Equity Shares2 1

A
PROJECT REPORT
ON
“EQUITY RESEARCH: FUNDAMENTAL ANALYSIS
OF LEADING INDIAN BANKS”
FOR
SUBMITTED TO
University of Pune
PARTIAL FULFILLMENT OF THE REQUIREMENT OF POST GRADUATE
PROGRAMME
SUBMITTED BY
SAMEER SHAIKH
MBA-II
MET’s INSTITUTE OF MANAGEMENT,

NASHIK, MAHARASHTRA, INDIA - 422003
(2009-2010)
CERTIFICATE
This is to certify that Project Report titled

Equity research: Fundamental Analysis of Leading Indian Banks is a bonafide work
carried out by Mr. SHAIKH SAMEER AYYUB , of MBA II of MET’s Institute of
Management, Nashik, Maharashtra, India 422003, as a part fulfillment of MBA Degree
of University of Pune.
He has worked under our guidance and satisfactorily completed the Project Work.
Place: Nashik Signature of Guide Signature of Director
Date:
2
DECLARATION
I Mr. SAMEER A. SHAIKH hereby declare that this project is the record of authentic
work carried out by me during the academic year 2008 – 2010 and has not been
submitted to any other University or Institute towards the award of any degree.
Signature of the student
(SAMEER A. SHAIKH)
3
ACKNOWLEDGEMENT
I would like to convey my heartiest gratitude to several people, for their support and
guidance which helped me complete my Summer Internship.
First and foremost I would like to thank Reliance Capital Asset Management for giving
me an opportunity to do my internship in their esteemed organization. My special thanks
to Mr. Arvind Sonawane for his constant encouragement throughout this period. I also
extend my gratitude to my mentor at Reliance Capital Asset Mgmt, Nashik Mr. Rajiv
Kumar, who instructed me with the work procedures and dealt with patience at all times
helping us understands thing better. I also thank to Mr. Kapil Hotwani, Mr. Sagar
Vaidya and Mr. Mathew Koshi for their continuous support.
This internship would not be complete without the support of Mr. Radin D.C., Branch
operation Executive for their guidance and unflinching support throughout the phases of
my Internship which helped me knowing the minute details about activities in their
respective department.
My special thanks to my friends who being a part of the same internship, supported me
throughout my Internship and with whose help I could complete my work efficiently and
effectively. Their consistent help kept me motivated and going.
Finally, I would like to thank Prof. Mr. Sudhir Mudholkar for always being there when
I needed him during the project. I cannot imagine the project without him.
Thank You!
4
Index
Sr.No. Particular
Title Page 01
Certificate of the Institute 02
Certificate of The Organization 03
Declaration 03
Acknowledgement 04
Index 05
List of Table 06
List of Graphs 06
Preface 07
Page No.
From To
1 Introduction of the Subject 08 - 11
2 Objective, Hypothesis, Research Methodology, Scope 12 - 16
and Limitations
Objective of Project,
Hypothesis,
Research Methodology,
Scope & Limitation of Project
3 Profile of the Organisation 17 - 32
4 Data Presentation & Data Analysis 33 - 68
5 Recommendation & suggestion 69
6 Conclusion 70
Bibliography 71
Annexure 72 - 79
5
LIST OF TABLES
Sr. No Particulars Page No.

1
2
3
4
5
6
7
LIST OF GRAPHS
Sr. No. Particulars Page No.

1
2
3
4
5
6
7
6
PREFACE
Investment is the employment of funds with the aim of achieving additional income or
growth in value. The essential quality of an investment is that it involves “waiting” for a
reward. It involves the commitment of resources, which have been saved or put away
from current consumption in the hope that some benefits will accrue in future.
What investment needs? It needs proper allocation. Without proper allocation of investor,
an investor cannot receive good returns and yield from the investment. Investment in
capital market is one of the best options for investment.
If the investor is looking for high return then he should be willing to take high risk,
because more the risk the more be the return.
In the current era every investor (Financial Institution, Retail Investor & FII.)who wants
to park their money in share market must do Analysis to mitigate the volatility/ risk
factor.
The objective of my project is to analyze the fundamental and analysis of three

companies :
ICICI BANK
HDFC BANK
STATE BANK OF INDIA
7
The research reports are generally accessible to the firm Finance Department, Mutual
Fund Division which help them to built a sound portfolio.
CHAPTER - 1
INTRODUCTION
 Fundamental analysis –
Meaning and Need
 Procedures & parameters
8
Fundamental Analysis
Fundamental Analysis of a business involves analyzing its income statement, financial
statements and health, its management and competitive advantages, and its competitors
and markets.
The analysis is performed on historical and present data, but with the goal to make
financial projections. There are several possible objectives:
 to conduct a company stock valuation and predict its probable price evolution,
 to make projection on its business performance,
 to evaluate its management and make internal business decisions,
 to calculate a its credit risk.
The essence of such an analysis is to project a firm’s sales in future years. For projecting
the future of the firm, a sound understanding of the environment in which the firm is
operating is a prerequisite. A typical analysis of a firm’s environment has three steps:
1. Macroeconomic Environment Analysis : Initially the firms macroeconomic

environment is analyzed to project the future employment, inflation, income
regulation, taxes, etc. The macro analysis is done not only for the home country
but also for foreign countries, which affect the firm’s operations.
2. Industry Analysis : once the analysis of macro economuc factors is completed,

