus on long term goals rather
than earnings high profits.

5) Interest paid to total revenue:-It shows the interest paid over the total
revenue earned by both the banks.
Interest paid to total revenue=interest /total revenue

Table 4.5:-interest paid to total revenue

SR.NO.

BANK

2007

2008

2009

2010

2011

8.27
9.55

8.82
10.60

8.88
9.82

8.52
8.82

8.39
8.41

NAME
1
2

SBI
ICICI

12
10
8
SBI

Column1
4
2
0
2007

2008

2009

2010

2011

Figure 4.5:-interest paid to total revenue

Interpretation:-In the year of 2007-2009 the interest paid to total revenue

were high in the case of ICICI but after that in 2010 and 2011 there were not too
much difference between both the banks.

6) Salaries to total revenue:-This ratio shows the relation between the

salaries and the total revenue.

Table 4.6:-salaries to total revenue

SR.NO BANK

2007

2008

2009

2010

2011

NAME

1
2

SBI
ICICI

8.46
9.65

8.96
10.82

8.99
9.90

8.62
8.90

8.48
8.41

12
10
8
SBI

Series 3
4
2
0
2007

2008

2009

2010

2011

Figure 4.6:-salaries to total revenue

Interpretation:-It shows that the salaries to total revenue of SBI is better than
ICICI in 2011 but in the year of 2007-2010 ICICI is much better than SBI .

7) Operating expenses to total revenue :- The operating margin is

another measurement of managements efficiency. It compares the quality of a
companys activity to its competitors. A business that has a higher operating
margin than others in the industry is generally doing better as long as the gains
didn't come by piling on debt or taking highly risky speculations with
shareholders' money.

The most common reason for high operating margins relative to competitors is a
low-cost operating model, which means that a company can deliver merchandise
or services to customers at much cheaper prices than competitors and still make
money
To calculate the operating margin, divide operating income by the total revenue.
Operating Income Sales = Operating Margin
Operating expenses, or OpEx, are the recurring expenses and costs associated
with the day-to-day activities of the business, such as research and development
expenses and sales and administration expenses that are essential to the continuous
operation and maintenance of a property but not directly associated with
production. In short, this is the money the business spends in order to turn
inventory into throughput
Operating expenses are also called non-manufacturing expenses and are usually
subdivided into Research and Development Expenses, Selling, General, and
Administrative expenses and Depreciation and Amortization. In general it includes
expenses such as payroll, sales commissions, employee benefits and pension
contributions, transportation and travel, amortization, rent, repairs, and taxes, etc.
Operating expenses do not include items such as mortgage payments and capital
expenditures, but do include depreciation of plants and machinery used for
business purposes.

"Operating expenses" as shown in a Company's Financial statements (Income

Statement) corresponds to the sum of the company's operating expenses for a
certain period of time, such as a month(usually a quarter) or year(annual operating
expenses).
The annual operating expenses shown below are the actual costs it takes to run the
property, such as property tax, insurance, maintenance, repairs, management fees,
utilities, and supplies(as mentioned above) for the corresponding fiscal year.

Table 4.7:-Operating expenses to total revenue

SR.NO BANK

2007

2008

2009

2010

2011

NAME

SBI

28.9

24.13

22.91

27.61

31.51

ICICI

28.87

26.00

26.22

29.05

24.81

35
30
25
20
SBI
Column1

15
10
5
0
2007

2008

2009

2010

2011

Figure 4.7:-operating expenses to total revenue

Interpretation:-The operating expenses to total revenue ratio is higher in case
of SBI as compare to ICICI in 2011 but from 2007-2010 the operating expenses to
total revenue is higher in case of ICICI as compare to SBI.

8)Gross margin ratio:- A company's total sales revenue minus its cost of
goods sold, divided by the total sales revenue, expressed as a percentage. The
gross margin represents the percent of total sales revenue that the company retains
after incurring the direct costs associated with producing the goods and services
sold by a company. The higher the percentage, the more the company retains on
each dollar of sales to service its other costs and obligations.

