Date: 5/19/2017

Student Research
Report
Barclays U.K. (BARC)

Cole Rajek
Benjamin Lau Chuen Yin
Yi Xuan Cheng (Eugenia)
Kayla Fisher
 Table of Contents

Contents
Basic Information______________________________________________ 1
Investment Summary___________________________________________ 1
Business Description___________________________________________ 2
Industry Dynamics________________________________________ 3
Competitive Positioning____________________________________ 4
Porter’s 5 Forces_________________________________________ 5
Management & Governance______________________________________ 5
Compensation and Incentive Plans___________________________ 6
Level of Stock Ownership__________________________________ 7
Capital Management______________________________________ 7
Succession Plans________________________________________ 7
Financial Analysis_____________________________________________ 8
Investment Risk_______________________________________________ 10
Reference___________________________________________________ 12
Appendix____________________________________________________ 15
Pg. 1

Basic Information
Barclays is a bank that is headquartered in London, U.K and has operations in
50 countries throughout the Europe, Asia, Africa, and the U.S. Barclays is
primarily traded on the London Stock Exchange (LSE), and holds the ticker
symbol BARC. It operates in the financial sector, specifically in the money
centers and banks industry. Some other companies that operate in this industry
are Lloyds bank (LLOY) and Royal Bank of Scotland (RBS). Barclays currently
has a price per share of £213.70B and a market capitalization of £36.41B. This
means that the total value of Barclay’s shares outstanding is £4.245 billion.

Investment Summary
Barclays is a financial provider that services consumers globally in sectors such
as retail banking, credit card services, wholesale banking, investment banking,
corporate banking, wealth management, and investment management. As for
recent developments for Barclays there have been a few important ones that
have an effect on the company as a whole. The most recent is the plan for the
CEO of Barclay Card International to retire in July of 2017. This is a big
opportunity for Barclay and they need to make a smart decision on who fills that
new role this coming June. Recently, Barclay has had a lot of unwanted spotlight
on their past CEO’s with the LIBOR rate scandal with Robert E. Diamond Jr. and
the $450 million in penalties for doing so. Now their new CEO as of December
of 2015, James E. Staley is facing many investigations regarding a response to
a whistleblower last month. There have been many shareholder protests and
investigations regarding Mr. Staley and his recent actions. Barclay is just hoping
for stability in their executives in order to keep the shareholder content and still
interested in the company and their well-being. Staley publically apologized for
his actions toward the whistleblower and the actions he took thereafter at the
Barclays’ annual shareholders meeting in London. Barclays has expanded their
customer relations by developing voice security for their personal customers.
About 750,000 currently use this new innovation by using their voice recognition
in order to access their banking information without the use of passwords. Thus
far Barclay has received positive feedback from their customers and will continue
to update and make this innovation even better in the future. Barclays also
looked to expand their customer relations in 2016 when they launched the idea
of the “Money Worries Hub”. This is a place where people with debt problems
can go to seek help and guidance in order to repair the debt situation they are
in. Barclays is trying to make it comfortable for troubled consumers to come and
ask for help instead of hide and continue to make it worse. Barclays has also
strived to build relations with their workers with the development of an “Eagle
Pg. 2

Lab”. An Eagle Lab uses unused space in the building to make a small hub for
their employees to go and be innovative and work with new technologies within
the company.