the analyst should move on to the analysis of the industry to which the firm
belongs. The effects of a macroeconomic aspects. For instance, certain industries
like food, healthcare, etc., are less affected by the changes in macroeconomic
conditions compared to industries like aircraft, planes, etc.
9
3. Company Analysis : Only after a thorough knowledge of both macro
environment and industry analysis can the analyst proceed to the firm’s forecast.
For instance, if the economy is predicted to grow and consumer demand is
expected to shift from low-cost products to luxury products and the firm being
analyzed is regarded for differentiated goods, then it will witness an increased
demand for its products with a shift in customer demand.
Procedures
The analysis of a business' health starts with financial statement analysis that includes
ratios. It looks at dividends paid, operating cash flow, new equity issues and capital
financing. The earnings estimates and growth rate projections published widely by
Thomson Financial and others can be considered either 'fundamental' (they are facts) or
'technical' (they are investor sentiment) based on your perception of their validity.
The determined growth rates (of income and cash) and risk levels (to determine the
discount rate) are used in various valuation models. The foremost is the discounted cash
flow model, which calculates the present value of the future
 Dividends received by the investor, along with the eventual sale price. (Gordon
model)
 Earnings of the company, or
 Cash flows of the company.
The simple model commonly used is the Price/Earnings ratio. Implicit in this model of a
perpetual annuity (Time value of money) is that the 'flip' of the P/E is the discount rate
appropriate to the risk of the business. The multiple accepted is adjusted for expected
growth (that is not built into the model).
10
Growth estimates are incorporated into the P/E ratio but the math does not hold up to
analysis.[neutrality disputed] Its validity depends on the length of time you think the growth will
continue.
Computer modeling of stock prices has now replaced much of the subjective
interpretation of fundamental data (along with technical data) in the industry. Since about
year 2000, with the power of computers to crunch vast quantities of data, a new career
has been invented. At some funds the manager's decisions have been replaced by
proprietary mathematical models.
Parameters
Industry Profile
Ratio Analysis (Financial Analysis)
Establishments of Company
Share Holdings
Market capitalization
Growth Rate
 Top line
 Bottom line
11
CHAPTER – II
RESEARCH METHODOLOGY
 Objectives & Scopes
 Research Methodology
 Limitations
12
Objectives & Scope
Primary Objective:
To analyzes the financial performance of leading Banking companies in order to find out
which company is financially sound.
To built a sound Portfolio for Investment in Capital Market.
To find out Volatility & Risk factor before Investment in Banking Industry.
To find out the company Growth Status in near future.
Secondary Objective:
To analyze the Balance Sheet and Profit & Loss a/c of the companies under study,
To use key ratios for the purpose of comparison between the various Banking companies,
To do not only the inter firm but also the intra firm comparison of the companies which
could help to find out in which parameter company is lacking,
13
RESERCH METHODLOGY
Research methodology can be defined as the methods involve in caring out the research
for a specific purpose. Thus, the research is an original contribution to the existing level
of knowledge for its further advancement. The research is a discover answer to question
through application of scientific procedures.
DATA COLLECTION
PRIMARY DATA- Primary data is that data which is collected fresh for and first
time and thus, happens to be original in character. No primary data is collected in this
research project.
SECONDARY DATA- Secondary data is that data which is already been

collected & analyzed by someone else. Secondary data used by me was collected from:
 The Research report published by Karvy Securities.
 Other reports published by specified companies.
 The research report published by stock exchange.
 Web Site of specified companies.
14
The steps involved in the Research Process
Defining the Research Problem and identifying research

objectives
Cost/Value Analysis of the Information, Formulation and

testing of hypothesis
Selection of the Data Collection Method
Selection of the Sample
Selection of the Method of Analysis
Estimate the Resources needed
Prepare the Research Proposal
Data Collection
Data Analysis
Reporting
15
LIMITATION OF THE STUDY
 Generally company does not allow outsiders to conduct any study or research work
in company. Therefore, get the project done in company itself was very difficult.
 Due to confidentiality some important information, which are important for the
project, could not be collected.
 Some of the information is lack of accuracy, due to which approximately values

were used for the analysis. Hence, the results also reveal approximate values.
 The project is based on theoretical guidelines and as per situations prevalent at the
time of practical training. Hence, it may not be apply to different situations.
 The time span for the project was very short which was of 2 months, which itself
acts as a major constraint. Moreover, studying the guidelines and applied it
practically within such short time span was a task of great pressure.
16
CHAPTER – 3
 Profile of the Organisation :-
Reliance Capital Limited
 Industry profile:- Indian Banking

Industry
17
COMPANY PROFILE
Introduction:
Reliance Capital Ltd. is one of India’s leading and fastest growing private sector financial
services companies, and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset
management, life and general insurance, private equity and proprietary investments, stock
broking and other financial services.
Reliance Capital Asset Management Limited: Reliance Capital Asset

Management Limited (RCAM), a company registered under the Companies Act, 1956
was appointed to act as the Investment Manager of Reliance Mutual Fund.
"Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management
Limited., a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up
capital of RCAM, the balance paid up capital being held by minority shareholders."
Reliance Capital Asset Management Limited (RCAM) was approved as the Asset
Management Company for the Mutual Fund by SEBI vide their letter no
IIMARP/1264/95 dated June 30, 1995. The Mutual Fund has entered into an Investment
Management Agreement (IMA) with RCAM dated May 12, 1995 and was amended on
August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996. Pursuant to this
IMA, RCAM is authorized to act as Investment Manager of Reliance Mutual Fund. The
net worth of the Asset Management Company as on june 30, 2009 is Rs 1,08,332 crores.
Reliance Mutual Fund has launched Fifty Seven Schemes till date.
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RCAM has been registered as portfolio manager vide SEBI Registration No.
INP000000423 and renewed effective1st August, 2006 RCAM has been appointed as the
Investment Manager of Reliance India Power Fund, a Venture Capital Fund registered
with the SEBI vide registration number IN/VCF/05-06/062 dated June 16, 2005.
RCAM has also received in-principle approval from SEBI for management and advisory
services in respect of “Emergent India Investment Limited”, an offshore fund for
investment in India. RCAM has commenced these activities. It has been ensured that key
personnel of the AMC, the systems, back office, bank and securities accounts are
segregated activity wise and there exists systems to prohibit access to inside information
of various activities. As per SEBI regulations, it will further ensure that AMC meets the
capital adequacy requirements, if any, separately for each such activity.
However, there is no conflict of interest between various business activities carried on by