GROSS MARGIN RATIO=REVENUE-COST OF GOOD SOLD/REVENUE

This number represents the proportion of each rupee of revenue that the
company retains as gross profit. For example, if a company's gross margin for the
most recent quarter was 35%, it would retain Rs 0.35 from each rupee of revenue
generated, to be put towards paying off selling, general and administrative
expenses, interest expenses and distributions to shareholders. A company should
be continuously monitoring its gross margin ratio to be certain it will result in
a gross profit that will be sufficient to cover its selling and administrative
expenses.
The gross profit margin ratio measures how efficiently a company uses its
resources, materials, and labor in the production process by showing the
percentage of net sales remaining after subtracting the cost of making and selling a
product or service. It is usually expressed as a percentage, and indicates the
profitability of a business before overhead costs. A high gross profit margin ratio
indicates that a business can make a reasonable profit on sales, as long as
overheads do not increase. Investors pay attention to the gross profit margin ratio
because it tells them how efficient your business is compared to competitors. It is
sensible to track gross profit margin ratios over a number of years to see if
company earnings are consistent, growing, or declining.For businesses, knowing
your gross profit margin ratio is important because it tells you whether your
business is pricing goods and services effectively. A low margin compared to your

competitors would suggest you are under-pricing, while a high margin might
indicate over-pricing. Low profit margin ratios can also suggest the business is
unable to control production costs, or that a low amount of earnings are generated
from revenues.

Table 4.8:-Gross margin ratio

SR.NO BANK

NAME

1
2

SBI
ICICI

2007

2008

2009

2010

2011

16.35
11.41

18.09
12.99

18.48
12.36

15.88
15.06

15.93
21.06

25

20

15
SBI
Series 3

10

0
2007

2008

2009

2010

2011

Figure 4.8:-Gross margin ratio

Interpretation:-From 2007-2010 the gross profit margin ratio of SBI is high
as compare to ICICI but in the year of 2011 the gross profit margin ratio of ICICI
is high as compare to SBI. Thus we can say that from 2007-2009 SBI can make a
reasonable profit on sale but in 2010 & 2011 SBI not able to generate the earning
from revenue. In the case of ICICI the gross profit margin ratio increased every
year so ICICI make a reasonable profit on sale.

9) Net profit margin:- For a business to survive in the long term it must
generate profit. Therefore the net profit margin ratio is one of the key performance
indicators for your business. The net profit margin ratio indicates profit levels of a
business after all costs have been taken into account. It is worth analyzing the ratio

over time. A variation in the ratio from year to year may be due to abnormal
conditions or expenses. Variations may also indicate cost blowouts which need to
be addressed.

A decline in the ratio over time may indicate a margin squeeze suggesting that
productivity improvements may need to be initiated. In some cases, the costs of
such improvements may lead to a further drop in the ratio or even losses before
increased profitability is achieved.

The calculation used to obtain the ratio is:

Net Profit Margin = Net Profit x 100/ Sales

Table 4.9:-Net profit margin

SR.NO.

BANK

2007

2008

2009

2010

2011

10.12
10.81

11.65
10.51

12.03
9.74

10.54
12.17

8.55
15.91

NAME
1
2

SBI
ICICI

18
16
14
12
10

SBI

Column1

6
4
2
0
2007

2008

2009

2010

2011

Figure 4.9:- Net profit margin

Interpretation:-From the year of 2007-2009 the net profit margin ratio of SBI
was increased whereas the net profit margin ratio of ICICI decreases so we can say
that from 2007-2009 SBI indicates higher profit after deducting all the expenses as
compare to ICICI but in 2010 & 2011 the net profit margin ratio of ICICI
increases while in the case of SBI it decreases. So previous two years ICICI
generating higher profit.

10) Debt equity ratio: - A measure of a company's financial leverage

calculated by dividing its total liabilities by stockholders' equity.

A high debt/equity ratio generally means that a company has been aggressive in
financing its growth with debt. This can result in volatile earnings as a result of the
additional interest expense. If a lot of debt is used to finance increased operations
(high debt to equity), the company could potentially generate more earnings than it
would have without this outside financing. If this were to increase earnings by a
greater amount than the debt cost (interest), then the shareholders benefit as more
earnings are being spread among the same amount of shareholders. However, the
cost of this debt financing may outweigh the return that the company generates on
the debt through investment and business activities and become too much for the
company to handle. This can lead to bankruptcy, which would leave shareholders
with nothing.

Table 4.10:- Debt equity ratio

SR.NO.

