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INTRODUCTION
Financial statement analysis reviews financial information found on
financial statements to make informed decisions about the business. The
income statement, statement of retained earnings, balance sheet, and
statement of cash flows, among other financial information, can be
analyzed. The information obtained from this analysis can benefit
decision-making for internal and external stakeholders and can give a
company valuable information on overall performance and specific areas
for improvement. External stakeholders use it to understand the overall
health of an organization as well as to evaluate financial performance
and business value. Internal constituents use it as a monitoring tool for
managing the finances. The analysis can help them with budgeting,
deciding where to cut costs, how to increase revenues, and future capital
investments opportunities.

When considering the outcomes from analysis, it is important for a

company to understand that data produced needs to be compared to
others within industry and close competitors. The company should also
consider their past experience and how it corresponds to current and
future performance expectations.

Financial statement analysis is a method or process involving specific

techniques for evaluating risks, performance, financial health, and
future prospects of a organization.

A complete set of financial statement comprises:-

1. A statement of financial position as at the end of the period.

 2. A statement of comprehensive income for the period.
3. A statement of changes in equity for the period.
4. A statement of cash flow for the period.
5. Notes of account comprising a summary of significant accounting
policies and other explanatory information.
6. A statement of financial position as at the beginning of the earliest
comparative period when an entity applies an accounting policy
retrospectively or makes a retrospective restatement of items in its
financial statements or when it reclassifies items in its financial
statements.

Objective of a financial statement analysis:-

Business decisions are made on the basis of the best available estimates
of the outcome of such decisions. According to Meigs and Megis (2003),
the purpose of financial statement analysis is to provide information
about a business unit for decision making purpose and such
information need not to be limited to accounting data. While ratios and
other relationships based on past performance may be helpful in
predicting the future earnings performance and financial health of a
company, we must be aware of the inherent limitations of such data.

According to megis and meigs (2003), the key objectives of financial

analysis are to determine the company’s earnings performance and the
soundness and liquidity of its financial position. We are essentially
interested in financial analysis as a predictive tool.
Accordingly, we want to examine both quantitative and qualitative data
in order to ascertain the quality of earnings and the quality and
protection of assets. In periods of recession when business failure are
common, the balance sheet takes on increase important because the
question of liquidity is uppermost in the minds of many in the business
community. However, when business conditions are good, the income
statement receives more attention.

Nevertheless, a financial analyst has to grapple on the above

complexities of using financial statement analysis to achieve a specific
purpose.

Uses and users of financial statement:-

According to Akpan (2002), financial statement may be used by users
for different purposes:

a) OWNERS AND MANAGERS:

Require financial statement to make important business decisions
that affect its operations. Financial analysis is then performed on
these statement to provide management with a more detailed
understanding to the figures. These statement are also used as part
of management‘s annual report to the stockholders.

b) EMPLOYERS:
Also need these report in making collection bargaining agreements
(CBA) with the management, in the case of labour unions or for
individuals in discussing their compensation, promotion and
rankings.
 c) PROSPECTIVE INVESTORS:
They make use of financial statement to assess the viability of
investing in a business. Financial analysis are often used by
investors and are prepared by professionals (financial analyst),
thus providing them with the basis for making investment
decisions.

d) FINANCIAL INSTITUTIONS:
Financial institutions (banks and other leading company) use
them to decide whether to grant a company with fresh working
capital or extend debt securities (such as a long term bank loan or
debentures) to finance expansion and other significant
expenditures.

e) GOVERNMENT ENTITIES:
Government entities (tax authorities) need financial statements to
ascertain the property and accuracy of taxes and other duties
declared and paid by accompany.

f) VENDORS:
They require financial statement to access the credit worthiness of
the business.

g) MEDIA AND GENERAL PUBLIC:

They are also interested in financial statements for a variety of
reasons.

