Major Research Project on :-

Financial Analysis
Of
“ICICI BANK”

(SESSION- 2009-11)

GUIDED BY:- SUBMITTED

BY:-

Dr. Deepak Shrivastava

Divya Bangar
(PhD, MBA, B.Tech) MBA (FT) - 4th Sem
(Faculty IMS, DAVV) Roll No. - 43030

CERTIFICATE

Thus is to certify that Ms. Divya Bangar has worked on The

Financial Analysis of “ICICI BANK” using ratios. This
work is submitted for the partial fulfillment of MBA degree. The
work is satisfactory.
 ACKNOWLEDGEMNT

It is my proud privilege to express my sincere gratitude to all those

who helped me directly or indirectly in completion of this project
report.

I am greatly indebted to Dr. DEEPAK SHRIVASTAVA, my guide

and mentor, for his support, guidance and valuable suggestions by
which this work has been completed effectively and efficiently.
All his contributions are of immense value.

Last but not least I am indebted to all those people who indirectly
contributed and without whom this work should not have been
possible. Endeavor has been made to make the project error free
yet I apologize for the mistakes.
 DECLARATION

I hereby declare that this project report entitled “The Financial

Analysis of ICICI BANK using Ratios” is the result of Original
work Carried out by me, for the award of the Degree of
MASTER’S OF BUSINESS ADMINISTRATION. This Report
has not been copied from anywhere, up to the best of my belief and
knowledge. It has not been submitted anywhere else for Award of
any other Degree/diploma.

DIVYA BANGAR
MBA (FT) IV SEM
ROLL NO - 43030
2009-2011
 CONTENTS

• Executive summary
• An Overview Of Banking Sector
• Objective of The Research
• Literature Review
• Research Methodology
• Justification of The Study
• Meaning of Financial Statements
• Meaning of Financial Analysis
o Features
o Purpose
o Methods

• Ratio Analysis

o Meaning
o Advantages
o Uses
o Significance
o Managerial Uses
o Limitations

• Classification of Ratios
• ICICI Bank
o Introduction
 o Products And Services
o Personal Banking

o Wholesale Banking
o Board of Directors

• Ratios Calculation of ICICI Bank

• Analysis of The Ratios
• Findings
• Recommendations & Conclusion
• Bibliography & References
• Annexure
 EXECUTIVE SUMMARY

There are various groups of people who are interested in analysis of financial position of
a bank. They use the ratio analysis to workout a particular financial characteristic of the
bank in which they are interested. Ratio analysis helps the various groups to workout the
profitability, solvency, operating efficiency, short-term financial position, analysis of
financial statement, comparative analysis of the performance, to simplify the accounting
information, helpful for forecasting purposes.
The concept of this project is to check whether ICICI BANK is performing well year
after year or lacking in performance. The performance can be evaluated by doing
Financial Analysis of Financial Statements of Bank. The purpose of this project is to
evaluate the performance of ICICI BANK. It primarily aims at learning the various
factors that can help in evaluation process. I have tried to find out the reasons or ground
where it is lacking. I have also tried to find out the areas of improvement.
Ratio analysis is one of the techniques of financial analysis to evaluate the financial
condition and performance of a business concern. Simply, ratio means the comparison of
one figure to other relevant figure or figures. Ratios normally pinpoint business strengths
and weaknesses. It provides an easy way to compare today’s performance with the past.
The technique of ratio analysis can be employed for measuring short-term liquidity or
working capital position of a firm.
Financial statement analysis is important to boards, managers, payers, lenders, and others
who make judgments about the financial health of organizations. One widely accepted
method of assessing financial statements is ratio analysis, which uses data from the
balance sheet and income statement to produce values that have easily interpreted
financial meaning. Most banks routinely evaluate their financial condition by calculating
various ratios and comparing the values to those for previous periods, looking for
differences that could indicate a meaningful change in financial condition.

OBJECTIVE OF THE RESEARCH

• To evaluate the performance of the bank by using ratios.

• To understand the liquidity, profitability and efficiency positions of the bank.
• To evaluate and analyze various facts of the financial performance of the bank to
make comparisons between the ratios during different periods.
• To know the growth over the year.

LITERATURE REVIEW

This study has a nice collection of literature reviews. They are the following:-

Bhattacharya et al (1997) used DEA to measure the productive efficiency of Indian

commercial banks in the late 1980’s to early 1990’s and to study the impact of policy of
liberalizing measures taken in 1980’s on the performance of various categories of banks.
They found that the Indian public sector banks were the best performing banks, as the
banking sector was overwhelmingly dominated by the Indian public sector banks, while
the new private sector banks were yet to emerge fully in the Indian banking scenario.

Sarkar et al. (1998) compared public, private and foreign banks in India to find the effect
of ownership type on different efficiency measures.

Rammohan (2002, 2003) also used financial measures for comparing operational
performance of different categories of banks over a period of time.

Sathye (2001) studied the relative efficiency of Indian banks in the late 1990’s and
compared the efficiency of Indian banks with that of the banks in other countries. He
found that the public sector banks have a higher mean efficiency score as compared to the
private sector banks in India, but found mixed results when comparing public sector
banks and foreign commercial banks in India. He also found that most banks on the
efficient frontier are foreign owned.

Kumbhakar and Sarkar (2003) found evidence on Indian banks that while private sector
banks have improved their performance mainly due to the freedom to expand output,
public sector banks have not responded well to the deregulation measures.

Rammohan and Ray (2004) compared the revenue maximizing efficiency of public,
private and foreign banks in India, using physical quantities of inputs and outputs in the
1990’s, using deposits and operating costs as inputs, and loans, investments and other
income as outputs. They found that public sector banks were significantly better than
private sector banks on revenue maximization efficiency, but between public sector banks
and foreign banks the difference in efficiency was not significant.

Shanmugam and Das (2004) studied banking efficiency using stochastic frontier
production function model during the reform period, 1992-1999. The study considers
four input variables (viz. deposits, borrowings, labor and fixed assets) and four output
variables (viz. net interest income, non interest income, credits and investments). They
found that deposits are dominant in producing all outputs and the technical efficiency of
raising interest margin is varied across the banks. In particular, they found that the reform
measures that had been introduced since 1992 have not helped the banks in raising their
interest margin. Also, in general, they found that private/foreign banks performed better
than public banks.