BANK

2007

2008

2009

2010

2011

1
2

NAME
SBI
ICICI

13.91
9,50

10.96
5.27

12.81
4.42

12.19
3.91

14.37
4.10

16
14
12
10
SBI

Column1
6
4
2
0
2007

2008

2009

2010

2011

Figure 4.10:- Debt equity ratio

Interpretation:-This ratio indicates what proportion of equity and debt the
company is using to finance its assets. From above diagram we can say that SBI
has a high debt-equity ratio means it is aggressive in financing its growth with
debt. Than after ICICI has a low debt-equity ratio as comparison with SBI in debtequity ratio.

11) Capital adequacy ratio:- A measure of a bank's capital. It

is expressed as a percentage of a bank's risk weighted credit exposures.

This ratio is used to protect depositors and promote the stability and efficiency of
financial systems around the world.
Two types of capital are measured: tier one capital, which can absorb losses
without a bank being required to cease trading, and tier two capital, which can
absorb losses in the event of a winding-up and so provides a lesser degree of
protection to depositors.

Table 4.11:-capital adequacy ratio

SR.NO.

BANK

2007

2008

2009

2010

2011

1
2

NAME
SBI
ICICI

12.34
11.69

13.47
13.97

14.25
15.53

13.39
19.41

11.98
19.54

25

20

15
SBI
Series 3

10

0
2007

2008

2009

2010

2011

Figure:-4.11:-capital adequacy ratio

Interpretation:-From the above table it is clearly state that the capital
adequacy ratio of ICICI is much better than SBI. So ICICI is more capable to
protect depositors and promote the stability and efficiency of the financial system

4.3:-Findings:-From this research report I have found that1) ICICI is much capable bank to protect their capital against bank depositors as
compare to SBI.
2) Lending function of ICICI is better than SBI but in last 3 years SBI increases
their lending function.
3) Cash deposit ratio of ICICI is much better than SBI.
4) The focus of ICICI is to earning high profit whereas SBI focuses on long term
goals rather than earning high profit.
5) The interest paid to total revenue is almost same of both the banks in last two
years.
6) Salaries to total revenue of SBI is better than ICICI.
7) From 2007-2009 SBI can make a reasonable profit on sale but in 2010-2011
SBI not able to generate the earning from revenue.
8) From 2007-2009 SBI indicate higher profit after deducting all the expenses but
in 2010-2011 ICICI generate higher profit.
9) SBI is aggressive in financing its growth with debt as compare to ICICI.

10) ICICI is more capable to protect depositors and promote the stability and
efficiency of the financial system.

CHAPTER-5
LIMITATIONS
The ratios analysis is one of the most powerful tools of financial management.
Though ratios are simple to calculate and easy to understand, they suffer from
serious limitations.
1. Limitations of financial statements: Ratios are based only on the information
which has been recorded in the financial statements. Financial statements
themselves are subject to several limitations. Thus ratios derived, there from, are
also subject to those limitations. For example, non-financial changes though

important for the business are not relevant by the financial statements. Financial
statements are affected to a very great extent by accounting conventions and
concepts. Personal judgment plays a great part in determining the figures for
financial statements.
2. Comparative study required: Ratios are useful in judging the efficiency of the
business only when they are compared with past results of the business. However,
such a comparison only provide glimpse of the past performance and forecasts for
future may not prove correct since several other factors like market conditions,
management policies, etc. may affect the future operations. .
3. Lack of adequate standard: No fixed standard can be laid down for ideal ratios.
There are no well accepted standards or rule of thumb for all ratios which can be
accepted as norm. It renders interpretation of the ratios difficult.
4. Limited use of single ratios: A single ratio, usually, does not convey much of a
sense. To make a better interpretation, a number of ratios have to be calculated
which is likely to confuse the analyst than help him in making any good decision.
5. Personal bias: Ratios are only means of financial analysis and not an end in
itself. Ratios have to interpret and different people may interpret the same ratio in
different way.
6. Incomparable: Not only industries differ in their nature, but also the firms of the
similar business widely differ in their size and accounting procedures etc. It makes
comparison of ratios difficult and misleading.

