Benchmarking Performance Indicators:

Evidence from Banking Sector of Pakistan

Chaudhary Anees Bajwaa

Institute of Management Sciences, IQRA University
Email: as.bajwaa@gmail.com

Imtiaz Arif
Institute of Management Sciences, IQRA University
Email: arif.i@iuk.edu.pk

Wasim Ud Din
Institute of Management Sciences,
Comsats Institute of Information Technology, Islamabad
Email: wasimkust@gmail.com

Abstract:
Purpose: The aim is to provide insight regarding performance evaluation of twenty-four different banks
in Pakistan with relation to the stock market.
Design/methodology/approach: The methodology is based on Grey Relation Analysis (GRA) by using
six-power analyses which has been used previously in the field of industry and commerce for evaluating
the comparative performance of banks. Furthermore, the GRA is based on TOPSIS technique to rank
the banks.
Findings: The findings reveal that benchmarking performance indicators are essentially locating the
representative indicator from the existing ratios most commonly used in financial analysis to assess
business operational performance. The GRA is linked with Technique for Order Preferences by the
Similarity to Ideal Solution (TOPSIS) technique may result in incompleteness in the combination of
ratios, and requires adjustment when other issues for analysis are involved. Overall, the study also
demonstrates that a bank with a high ROA leads to a high financial performance. This paper conducted
a review of literature and used six-power analyses to aggregate financial ratios appropriate for the
TOPSIS technique. Future research could set up a specific model for the preliminary selection of
financial ratios with a new to make studies of this kind more complete.
Limitations: The current study is limited to twenty-four listed banks of Pakistan Stock Exchange (PSX)
during period from 2013 to 2015 and also limited to secondary data instead of primary data.
Originality/Value: This paper presented a new technique for performance evaluation – GRA. The major
contribution of this paper is to use 24 banks in order to investigate the performance evaluation of listed
banks of PSX during period from 2013 to 2015. Furthermore, GRA could avoid the waste of resources
due to the uncertainty of relations among the ratios when using them for analysis.
Key words:
Performance, stock market, indicators, outcomes, financial performance, specific model.
Paper Type: Conceptual Paper

Introduction
A firm’s owner could conduct internal / specific measurement techniques at systematic intervals and the
management of the firm can also gain an improved understanding regarding efficient use of their
1
means. The outcome of such a performance assessment can help the owner of a business with regards
to the situation in terms of resources allocation for the future. The professionals and businesses can
create their objectives, evolving methods for achieving stated objectives and a performance evaluation
of system is known as benchmarking (Tapas, 1998). Hence, effective benchmarking performance
evaluation for businesses is absolutely contributing to operational management. In the banking industry,
the performance evaluation of commercial banks has achieved a better consideration in the past years
(Seiford and Zhu, 1999). Mohapatra, (2012) said that the process of benchmarking is to understand,
identify and adapt the unresolved practices and process of businesses anywhere in the world in order to
help and improve their performance in relation to the performance of other businesses. In order words,
the author has defined benchmarking as a secret process of relating the performance of one business
with its rivals, along with the alteration in rationality that is mainly required by the new-fangled level of
directness and originality. The past work done by Ho (2006) and Ho and Wu (2006) is a source of
inspiration and that are mainly concerned with the performance of banks and their evaluation that mainly
emphasizes on operational performance. Furthermore, researchers have said that the performance of a
certain stock has a direct effect on sound decision making regarding investors- which generally goes
unnoticed. Therefore, Ho and Wu (2006) attempted to present an idea regarding the performance
evaluation of three major banks of Australia. The assessment of the operative performance of
businesses is a major apprehension for governments, industries and academies alike. In addition to this,
the operative performance of a business not only serves as a basis for improvements and as criteria for
noticing problematic issues within the business, but also as a policy determinant for government to take
appropriate measures.