Sanjeev (2006) studied efficiency of private, public, and foreign banks operating in India
during the period 1997-2001 using data envelopment analysis. He also studied if any
relationship can be established between the efficiency and non-performing assets in the
banks. He found that the there is an increase in the efficiency in the post-reform period,
and that non-performing assets and efficiency are negatively related.
 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem it may be

understood as a science of studying how research is done scientifically. So, the research
methodology not only talks about the research methods but also considers the logic
behind the method used in the context of the research study.

Research Design:

The use of fact and information available through financial statements of earlier years
and analyze these to make critical evaluation of the available material. Hence by making
the type of the research conducted to be both Descriptive and Analytical in nature.

Data Collection:

For the purpose of the present study, secondary data are used. Secondary data are
collected from internet and financial reports of the bank, which include the balance sheet,
and the profit and loss account of the bank.

Period of the Study:

The period of the present study is from MARCH 2011 to APRIL 2011

Analytical Tools Applied:

The study employs the following analytical tools:
* Comparative statement
* Ratio Analysis
Data Presentation:

Tabular representation of the collected data has been done to show the financial position
of the bank.

Data Analysis & Interpretation:

Here an analysis of the annual reports of the last three financial years (2007-08 to 2009-
10) has been done. Various ratios have been calculated to find out the profitability,
liquidity, solvency and turnover of the bank. With the help of these various ratios we can
easily analyze the financial performance of the bank.
 JUSTIFICATION OF THE STUDY
Financial Statements are prepared primarily for decision-making. They play a dominant
role in setting the framework of managerial decisions. But the information in the financial
statement is not an end in itself as no meaningful can be drawn from these statements
alone.

The information provided in the financial statement is of immense use in making

decisions through analysis and interpretation of financial statements. The financial
analysis is the process of identifying the financial strength and weakness of the firm by
properly establishing relationship between the items of the balance sheet and P&L A/C.

There are various methods or techniques used in analyzing financial statement

such as comparative statement, trend analysis, common size statement, schedule of
changes in working capital, fund flow and cash flow analysis, cost volume profit analysis
and “RATIO ANALYSIS”.

Ratio analysis is one of the most powerful tool of financial analysis. It is a process
of establishing and interpreting various ratios that the financial statements can be
analysed more clearly and decisions made from such analysis.

Just like a doctor examines his patient by recording his body temperature, blood
pressure etc before making his conclusion regarding the illness and before giving his
treatment, a financial analyst analysis the financial statement with various tools of
analysis before commenting upon the financial health or weaknesses of an enterprise.

The purpose of financial analysis is to diagnose the information contained in

financial statements so as to judge the profitability and financial soundness of the firm.
Financial statement analysis is an attempt to determine the significance and meaning of
financial statement data so that forecast may be made of the future earning, ability to pay
interest and debt maturities and profitability of a sound dividend policy.

A financial ratio is the relationship between two accounting figures expressed

mathematically ratio provide clues to the financial position of the concern. These are the
pointers and indicators of financial strength, soundness, position or weakness of an
enterprise. One can draw conclusions about the exact financial position of a concern with
the help of ratios.
 MEANING OF FINANCIAL STATEMENTS:-

Financial statements refer to such statements which contains financial information about
an enterprise. They report profitability and the financial position of the business at the
end of accounting period. The team financial statement includes at least two statements
which the accountant prepares at the end of an accounting period. The two statements
are: -

1. The Balance Sheet

2. Profit And Loss Account

They provide some extremely useful information to the extent that balance Sheet mirrors
the financial position on a particular date in terms of the structure of assets, liabilities and
owners equity, and so on and the Profit And Loss account shows the results of operations
during a certain period of time in terms of the revenues obtained and the cost incurred
during the year. Thus the financial statement provides a summarized view of financial
positions and operations of a firm.

MEANING OF FINANCIAL ANALYSIS

The first task of financial analysis is to select the information relevant to the decision
under consideration to the total information contained in the financial statement. The
second step is to arrange the information in a way to highlight significant relationship.
The final step is interpretation and drawing of inference and conclusions. Financial
statement is the process of selection, relation and evaluation.
Features of Financial Analysis
• To present a complex data contained in the financial statement in simple and
understandable form.
• To classify the items contained in the financial statement in convenient and rational
groups.
• To make comparison between various groups to draw various conclusions.

Purpose of Analysis of financial statements

 To know the earning capacity or profitability.

 To know the solvency.

 To know the financial strengths.

 To know the capability of payment of interest & dividends.

 To make comparative study with other firms.

 To know the trend of business.

 To know the efficiency of management.

 To provide useful information to management.

METHODS OF FINANCIAL ANALYSIS

A number of methods can be used for the purpose of analysis of financial statements.
These are also termed as techniques or tools of financial analysis. Out of these, and
enterprise can choose those techniques which are suitable to its requirements. The
principal techniques of financial analysis are:

1. Comparative Financial Statements.

2. Trend Analysis

3. Cash Flow Statement

4. Ratio Analysis

COMPARATIVE FINANCIAL STATEMENTS

When financial statements figures for two or mote years are placed side-side to facilitate
comparison, these are called ‘comparative Financial Statements’.

TREND ANALYSIS
Trend percentage are very useful is making comparative study of the financial statements
for a number of years. These indicate the direction of movement over a long tine and help
an analyst of financial statements to form an opinion as to whether favorable or
unfavorable tendencies have developed. This helps in future forecasts of various items.

CASH-FLOW STATEMENT
A cash–flow statement is a statement showing inflows (receipts) and outflows (payments)
of cash during a particular period. In other words, it is a summary of sources and
applications of each during a particular span of time.
 RATIO ANALYSIS

A ratio is a mathematical relationship between two related items expressed in quantitative

form. When this definition of ratio is explain with reference to the item shown in
financial statements, than it is called accounting or financial ratio. So in this way the
analysis of the financial statements of the company is known as ratio analysis .The
technique of ratio analysis can be employed for measuring short-term liquidity or
working capital position of a firm.