Asset Management Company.
About Reliance Mutual Fund

Reliance Mutual Fund (RMF) is one of India’s leading Mutual Funds, with Average
Assets Under Management (AAUM) of Rs. 1,02,730 Crs (AAUM for 31st May 09 ) and
an investor base of over 71.30 Lacs. Reliance Mutual Fund, a part of the Reliance - Anil
Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the country.
RMF offers investors a well-rounded portfolio of products to meet varying investor
requirements and has presence in 118 cities across the country. Reliance Mutual Fund
constantly endeavors to launch innovative products and customer service initiatives to
increase value to investors. Reliance Mutual Fund schemes are managed by Reliance
Capital Asset Management Limited., a subsidiary of Reliance Capital Limited, which
holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by
minority shareholders."
Vision Statement: To be a globally respected wealth creator with an emphasis on

customer care and a culture of good corporate governance.
19
Mission Statement: To create and nurture a world class, high performance
environment aimed at delighting our customers.
Statutory Details:
Sponsor Reliance Capital Limited
Trustee Reliance Capital Trustee Co. Ltd
Investment Manager Reliance Capital Asset Management Ltd.
Custodian Deustche Bank , AG
Registrar M/S Karvy Computershare Pvt. Ltd
The Sponsor, the Trustee and the Investment Manager are incorporated
under The Companies Act, 1956.
The Management Team
Board of Directors
Mr. Vikrant Gugnani Mr. Kanu Doshi
Mr. Manu Chaddha Mr. Sushil Tripathi
CEO Mr. Sundeep Sikka

Head Equity Investment Mr. Madhusudan Kela
Northern Zone Head Mr. Gurbir Chopra
Western Zone Head Mr. Sanjiv Gudal
Southern Zone Head Mr. Nikunj Sharma
Eastern Zone Head Mr. Gopal Khaitan
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Equity Fund Managers
Mr. Sunil B. Singhania Mr. Ashwani Kumar
Mr. Shailesh Raj Bhan Mr. Shiv Chanani
Mr. Krishan Daga Mr. Govind Agrawal
Mr. Omprakash S. Kuckian
Debt Fund Managers
Mr. Amit Tripathi Ms. Anju Chhajer
Mr. Prashant Pimple Mr. Arpit Malaviya
At Reliance PMS one can expect a multitude of innovative investment options to serve
varying investment objectives. The spectrum of asset classes traverses from the
traditional asset classes, such as equities, fixed income or gold, to emerging ones, such as
structured product for realty.
Reliance PMS’s aim is to traverse the journey of your "wealth creation" with you by
leveraging these asset options. It constantly endeavour to deliver competitive returns
through a conservative and a diligent fund management framework that is supported by
rigorous analysis and a proven investment methodology.
The keynotes to perfection are "Minimizing Risks, Optimizing Gains”. An increasing