Firms managements conduct their own analysis and measurements at regular intervals of time and such
management are enhancing in order to understand the successfulness of enterprise in general. The
outcomes of such performance evaluation serve as a reference point in allocating the resources of
enterprise in future. Although Benchmarking is unquestionably an essential tool for consultants and
enterprises for establishing their objectives, other approaches should be developed alongside, to
measure the achievement of objectives and the performance of the system (Tapas, 1998). Therefore,
effective benchmarking performance evaluation for an enterprise can contributes regarding basic level to
the performance evaluation of banks; mostly commercial banks has been receiving greater consideration
over previous numerous years (Seiford and Zhu, 1999). The past work done by many researchers have
said that the performance evaluation of banks mainly focuses on operative performance. The evaluating
of the operative performance of firms is a major issue for academics, governments, and industries.
Operative performance is not only serves as a foundation for a firm’s enhancement and standards for
noticing enigmatic issues but also serves as policy determinants for the states in taking appropriate
measures. However, selecting a practical technique for effective performance evaluation is not a simple
task. There is extensive past work done by numerous researchers that discusses diverse research
methods that are mainly applied to a firm’s performance evaluation such as the financial statement
analysis (Collins, 1980; Espahbodi, 1991; Ho, 2006; Ho and Wu, 2006; Pantalone and Platt, 1987) and
the GRA (Ho, 2006; Ho and Wu, 2006; Tsai, 2000).

Seiford and Zhu (1999) who claimed that operative benchmarking performance evaluation for
businesses absolutely contributes to effective management. The performance evaluation of banks shows
that commercial banks have attained a good consideration during past years. It is clear from the above-
mentioned views of scholars that without benchmarking, it is difficult for organizations to compete either
on national or international level. According to Mohapatra (2012) benchmarking can be different in
different organizations such as manufacturing and services industry. In the manufacturing industry, it is
fairly defined through productivity which is the ratio of output to input while in service industry, the
enigmatic issues rise because of output is not visible and physical. But the services industry provides
extra enigmatic issues in measuring productivity and performance related matters. In short, the current
study is used GRA in order to investigate the ranking based benchmarking of banking industry of
2
Pakistan during the period of 2013 to 2015. This paper is divide in five parts i.e. introduction, literature
review, the data and methodology, results and discussion and conclusions.

Literature Review
Different scholars across the globe have investigated the optimal capital structure from different
perspectives. The pioneer work done by the two scholars Ho and Wu (2006), who studied the
benchmarking performance indicators of three major banks of Australia, gives us a good insight. The
main goal of their work was to create a performance evaluation of banks with the performance of the
stock market being taken into attention. The methodology is based on the Financial Statement Analysis
(FSA) and the Grey Relation Analysis (GRA) which is a concept taken from the industry and has been
increasingly applied in the field of commerce. The main objective of using the GRA technique is to
lessen the number of financial indicators by choosing demonstrative indicators from the FSA. They used
only year 2000 for FSA and GRA. There are 59 indicators of three banks of Australia for analysis. In
GRA, the indicator reduced to 23 by applying clustering after vector normalization which leads to
reducing the rate of benchmarking performance indicator to 61.02 percent. The results of the GRA test
are the same when compared the results of the FSA test. Overall, their work yielded the hypothetically
expected outcomes of the three banks. Please rephrase, because this passage is extremely unclear!

Ho (2006) measured the operation performance of the banking sector by used GRA. The objective of his
study is based on a new methodology of performance evaluation known as GRA which is an idea taken
from the of industry and progressively used in the field of commerce to evaluate the relative performance
of three investment Taiwanese trust firms that are restructured into banks. The goal of GRA is based on
the belief to reduce the number of monetary indicators by picking the representative indicators from the
FSA. They used only year 1997 for FSA and GRA. There are 38 indicators of three banks for analysis. In
GRA, the indicator reduced to 17 by applying clustering after vector normalization which leads to
reducing the rate of benchmarking performance indicator to 55.03 percent. The findings reveal that size
of sample and unidentified the distribution of secondary data. In short, GRA tool are successfully used in
evaluating the performance of banking industry. Furthermore, similar results are attained when
comparing the result of GRA with FSA.

Xiong (2007) used GRA to evaluate the financial condition of the listed firms. The methodology is based
on Grey Relational Analysis (GRA) technique that is used to evaluate the financial situation of the listed
companies. The finding reveals that GRA is flexible and are avoiding the demerits of evaluating financial
condition from only in one feature in the earlier period. Peker and Baki (2011) measured the
performance evaluation in Turkish Insurance sector with by using the GRA. The objective of their work is
based on ranking of the financial performance of three leading firms that are functioning in the insurance
sector. The methodology is based on GRA that are measuring firm’s performance by liquidity, financial
leverage and profitability ratios. It is concluded that a firm with higher liquidity ratios may have a higher
financial performance.