Ratio may be expressed in either of the following ways –

1. In proportion – In this form of amount of the two items are being expressed in a
common denominator. The example of this form of expression is relationship
between current assets and current liabilities as 2 :1.

2. In rate or times or coefficient – In this form quotient obtained by dividing one item
by another item is taken as unit of expression. The example of this form is sales
divided by stock (say it comes 4); thus 4 times is the ratio between sales and stock.

3. In percentage – In this form, a quotient obtained by dividing one item by another is

multiplied by one hundred and it becomes the “percentage” form of expression. For
example between gross profit and sales may be expressed by 32 %.

ADVANTAGES OF RATIO ANALYSIS:-

 Helpful in analysis of financial statements.

 Simplification of accounting data

 Helpful in comparative study.

 Helpful in locating the weak spots of the business.

 Helpful in forecasting

 Estimate about the trend of the business

 Fixation of ideal standards

 Effective control

 Study of financial soundness.

THE USE OF FINANCIAL RATIOS

Financial Ratio is used as a relative measure that facilitates the evaluation of efficiency
or condition of a particular aspect of a firm's operations and status.

Ratio Analysis involves methods of calculating and interpreting financial ratios in order
to assess a firm's performance and status.

• Assessment of the firm’s past, present and future financial conditions.

• Done to find firm’s financial strengths and weaknesses.

• Primary Tools.

• Financial Statements.

• Comparison of financial ratios to past, industry, sector and all firms

SIGNIFICANCE OF USING RATIOS

The significance of a ratio can only truly be appreciated when:

• It is compared with other ratios in the same set of financial statements.

• It is compared with the same ratio in previous financial statements (trend

analysis).
 • It is compared with a standard of performance (industry average). Such a
standard may be either the ratio which represents the typical performance of the
trade or industry, or the ratio which represents the target set by management as
desirable for the business.

MANAGERIAL USES OF RATIO ANALYSIS –

The following are the important managerial uses of ratio analysis helps in financial
forecasting. Ratio analysis is very helpful in financial forecasting. Ratios relating to past
sales, profits and financial positions from the basis for setting future trends.

Helps in Comparison: With the help of ratio analysis, ideal ratios can be composed and
they can be used for comparing a firm’s progress and performance. Inter firm comparison
or comparison with industry averages is made possible by ratio analysis.

Financial Solvency of the Firm: Ratio analysis indicates the trends in financial solvency
of the firm. Solvency has two dimensions long term solvency and short term solvency.
Long term solvency refers to the financial viability of a firm and it is closely related with
the existing financial structure. On the other hand, short term solvency is the liquidity
position of the firm. With the help of ratio analysis conclusion can be drawn regarding
the firm’s liquidity and long term solvency position.

Evaluation of Operating Efficiency: Ratio analysis throws light on the degree of

efficiency in the management and utilization of its assets and resources. Various activity
ratios measure this kind of operational efficiency and indicate the guidelines for economy
in costs, operations and time.

Communication Value: Different financial ratios communicate the strength and

financial standing of the firms to the internal and external parties. They indicate the
overall profitability and capital gearing etc. of the firm.
Other Uses: Financial ratios are very helpful in the diagnosis of financial health of a
firm. They highlight liquidity then, solvency, profitability and capital gearing etc. of the
firm.

LIMITATIONS OF RATIO ANALYSIS –

Ratio analysis becomes less effective due to price level change.

Ratios may be misleading in the absence of absolute data.

Comparisons not possible of different firms adopt different accounting policies.

Limited use of a single Ratio.

Window-Dressing

Lack of proper standards.

Ratio alone are not adequate for proper conclusions

 CLASSIFICATION OF RATIOS

In view of the financial management or according to the tests satisfied, various ratios
have been classifieds as below:-

I. Liquidity Ratios:
These are the ratios which measure the short-term solvency or financial position of a
firm. These ratios are calculated to comment upon the short-term paying capacity of a
concern or the firm’s ability to meet its current obligations. It measures a company's
ability to pay its bills. The denominator of a liquidity ratio is the company's current
liabilities, i.e., obligations that the company must meet soon, usually within one year. The
numerator of a liquidity ratio is part or all of current assets. Perhaps the most common
liquidity ratio is the current ratio, or current assets/current liabilities. Because current
assets are expected to be converted to cash within one year, this liquidity ratio includes
assets and liabilities of equal longevity. The problem with the current ratio as a liquidity
ratio is that inventories, a current asset, may not be converted to cash for several months,
while many current liabilities must be paid within 90 days. Thus a more conservative
liquidity ratio is the acid test ratio -- (current assets - inventory)/current liabilities --
which excludes relatively illiquid inventories. The most conservative liquidity ratio is the
cash asset ratio or the cash ratio, which includes only cash and cash equivalents (usually
marketable securities) in the numerator. Finally, note that the liquidity ratio sometimes
means the cash ratio

II. Long –Term Solvency and Leverage Ratios:

Long-term solvency ratios convey a firm’s ability to meet the interest cost and repayment
schedules of its long-term obligation e.g. Debt Equity Ratio and Interest Coverage Ratio.
With the help of the various solvency ratios we can easily find out the payment capability
of the firm against its short term or long term liabilities. We can divide the various
solvency ratios on the two bases –
1. Short- term solvency- With the help of this ratio’s we can easily test the company
ability for the payment of its short term liabilities in this we can say that in this ratio
we can easily test the liquidity position of the company which we had already done
earlier in the project.
2. Long-term solvency – With the help of this ratio’s we can easily test the company
ability for the payment of its long term liabilities. This ratio is also known as Ratios
of financial position or Stability ratio’s.

III. Activity Ratios:

Activity ratios are calculated to measure the efficiency with which the resources of a firm
have been employed. These ratios are also called turnover ratios because they indicate the
speed with which assets are being turned over into sales e.g. fixed assets turnover ratio.
Activity ratios, thus involve a relationship between sales and assets. A proper balance
between sales and assets generally reflects that assets are managed well. Several activity
ratios can be calculated to judge the effectiveness of asset utilization.