Business Description
Barclays is a global financial services provider based in the U.K. They do
business in the retail banking, credit card, wholesale banking, investment
banking, wealth management and investment management segments. Barclay
PLC has 48 million customers in more than 50 countries around the world. Within
Barclay there are eight different businesses that make up the company as a
whole. First there is the U.K. retail and business. This entity covers current
account and savings, banded mortgages, unsecured loans, general insurance
and banking and money transmission. The U.K. banking sector is one of the
largest for Barclays and owns about 1,500 branches just in the U.K. The next
segment is the Europe retail and business which consists of retail banking, credit
cards (Spain, Italy, Portugal, France), lending to small and medium business.
Next is the Africa retail and business sector. This includes retail banking,
corporate banking, and credit card services as well. There is also a whole sector
dealing with just their credit cards which has more than 20 million credit cards
and this arm also helps with payment processing services and consumer lending.
In 1966 the first credit card was distributed to the U.K. and was issued by
Barclaycard. The Barclay Card segment also deals with international payments
to retail and business consumers. The investment bank segment covers the
corporate banking, helps government and institutional clients build a strategy
and financing and risk management needs. On the topic of first innovations
Barclay was the first financial institution to introduce the first automated teller
machine (ATM) in the world in 1967. Next is the corporate bank segment which
includes integrated banking solutions to big corporate/financial institutions and
multinationals. There is also the wealth and investment management sector that
works with the private and intermediary customers worldwide. Lastly there is the
head office within Barclay that works on the central support functions and
consolidation adjustments. To increase consumer ease of use in 2012 they
introduced mobile banking to be available on their smartphones and tablets.
Barclay has a number of different sources of income but the income from their
loans and leases is the segment that creates the most revenue. The next biggest
source of revenue for Barclay is the commissions/fees as well as their principal
transactions. When looking at their expenses, their largest driver is their
compensation and benefits that are given to their employees. As for interest
expense their biggest driver used to be their long-term debt in 2012 and 2013
but as for 2015 and 2016 it switched over to their deposits.
Pg. 3

Industry Dynamics
The banking industry is a very highly regulated industry. This regulation prohibits
many new banks from entering the market. This industry is still highly competitive.
There are a lot of large banks throughout the UK that have been around for
decades, (some even centuries). With the high number of regulations, these
banks are always trying to find new ways to get an edge over their competitors.
Whether it be new incentives and rewards on credit cards or voice activated
mobile banking, each of these banks are fighting for a larger portion of the market
share.

The banking industry changed greatly after the financial crisis. Smaller banks
could not remain solvent, while larger banks were having liquidity trouble. As a
result of this, many new regulations and regulation agencies were formed. For
instance, since 2008, different agencies, such as the EBA (European Banking
Authority), the PRA (Prudential Regulation Authority), the FPC (Financial Policy
Pg. 4

Committee), and the EFSF (European Financial Stability Facility) were created
to provide new regulation against banks taking in too much credit risk, and
preserve liquidity throughout the banking industry. Of these came different
regulations, like the Financial Services Act of 2012, the Banking Act of 2009, and
the Tobin Tax. Furthermore, many key banks, such as Lloyds and RBS were
nationalized to prevent liquidity problems. Interest rates have decreased
drastically since 2008 as well, exposing the banks to higher interest rate risk.
The UK takes a principles-based approach to regulation, meaning the laws and
regulations are not black and white. There is room for interpretation based on
the situation. The power to interpret these cases lies with the regulators and
policy-makers. This is different from the U.S. rules-based approach to regulation,
which states the laws and regulations as having almost no exceptions.

Competitive Positioning
Production capacity levels and pricing- Banks are in the business of creating
money and extending lines of credit. The amount of money a bank can create is
limited by the central bank in the form of reserve ratios and inflation caps. For
every deposit a bank receives, it has to keep a certain percent of that deposit as
a stored cash amount called bank reserves. This percentage is determined by
the Fed to attempt to mitigate liquidity risk. The portion of the deposit above the
reserve requirement, is extended to customers in the form of a loan. This loan is
given on the hope that the depositor will not withdraw the full value of their
deposit. However, the depositor still has the same balance in his/her account
that he/she deposited, even though the full cash value of the deposit is not
currently held by the bank. The portion that has been loaned out by the bank has
been replaced with numbers on a computer screen. The bank has essentially
created money. Instead of just the amount of the initial deposit, the bank has
promised this amount plus the amount it loaned out, creating a form of currency
that is backed only through sheer volume of deposits, along with the hope that
depositors will not withdraw the full value of their deposits. The extent that banks
can do this is regulated by the Fed, thus creating a production cap. The UK,
however, has abandoned the reserve requirement ratio, replacing it with the
capital adequacy ratio, which is determined by risk-weighted assets. The capital
adequacy ratio is different from the reserve requirement ratio because it controls
the equity to debt ratio of a bank instead of their assets. The capital adequacy
ratio is the percent of capital in regard to the bank’s risk-weighted assets. The
UK currently requires a minimum Tier 1 capital ratio of 3% and a Pillar 1 TLAC
of 18% of risk-weighted assets. (Refer to Appendix E)
Pg. 5

The price of money is determined by the interest rates. Individual commercial

banks have no power over the price of money. It is determined by the MPC in
order to keep money demand in line with money supply.