Dogan (2013) measured banking performances in Turkey using the GRA. The aim of his study used
GRA measurement and comparison of monetary performances of ten banks listed on Istanbul Stock
Exchange (ISE) during period from 2005 to 2011. The second objective of his work was to lessen the
number of financial ratios that are used to find the performance of banks, and by doing so, obviously
identifying that financial ratios are more important in measuring the performance. The result reveals that
Akbank is on first number and Yapı Kredi Bank is on the tenth number in financial performance. In
addition to this, the study also finds that a bank with a higher ROA ratio could also have a higher
financial performance. There is another study done by Dogan (2015) who studied the comparison of the
financial performance of banks in Turkey. The objective of his works is used GRA technique for
measurement and comparison of financial performances of banks during period from 2012 to 2014. The
second objective of the study was to lessen the number of financial ratios, which determine participation
3
of bank performance, and by doing so, identify which financial ratios are essential in performance
measurement. The result reveals that Albaraka Turk is on the first number and Bank Asya is on the tenth
number in financial performance. Furthermore, the study also finds that a participation bank with a high
ROA leads to a high financial performance.

In short, the literature examines that the significance of benchmarking performance indicators for
banking industry on an international level. However, no specific study has been conducted in the context
of Pakistan regarding benchmarking performance indicators of banking. This study tries to fill the gap in
academic research as a combination of forty-eight financial ratios by using FSA and GRA method during
period from 2013 to 2015. The ranking of 24 banks will be performed which is based on the Technique
for Order Preferences by the Similarity to Ideal Solution (TOPSIS) in GRA after vector normalization and
to investigate the proposed model, ranking of banking industry and will also compare the FSA with GRA.

Data and Methodology

The population of the current study is based on banking industry of Pakistan while sample size is the
listed 24 banks of Pakistan Stock Exchange. The software used in current study is MS-Excel and Turbo
Pascal 8. The current study is an applied research in terms of objectives and it is a descriptive in terms
of methodology. The methodology of current paper is GRA which is linked with TOPSIS (Ho and Wu
2006). The concept of GAR was initially given by Deng (1982), and was grounded on the theory of grey
relation space. The essential meaning of the word greyness means the information that is half-finished
or unfamiliar. Hence, an element from half-finished message is measured as a grey element. Grey
relation means the measurement of varying links between two systems or between two factors that
happen in a system in some period (Shih et al., 1994), and GRA is a research technique used to capture
the links among elements when the movements of their growth have either heterogeneity or
homogeneity (Deng, 1989). If two elements develop in a consistent trend, the two elements have a high
level of relation. If two elements are developing and unable to follow a consistent trend will lead to lower
level of relation. Deng (1989), proposed that the following modeling is considered in GRA.

Let, X = {xj| j = 1,2,…..;n} selected as a factors in a grey relations in sequential order.

Where,

x1 ϵ X = Reference Order
x1 ϵ X ( j ≠ 1) = Comparative Order
Then x1(i) and xj (i) (I = 1, 2, . . . , m; j = 2, 3, . . . , n) would be the values of x 1 and xj at point i. If
are the real numbers, then it is calculated in 3.1 equation.

………………………….……………….………….....…(4.1)

The mean value of x1(i) and xj (i) necessity to meet 4-axioms of the grey relation:
Axiom No. 1: The Norm Interval [ 0 < ≤ 1]
=1↔ x1= xj, (i.e. whole relation)
= 0 ↔x1=xj, (i.e. whole non-relation)
Axiom No. 2: The Duality Symmetric

= ↔X=
=1↔ x1=xj,
Axiom No. 3: The Wholeness

= ↔ X=

4
Axiom No. 4: The Approachability
get higher along with | get lesser

If 4-axioms are fulfilled, then g(x1(i) and xj (i)) is called as grey relation coefficient of xj to x1 at point i. The
order of financial indicators in a cluster is based on the magnitude of the grey relational coefficient. Deng
(1982) has presented the mathematical equation that satisfies the 4-axioms of grey relation which is
given as under:

It is getting large, to affect its loss-authenticity and to heighten the remarkable difference among
correlation coefficients. In short, GRA is conception which is borrowed from the industries and
progressively applied in field of commerce for evaluating the relative performance of major banks. The
aim of using the GRA tool is to lessen the number of financial indicators by choosing some
representative indicators from the financial statement analysis (Ho and Wu 2006). The TOPSIS was
initially developed by Hwang and Yoon (1981). The aim of TOPSIS is to determine a solution which is
closest to the positive ideal solution (A+) and furthest from the negative ideal solution (A-). In addition,
the A+ is the most effective or least costly value among a set of feasible solutions while A- is a value of
least effectiveness and highest cost. TOPSIS is used as the ranking method in GRA in the previous
studies. The merit of such technique is fairly simple that yield an extremely consistent preference of
order (Ho, 2006; Ho and Wu, 2006).