The Purpose of financial Statements:

The objective of financial statements is to provide information
about the financial position, performance and changes in financial
position of an enterprise that is useful to a wide range of users in
making economic decisions. Financial statements should be
understandable, relevant, reliable and comparable. Reported
assets, liabilities, equity, income and expenses are directly related
to an organization's financial position. Financial statements are
intended to be understandable by readers who have "a reasonable
knowledge of business and economic activities and accounting and
who are willing to study the information diligently."Financial
statements may be used by users for different purposes. Owners
and managers require financial statements to make important
business decisions that affect its continued operations. Financial
analysis is then performed on these statements to provide
management with a more detailed understanding of the figures.
These statements are also used as part of management's annual
report to the stockholders.
Employees also need these reports in making Collective Bargaining
Agreements (CBA) with the management, in the case of labor
unions or for individuals in discussing their compensation,
promotion and rankings.
Prospective investors make use of financial statements to assess
the viability of investing in a business. Financial analyses are often
used by investors and are prepared by professionals (financial
analysts), thus providing them with the basis for making
investment decisions.
Financial institutions (banks and other lending companies) use
them to decide whether to grant a company with fresh working
capital or extend debt securities (such as a long-term bank loan or
debentures) to finance expansion and other significant
expenditures.
The cash flow statement paints a picture as to how a company’s
operations are running, where its money comes from, and how
money is being spent. Also known as the statement of cash flows,
the CFS helps its creditors determine how much cash is available
(referred to as liquidity) for the company to fund its operating
expenses and pay down its debts. The CFS is equally as important
to investors because it tells them whether a company is on solid
financial ground. As such, they can use the statement to make
better, more informed decisions about their investments.

Balance Sheet
The balance sheet is one of the three fundamental financial
statements and is key to both financial modeling and accounting.
The balance sheet displays the company’s total assets and how the
assets are financed, either through either debt or equity. It can also
be referred to as a statement of net worth or a statement of
financial position. The balance sheet is based on the fundamental
equation:

Assets = Liabilities + Equity.

Balance sheets can be used with other important financial

statements to conduct fundamental analysis or calculate financial
ratios. The balance sheet adheres to an equation that equates
assets with the sum of liabilities and shareholder equity. As such,
 the balance sheet is divided into two sides (or sections). The left
side of the balance sheet outlines all of a company’s assets. On the
right side, the balance sheet outlines the company’s liabilities and
shareholders’ equity.
The assets and liabilities are separated into two categories: current
asset/liabilities and non-current assets/liabilities. More liquid
accounts, such as Inventory, Cash, and Trades Payables, are placed
in the current section before illiquid accounts (or non-current)
such as Plant, Property, and Equipment and Long-Term Debt.
Potential investors must make a decision about whether or not to
invest in a company, and the balance sheet provides critical
information about the company's health.
Elements of Balance sheet:
• Assets- An asset is a resource that has some economic value to a
business and can be used to generate revenue now or in the future.
These assets, which can range from cash to buildings, are recorded
on the balance sheet until they are used. When these resources are
used or spent, they are transferred from the balance sheet to the
income statement and are known as expenditures.

Types of assets:
There are majorly two types of assets:
• Tangible assets
• Intangible assets
•
Tangible assets- Those assets that have a physical form and can
be seen and touched
.
 Intangible assets- Those assets that do not have a physical form
and are usually very hard to evaluate. They have no material value
to the owner.

Types of Tangible assets

• Fixed assets
• Current assets
•
Fixed Assets
Non-current assets are assets that cannot be easily converted into
cash, are not expected to be converted into cash within a year,
and/or have a longer lifespan than a year.
Property, Plant, and Equipment (PP&E)- Property, Plant, and
Equipment are the tangible fixed assets of a business. Net of
accumulated depreciation, the line item is noted. Some businesses
will categorize their PP&E by asset types, such as land, buildings,
and various types of equipment. Except for land, all PP&E is
depreciable.

Current Assets

Current assets have a one-year or less lifespan, which means they can be
easily converted into cash. Such asset classes include cash and cash
equivalents, accounts receivable, and inventory. Cash is the most basic
type of current asset, and it also includes unrestricted bank accounts and
checks. Some major current assets are:

- Cash and cash equivalents- The most liquid asset, cash, appears
on the balance sheet's first line. Cash Equivalents are also
included in this line item and include assets with short-term
 maturities of less than three months or assets that the company
can liquidate quickly, such as marketable securities. In general,
companies will disclose what equivalents they include in the
balance sheet footnotes.
- Inventory - It consists of raw materials, work-in-process goods,
and finished goods. This account is used by the company when
it reports sales of goods, usually under the cost of goods sold in
the income statement
- Accounts Receivable - An account receivable is a customer's
IOU. Many businesses allow customers to buy goods on credit
and pay for them later. Accounts receivable is an
acknowledgment from the customer that the company owes
money for the goods.
- Short-term investments- It includes securities brought and held
for sale in the near future to generate income on short term
price difference.
- Prepaid expenses- These are the expenses paid in cash and
recorded as assets before they are consumed. The phrase net
current assets are often used and refer to the total of current
assets less the total of current liabilities.
 Liability-A liability is a financial obligation of a company that
results in the company sacrificing future economic benefits to
other entities or businesses. A liability can be used as an
alternative to equity as a source of financing for a business.
In addition, certain liabilities, such as accounts payable or income
taxes payable, are required components of day-to-day business
operations. Liabilities can help businesses organize successful
operations and accelerate value creation.
Poor liability management, on the other hand, can have serious
consequences, such as a drop in financial performance or, worse,
bankruptcy. Furthermore, liabilities influence the company's
liquidity and capital structure.
Types of Liability:
- Current liabilities-These are short term financial obligations
that are paid off within one year current operating cycle. These
liabilities are reasonably expected to be liquidated within a year.
- Non-Current- Liabilities that are not paid off within a year, or
within a business’s operating cycle, are known as non-current
liabilities or long-term liabilities. Such liabilities often involve
large sums of money necessary to undertake opening of a
business, major expansion of business, replace assets. These
liabilities are reasonably expected not to be liquidated within a
year.
- Contingent liability- Contingent liabilities are liabilities that
may occur, depending on the outcome of a future event.
Therefore, contingent liabilities are potential liabilities. For
example, when a company is facing a lawsuit of $100,000, the
company would incur a liability if the lawsuit proves successful.
However, if the lawsuit is not successful, then no liability would
arise. In accounting standards, a contingent liability is only
recorded if the liability is probable (defined as more than 50%
likely to happen). The amount of the resulting liability can be
reasonably estimated.
- Fixed liabilities- The liability which is to be paid of at the time
of dissolution of the firm is called fixed liability.
 - Long-term debt- This account includes the total amount of
long-term debt. This account is derived from the debt schedule,
which outlines all of the company’s outstanding debt, the
interest expense, and the principal repayment for every period.
- Bonds payable- This account includes the amortized amount of
any bonds the company has issued.
 Shareholder’s Equity- Shareholders’ equity is the amount that
the owners of a company have invested in their business. This
includes the money they’ve directly invested and the accumulation
of income the company has earned and that has been reinvested
since inception.
Shareholders’ equity tells you a lot about the financial health and
stability of a company and the attitude of the owners toward their
business.

“It can show if the owners are reinvesting in their business and
how much skin they have in the game.”
- Share capital- This is the value of funds that shareholders have
invested in the company. When a company is first formed,
shareholders will typically put in cash. For example, an investor
starts a company and seeds it with $10M. Cash (an asset) rises
by $10M, and Share Capital (an equity account) rises by $10M,
balancing out the balance sheet.
- Retained earnings- This is the total amount of net income the
company decides to keep. Every period, a company may pay out
dividends from its net income. Any amount remaining (or
exceeding) is added to (deducted from) retained earnings.
Format of Balance Sheet

Balance Sheet of …………….

Particulars Amount
Liabilities
1. Share capital xxx
Equity share capital xxx

2. Reserves & surpluses xxx

Capital reserve xxx
General reserve xxx
Security premium account xxx
Capital redemption reserve xxx

3. Secured loans xxx

Debentures xxx
Loan from bank xxx
Long term loan xxx
Other secured loans xxx

4. Unsecured loans xxx

Fixed deposit xxx
Short term loans xxx
Other loans xxx

5. Current Liabilities &Provisions xxx

(A) Current Liabilities xxx
Bills payable xxx
Sundry Creditors xxx
 Bank overdraft xxx
Other Liabilities xxx

(B) Provisions xxx

Provisions for tax xxx
Proposed dividend xxx
Other Provisions xxx
TOTAL xxx

Assets xxx
1. Fixed Assets xxx
Goodwill xxx
Land xxx
Building xxx
Leaseholds xxx
Plant & Machinery xxx
Furniture xxx
Trade marks xxx
Patents xxx
Vehicle xxx

2. Investment xxx

3.Current assets, loans and advances xxx

(A) Current Assets xxx
Sundry debtors xxx
Bills receivables xxx
Closing stock xxx
Interest in investment xxx
 Cash at bank xxx
Cash in hand xxx
Securities deposit xxx
Fixed deposit with banks xxx

(B) Loans and advances xxx

Prepaid expenses xxx
Tax paid in advance xxx
Advances paid xxx

4. Miscellaneous expenditure xxx

Preliminary expenses xxx
Revenue expenditure xxx
Discount allowed xxx

5. Profit and loss account xxx

TOTAL xxx

Income Statement

An income statement is one of the three important financial statements

used for reporting a company's financial performance over a specific
accounting period, with the other two key statements being the balance
sheet and the statement of cash flows.