Porter’s 5 Forces
Industry rivalry -- High. Lots of domestic competition as well: HSBC, Lloyds, RBS,
Santander UK.

Bargaining power of suppliers -- Low. Forces that supply banks are

depositors/people who take out loans that provide the bank with capital, and
employees who supply the labor. Depositors and borrowers have very little
bargaining power individually, but as a whole they have a higher amount.
Employees have an increasing amount as you go up the levels (CEO and
management have high bargaining power, while bank tellers have very little).
The bargaining power of employees also is driven by quality of employee. Banks
will offer attractive salary and compensation options to try and retain their best
employees.

Bargaining power of consumers -- Low on an individual level. Higher with high

wealth individuals. High on a mass scale. Higher for smaller banks and credit
unions. Lower with bigger banks.

Threat of new entrants -- Low. Lots of current regulations. Possibly increasing

as regulations may get lifted. Hard to compete with large banks, which offer
convenience through many different locations.

Threat of substitutes -- Low, but increasing drastically as banks expand into

broader categories, such as investments. Investment firms, paypal, venmo,
apple pay, online peer to peer lending sites.

Management and Governance

BARC’s board of directors consists of 1 chairman, 2 executive and 11 non-
executive members with an average tenure of 3.4 years. BARC executive
committee includes 10 members. Executive and non-executive directors are
subjected to responsibility based on division: Audit, risks, reputation,
nominations, and remuneration committee. It is the Chairman’s responsibility to
oversee the activity of the Board, while the Group Chief Executive Officer is
delegated to manage the day-to-day activities of BARC. The Board is also
responsible for creating and sustaining shareholder value through setting and
supervising the implementation of BARC’s strategy.
Pg. 6

John McFarlane (Chairman)

John McFarlane has appointed Chairman of BARC since January 2015 and
brought with him 42 years of experience in the banking sector, including 22 years
as a main board director for Aviva plc, a brief period for FirstGroup plc and The
Royal Bank of Scotland plc, and 10 years as a CEO for Australia and New
Zealand Banking Group (ANZ), Standard Chartered, and Citibank. McFarlane
values the effectiveness of corporate governance for the betterment of decision
making and accountability. He believes that confidence and respect of the public
is paramount to the success of the corporation. McFarlane’s most notable
achievement is where he oversaw the financial transformation and operation
restructuring of the company and lead the “Breakout”- A program which focuses
on the cultural aspect of a corporation in the purpose of building diversity,
leadership, development and value-driven workforce. With BARC planning on a
structural reform, John McFarlane experience and leadership is substantial to
the future development of the company.

Jes Staley (Group Chief Executive)

Appointed Chief Executive of BARC in December 2015. He has 4 decades of
extensive experience in banking and financial services where he spent 30 years
at JP Morgan, initially as a commercial banker, then moved up to take the role
of leadership in major businesses, including the most recent as a managing
partner at Blue Mountain Capital. He has brought a vast amount of skill and
knowledge to BARC in the banking and financial field. Members of the executive
committee reports directly to the Group CEO. Hence, Jes Staley position not
only contribute an important role in the board of directors but also the framework
of the corporation as an intermediary. However, He had been labeled
“whistleblower” following a scandal in LIBOR manipulation. Nevertheless, the
performance and image of the company heavily rely on the leadership of Jes
Staley.

Compensation and Incentive Plans

BARC’s incentive pool has declined from £3,484m in 2010 to £1,533m in 2016,
that is a decrease of 55.99% over the 6 years. Prior to 2016, incentive awards
are paid on the year after performance is delivered, which means impact of
deferral bonus to BARC’s account is not recognized until the next year. The new
deferral arrangements includes the implementation of immediate incentive
charge. Any change in incentive awards will now have a direct and immediate
impact to BARC’s account on the year performance fee is made. This will
improve transparency and the ability of advance realization of performance cost
Pg. 7

on BARC’s account, which promotes flexibility in check-and-balances and

executive-level decision making.

Level of Stock Ownership

BARC’s total equity is 65.536b. BARC has 4.245 billion shares outstanding and
17.032 billion shares in issue. 2.53% of total stock outstanding is assigned to
institutional ownership, 97.47% of total stock outstanding is owned by non-
institutional. Respect to shares in issue, 42.53% of total equity is owned by
stockholders (refer to appendix). The top 10 major institutional ownership owns
17.815% (refer to appendix) and the top 10 insiders (including main directors)
owns 0.042% of total shares issued. The board, not all, is composed of individual
who holds a notable amount of share. BARC as a public limited company,
encompasses a Board where its members are appointed by shareholders and is
given the responsibility to govern the business and uphold and improve
shareholder values. The amount of stock ownership reflects a well endorsed
corporate performance and confidence of the public.