The TOPSIS technique is calculating the net performance score of separate bank. After accompanying
the TOPSIS technique, the researchers determine the results of ranking regarding three major banks of
Australia in terms of profitability, leverage, asset utilization, liquidity, growth, stock performance and total
performance. There are six steps which are used in TOPSIS. In first step, the vectors are normalized by
the formula given in equation 4.3. Furthermore, the GRA method follows TOPSIS which is based on
normalization of vector and focusing by using original value of ratio and then taking square root of the
summation of unique indicator values (Ho, 2006; Ho and Wu, 2006).

…………………………………………..…….…………..….…….........(4.3)

Where,

i = The ith bank

5
 j = The jth financial ratio
rij = The value of performance regarding financial ratios after normalization of vectors for
magnitude and direction
xij = The unique performance value of financial ratios
m = The no. of banks

In second step, clustering is performed on the bases of the grouping and significant values, and remove
those financial ratios that are not significant which are used in FSA (Ho, 2006; Ho and Wu, 2006). In
short, many studies perform GRA by using TOPSIS analysis to execute benchmarking performance
indicator and ignored the step of clustering of financial indicators (Lai et al., 1994; Jahanshahloo et al.,
2009; Wu and Chuang, 2013; Sałabun, 2013). Hence, the indictors used in FSA and GRA are forty-eight
and both analysis in current study used same indicators. In third step, the following formulas are used for
Positive Ideal Solution (A+) and Negative Ideal Solution (A-).

……..(4.4)
…......(4.5)
Where,

J = {j = 1, 2, ...., k | k is the efficiency}

J' = {j = 1, 2, …., k | k is the cost}

In fourth step, distance was calculated from each solution (bank) to the Positive Ideal Solution (S +) and
the Negative Ideal Solution (S-) by following formulas shown in equation 4.6 and 4.7, we get;

………………………………………….………………..…............................(4.6)

………………………………………….……….……………………..............(4.7)

S+i is the smallest distance from the ideal solution (bank); S-i is the furthermost distance from the worst
solution (bank). In second last step, the Proximity is calculated of each Solution (Bank) to Ideal Solution
(C*i) by the following formula shown in equation 3.8, we get;

……………………………………………..……………..……………………...…..(4.8)

The last step is based on the value of C*i from previous step and rank the performance among solutions
(banks). In this way, the ranking results of all 24 banks in terms of profitability, asset utilization, leverage,
liquidity, growth, stock performance and net performance are performed in Techniques under Order
Preferences by the Similarity to Ideal Solution (TOPSIS) technique.

In short, many studies perform GRA by using TOPSIS analysis to execute benchmarking performance
indicator and ignored the step of clustering of financial indicators (Lai et al., 1994; Jahanshahloo et al.,
2009; Wu and Chuang, 2013; Sałabun, 2013). Hence, the indictors used in FSA and GRA are forty-eight
and both analysis in current study used same indicators. The current study focused on the forty-eight
financial ratios during period of 2013 to 2015 regarding twenty-four banks by using twelve profitability
ratios, two assets utilization ratios, nine leverage ratios, seven liquidity ratios, ten growth ratios and eight

6
stock performance ratios and net performance by using TOPSIS technique are shown in Appendix,
Table 4.1.

Results and Discussions

The ranking of twenty-four banks in the year 2013 to 2015 under TOPSIS analysis is shown in Appendix
Table 5.1, Table 5.2 and Table 5.3. The TOPSIS technique is used to fine the relative performance of
the banks under scrutiny. For TOPSIS, the selected indicators should have the shortest distance from
the ideal solution and farthest from the worst. The ideal solution is the one that enjoys the largest
efficiency indicator and the smallest cost indicators among each of the substitute banks. The worst
solution is the one that enjoys the smallest efficiency indicator and the largest cost indicator among each
of the substitute-bank.