investor base is a reflection of the trust that investors repose in them, which they respect.
Hence the safety of investors assets is of utmost priority and this is the foundation of their
investment philosophy. Reliance PMS view every portfolio with the diligence of a
musician composing a new score. Fine-tuning, enhancing, improving and constantly
working towards superior orchestration of your portfolio. Naturally, this is only possible
if the foundation is sound. Strong investments, pure harmonies - what Reliance PMS
believe in strong melodies call for a fine conductor. Reliance PMS can conduct your
21
investments with utmost perfection. Their investment beliefs form the core of what
Reliance do. Their foundation is based on five key elements: Canvas, Concentration,
Cash and Flexibility, Customization and Customer Service. And it is with this rock
solid base that Reliance PMS plan a fine crescendo for your investments.
Reliance PMS - advantage: you as a Reliance PMS customer, you get a lot more than just
superior portfolio management. You get the advantage of a solid and reputable track
record backed by the expertise of a sound and stable investment team.
Their philosophy lays considerable emphasis on an intensive research based, bottom-up,
stock picking approach with a bias towards customizing the product offerings for the
investors and business associates.
Reliance PMS strongly believe that our investments should be adaptable enough to
succeed in any market situation. That is why their investment philosophy revolves around
a solid bottom-up approach. So it's true, when investors invest with Reliance PMS, it's
certain that investors will have all investments in perfect sync. The composer's score –
their fund management process all great scores begin with a plan to make beautiful music
and surpass all expectations. Their process is quite similar. All potential investment
opportunities are subjected to extensive research, which includes analysis of various
macro and micro economic indicators, related to specific sector/ company and/or
industry. This coupled with company visits and extensive interaction facilitates a data
pool, which becomes the foundation of the process.
Ensuring that the investors feel at ease and in control of their money is of paramount
importance. Hence Reliance PMS emphasize on tailor-made investment strategies and
complete transparency. Regular and detailed investment disclosures ensure that investors
feel comfortable and in control of their money. Moreover, Portfolio Management
Services is a regulated industry under the purview of SEBI. Over the past decade the
concept of wealth creation has moved from the boardrooms to their living rooms.
Awards:
 No. 1 in terms of AAUM of Rs.112730 Crores as on July 31st, 2009.
22
 Investor base over 7.3 million as on July 31st, 2009.
 Reliance Mutual Fund has been awarded the “India Equity Fund House” for the
year 2008 by Morningstar India (Global leader in financial research).The award
has been given for delivering sustained out performance on a risk-adjusted basis
across their fund line-ups in the equity category for period ending December 31,
2008.The award has been based on the three year Morningstar Ratings assigned to
each of the equity schemes offered by the fund house. There were 28 fund houses
considered for the award exercise.
 Reliance Growth Fund has been awarded the Morningstar Fund Award (India)
in the “India Open Ended Small/Mid Cap” category for its three-year
performance ending December 31, 2008. The methodology eliminates schemes
based on fund size, below-median calendar year returns, and gives score on the
basis of returns in one-year and three-year periods and risk for a three-year period.
The methodology also includes various qualitative measures like the investment
management team, processes among others. There were 38 schemes considered in
“India Open Ended Small/Mid Cap” category for the award exercise.
Reliance Monthly Income Plan has been awarded the Morningstar Fund Award
(India) in the “India Open Ended Conservative Allocation” category for its
three-year performance ending December 31, 2008.
1) Lipper Fund Award India 2007:
a) Reliance Gilt Securities Fund-Long Term Plan-Growth was declared the best fund over
3 years in the Bond INR Government category, out of 52 eligible schemes.
b) Reliance Growth Fund-Growth Plan was declared the best fund over 5 years in the
Equity India category, out of 81 eligible schemes.
2) Lipper Fund Award Gulf 2007:
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a) Reliance Banking Fund-Growth Plan-Growth Option was declared the best fund over 3
years in Equity Sector Banks and Other Financials
b) Reliance Growth Fund-Growth Plan was declared the best fund over 3 years in the
Equity India category
c) Reliance Growth Fund-Growth Plan was declared the best fund over 5 years in the
Equity India category
d) Reliance Income Fund-Growth Plan-Growth Option was declared the best fund over 5
years in Bond Indian Rupee – General category
e) Reliance Gilt Securities Fund-Long Term Plan-Growth was declared the best fund over
3 years in the Bond INR Government category
f) Reliance Short Term Fund-Growth Plan was declared the best fund over 3 years in
Bond Indian Rupee
3)ICRA Mutual Funds Awards 2007:
a) Reliance Short Term Fund has been ranked ICRA MFR 1 by ICRA Mutual Funds
Awards 2007 in the category Open Ended Debt – Short Term for its 1 year performance
till December 31, 2006. The rank indicates performance within the top 10% of the stated
category.
b) Reliance Gilt Securities Fund - Long Term Retail Plan has been ranked ICRA MFR 1
by ICRA Mutual Funds Awards 2007 in the category Open Ended Gilt - Long Term for
its 3 year performance till December 31, 2006. The rank indicates performance within the
top 10% of the stated category.
c) Reliance Liquidity Fund has been ranked ICRA MFR 1 by ICRA Mutual Funds
Awards 2007 in the category Open Ended Liquid Scheme for its 1 year performance till
December 31, 2006. The rank indicates performance within the top 10% of the stated
category.
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d) The first mutual fund in India to offer instant cash withdrawal facility on investments.
Reliance Mutual Fund offers the Reliance Any Time Money (ATM) Card with select
schemes. The card is a boon for retail investors as it enables them to withdraw their
investment anytime, anywhere at over 1 million VISA-enabled ATMs across the world.
INDUSTRY PROFILE
INDIAN BANKING SYSTEM
Without a sound and effective banking system in India it cannot have a healthy
economy. The banking system of India should not only be hassle free but it should be
able to meet new challenges posed by the technology and any other external and internal
factors. For the past three decades India's banking system has several outstanding
achievements to its credit. The most striking is its extensive reach. It is no longer
confined to only metropolitans or cosmopolitans in India. In fact, Indian banking system
has reached even to the remote corners of the country. This is one of the main reasons of
India's growth process. The government's regular policy for Indian bank since 1969 has
paid rich dividends with the nationalization of 14 major private banks of India.
Not long ago, an account holder had to wait for hours at the bank counters for
getting a draft or for withdrawing his own money. Today, he has a choice. Gone are days
when the most efficient bank transferred money from one branch to other in two days.
Now it is simple as instant messaging or dial a pizza. Money has become the order of the
day.
The first bank in India, though conservative, was established in 1786. From 1786
till today, the journey of Indian Banking System can be segregated into three distinct
phases. They are as mentioned below:
 Early phase from 1786 to 1969 of Indian Banks
 Nationalization of Indian Banks and up to 1991 prior to Indian banking sector
Reforms.
25
 New phase of Indian Banking System with the advent of Indian
Financial & Banking Sector Reforms after 1991.
After 1991, under the chairmanship of M Narasimham, a committee was set up by

his name which worked for the liberalization of banking practices. The country is flooded
with foreign banks and their ATM stations. Efforts are being put to give a satisfactory
service to customers. Phone banking and net banking is introduced. The entire system
became more convenient and swift. Time is given more importance than money. This
resulted that Indian banking is growing at an astonishing rate, with Assets expected to
reach US$1 trillion by 2010.
“The banking industry should focus on having a small number of large players
that can compete globally and can achieve expected goals rather than having a large
number of fragmented players."
26
BANKING SECTOR IN INDIA
Introduction
The liberalization brought in 1991 has swept the economic landscape of the
country. The automobile industry is one of the invisible faces of liberalization .For the
people who were used to many years of Ambassador cars with various models not
different in anyway except a few changes in every model, the arrival of Maruti heralded
the beginning of a new experience in automobile comfort. It was the same with Bajaj
Chetak. Its obnoxious horn and the tilt and start symbolized the deplorable technology to
which an Indian consumer was treated. We are thus living in the era of change.
Banking sector is no different. The changes in banking in the last decade are
unparalleled when compared to the entire period of banking history in India. Profitability,
which remained a taboo for bankers for years since independence, has become a
buzzword today. Our banks modeled on British banks, which erected awesome building
to scare the public in the garb of being a sentinel of public money, today go for boutique
banking to be as close to public as possible. Thus, competition fuelled by technology
drives banking today.
It is becoming increasingly clear that ' Technology ' alone can make
bankers sail through the competition. Computerization of branches, introduction of cash
management products, remote access login for corporates, Banking Company is defined
as “a company, which transacts the business of banking in India. The Banking
Regulation Act defines the business of banking by stating the essential functions of a
banker .It also states the various other businesses a banking company may be engaged in
and prohibits certain businesses to be performed by it.”mobile banking, Internet banking
27
and ATM banking are a few ways by which bankers use technology today to beat the
competition.
Current scenario
Currently, overall, banking in India is considered as fairly mature in terms