Also known as the profit and loss statement or the statement of revenue
and expense, the income statement primarily focuses on the company’s
revenues and expenses during a particular period.
The income statement is an important part of a company’s performance
reports that must be submitted to the Securities and Exchange
Commission (SEC). While a balance sheet provides the snapshot of a
company’s financials as of a particular date, the income statement
reports income through a particular time period and its heading
indicates the duration, which may read as “For the (fiscal) year/quarter
ended September 30, 2018.”

Elements of Income Statement

 Revenue- The total income generated from sales within a

particular period. Revenue is recognized when it is earned and
cannot be recorded until the business actually delivers the product
or service.
 Cost of goods sold- These are costs directly associated with the
goods or services provided. Such costs might include direct labor
cost, materials or direct overheads. The costs are directly
proportional to revenue; this means that when revenue increases
so too will these costs.
 Gross profit- Looks at the profit generated by a company from
its main costs and income attributed from its goods or services.
This can be calculated by subtracting the COGS from the revenue.
 Operating cost- Looks at the profit generated by a company
from its main costs and income attributed from its goods or
services. This can be calculated by subtracting the COGS from the
revenue.
  Operating profit- The income earned from a company’s core
activities, calculated by subtracting the operating costs from the
gross profit.
 Equity income- Many companies have non-controlling
investments in a business and as such have part ownership rights.
They are entitled to any profits if their equity investment produces
a positive net income.
 Income tax expense- An unavoidable expense outside the
control of the company, it varies on different tax rates but will be a
percentage of pre-tax profit. The expense is disclosed separately on
the statement due to this.
 Net income- The net earnings attributable to shareholders of the
company in a given period once all expenses are included. It
represents the profit figure before any dividend pay-outs.

Format for Income Statement

Profit and Loss statement as per the year

Ending of ………………….

Particulars Amoun Particulars Amount

t
Gross loss(transferred) xxx Gross xxx
profit(transferred)
Interest received xxx
Office and Rent received xxx
administration
Expenses:
Salaries xxx Discount received xxx
Rent xxx Dividend received xxx
Postage & telegram xxx Bad debts recovered xxx
Office electric charges xxx Provision for discount xxx
on creditors
Telephone charges xxx xxx
Printing and stationary xxx

Selling and
distribution expenses:
Carriage outward xxx
Advertisement xxx
Salesmen’s salaries xxx
Commission xxx
Insurance xxx
Travelling expense xxx
Bad debts xxx
Packing expenses xxx

Financial and other

expenses:
Depreciation xxx
Repair xxx
Audit fee xxx
Interest paid xxx
Commission paid xxx
Bank charges xxx
Legal charges xxx
Profit before Interest xxx Net Loss
(Less) Net Interest (xxx)
Profit before tax xxx
(Less) Tax payable xxx
Profit after tax xxx
(Less) Dividend xxx
Retained Profit xxx

Financial Ratios

Ratio analysis is a quantitative method of gaining insight into a

company's liquidity, operational efficiency, and profitability by studying
its financial statements such as the balance sheet and income statement.
Ratio analysis is a cornerstone of fundamental equity analysis.

While ratios offer useful insight into a company, they should be paired
with other metrics, to obtain a broader picture of a company's financial
health.

Objective of Ratio analysis

Investors and analysts employ ratio analysis to evaluate the financial

health of companies by scrutinizing past and current financial
statements. Comparative data can demonstrate how a company is
performing over time and can be used to estimate likely future
performance. This data can also compare a company's financial standing
with industry averages while measuring how a company stacks up
against others within the same sector.

Investors can use ratio analysis easily, and every figure needed to
calculate the ratios is found on a company's financial statements.