IV. Profitability Ratios:

Profit is the difference between revenues and expenses over a period of time (usually one
year). Profit is the ultimate output of a company, and it will have no figure if it fails to
make sufficient profits. Therefore, the financial manager should continuously evaluate
the efficiency of the company in terms of profits. These ratios measure the results of
business operations or overall performance and effective of the firm e.g. gross profit
ratio, operating ratio or capital employed. Besides management of the company, creditors
and owners are also interested in the profitability of the firm. Creditors want to get
interest and repayment of principal regularly. Owners want to get a required rate of return
on their investment. This is possible only when the company earns enough profits.
Generally, two types of profitability ratios are calculated.

(a) In relation to Sales, and

(b)In relation in Investment
 PROFILE OF THE ORGANISATION

INDUSTRIAL CREDIT AND INVESTMENT CORPORATION

OF INDIA
(ICICI BANK)

INTRODUCTION:-

ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 billion (US$
81 billion) at March 31, 2010 and profit after tax Rs. 40.25 billion (US$ 896 million) for
the year ended March 31, 2010. The Bank has a network of 2,529 branches and 6,102
ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its specialized
subsidiaries in the areas of investment banking, life and non-life insurance, venture
capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches
in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab Emirates, China,
South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has
established branches in Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)
are listed on the New York Stock Exchange (NYSE).
HISTORY:-

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 Ahmedabad in March
2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in
April 2002. Consequent to the merger, the ICICI group's financing and banking
operations, both wholesale and retail, have been integrated in a single entity.
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors and
employees.

Investor Relations:-
ICICI Bank disseminates information on its operations and initiatives on a regular basis.
The ICICI Bank website serves as a key investor awareness facility, allowing
stakeholders to access information on ICICI Bank at their convenience. ICICI Bank's
dedicated investor relations personnel play a proactive role in disseminating information
to both analysts and investors and respond to specific queries.

ICICI Group Companies:-

ICICI Group
ICICI Prudential Life Insurance Company
ICICI Securities
ICICI Lombard General Insurance Company
ICICI Prudential AMC & Trust
ICICI Venture
Disha Financial Counselling
ICICI Foundation
ICICI Direct
Director's Profiles:-

Chanda Kochhar
Managing Director and Chief Executive Officer

R
aji
v
S
K. a
N.S. Kannan
Ramkumar b
h
ar
w
al
Executive Director & CFO Executive Director Executive Director

Mission:-
• Be the banker of first choice for our customers by delivering high quality, world-
class products and services.
• Expand the frontiers of our business globally.
Play a proactive role in the full realisation of India’s potential.
• Maintain a healthy financial profile and diversify our earnings across businesses
and geographies.
• Maintain high standards of governance and ethics.
• Contribute positively to the various countries and markets in which we operate.
• Create value for our stakeholders.
Vision:-
To be the preferred brand for total financial and banking.

Goal:-
A universal bank providing end-to-end financial services.

PRODUCTS AND SERVICES

BANKING ACCOUNTS:-
ICICI Bank offers a wide range of banking accounts such as Current, Saving,Life Plus
Senior, Recurring Deposit, Young Stars, Salary Account etc. tailor-made for every
customer segments, from children to senior citizens.Convenience and ease to access are
the benefits of ICICI Bank accounts.

YOUNG STARS ACCOUNT:-

A special portal for children to learn banking basics, manage personal finances and have

a lot of fun.

• BANK@CAMPUS
This student banking services gives students access to their account details at the click of
a mouse. Plus, the student gets a cheque book, debit card and annual statements.

• SAVINGS ACCOUNTS
Convenience is the name of the game with ICICI bank’s savings account. Whether it is an
ATM/debit card, easy withdrawal, easy loan options or internet banking, ICICI bank’s
saving account always keep you in touch of money.

• FIXED DEPOSITS
ICICI Bank offers a range of deposit solutions to meet varying needs atevery stage of life.
It offers a range of tenures and other features to suit allrequirements.

INSURANCE:-
The ICICI group offers a range of insurance products to cover varying needs ranging
from life, pensions and health, to home, motor and travel insurance. The products are
made accessible to customers through a wide network of advisors, banking partners,
Corporate agents and brokers with the added convenience of being able to buy online.

• LIFE INSURANCE
The ICICI group provides the many life insurance product through ICICI Prudential Life
Insurance Company.

• GENERAL INSURANCE
The ICICI group provides the many general insurance products like motor, travel and
home insurance through ICICI Lombard General Insurance Company.

LOANS:-
ICICI bank offers a range of deposits solutions to meet varying needs at everystage of
life. It offers a range of tenures and other features to suit all requirements.

• HOME LOAN
The No. 1 Home Loans Provider in the country, ICICI Bank Home Loans offers some
unbeatable benefits to its customers - Doorstep Service,Simplified Documentation and
Guidance throughout the Process. It's really easy!

• PERSONAL LOAN
ICICI Bank Personal Loans are easy to get and absolutely hassle free with minimum
documentation you can now secure a loan for an amount upto Rs. 15 lakhs.
 • VEHICLE LOANS
The No.1 financier for car loans in the country. Network of more than 2500 channel
partners in over 1000 locations. Tie-ups with all leading automobile manufacturers to
ensure the best deals. Flexible schemes & quick processing are the main advantages are
here. Avail attractive schemes at competitive interest rates from the No 1 Financier for
Two Wheeler Loans in the country. Finance facility upto 90% of the On Road Cost of the
vehicle, repayable in convenient repayment options and comfortable tenors from 6
months to 36 months.

CARDS:-
ICICI Bank offers a variety of cards to suit different transactional needs. Its range
includes Credit Cards, Debit Cards and Prepaid cards. These cards offer you convenience
for financial transactions like cash withdrawal, shopping and travel. These cards are

widely accepted both in India and abroad.