of supply, product range and reach-even though reach in rural India still remains a
challenge for the private sector and foreign banks. Even in terms of quality of assets and
capital adequacy, Indian banks are considered to have clean, strong and transparent
balance sheets-as compared to other banks in comparable economies in its region. The
Reserve Bank of India is an autonomous body, with minimal pressure from the
government. The stated policy of the Bank on the Indian Rupee is to manage volatility-
without any stated exchange rate-and this has mostly been true. With the growth in the
Indian economy expected to be strong for quite some time-especially in its services
sector, the demand for banking services-especially retail banking, mortgages and
investment services are expected to be strong. M&As, takeovers, asset sales and much
more action (as it is unraveling in China) will happen on this front in India.
In March 2006, the Reserve Bank of India allowed Warburg Pincus to increase its
stake in Kotak Mahindra Bank (a private sector bank) to 10%. This is the first time an
investor has been allowed to hold more than 5% in a private sector bank since the RBI
announced norms in 2005 that any stake exceeding 5% in the private sector banks would
need to be vetted by them. Currently, India has 88 scheduled commercial banks (SCBs) -
28 public sector banks (that is with
the Government of India holding a stake), 29 private banks (these do not have
government stake; they may be publicly listed and traded on stock exchanges) and 31
foreign banks.
28
BANKING SERVICES IN INDIA
They have a combined network of over 53,000 branches and 17,000 ATMs.
According to a report by ICRA Limited, a rating agency, the public sector banks hold
over 75 percent of total assets of the banking industry, with the private and foreign banks
holding 18.2% and 6.5% respectively.
SWOT ANALYSIS OF INDIAN BANKING SECTOR

STRENGTH
 Policy makers have made some notable changes in policy and regulation to help
strengthen the sector. These changes include strengthening prudential norms,
enhancing the payments system and integrating regulations between commercial
and co-operative banks.
 Bank lending has been a significant driver of GDP growth and employment.
 Extensive reach: the vast networking & growing number of branches & ATMs.
Indian banking system has reached even to the remote corners of the country.
 The government's regular policy for Indian bank since 1969 has paid rich
dividends with the nationalisation of 14 major private banks of India.
 In terms of quality of assets and capital adequacy, Indian banks are considered to
have clean, strong and transparent balance sheets relative to other banks in
comparable economies in its region.
 India has 88 scheduled commercial banks (SCBs) - 27 public sector banks (that is
with the Government of India holding a stake)after merger of New Bank of India
in Punjab National Bank in 1993, 29 private banks (these do not have government
stake; they may be publicly listed and traded on stock exchanges) and 31 foreign
banks. They have a combined network of over 53,000 branches and 17,000
ATMs. According to a report by ICRA Limited, a rating agency, the public sector
banks hold over 75 percent of total assets of the banking industry, with the private
and foreign banks holding 18.2% and 6.5% respectively.
29
 Foreign banks will have the opportunity to own up to 74 per cent of Indian private
sector banks and 20 per cent of government owned banks.
WEAKNESS
 PSBs need to fundamentally strengthen institutional skill levels especially in sales
and marketing, service operations, risk management and the overall organisational
performance ethic & strengthen human capital.
 Old private sector banks also have the need to fundamentally strengthen skill
levels.
 The cost of intermediation remains high and bank penetration is limited to only a
few customer segments and geographies.
 Structural weaknesses such as a fragmented industry structure, restrictions on
capital availability and deployment, lack of institutional support infrastructure,
restrictive labour laws, weak corporate governance and ineffective regulations
beyond Scheduled Commercial Banks (SCBs), unless industry utilities and
service bureaus.
 Refusal to dilute stake in PSU banks: The government has refused to dilute its
stake in PSU banks below 51% thus choking the headroom available to these
banks for raining equity capital.
 Obstructions in sectoral reforms: Opposition from Left and resultant cautious
approach from the North Block in terms of approving merger of PSU banks may
hamper their growth prospects in the medium term.
OPPORTUNITY
30
 The market is seeing discontinuous growth driven by new products and services
that include opportunities in credit cards, consumer finance and wealth
management on the retail side, and in fee-based income and investment banking
on the wholesale banking side. These require new skills in sales & marketing,
credit and operations.
 \banks will no longer enjoy windfall treasury gains that the decade-long secular
decline in interest rates provided. This will expose the weaker banks.
 With increased interest in India, competition from foreign banks will only
intensify.
 Given the demographic shifts resulting from changes in age profile and household
income, consumers will increasingly demand enhanced institutional capabilities
and service levels from banks.
 New private banks could reach the next level of their growth in the Indian
banking sector by continuing to innovate and develop differentiated business
models to profitably serve segments like the rural/low income and affluent/HNI
segments; actively adopting acquisitions as a means to grow and reaching the next
level of performance in their service platforms. Attracting, developing and
retaining more leadership capacity
 Foreign banks committed to making a play in India will need to adopt alternative
approaches to win the “race for the customer” and build a value-creating customer
franchise in advance of regulations potentially opening up post 2009. At the same
time, they should stay in the game for potential acquisition opportunities as and
when they appear in the near term. Maintaining a fundamentally long-term value-
creation mindset.
 reach in rural India for the private sector and foreign banks.
 With the growth in the Indian economy expected to be strong for quite some time-
especially in its services sector-the demand for banking services, especially retail
banking, mortgages and investment services are expected to be strong.
31
 the Reserve Bank of India (RBI) has approved a proposal from the government to
amend the Banking Regulation Act to permit banks to trade in commodities and
commodity derivatives.
 Liberalization of ECB norms: The government also liberalized the ECB norms
to permit financial sector entities engaged in infrastructure funding to raise ECBs.
This enabled banks and financial institutions, which were earlier not permitted to
raise such funds, explore this route for raising cheaper funds in the overseas
markets.
 Hybrid capital: In an attempt to relieve banks of their capital crunch, the RBI has
allowed them to raise perpetual bonds and other hybrid capital securities to shore
up their capital. If the new instruments find takers, it would help PSU banks, left
with little headroom for raising equity. Significantly, FII and NRI investment
limits in these securities have been fixed at 49%, compared to 20% foreign equity
holding allowed in PSU banks.
THREATS
 Threat of stability of the system: failure of some weak banks has often threatened
the stability of the system.
 Rise in inflation figures which would lead to increase in interest rates.
 Increase in the number of foreign players would pose a threat to the PSB as well
as the private players.
32
CHAPTER – 4
Data Analysis and Interpretation:

1) ICICI BANK
2) HDFC BANK
3) STATE BANK OF INDIA
33
FINANCIAL ANALYSIS
In assessing the significance of various financial data, managers often use ratio analysis,
the process of determining and evaluating financial ratios.
A financial ratio indicates a relationship between a company's activities. For example, the
ratio between the company's current assets and current liabilities or between its accounts
receivable and its annual sales. The basic source for these ratios is the company's
financial statements that contain figures on assets, liabilities, profits, and losses. Ratios
are only meaningful when compared with other information. Since they are often
compared with industry data, ratios help managers understand their company's
performance relative to that of competitors and are often used to trace performance over
time. Ratio analysis can reveal much about a company and its operations. However, there
are several points to keep in mind about ratios. First, a ratio is just one number divided by
another. Financial ratios are only "flags" indicating areas of strength or weakness. One or
even several ratios might be misleading, but when combined with other knowledge of a
company's management and economic circumstances, ratio analysis can tell much about a
corporation.
Types of Ratios
There are many different ratios and models used today to analyze companies.
Financial ratio has been classified in several ways which are as below:
34
Types of Ratios:
1) Liquidity Ratio.
2) Leverage Ratio.
3) Profitability Ratio.
4) Investibility Ratio.
Liquidity: - Liquidity ratios help analyze a company's ability to meet short-term financial
obligations.
Example Ratios Formula Measures

Current Ratio total current assets Ability to pay current debts
total current
liabilities
Quick ratio/Acid- total current assets Ability to convert current assets to cash for the purpose of
test ratio minus inventory meeting current liabilities. Called the acid-test -- is a
total current crucial test of the firm's liquidity
liabilities
Profitability: - Profitability ratios help analyzes management's ability to control

expenses and earn profits through the use of company's resources.
Net profit margin net profit Measures percentage of each sales dollar remaining after all
net sales expenses
Operating Profit Operating profit Rate of return that owners receive on their investment.
Margin Net sales
Return on Net Worth net profits Overall effectiveness to generate profits from total investment
total capital in assets.
Gross Profit Margin sales – costs of goods Profitability of a company's sales after the cost of sales has
sold been deducted.
35
Sales
Leverage Ratios
Leverage Ratios help analyze the degree and effect of a company's use of borrowed funds
(debt) to finance its operations.
Debt to equity total debt The portion of the funds obtained by the companies
ratio that came from debt vs. stockholders investments.
total stockholder's
equity
Investibility Ratios:
Investibility Ratio helps the investors to know the investibility of a company.
E.P.S (pat-Pref.Div) It shows the compatibility of company to earn the return for its
equity shareholders.
No. of equity shares
Dividend Payout D.P.S * 100 This indicates dividend policy of the company.
Ratio
E.P.S
36
Dividend Yield Ratio D.P.S Shows relation between market price & dividend
Market Price
ICICI BANK LTD

PROFITABILITY RATIO:
16
14
12
10 MAR' 09
8 MAR' 08
6 MAR' 07
4
2
0
Operating Gross profit Net profit R.O.N.W
margin margin margin
MAR' MAR' MAR'

09 08 07
Operating margin 14.13 14.45 13.33
Gross profit
margin 12.36 12.99 11.41
Net profit margin 9.74 10.51 10.81
R.O.N.W 7.58 8.94 12.79
INTERPRETATION:
Various profitability ratios which are shown in the table above are being charted on the
graph.
37
From the graph, it can be determined that during the three years from 2007 to 2009 as the
operating income of the company has risen from Rs. 13.33millions in 2007 to 14.13
millions in 2009, company has also witnessed a continuous rise in the profit during these
years.
It can be clearly examined that Gross Profit margin has risen from 11.41% in 2007 to
12.99% and 12.36% in 2008 and 2009 respectively.
But in the case of net profit margin has fallen down from 10.81% in 2007 to 10.51% &
9.74% in 2008 & 2009 respectively.
Declining Return on Net worth (RONW) every year indicates that the company employs
more capital every year to generate a rupee of sales.
ICICI BANK LTD

LIQUIDITY RATIO:
4 Current Ratio
3 Quick Ratio
0
Mar' 09 mar' 08 mar' 07
Mar' 09 mar' 08 mar' 07