Capital Management
BARC’s objective of capital management involve structural reform and
contingency planning for the UK’s EU referendum. Structural reform is one of the
cornerstone of the Board’s long-term operating plan for 2016. In accordance, the
Board has established a Group Service Company in pursuit of corporate
structural improvement. Due to UK’s EU referendum, the possible impact to
BARC is substantial. The Board has made a movement on investigating its legal
entities and the strategic implications in reducing the potential exposure of risk.

Succession Plan
The time allocated to succession planning encompasses 31% of the overall, a
slight behind the board and committee composition. The board nominations
committee regularly evaluates required skills, experience, and talent necessary
to inherit executive and non-executive positions to further boost and enhance
the board’s governance and effectiveness. The board’s latest successions
includes the appointment of Mary Francis as non-executive director on October
2016 and Tim Throsby as executive committee, appointed president of BARC
and CEO of the corporate and investment bank on January 2017. Mary Francis
has many experiences, with the most prominent being a senior executive in the
UK Treasury and Prime Minister’s Office. She has provided BARC with vast
knowledge of the relation between the public and private sectors. Tim Throsby
Pg. 8

brought with him an understanding of economics and strong leadership

to BARC’s management. The board has an effective corporate
governance structure in place. With a Board of average tenure of 3.4
years, the preparation of structural reform, and the frequent assessment
of potential candidate for succession is confirmation that entrenchment
is minimal.

Financial Analysis

(Calculations are attached in Appendix C and Appendix-D)

Barclays have had a huge increase in net income in 2016, up till an

amount of €2080 million from a deficit amount of €-49 million in 2015, a
much higher amount compared to the last five years. In respect to this
increase, ratios Return on assets, Return on equity, Profit margin are
positively impacted. Of the increase in net income, an increase in markets
income and credit income has been observed, driven by market volatility
and client demand. Both EU referendum decision and U.S. elections also
posted a positive impact in Barclay’s macro income. Not to mention, an
increase in debt underwriting fees and advisory fees post an increasing
in banking income.
Pg. 9

Discontinuation of Africa Banking Operation and Decrease in Operating

Expenses
Stated in the annual report that Barclays has an emphasis on the efficient usage
of operating expense, Barclays announced its intentions to discontinue its
operations in Barclays Africa Group Limited in 1 March 2016. We determined
that this event has contributed to the decrease in expenses that was reported in
Barclay’s annual report, contributing eventually to the increase of net income.
Total operating expenses has decreased by 19% in 2016, compared to 2015,
also reflecting new technological improvements and the restructure of their
branch network.

Return on Equity
Return on equity, which measures overall profitability generated by the firm with
per dollar of equity, has significantly increased from -0.0819% in 2015 to
3.2063% in 2016, indicating how effective a firm’s management is at using equity
from its shareholders to finance profits for the firm. This increase in the return on
equity is also driven by the increase in net income, which increased in multiples
when total shareholder’s equity has increased in the firm, by £6bn to £71bn.

Return on Asset
Return on asset, which measures profit generated by the firm’s assets, has also
had a vast increase to 0.1715% in 2016 from 0.0044% in 2015. This exhibits the
increasing effectiveness of Barclays of managing its assets in 2016.

Decrease in interest Income

Net interest income has decreased to £10,537m on the other hand, causing an
adverse effect on asset utilization ratio and a positive effect on the profit margin
due to the changes it effects on the operating income. Although the decrease in
asset utilization is visible, there is a huge gain in profit margin not only due to the
decrease in the equation’s denominator (operating income) also a vast increase
in the numerator (net income) utilized in the equation.

Decrease in dividend payout ratio

A significant decrease can be observed in the dividend payout ratio, which took
a sharp dive from 30.5306 in 2015 to -0.6269 in 2016. We have analyzed this to
be driven by the changes in dividend payments which did not even up to the
huge rate which net income has increased.
Pg. 10

Investment Risk

Credit Risk
Systematic- Increased risk of UK recession determined by lower growth, higher
unemployment, and falling UK house prices = Negative impact on loans (higher
loan to value home loans, higher amount of UK unsecured lending including
cards, and commercial real estate exposures.