• CREDIT CARD
ICICI Bank Credit Cards give you the facility of cash, convenience and arrange of
benefits, anywhere in the world. These benefits range from lifetime free cards, Insurance
benefits, global emergency assistance service, discounts, utility payments, travel
discounts and much more.

• DEBIT CARD
The ICICI Bank Debit Card is a revolutionary form of cash that allows customers to
access their bank account around the clock, around the world. The ICICI Bank Debit
Card can be used for shopping at more than 3.5 Lakh merchants in India and 24 million
merchants worldwide.

• TRAVEL CARD
ICICI Bank Travel Card. The Hassle Free way to Travel the world. Traveling with US
Dollar, Euro, Pound Sterling or Swiss Francs; Looking for security and convenience; take
ICICI Bank Travel Card.issued in duplicate. Offers the Pin based security. Has the
convenience of usage of Credit or Debit card.

MOBILE BANKING:-
Bank on the move with ICICI Bank Mobile Banking. With ICICI Bank, Banking is no
longer what it used to be. ICICI Bank offers Mobile Banking facility to all its Bank,
Credit Card, Demat and Loan customers. ICICI Bank Mobile Banking can be divided
into two broad categories of facilities:

• Alert facility
ICICI Bank Mobile Banking Alerts facility keeps you informed about the significant
transactions in its Accounts. It keeps you updated wherever you go.

• Request facility
ICICI Bank Mobile Banking Requests facility enables you to query for its account
balance.

INVESTMENT PRODUCTS:-
Along with Deposit products and Loan offerings, ICICI Bank assists you to manage its
finances by providing various investment options ranging from ICICI Bank Tax Saving
Bonds to Equity Investments through Initial Public Offers and Investment in Pure Gold.
ICICI Bank facilitates following investment products:
• ICICI Bank Tax Saving Bonds
• Government of India Bonds
• Investment in Mutual Funds
• Initial Public Offers by Corporates
• Investment in "Pure Gold"
• Foreign Exchange Services
• Senior Citizens Savings Scheme, 2004

TRADE-SERVICES:
ICICI Bank offers online remittances as well as online processing of letters of credit and
bank guarantees.

ASSET-MANAGEMENT
Prudential ICICI Asset Management Company offers a wide range of retail mutual fund
products tailored to suit varied risk and maturity profiles.

CASH MANAGEMENT
ICICI Bank offers a complete range of highly customized solutions for managing both
the collections and payments requirements of clients by leveraging technology. Daily
customized transactions reports and real time web-enabled downloads, provide on-tap
information facilitating effective working capital management.

CORPORATE BANKING
ICICI Bank offers comprehensive and customized financial solutions for its corporate
clients, including rupee and foreign currency debts, working capital credit, structured

financing syndication and transaction banking products and services.

INTERNET BANKING
Internet banking is available to all ICICI bank savings and deposit account holders, credit
card, demat and loan customers. Internet banking service offers customers a world of
convenience with services such as balance enquiry, transaction history, account
statement, bill payments, fund transfers and accounts related service requests.
ATMs: With more than 2500 ATMs across the country, ICICI Bank has one of the largest
ATM networks in India.

PHONE BANKING
Phone banking offers 24*7 service across liability, asset and investment products to both
retail and corporate customers.

NRI-BANKING
A gamut of services to take care of all NRI banking needs including deposits, money
transfers and private banking.

MONEY2INDIA
A complete range of online and offline money transfer solutions to send money to India.

PROPERTY
For millions of home buyers across the country, ICICI Bank offers not just great deals on
home loans but also a wealth of expert advice. ICICI Bank offers home search service
which can help a customer identify the property of his choice based on his budget and
other requirements.

DEMAT ACCOUNTS
ICICI Bank’s demat services after unique features like e-constructions, consolidation,
digitally signed statements, mobile requests and corporate benefit tracking.

RURAL-BANKING
Bank offers technology-based solutions, financial innovations and multiple delivery

channels to meet the financial needs of rural areas.

MICROFINANCE
ICICI Bank assists over 2.5 million low income clients to build livelihoods by partnering
with over 100 microfinance institutions.

BRANCHES
ICICI Bank has a network of over 630 branches (of which 51 are extension counters)
across the country. The network puts a wide range of banking products and financial
services with in easy reach of retail and corporate customers.
RATIO ANALYSIS

OF

“ICICI BANK”
 RATIO ANALYSIS OF ICICI BANK

CURRENT RATIO:-

The ratio is mainly used to give an idea of the company's ability to pay back its short-
term liabilities (debt and payables) with its short-term assets (cash, inventory,
receivables). The ideal Current Ratio preferred by Banks is 1.33: 1. A much higher
ratio than 1.33: 1 may indicate the poor investment policies of the management.
The higher the current ratio, the more capable the company is of paying its
obligations. If the C.R. is less than 1.33: 1, it indicates lack of liquidity and
shortage of working capital.

The higher the current ratio, the more capable the company is of paying its obligations. A
ratio under 1 suggests that the company would be unable to pay off its obligations
if they came due at that point. While this shows the company is not in good
financial health, it does not necessarily mean that it will go bankrupt - as there are
many ways to access financing but it is definitely not a good sign .The current ratio
can give a sense of the efficiency of a company's operating cycle or its ability to
turn its product into cash.

Formula:-

Current ratio = Current assets/current liabilities

Year 2008 2009 2010

Current Ratio 0.10 0.13 0.13

ANALYSIS: - A ratio under 1 suggests that the company would be unable to pay off
its obligations due to the credit expansion, increasing demand deposits and other
liabilities. It results in higher profitability but lower liquidity. In FY 2009 and 2010
the current ratio is constant.
QUICK RATIO:-

The quick ratio or the acid-test ratio is a liquidity indicator that further refines the current
ratio by measuring the amount of the most liquid current assets there are to cover current
liabilities. The quick ratio is more conservative than the current ratio because it excludes
inventory and other current assets like prepaid expenses, which are more difficult to turn
into cash. Therefore, a higher ratio means a more liquid current position.

Formula:–

Quick ratio = Total current assets – Inventory- Prepaid expenses / Total current
liabilities.