Ratios are comparison points for companies. They evaluate stocks within
an industry. Likewise, they measure a company today against its
historical numbers. In most cases, it is also important to understand the
variables driving ratios as management has the flexibility to, at times,
alter its strategy to make its stock and company ratios more attractive.
Generally, ratios are typically not used in isolation but rather in
combination with other ratios. Having a good idea of the ratios in each of
the four previously mentioned categories will give you a comprehensive
view of the company from different angles and help you spot potential
red flags.

Different Financial Ratios

S. No. Category Ratio’s Interpretation

Mechanism
1. Liquidity Current ratio = The current ratio
Ratios Current assets / measures a
Current liabilities company’s ability to
pay off short-term
liabilities with
current assets

Acid-test ratio = The acid-test ratio

 Current assets – measures a
Inventories / Current company’s ability to
liabilities pay off short-term
liabilities with quick
assets

Cash ratio = The cash ratio

Cash and Cash measures a
equivalents / Current company’s ability to
Liabilities pay off short-term
liabilities with cash
and cash equivalents

Operating cash flow The operating cash

ratio = flow ratio is a
Operating cash measure of the
flow / Current number of times a
liabilities company can pay off
current liabilities
with the cash
generated in a given
period

2. Leverage Debt to equity ratio = The debt-to-equity

Financial Total liabilities / ratio calculates the
Ratios Shareholder’s equity weight of total debt
and financial
liabilities against
 shareholders’ equity
Debt ratio = Total The debt ratio
liabilities / Total measures the relative
assets amount of a
company’s assets
that are provided
from debt

Interest coverage The interest coverage

ratio = Operating ratio shows how
income / Interest easily a company can
expenses pay its interest
expenses

Debt service The debt service

coverage ratio = coverage ratio reveals
Operating income / how easily a
Total debt service company can pay its
debt obligations

3. Efficiency Asset turnover ratio The asset turnover

Ratio = Net sales / Average ratio measures a
total assets company’s ability to
generate sales from
assets

Inventory turnover The inventory

ratio = turnover ratio
Cost of goods sold / measures how many
 Average inventory times a company’s
inventory is sold and
replaced over a given
period

Receivables turnover The accounts

ratio = receivable turnover
Net credit sales / ratio measures how
Average accounts many times a
receivable company can turn
receivables into cash
over a given period

Days sales in The days sales in

inventory ratio = inventory ratio
365 days / Inventory measures the average
turnover ratio number of days that
a company holds on
to inventory before
selling it to
customers

4. Profitability Gross margin ratio = The gross margin

Ratio Gross profit / Net ratio compares the
sales gross profit of a
company to its net
sales to show how
much profit a
company makes after
 paying its cost of
goods sold:

Operating margin The operating

ratio = Operating margin ratio
income / Net sales compares the
operating income of
a company to its net
sales to determine
operating efficiency

Return on assets The return on assets

ratio = Net income / ratio measures how
Total assets efficiently a company
is using its assets to
generate profit

Return on equity The return on equity

ratio = Net income / ratio measures how
Shareholder’s equity efficiently a company
is using its equity to
generate profit

5. Market Value Book value per share The book value per
Ratios ratio = share ratio calculates
(Shareholder’s equity the per-share value
– Preferred equity) / of a company based
Total common on the equity
 shares outstanding available to
shareholders

Dividend yield ratio The dividend yield

= Dividend per share ratio measures the
/ Share price amount of dividends
attributed to
shareholders relative
to the market value
per share

Earnings per share The earnings per

ratio = Net share ratio measures
earnings / Total the amount of net
shares outstanding income earned for
each share
outstanding

Price-earnings ratio The price-earnings

= Share price / ratio compares a
Earnings per share company’s share
price to its earnings
per share

6. Expenses Operating ratio = Operating ratios

ratios Cost of goods sold + shows the
other expenses operational efficiency
of the business.
Lower operating
 ratio shows higher
operating profit and
vice versa
Cost of goods sold = It measures the cost
Cost of goods sold / of goods sold per sale
sales

Specific expenses It measures the

ratio = Specific specific expenses per
expenses / sales sale
7. Return Return on assets = It measures the
Investment (Net profit after profitability of the
taxes / Total assets) * total funds per
100 investment of a firm
OR
(Net profit after tax
+ Interest) * 100