CHAPTER-6
CONCLUSION
Ratios make the related information comparable. A single figure by itself has no

meaning, but when expressed in terms of a related figure, it yields significant

interferences. Thus, ratios are relative figures reflecting the relationship between
related variables. Their use as tools of financial analysis involves their comparison
as single ratios, like absolute figures, are not of much use.
Ratio analysis has a major significance in analyzing the financial performance of a
company over a period of time. Decisions affecting product prices, per unit costs,

volume or efficiency have an impact on the profit margin or turnover ratios of a

company.
Financial ratios are essentially concerned with the identification of significant
accounting data relationships, which give the decision-maker insights into the
financial performance of a company.
The analysis of financial statements is a process of evaluating the relationship
between parts of financial statements to obtain a better understanding of the firms
position and performance.
The first task of financial analyst is to select the information relevant to the
decision under consideration from the total information contained in the financial
statements. The second step is to arrange the information in a way to highlight
significant relationships. The final step is interpretation and drawing of inferences
and conclusions. In brief, financial analysis is the process of selection, relation and
evaluation.
Ratio analysis in view of its several limitations should be considered only as a tool
for analysis rather than as an end in itself. The reliability and significance attached
to ratios will largely hinge upon the quality of data on which they are based. They
are as good or as bad as the data itself. Nevertheless, they are an important tool of
financial analysis.

BIBLIOGRAPY
Web sites:
1)www.sbi.com
2)www.icici.com
3)www.investopedia.com

Books referred:
Basic Financial Management- M Y Khan
P K Jain
Financial Management-Prasanna Chandra

ANNEXURE
Balance sheet(ICICI)
Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

1,151.82
0.29
53,938.82

1,114.89
50,503.48

1,113.29
350.00
48,419.73

1,112.68
350.00
45,357.53

899.34
350.00
23,413.92

Sources of funds
Owner's fund
Equity share capital
Share application money
Preference share capital
Reserves & surplus

Loan funds
Secured loans
Unsecured loans
Total

2,25,602.11 2,02,016.60 2,18,347.82 2,44,431.05 2,30,510.19

2,80,693.05 2,53,634.96 2,68,230.84 2,91,251.26 2,55,173.45

Uses of funds
Fixed assets
Gross block
9,107.47
Less : revaluation reserve Less : accumulated
4,363.21

7,114.12
3,901.43

7,443.71
3,642.09

7,036.00
2,927.11

6,298.56
2,375.14

Mar ' 11
depreciation
Net block
Capital work-in-progress
Investments

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

4,744.26 3,212.69 3,801.62 4,108.90 3,923.42

189.66
1,34,685.96 1,20,892.80 1,03,058.31 1,11,454.34 91,257.84

Net current assets

Current assets, loans &
advances
Less : current liabilities &
provisions
Total net current assets
Miscellaneous expenses
not written
Total

27,630.41 29,997.23 34,384.06 31,129.77 23,551.85

15,986.35 15,501.18 43,746.43 42,895.38 38,228.64
11,644.06 14,496.05 -9,362.37

-11,765.62 -14,676.78

1,51,074.28 1,38,601.54 97,497.56 1,03,797.62 80,694.15

Notes:
Book value of unquoted
investments
Market value of quoted
investments
Contingent liabilities
Number of equity
sharesoutstanding (Lacs)
(Rs crore)

9,31,638.84 7,33,546.20 8,40,670.63 4,01,114.91 1,99,771.41

11517.72

11148.45

11132.51

11126.87

8992.67

Profit loss account(ICICI)

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08 Mar ' 07

Income
Operating income

32,369.69 32,747.36 38,250.39 39,467.92 28,457.13

Expenses
Material consumed

Mar ' 11
2,816.93
305.79
4,909.00
8,031.72
7,380.82
7.26
7,388.08
16,957.15
562.44
-10,131.51
1,609.33
5,110.21
41.17
-2.17
5,149.21
8,613.59
1,612.58
202.28
6,798.73

Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
Operating profit
Other recurring income
Adjusted PBDIT
Financial expenses
Depreciation
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation
Equity dividend
Preference dividend
Dividend tax
Retained earnings

Mar ' 10
1,925.79
236.28
7,440.42
9,602.49
5,552.30
305.36
5,857.66
17,592.57
619.50
-12,354.42
1,600.78
3,890.47
134.52
4,024.98
6,834.63
1,337.95
164.04
5,332.63

Mar ' 09
1,971.70
669.21
7,475.63
10,116.54
5,407.91
330.64
5,738.55
22,725.93
678.60
-17,665.98
1,830.51
3,740.62
17.51
-0.58
3,757.55
6,193.87
1,224.58
151.21
4,818.07