Firm Specific-Loans- mortgages, credit cards, personal loans, loans to small and
medium sized businesses, loans to large companies, and from derivatives
contracts).

Ways to mitigate credit risk- collateral (offering up of tangible assets to be seized

by the bank in case of default), netting and set-offs (reducing credit risk exposure
by netting certain credit risk exposures to a counterparty following a transaction
against a counterparty in case of default), risk transferring (process of
transferring credit risk from one counterparty to another through use of
guarantees, credit insurance, derivatives, and securitizations).

Liquidity and Solvency Risk

Barclays cash and balances at central banks (on demand) is $102,031,000 for
2016, which is over twice the amount in 2015. Barclays has taken tremendous
efforts to increase its liquidity in the past few years in order to meet the
requirements laid out in the Basel III Net Stable Funding Ratio (NSFR) and the
CRD IV Delegated Act Liquidity Coverage Ratio (LCR). The LCR requires the
bank to hold enough high quality assets to cover 30 days of operating. The
terms stated in the NSFR require the bank to make sure it’s current assets are
sufficient to meet its current liabilities. Barclays claims it currently has enough
high quality liquid assets to meet the 30 to 90 day requirements. The Common
Equity Tier 1 Ratio (CET1) is 12.4% (up 1% from 2015). This meets and exceeds
the 7% requirement of the CRD IV. Additionally the leverage ratio for 2016 was
4.5%, which exceeds the minimum requirement of 3.5%.

Market Risk
Barclays has to endure market risk as well. This risk includes possible losses
incurred as a result of the effect of different macroeconomic factors, such as
interest rate changes, variation of foreign exchange rates, implied volatilities and
asset correlations. Many recent election events have contributed to market risk
as well, namely the U.S. and French elections. Unexpected occurrences, such
Pg. 11

as natural disasters may factor into the amount of market risk endured by
financial institutions as well.

Interest Rate Risk

Interest rate changes affect both the interest on deposits and loans, but also
affect the value of bonds. These changes can have a drastic effect of the
profitability of a bank. Interest rates have been continually falling as a result of
the financial crisis, and are due for a hike in the near future. The current UK
interest rate is 0.25%, and cannot drop much lower. If interest rates rise, interest
due on deposits will increase, as well as the interest collected on loans. Bond
yields will go up, meaning that prices will go down and bond values will decrease.

Foreign Exchange Risk

Barclays holds a large portion of Euros and U.S. Dollars in its portfolio, making
them highly susceptible to foreign exchange risk. This foreign exchange risk is
incurred by the appreciation or depreciation of the British Pound against other
currencies. If the British Pound appreciates against the U.S. Dollar, Barclays will
gain value when converting Pounds to Dollars, but lose value on the U.S. Dollars
currently in their possession. A depreciation of the Pound to the Dollar would
have an adverse affect.

Operational Risk
Barclays operational risk stems from losses incurred from failed practices and
procedures, corrupt employees, and external events that are not attributes to
credit or market risk. Some examples of these types of risk would be cyber
security risk, resilience to technology, risk of tax increases, bad accounting
practices, and outsourcing. Barclays has decreased their operational risks from
2015 to 2016.
Pg. 12

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Pg. 14

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Pg. 15

Appendix
Appendix A.

Figure-1

Figure-2
Pg. 16

Appendix B.

Figure-3

Table-1
Pg. 17

Appendix C

Table-2
Ratio calculations (Values denoted in Millions) 2012 2013 2014 2015 2016
Net income -1041 540 76 -49 2080
Total assets 1490321 1312267 1357906 1120012 1213126
Return on Assets = Net Income/ Total Assets -0.0006985 0.0004115 0.000056 0.0000437 0.00171458

Net income -1041 540 76 -49 2080

Total stockholders' equity 53586 55385 59567 59810 64873
Return on Equity= Net Income/ Total Equity -0.0194267 0.00974993 0.00127587 -0.000819261 0.03206265

Net income -1041 540 76 -49 2080

Operating income 32851 35159 30616 30040 25945
Net Profit Margin = Net Income/ Total Operating
Income -0.0316885 0.0153588 0.00248236 -0.001631158 0.08016959