Quick
Year Ratio 14.70
2008 5.94
2009 6.42
2010

ANALYSIS: - The quick ratio should be atleast 1. There is a decreasing trend of quick
ratio year by year which shows that the company is going less liquid year by year.
Company’s quick ratio is more than 1. This represents company has no liquidity problem
and it can easily fulfill its short-term obligations.

• GROSS PROFIT RATIO:–

Gross profit ratio (GP ratio) is the ratio of gross profit to net sales expressed as a
percentage. It expresses the relationship between gross profit and sales.

The basic components for the calculation of gross profit ratio are gross profit and net
sales. Net sales mean those sales minus sales returns. Gross profit would be the difference
between net sales and cost of goods sold. Cost of goods sold in the case of a trading
concern would be equal to opening stock plus purchases, minus closing stock plus all
direct expenses relating to purchases. In the case of manufacturing concern, it would be
equal to the sum of the cost of raw materials, wages, direct expenses and all
 manufacturing expenses. In other words, generally the expenses charged to profit and loss
account or operating expenses are excluded from the calculation of cost of goods sold.

Gross profit ratio may be indicated to what extent the selling prices of goods per unit may
be reduced without incurring losses on operations. It reflects efficiency with which a firm
produces its products. As the gross profit is found by deducting cost of goods sold from
net sales, higher the gross profit better it is. There is no standard GP ratio for evaluation.
It may vary from business to business. However, the gross profit earned should be
sufficient to recover all operating expenses and to build up reserves after paying all fixed
interest charges and dividends.

Formula:-
Gross profit ratio = Gross profit /total income × 100
r
ea
Y

2008 2009
GP Ratio 15.06 12.36 12.99

ANALYSIS: - In the year 2008-09 it has decreased by 2.7% due to recession and in
2009-10 the level of gross profit is increased by 0.54% but it is still comparatively lower.
The bank should increase its efficiency level of production.

• NET PROFIT RATIO:-

It is also called as Net profit to sales ratio. It measures relationship between Net
operating profit and sales and as such is expressed as percentage to sales. We can
calculate net profit of the company after deducting various expenses like administrative
expenses, financial expenses, sales expenses etc means here we consider profit before
taxation. NP ratio is used to measure the overall profitability and hence it is very
useful to proprietors. The ratio is very useful as if the net profit is not sufficient, the
firm shall not be able to achieve a satisfactory return on its investment. This ratio
also indicates the firm's capacity to face adverse economic conditions such as price
 competition, low demand, etc. Obviously, higher the ratio the better is the
profitability. But while interpreting the ratio it should be kept in mind that the
performance of profits also be seen in relation to investments or capital of the firm
and not only in relation to sales.

Formula:-
Net profit ratio = Net profit × 100 / total income

Year 2008 2009 2010

NP Ratio 12.17 9.74 10.51

ANALYSIS:-Net profit ratio is an indicator of operational efficiency or inefficiency.

Higher the ratio of net profit to sales is, better is the operational efficiency of the concern.
From the above graph it is clear that the net profit ratio has been decreased by 2.43% in
the year 2008-09 due to global recession and in 2009-10 it has been increased by 0.77%
which is a good indicator for the bank.

• OPERATING PROFIT RATIO:-

Operating profit means the profit generated from the principal business activities of the
company. It excludes the effect of non- operating income and expenses.
Formula:-

Operating profit ratio= (Operating profit / Income) * 100

2010 2009 2008 Year

16.95 14.13 14.45 Operating Profit Ratio

 ANALYSIS: - From the above table it is clear that operating profit ratio is declined in the
year 2008-09 due to increase in overheads and in the year 2009-10 it is gone up to
16.95% due to its better control over its administrative and selling and distribution
overheads.

• OPREATING RATI O:-

This ratio establishes the relationship between total operating expenses and sales. Total
operating expenses include cost of goods sold, administrative expenses, financial
expenses and selling and distribution expenses and with the help of this ratio we can
easily find out that operating expenses are how much percentage of the total sales.

Formula:–

Operating ratio = (cost of sales + other operating expenses)/total income × 100

Operating expenses = cost of goods sold + administrative expenses + financial

expenses +selling and distribution expenses.

Operating ratio = 100 - Operating profit ratio.

2010 2009 2008 Year
 ANALYSIS:- This ratio has increased in 2008-09 because Cost of goods sold as well as
the operating expenses have been increasing but in 2009-10 it has decreased to 83.05%
which shows that the bank has better control over its operating expenses.

Operating Ratio and Operating Profit Ratio are inter-related and total of both these Ratio
is 100. Both Ratios indicated the profitability of firm.

• RETURN ON GROSS CAPITAL EMPLOYED:-

This ratio is a barometer of the overall performance of the enterprise. It measures how
efficiently the capital employed in the business is being used.

Formula:-

Return on gross capital employed= (Net profit / Gross capital employed) * 100

(Gross capital employed= fixed assets + current assets)

Year 2008 2009 2010

ROA (%) 1.00 1.00 1.10

ANALYSIS:-Since this ratio measures the overall efficiency of management and

profitability of the firm, it holds its own importance. It is also used to measure the
profitability of a division or department of the business. The higher the ratio the better it
is. It was constant in 2008-09 but increased in 2009-10 which is a good sign for the bank.

RETURN ON SHAREHOLDERS:-

It indicates percentage return earned by the equity shareholders in any year on

their funds invested in the business of the company.

Formula:-
 Return on shareholders= (Net profit / Shareholders funds) *100

Year 2008 2009 2010

ROE (%) 8.90 7.50 7.80

ANALYSIS: - The higher the ratio the better it is. This ratio has shown a decrease in the
year 2008-09 by 1.4%. This ratio has not shown a specific trend as it has increased in
2009-10 which shows comparatively more returns to shareholders. It is a sign of sound
management policies.

EARNING PER SHARE:-

This ratio is helpful in the determination of the market price of the equity share of the
company. The ratio is also helpful in estimating the capacity of the company to
declare dividends on equity shares.