It is clear form Table 5.1 that the highest net performance is for National Investment Bank (NIB), and
lowest net performance is for Bank Alfalah Limited (BAFL) in the year 2013. It is a time to exert safety
measure to improve overall performance based on profitability, asset utilization, liquidity, leverage,
growth, stock performance. The ranking result of top eight banks gives the road map for lower banks
from 9 to 24 to improve their financial performance in future. Furthermore, the banks if get edge in any
ratio among forty-eight indicators; that bank will get also edge in overall performance. So, banks must
consider the FAS and GRA by critically examining the financial ratios to compare their result with their
own result.

It is clear form Table 5.2 that the highest net performance is for Allied Bank Limited (ABL) and lowest
net performance is for National Investment Bank (NIB) in the year 2014. It is a time to exert safety
measure to improve overall performance based on profitability, asset utilization, liquidity, leverage,
growth, stock performance. The ranking result of top eight banks gives the road map for lower banks
from 9 to 24 to improve their financial performance in future. Furthermore, the banks if get edge in any
ratio among forty-eight indicators; that bank will get also edge in overall performance. So, banks must
consider the FAS and GRA by critically examining the financial ratios to compare their result with their
own result. It is clear form Table 5.3 that the highest net performance is for United Bank Limited (UBL)
and lowest net performance is for SILK Bank Limited (SILK) in the year 2015. It is a time to exert safety
measure to improve overall performance based on profitability, asset utilization, liquidity, leverage,
growth, stock performance. The ranking result of top eight banks gives the road map for lower banks
from 9 to 24 to improve their financial performance in future. Furthermore, the banks if get edge in any
ratio among forty-eight indicators; that bank will get also edge in overall performance. So, banks must
consider the FAS and GRA by critically examining the financial ratios to compare their result with their
own result.

In order to comparing banks from 2013 to 2015, the NIB comes 1st in total performance in the year 2013
while comes 24th in the year 2014 and 23rd in the year 2015. It is due to less total assets and income as
compared to other banks. The lower the net income the lower will be its net performance on the basis of
TOPSIS. The BIPL comes 2nd in total performance during 2013, comes 21st in total performance in 2014
and comes 4th in total performance in 2015. It is due to fluctuation in total asset and net income that
varies for BIPL as compared to other banks. The list of total assets and net income of 24 banks during
period from 2013 to 2015 is shown in Appendix Table 5.4 and 5.5, respectively.

Conclusions
In today’s world, economic growth of a country depends on its financial sector especially banking
industry working in that country. This study is conducted to investigate the benchmarking performance
indicators. The objective of the current study is to construct a performance evaluation of listed banks of
Pakistan Stock Exchange taken into consideration during period from 2013 to 2015. The methodology is
based on GRA in order to use TOPSIS technique which are focusing on forty-eight indicators regarding
7
twenty-four banks. The overall result shows the rating of twenty-four banks in year 2013 to 2015 and
shows rankings which are varying by using six indicators such as profitability, asset utilization, leverage,
liquidity, growth and stock performance. Overall, GRA gives different results based on proximity value to
positive ideal solution in the year 2013 to 2015 by examining the overall performance of twenty-four
banks to rank the banks as well. Furthermore, the banks if get edge in any ratio among forty-eight
indicators that bank will get also edge in overall performance. It is highly recommended for banking
sector of Pakistan that is to identify the weaknesses and treats to avoid and improve the profitability,
asset utilization, leverage, liquidity, growth and stock performance, also striving to expand their inside
operational efficiency and also productivity in organizing both human and monetary capital. So, paying
attention to the benchmarking as an important factor for measuring financial performance on the basis of
ranking.

References

Anand, G. and Kodali, R. (2008), “Benchmarking the benchmarking models. Benchmarking”, An International
Journal, Vol. 15 No. 3, pp. 257-291.

Bemowski, K. (1991), “The benchmarking bandwagon”, Quality progress, Vol. 24 No. 1, pp. 19-24.

Collins, R.A. (1980), “An empirical comparison of bankruptcy prediction model”, Financial Management, Vol 9
No. 2, pp. 52-57.
Dogan, M. (2013). Measuring bank performance with gray relational analysis: The Case of Turkey, Vol. 13
No. 2, pp. 215.