Return on Capital It measures

Employed = profitability of the
(Net profit after tax / firm with respect to
total Capital the total capital
Employed) * 100 employed. The
higher the ratio, the
more efficient use of
capital employed

Return on Total It reveals how

Shareholders’ Equity profitably the
 = (Net profit after owner’s fund has
tax / Total been utilized by the
shareholders’ equity) firm
* 100

Return on ordinary It determined

shareholders equity whether the firm has
= Net profit after earned satisfactory
taxes and preference return for its equity
dividend * 100 holders or not

8. Shareholder’s Earnings per share It measures the profit

Ratios (EPS) = Net profit of available to the
equity holders / equity holders on a
Number of ordinary per share basis
shares

Dividend per share It’s the net

(DPS) = Net profit distributed profit
after interest paid to belonging to the
ordinary shareholders divided
shareholders/ by the number of
Number of ordinary ordinary shares
shares outstanding

Dividend payout It shows what

ratio (D/P) = Total percentage share of
dividend to equity the net profit after
holders / Total net tax and preference
profit of equity dividend is paid to
holders the equity holders. A
high D/P ratio is
preferred from
investor’s point of
view

Earnings per yield = It show the

Dividend per share / percentage of each
Market value per rupee invested in the
share stock that was earned
by the company

Dividend yield = It shows how much a

Dividend per share / company pays out in
Market value per dividends each year
share relative to its share
price

Price-Earning ratio It reflects the price

(P/E) = Market value currently paid by the
per share / Earnings market for each
per share rupee of EPS. Higher
the ratio better it is
for the owner

Earning power = Net IT measures the

profit after tax / overall profitability
Total assets and operational
 efficiency of a firm

9. Activity ratios Inventory turnover = It measures how

Sales / Closing quickly inventory is
inventory sold. A firm should
neither have a high
ratio nor a low ratio

Raw material
Turnover = Cost of
raw Material used /
Average Raw
material inventory

Work in progress
turnover = Cost of
goods
manufactured /
Average work in
process inventory

Share capital - 28 Fixed Assets - 275

Equity capital 28 Land 25

Reserves 399 Building 41

Borrowings - 145 Plant Machinery 163

Long term Borrowings 73 Equipments 7

Short term Borrowings 39 Computers 5

Lease Liabilities 0 Furniture n fittings 3

Other Borrowings 33 Vehicles 8

Other Liabilities – 167 Intangible Assets 70

Trade Payables 69 Other fixed Assets 5

Advance from 4 Gross Block 326

Customers

Other liability items 93 Accumulated 51

Depreciation

Total Liability 738 CWIP 13

Investments 173

Other Assets - 278

Inventories 68

Trade receivables 152

Cash Equivalents 26

Loan n Advances 18

Other asset items 14

Total Assets 738

Share capital - 47 Fixed Assets - 364

Equity capital 47 Land 1

Reserves 1,084 Building 43

Borrowings - 330 Plant Machinery 223

Long term Borrowings 177 Equipments 7

Short term Borrowings 55 Computers 5

Lease Liabilities 54 Furniture n fittings 3

Other Borrowings 44 Vehicles 8

Other Liabilities – 106 Intangible Assets 71

Trade Payables 55 Other fixed Assets 82

Advance from 5 Gross Block 445

Customers

Other liability items 45 Accumulated 81

Depreciation

Total Liability 1,566 CWIP 50

Investments 860

Other Assets - 292

Inventories 61

Trade receivables 133

 Cash Equivalents 58

Loan n Advances 11

Other asset items 27

Total Assets 1,566

Share capital - 573 Fixed Assets - 1,085

Equity capital 573 Land 87

Reserves 788 Building 147

Borrowings - 443 Plant Machinery 366

Long term Borrowings 191 Equipments 11

Short term Borrowings 174 Computers 13

Lease Liabilities 78 Furniture n fittings 6

Other Borrowings 0 Vehicles 12

Other Liabilities – 318 Intangible Assets 329

Trade Payables 194 Other fixed Assets 317

Advance from 9 Gross Block 1,288

Customers

Other liability items 115 Accumulated 203

 Depreciation

Total Liability 2,122 CWIP 83

Investments 155

Other Assets - 798

Inventories 256

Trade receivables 399

Cash Equivalents 5

Loan n Advances 68

Other asset items 70

Total Assets 2,122