Formula:-

EPS = Net profit after interest, tax & preference dividend /No. of equity shares

Y 2 2 2
e 0 0 0
a 0 0 1
r 8 9 0
Earnings Per Share 37.37 33.76 36.10
(Rs)

ANALYSIS: - From the above figures we can see that there has been a big decrease in
EPS in year 2009 and next year it has increased to 36.10. A higher EPS associated
with lower business and financial risk leads to increase in market price of the
company and consequently maximization of wealth.

DIVIDEND PER SHARE:-

This ratio is useful for small investors, who want to earn stable income. On the other
hand investor desiring to have controlling interests will be interested in EPS. This
ratio is also used to calculate market price per share of the company.

Formula:-

DPS = Dividend paid to equity shareholders / No. of equity shares

Ratio 11.00 11.00 12.00

Year 2008 2009 2010
ANALYSIS: - From the above figures we can see that DPS has been constant in 2009
and then increased. This Ratio indicates how much profit has been given in hand to
the equity share holders. This represents higher the ratio more is the goodwill of the
firm.

• Fixed Asset Turnover Ratio :-

This ratio is a rough measure of the productivity of a company's fixed assets (property,
plant and equipment or PP&E) with respect to generating sales. For most companies,
their investment in fixed assets represents the single largest component of their total
assets. This annual turnover ratio is designed to reflect a company's efficiency in
managing these significant assets. Simply the higher the yearly turnover rate, the better. It
represents a multiplicity of management decisions on capital expenditures.

Formula:-
Fixed turnover ratio = net sales/fixed assets

Year 2008 2009 2010

Ratio 5.61 5.14 4.60

ANALYSIS: - The ratio measures the degree of efficiency in fixed assets utilization.
Higher the ratio better is the utilization of fixed assets. Here the ratio is showing
declining trend so the management and utilization of fixed assets is less efficient.
• DEBT-EQUITY RATIO:-

The debt-equity ratio is leverage ratio that compares a company's total liabilities to its
total shareholders' equity. This is a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the shareholders have
committed. To a large degree, the debt equity ratio provides another vantage point on a
company's leverage position, in this case, comparing total liabilities to shareholders'
equity, as opposed to total assets in the debt ratio. Similar to the debt ratio, a lower the
percentage means that a company is using less leverage and has a stronger equity
position.

Debt equity ratio = external equities / internal equities

Internal equities / owner’s equities = Share capital + Reserve & surplus
External equities = Current liabilities + long term liabilities

Year 2008 2009 2010

Debt-Equity Ratio 5.27 4.42 3.91

ANALYSIS: - The ideal debt-equity ratio is 2:1 but in this case it is more than ideal ratio
which results in lower return to equity shareholders and it increases financial risk of the
bank. There is a decreasing trend in debt-equity ratio which is a good indicator.

• INTEREST COVERAGE RATIO:-

A coverage ratio encompasses many different types of financial ratios. Typically, these
kinds of ratios involve a comparison of assets and liabilities. The better the assets "cover"
the liabilities, the better off the company is.
This ratio is used to determine how easily a company can pay interest on outstanding
debt. The interest coverage ratio is calculated by dividing a bank's earnings before
interest and taxes (EBIT) of one period by the bank's interest expenses of the same
period.
Formula:-

Interest coverage ratio = EBIT/ Interest

2010 2009 2008 Year

 0.25 1.25 Financial charges coverage ratio
0.33
 ANALYSIS:-The lower the ratio, the more the company is burdened by debt expense.
When a company's interest coverage ratio is 1.5 or lower, its ability to meet interest
expenses may be questionable. An interest coverage ratio below 1 indicates the company
is not generating sufficient revenues to satisfy interest expenses. In 2010 the ratio is 0.33
it means bank is required to pay interest of Re.1 while the amount available for payment
of interest is Re.0.33.

• CREDIT TO DEPOSIT RATIO:-

The ratio is indicative of the percentage of funds lent by the bank out of the total amount
raised through deposits. Higher ratio reflects ability of the bank to make optimal use of
the available resources. The point to note here is that loans given by bank would also
include its investments in debentures, bonds and commercial papers of the companies.

Formula:-
CD Ratio= Advances/ Deposits

2009 Year
2010
Ratio2008 84.99 91.44 90.04

ANALYSIS:-This ratio forms an integral part of analysis as it indicates the amount of

reliability the bank has earned in the minds of its customers and evidence of its
robustness .In comparison to 2008 the ratio has increased which reflects the ability of the
bank to make optimal use of the available resources.
 FINDINGS

1. The current ratio of the bank is around 0.13 which is very less than the ideal ratio of
1.33:1 this shows that bank’s current asset is not sufficient to pay off its current
liabilities. It indicates lack of liquidity and shortage of working capital.

2. The quick ratio shows an increasing trend throughout the period 2007 – 08 to 2009-10
resulting as 14.7, 5.94, and 6.42. This shows company has no liquidity problem and it can
easily fulfill its short-term obligations.
3. In the year 2008-09 Gross Profit has decreased by 2.7% due to recession and in 2009-
10 the level of gross profit is increased by 0.54% but it is still comparatively lower. The
bank should increase its efficiency level of production.

4. Net profit ratio has been decreased by 2.43% in the year 2008-09 due to global
recession and in 2009-10 it has been increased by 0.77% which is a good indicator for the
bank.

5. The operating ratio has increased in 2008-09 because Cost of goods sold as well as the
operating expenses have been increasing but in 2009-10 it has decreased to 83.05%
which shows that the bank has better control over operating expenses.

6.Operating profit ratio is declined in the year 2008-09 by 10.91% due to increase in
overheads and in the year 2009-10 it is gone up to 24.36 due to its better control over its
administrative and selling and distribution overheads.

7. The fixed assets turnover shows declining trend throughout the period 2007–08 to
2009-10 resulting as 5.18, 5.00 & 4.24 so the management and utilization of fixed assets
is less efficient.

8. The debt equity ratio shows an increasing trend it is 5.27 in the year 2007-08 and then
it decreases and become 4.42 in the year 08-09 and then again decline and become 3.91
in the year 2009-10. The ideal debt-equity ratio is 2:1 but in this case it is more than ideal
ratio which results in lower return to equity shareholders and it increases financial risk of
the bank.