Mar ' 08
2,078.90
1,750.60
6,447.32
10,276.82
5,706.85
65.58
5,772.43
23,484.24
578.35
5,194.08
1,611.73
4,092.12
65.61
4,157.73
5,156.00
1,227.70
149.67
3,778.63

Mar ' 07
1,616.75
1,741.63
4,946.69
8,305.07
3,793.56
309.17
4,102.73
16,358.50
544.78
3,557.95
984.25
2,995.00
115.22
3,110.22
3,403.66
901.17
153.10
2,349.39

Balance sheet(SBI)
Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

635.00
64,351.04

634.88
65,314.32

634.88
57,312.82

631.47
48,401.19

526.30
30,772.26

Sources of funds
Owner's fund
Equity share capital
Share application money
Preference share capital
Reserves & surplus

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

Loan funds
Secured loans
Unsecured loans
Total

9,33,932.81 8,04,116.23 7,42,073.13 5,37,403.94 4,35,521.09

9,98,918.86 8,70,065.43 8,00,020.82 5,86,436.60 4,66,819.65

Uses of funds
Fixed assets
Gross block
Less : revaluation reserve
Less : accumulated
depreciation
Net block
Capital work-in-progress
Investments

13,189.28 11,831.63 10,403.06 8,988.35

-

8,061.92
-

8,757.33

5,385.01

7,713.90

6,828.65

5,849.13

4,431.96 4,117.72 3,574.41 3,139.22 2,676.91

332.23
295.18
263.44
234.26
141.95
2,95,600.57 2,85,790.07 2,75,953.96 1,89,501.27 1,49,148.88

Net current assets

Current assets, loans &
advances
Less : current liabilities &
provisions
Total net current assets
Miscellaneous expenses
not written
Total

43,777.85 35,112.76 37,733.27 44,417.03 25,292.31

1,05,248.39 80,336.70 1,10,697.57 83,362.30 60,042.26
-61,470.54 -45,223.94 -72,964.30 -38,945.27 -34,749.95
-

2,38,894.22 2,44,979.03 2,06,827.50 1,53,929.48 1,17,217.80

Notes:
Book value of unquoted
investments
Market value of quoted
investments
Contingent liabilities
Number of equity
sharesoutstanding (Lacs)

7,90,386.79 5,96,366.41 7,67,567.52 8,29,740.48 3,29,954.73

6349.99

Profit loss account(SBI)

6348.83

6348.80

6314.70

5262.99

Mar ' 11

Mar ' 10

Mar ' 09

Mar ' 08

Mar ' 07

Income
Operating income

95,525.58 85,909.36 74,880.76 56,821.55 43,860.57

Expenses
Material consumed
Manufacturing expenses
Personnel expenses
Selling expenses
Adminstrative expenses
Expenses capitalised
Cost of sales
Operating profit
Other recurring income
Adjusted PBDIT
Financial expenses
Depreciation
Other write offs
Adjusted PBT
Tax charges
Adjusted PAT
Non recurring items
Other non cash adjustments
Reported net profit
Earnigs before appropriation
Equity dividend
Preference dividend
Dividend tax
Retained earnings

14,480.17
257.88
15,702.33
30,440.38
16,217.24
1,065.14
17,282.39
48,867.96
990.50
-32,576.07
5,709.54
8,283.03
-912.68
7,370.35
7,370.69
1,905.00
246.52
5,219.17

12,754.65
224.05
11,029.66
24,008.35
14,578.54
1,051.15
15,629.69
47,322.48
932.66
-32,625.45
6,166.62
9,176.51
-10.46
9,166.05
9,166.39
1,904.65
236.76
7,024.99

9,747.31
251.23
7,361.98
17,360.52
14,604.94
894.26
15,499.20
42,915.29
763.14
14,736.06
6,115.12
9,124.18
-2.95
9,121.23
9,121.57
1,841.15
248.03
7,032.38

7,785.87
173.23
5,970.47
13,929.57
10,962.90
901.33
11,864.23
31,929.08
679.98
-20,744.83
3,929.20
6,718.08
11.04
6,729.12
6,729.46
1,357.66
165.87
5,205.94

7,932.58
88.43
4,628.38
12,649.38
7,774.36
1,008.35
8,782.71
23,436.82
602.39
8,180.32
3,083.77
4,529.18
12.13
4,541.31
4,541.65
736.82
125.22
3,679.61