Current 0.78 0.72 0.61
38
Ratio
Quick
Ratio 5.94 6.42 6.04
Interpretation:
Various liquidity ratios which are shown in the table above are being charted on the
graph.
Here ICICI BANK’S Current ratio in year 2009 is somewhat higher than the ratio in year
2007. This shows a increasing trend in the working capital in the company.
Similarly the Quick Ratio of the company is also decreased somewhat from 6.04 in year
2007 to 5.94 in year 2009.
ICICI BANK LTD
Total debt/equity
10
9
8
7
6
5
4 Total debt/equity
3
2
1
0
1 2 3 4 5
39
mar' 09 mar' 08 mar' 07
Total debt/equity 4.42 5.27 9.5
Interpretation:
On comparing the above leverage ratios taking 2007 as a base year, the total debt equity
ratio tells us that in year 2007 the creditors were providing Rs. 9.5 of financing being
provided by shareholders. As compared to this in year 2009 the creditors were providing
Rs. 4.42 of financing being provided by shareholders. As the debt/equity ratio in 2009 is
lower than in year 2007 the owners are putting in relatively more money of their own.
ICICI BANK LTD
Investibility Ratio
70
60
50 Dividend payout
ratio (net profit)
40
Earning
retention ratio
30
Reported EPS
20 (Rs)
10
0
mar' 09 mar' 08 mar' 07
40
mar' 09 mar' 08 mar' 07
Dividend payout ratio (net
profit) 36.6 33.12 33.89
Earning retention ratio 63.23 66.35 64.8
Reported EPS (Rs) 33.78 37.37 34.59
Investibility Ratio:
From the above graph it can be examined that the earnings per share has been declining
from Rs.34.59 in year 2007 to Rs33.78 in 2009. It shows that the profit available to
equity shareholders on a per share basis has been declining.
Dividend Payout Ratio has been increasing from Rs 33.89 to 36.6. It shows that
company has increasing customers value by providing satisfactory return.
Earning Retention Ratio has come down to 63.23 level which shows that earning is not
retained more with bank in the year 2009 compare to the year 2007.
ICICI BANK LTD

Non Quantitative Measures
Establishment:
ICICI Limited was formed in 1955 when the World Bank, the Government of India and
other representatives of Indian industry came together to create a initiative that funds
medium-term and long-term project financing for Indian businesses. Starting from 1990,
the company slowly transformed itself from a development financial institution financing
only projects to a company that provides a wider range of financial services and financial
products directly and also through affiliates like ICICI Bank, which was first promoted in
41
1994 and was owned completely by ICICI Limited. This stake was reduced to around
46% when an initial public offering was made in the fiscal 1998.
The move to merge ICICI limited with ICICI Bank seemed like the most strategically
viable step going forward creating the best possible legal bandwidth which was in sync
with the ICIC group’s universal banking strategy. The merger also offered various
advantages for the shareholders involved and would help the group foray into new
business segments, tap into the strong corporate relationships that had been established,
access to an excellent resource pool etc. In October 2001, ICICI Personal Financial
Services and ICICI Capital Services wholly owned by ICICI Limited was allowed to be
merged with ICICI Bank, which was formally approved by the RBI in April 2002.
Since the merger ICICI group’s financing and banking operations, both wholesale and
retail, have been integrated in a single entity.
Overview
ICICI Bank is one of the most popular banks in recent times with its presence felt through
a huge network of 1,495 branches and 4,816 ATMs across the country, with profits
running into 8.8 billions in the quarter ended June 2009. The bank also has a presence in
around 18 countries across the globe. They offer a wide gamut of retail products to its
retail customers and as well as other banking products related to the corporate segment.
These include ICICI personal loans, ICICI home loans, ICICI car loans, ICICI credit
cards, ICICI LAP etc. They also offer financial services that span asset management,
venture capital, investment banking, life and non-life insurance. ICICI equity shares finds
a place in the Bombay Stock Exchange and National Stock Exchange in India with its
American depositary receipts listed in the New York Stock Exchange.
42
Stakes
Share holding
Share holding pattern as on : 30/06/2009 31/03/2009 31/12/2008
Face value 10.00 10.00 10.00
No. Of % No. Of % No. Of %
Shares Holding Shares Holding Shares Holding
Promoter's holding
Sub total - - - - - -
Non promoter's holding
Institutional investors
Banks Fin. Inst. and
184997587 16.62 174364231 15.66 158584639 14.25
Insurance
FII's 404572215 36.34 395764843 35.55 409979962 36.83
Sub total 665820721 59.80 646251880 58.05 656632202 58.98
Other investors
Private Corporate Bodies 37174101 3.34 64077684 5.76 52612667 4.73
NRI's/OCB's/Foreign
9403169 0.84 11938347 1.07 15972787 1.43
Others
Direcctors/Employees 938988 0.08 867966 0.08 914352 0.08
Govt 19780 - - - - -
Others 326545246 29.33 304648954 27.37 304852852 27.38
Sub total 374077085 33.60 381528752 34.27 374348868 33.63
General public 73422082 6.59 85465811 7.68 82265782 7.39
43
Grand total 1113319888 100.00 1113246443 100.00 1113246852 100.00
 Since amount invested by FII’s consists 36.34% of total share holding which is
considerably high means more fluctuation in share price if they withdraw their
money.
ICICI BANK LTD
MILESTONES
- 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.
- Merger of ICICI Bank with Bank of Madura Limited in fiscal 2001 and 2002.
- In October 2001, ICICI Personal Financial Services and ICICI Capital Services wholly
owned by ICICI Limited was allowed to be merged with ICICI Bank, which was formally
approved by the RBI in April 2002.
- K.V. Kamath is the Chairman of the ICICI group. Chanda D. Kochhar, the Managing
Director & CEO of ICICI Bank was recently named in Forbes list of the World’s 100 Most
Powerful Women and ranked in the top 20 of the list compiled by Forbes, sharing the
honour with Sonia Gandhi, Congress President who ranked 13th.
Growth Rate
Topline: Total amount of sales in the year 2008 was Rs.30788.34cr. which has increased
up to 31092.55cr. It shows a 1% growth rate in revenue which is not very much good
indictor for investor.
Bottom line: Net profit margin is decreased somewhat from 10.50% to 9.71% in 2009.
44
P/E Ratio:
ICICI BANK has a P/E ratio of 22.62 on (28-8-09) which is almost same as industry P/E
ratio. It means investor is ready to pay Rs. 22.62 for earning of Rs. 1.
Market Capitalization:
ICICI BANK has the market capitalization of Rs.1,113.29 cr. It means that it is more
liquid stock than other two companies .
HDFC BANK LTD