9. Return on gross capital employed was constant in the year 2007-08 & 2008-09 but in
2009-10 it has increased to 1.30 which is a good sign for the bank.
10. Interest coverage ratio in 2009-2010 is 1.63 it means bank is required to pay interest
of Re.1 while the amount available for payment of interest is Rs.1.63.

11. Credit to deposit ratio shows increasing trend throughout the period 2007–08 to 2009-
10 resulting as 62.9, 69.24 & 75.17 which reflects the ability of the bank to make optimal
use of the available resources.

12. Earning per share shows an increasing trend from 2007-08 to 2009-10. A higher EPS
associated with lower business and financial risk leads to increase in market price
of the company and consequently maximization of wealth.

13. Dividend per share has been representing an increasing trend which indicates how
much profit has been given in hand to the equity share holders. This represents
higher the ratio more is the goodwill of the firm.

14. Return on shareholder has shown an upward trend in the year 2008-09. It is a sign of
sound management policies. This ratio has not shown a specific trend as it has decreased
in 2009-10 which shows comparatively lower returns to shareholders. The higher the
ratio the better it is.

RECOMMENDATIONS & CONCLUSION

1. The net sales of the company in 2009-10 is Rs. 16,172.91 crore which is less than the
previous financial years 2008-09 it shows that the productivity of the industry decreases
day by day and industry should adopt new technologies to improve productivity.

2. The ideal current ratio should be 1.33:1, and from calculating the current ratio’s of
previous three years financial year it is found that in each year it is always less than 1, it
shows that bank has insufficient current assets to fulfill its current liabilities so the bank
should maintain more funds to fulfill its short term obligations.
3. The bank can improve its gross profit ratio in any of the following ways like by
increasing the selling price of its products, by reducing its cost & by changing its sales
mix i.e., increasing the proportion of sales of the product having higher gross profit ratio.

4. The bank can improve the operating profit ratio by reduction of administrative, selling
& distribution overhead & also by increase in capacity utilization.

5. To come out of the situation of return on equity the bank should either try to enhance
its ROI or it should decrease the proportion of debt in its capital structure.

6. The ideal debt-equity ratio is 2:1 but in this case it is more than ideal ratio which
results in lower return to equity shareholders and it increases financial risk of the bank.
So the bank should either to increase the equity or decrease the debt.

7. There is no ideal interest coverage ratio but from the point of view of money lenders it
is preferable on higher side but a very high ratio is not favourable from the point of view
of bank.
8. EPS ratio is of immense use for capital structure decisions. The bank should select a
capital structure which has higher EPS provided it does not reduces P/E ratio of the bank.

BIBLIOGRAPHY & REFERENCES

www.icicibank.com

www.wikipedia.org

http://money.rediff.com

http://www.moneycontrol.com

Khan M.Y, Jain P.K “Management Accounting”

 Module of Financial Management of ICAI

Chandra Prasanna, “Fundamental of Financial Management”

ANNEXURE
COMPARATIVE FINANCIAL STATEMENTS
PROFIT AND LOSS A/C

Rs. In crores

Mar ' 10 Mar ' 09 Mar ' 08

Income
 Mar ' 10 Mar ' 09 Mar ' 08
Operating income 32,747.36 38,250.39 39,467.92
Expenses
Material consumed - - -
Manufacturing expenses - - -
Personnel expenses 1,925.79 1,971.70 2,078.90
Selling expenses 236.28 669.21 1,750.60
Administrative expenses 7,440.42 7,475.63 6,447.32
- Expenses capitalized
-
Cost of sales- 9,602.49 10,116.54 10,276.82
Operating profit 5,552.30 5,407.91 5,706.85
Other recurring income 305.36 330.64 65.58
Adjusted PBDIT 5,857.66 5,738.55 5,772.43
Financial expenses 17,592.57 22,725.93 23,484.24
678.6 Depreciation
0578.
35
Other write offs619.50 - - -
Adjusted PBT -12,354.42 -17,665.98 5,194.08
Tax charges 1,600.78 1,830.51 1,611.73
Adjusted PAT 3,890.47 3,740.62 4,092.12
Non recurring items 134.52 17.51 65.61
- Other non cash adjustments
0.58-
Reported net profit- 4,024.98 3,757.55 4,157.73
Earnigs before appropriation 6,834.63 6,193.87 5,156.00
Equity dividend 1,337.95 1,224.58 1,227.70
Preference dividend - - -
Dividend tax 164.04 151.21 149.67
4,818 Retained earnings
.073,
778.6
3
5,332.63

BALANCE SHEET

Rs. In crores
 Mar '08Mar '09Mar '1012 mths12 mthsCapital and Liabilities:Total Share Capital1,462.681,463.291,114.89Equity
Share Capital1,112.681,113.291,114.89Share Application Money0.000.000.00Preference Share
Capital350.00350.000.00Reserves45,357.5348,419.7350,503.48Revaluation Reserves0.000.000.00Net
Worth46,820.2149,883.0251,618.37Deposits244,431.05218,347.82202,016.60Borrowings65,648.4367,323.6994,26
3.57Total Debt310,079.48285,671.51296,280.17Other Liabilities & Provisions42,895.3943,746.4315,501.18Total
Liabilities399,795.08379,300.96363,399.72Mar '08Mar '09Mar '1012 mths12 mths12 mthsASSETSCash & Balances
with RBI29,377.5317,536.3327,514.29Balance with Banks, Money at
Call8,663.6012,430.2311,359.40Advances225,616.08218,310.85181,205.60Investments111,454.34103,058.31120,8
92.80Gross Block7,036.007,443.717,114.12Accumulated Depreciation2,927.113,642.093,901.43Net
Block4,108.893,801.623,212.69Capital Work In Progress0.000.000.00Other
Assets20,574.6324,163.6219,214.93Total Assets399,795.07379,300.96363,399.71Contingent
Liabilities371,737.36803,991.92694,948.84Bills for collection29,377.5536,678.7138,597.36Book Value
(Rs)417.64444.94463.01