Dogan, M. (2015), “Comparison of financial performance of participation banks in Turkey”, Journal of

Economics Finance and Accounting, Vol. 2 No. 4, pp. 1-13.

Espahbodi, P. (1991), “Identification of problem banks and binary choice models”, Journal of Banking &
Finance, Vol. 15, pp. 53-71.

Fielding, G.J., Babitsky, T.T., and Brenner, M.E. (1985), “Performance evaluation for bus transit.
Transportation Research”, Vol. 19 No. 1, pp. 73-82.

Grosskopf, S., and Valdmanis, V. (1987), “Measuring hospital performance: a nonparametric approach”,
Journal of Health Economics, Vol. 6, No. pp. 89-107.

Ho, C. T., and Wu, Y. S. (2006), “Benchmarking performance indicators for banks. Benchmarking”, An
International Journal, Vol. 13 No. 2, pp. 147-159.

Ho, C. T. (2006), “Measuring bank operations performance: an approach based on Grey Relation Analysis”,
Journal of the Operational Research Society, Vol. 57 No. 4, pp. 337-349.

Huang, M. C. (1986), “A study of domestic bank’s performance”, Basic Finance Publication, Taipei.

Jahanshahloo, G. R., Lotfi, F. H., and Davoodi, A. R. (2009), “Extension of TOPSIS for decision-making
problems with interval data: Interval efficiency”, Mathematical and Computer Modelling, Vol. 49 No. 5,
pp.1137-1142.
Lai, Y. J., Liu, T. Y., and Hwang, C. L. (1994), “TOPSIS for MODM. European Journal of Operational
Research”, Vol. 76 No. 3, pp. 486-500.

8
Lin, C. (1998), “A study of efficiency evaluation in Taiwan’s securities dealers”, Securities Finance Quarterly,
Vol. 58, No. 4, pp. 1-24.

Lin, J. G. (2000). Performance evaluation of restaurant service quality in airport. unpublished Master thesis,
Department of IE and Management, Chung Hua University.

Maisel, L.S. (1992), “Performance measurement: the balanced scorecard approach”, Journal of Cost
Management, Vol. 2 No. 2, pp. 47-52.

Mohapatra, S. (2012). Information theory and best practices in the IT industry. Springer Science & Business
Media.

Pantalone, C.C. and Platt, M.B. (1987), “Predicting commercial bank failure since deregulation”, New
England Economic Review, Vol. 13, pp. 37-47.

Peker, İ., and Baki, B. (2011), “Performance Evaluation in Turkish Insurance Sector with Grey Relationship
Analysis”, International Journal of Economic and Administrative Studies, Vol. 4 No. 7, pp. 1-17.
Sałabun, W. (2013), “The mean error estimation of TOPSIS method using a fuzzy reference models. Journal
of Theoretical and Applied Computer Science, Vol. 7 No. 3, pp. 40-50.
Seiford, L.M. and Zhu, J. (1999), “Profitability and marketability of the top 55 US commercial banks,
Management Science, Vol. 45, No. 9, pp. 1270-1288.

Shih, Y-F. (2000), “External performance evaluation of distribution centers in logistics: a fuzzy theory
approach”, Unpublished Master thesis, Department of International Business, Ming Chuan University.

Tapas, K.D. (1998), “Benchmarking: theory and practice”, IIE Transaction, Vol. 30 No. 9, pp. 861-2.

Tsai, D. (2000), “The performance evaluation model of the Commercial Bank of Taiwan: by grey relation
analysis and factor analysis”, Unpublished Master thesis, Department of Management Science, Ming Chuan
University.

Xiong, Y. (2007), “Grey relational evaluation of financial situation of listed company”, Journal of Modern
Accounting and Auditing, Vol. 3 No. 2, pp. 41-44.

Wu, F.Y., and Chuang, C.C. (2013), “The optimal relationship between buyer and seller obtained using
TOPSIS method”, Journal of Advanced Management Science, Vol. 1 No. 1, pp. 133-135.

9
Appendix:
Table 4.1: List of Financial Indicators

10
Table 5.1: Result of Ranking in 2013

11
Table 5.2: Result of Ranking in 2014

12
Table 5.3: Result of Ranking in 2015

13
Table 5.4: Result of Total Assets During Period from 2013 to 2015

14
Table 5.5: Result of Total Income During Period from 2013 to 2015

15