Total net revenue 25291 28444 25333 25397 21941

Average total assets 1525985.5 1401294 1335086.5 1238959 1166569
Asset Turnover = Net Revenue/ Average Total
Assets 0.01657355 0.02029838 0.0189748 0.020498661 0.01880815

Total assets 1490321 1312267 1357906 1120012 1213126

Total liabilities 1436735 1256882 1298339 1060202 1148253
Current Ratio = Total Assets / Total Liabilities 1.03729707 1.04406539 1.04587939 1.056413778 1.05649713

Cash and due from banks 1456 45687 39695 1011 1467
Total liabilities 1436735 1256882 1298339 1060202 1148253
Cash Ratio = Cash / Total Liabilities 0.00101341 0.03634947 0.03057368 0.000953592 0.00127759

Total liabilities 1436735 1256882 1298339 1060202 1148253

Total stockholders' equity 53586 55385 59567 59810 64873
Debt/Equity = Total Liabilities / Total Equity 26.8117605 22.6935452 21.7962798 17.72616619 17.7000139

Long-term debt 143599 86693 21153 21467 23383

Total assets 1490321 1312267 1357906 1120012 1213126
Long-term debt to Asset 0.09635441 0.06606354 0.01557766 0.019166759 0.019275
Table-3
Long-term debt 143599 86693 21153 21467 23383
Total stockholders' equity 53586 55385 59567 59810 64873
Long-term debt to Equity = Long-term debt /
Total Equity 2.67978576 1.56527941 0.35511273 0.358919913 0.36044271

Dividends Paid -1427 -1672 -1688 -1496 -1304

Net income -1041 540 76 -49 2080
Dividends Payout ratio = Dividends Paid/ Net
Income 1.37079731 -3.0962963 -22.210526 30.53061224 -0.6269231

Net income -1041 540 76 -49 2080

 Cash and due from banks 1456 45687 39695 1011 1467
Total liabilities 1436735 1256882 1298339 1060202 1148253
Cash Ratio = Cash / Total Liabilities 0.00101341 0.03634947 0.03057368 0.000953592 0.00127759

Total liabilities 1436735 1256882 1298339 1060202 1148253

Pg. 18 Total stockholders' equity 53586 55385 59567 59810 64873
Debt/Equity = Total Liabilities / Total Equity 26.8117605 22.6935452 21.7962798 17.72616619 17.7000139

Long-term debt 143599 86693 21153 21467 23383

Total assets 1490321 1312267 1357906 1120012 1213126
Appendix D
Long-term debt to Asset 0.09635441 0.06606354 0.01557766 0.019166759 0.019275

Long-term debt 143599 86693 21153 21467 23383

Total stockholders' equity 53586 55385 59567 59810 64873
Long-term debt to Equity = Long-term debt /
Total Equity 2.67978576 1.56527941 0.35511273 0.358919913 0.36044271

Dividends Paid -1427 -1672 -1688 -1496 -1304

Net income -1041 540 76 -49 2080
Dividends Payout ratio = Dividends Paid/ Net
Income 1.37079731 -3.0962963 -22.210526 30.53061224 -0.6269231

Net income -1041 540 76 -49 2080

Preferred Dividend - - 196 275 329
Weighted average shares outstanding
Basic 13234 14308 16329 16687 16860
Diluted 13655 14668 16625 17054 17044
EPS = (Net Income - Preferred Dividend)/
Weighted Average Shares Outstanding 0.07866102 -0.0377411 -0.0046543 0.002936418 -0.1233689

Total assets 1490321 1312267 1357906 1120012 1213126

Total stockholders' equity 53586 55385 59567 59810 64873
Leverage Ratio (Equity Multiplier) = Total assets /
Total equity capital 27.8117605 23.6935452 22.7962798 18.72616619 18.7000139

Total interest income 19199 18315 17363 17201 14541

Total noninterest revenue 13652 16844 13253 12839 11404
Operating income = Interest Income +
Noninterest income 32851 35159 30616 30040 25945

Operating Income 32851 35159 30616 30040 25945

Total assets 1490321 1312267 1357906 1120012 1213126
Asset Utilization = Total operating income/ Total
assets 0.0220429 0.02679257 0.02254648 0.026821141 0.0213869
Table-4
Pg. 19

Appendix E

Figure-4