PROFITABILITY RATIO:
35
30
25
2009
20
2008
15
2007
10
0
Operating Gross profit Net profit Reported return
margin (%) margin (%) margin (%) on net worth
(%)
2009 2008 2007
Operating margin
(%) 19.87 30.78 33.15
Gross profit margin

(%) 18.05 28.58 30.5
Net profit margin

(%) 11.35 12.82 13.57
45
Reported return on
net worth (%) 15.32 13.83 17.74
INTERPRETATION:
graph.
From the graph, it can be determined that during the three years from 2007 to 2009
although the operating income of the company has fallen from Rs.33.15 millions in 2007
to 19.87 millions in 2009, company has witnessed a continuous decrease in the profit
during these years.
It can be clearly examined that Gross Profit margin has gone down from 30.5% in 2007
to 28.58% and 18.05% in 2008 and 2009 respectively.
Similar is the case with Operating Profit and Net Profit Margin which have been showing
continuous fall over the last three years. By considering both gross profit margin and net
profit margin jointly, we are able to gain considerable insight into the operations of the
firm. As all the ratios are falling over the three periods, we know that the cost of
operations relative to sales has been decreasing.
Decreasing Return on Net worth (RONW) every year indicates that the company employs
more capital every year to generate a rupee of sales.
46
HDFC BANK LTD
LIQUIDITY RATIO:
Current ratio
3
Quick ratio
0
mar' 09 mar' 08 mar' 07
mar' 09 mar' 08 mar' 07
Current ratio 0.27 0.26 0.26
Quick ratio 5.23 4.89 4.07
Interpretation:
47
graph.
Here HDFC BANK’S Current ratio in year 2009 is somewhat higher than the ratio in
year 2008 & 2007. This shows a increasing trend in the working capital in the company.
Similarly the Quick Ratio of the company is also increasing from 4.07 in year 2007 to
5.23 in year 2009.
HDFC BANK LTD
Total debt/equity
12
10
6 Total debt/equity
0
mar' 09 mar' 08 mar' 07
mar' 09 mar' 08 mar' 07
Interpretation:
48
ratio tells us that in year 2007 the creditors were providing Rs.10.62 of financing for each
Rs.1 being provided by shareholders. As compared to this in year 2009 the creditors were
providing Rs.9.75 of financing for each Rs.1 being provided by shareholders. As the
debt/equity ratio in 2009 is lower than in year 2007 the owners are putting in relatively
more money of their own.
HDFC BANK LTD
Investibility Ratio
90
80
70
Dividend payout
60
ratio (net profit)
50 Earning
40 retention ratio
Reported EPS
30
(Rs)
20
10
0
MAR' 09 MAR' 08 MAR' 07
MAR' 09 MAR' 08 MAR' 07
Dividend payout
ratio (net profit) 22.16 22.16 22.91
Earning retention
ratio 77.79 77.83 77.11
49
Reported EPS (Rs) 52.77 44.87 35.74
From the above graph it can be examined that the earnings per share has been increasing
from Rs.35.74 in year 2007 to Rs.52.77 in 2009. It shows that the profit available to
equity shareholders on a per share basis has been increasing exponentially.
Dividend Payout Ratio has been declining from Rs 22.91 to 22.16. It shows that company
has created more reserves for acquisition for expansion & growth.
Earning Retention Ratio has been increasing from 77.11 to 77.79. which shows that
earning of bank is retained some what more in the year 2009 compare to the year 2007.
HDFC BANK LTD
Non Quantative Measure

Establishment:
With its registered office in Mumbai, the bank started its operations in August 1994 with
commercial operations beginning from January 1995.
HDFC’s particular expertise spans the segment of retail home loans catering to different
market segments, which includes a large corporate client base as well. Armed with a
large share holder baser, experience in various financial markets HDFC positioned itself
well to become part of the popular bank list in India.
HDFC’s objective revolves around building sound customer franchises across distinct
businesses to achieve its goal of becoming the preferred banking partner for retail and
wholesale consumer groups.
50
Overview
With its headquarters in Mumbai, HDFC Bank now has a network of over 1416 branches
across 550 Indian cities. Connected live online across branches the customers in the over
500 locations are also provided service via telephone banking. HDFC also has over 3382
networked ATMs across 500 Indian cities.
The bank’s focus is on asserting its presence in all the vital and central industrial and
commercial hubs to service their corporate clientele and on the other hand it also aspires
to ramp up its retail customer base for deposit and loan products. HDFC Bank Limited’s
retail segment currently offers HDFC personal loans, HDFC home loans, HDFC car loans
and HDFC credit cards to its growing customer base and to other non-banking customers
as well.
HDFC’s actively contributes to stock exchanges being a clearing/settlement bank and

hence has branches in the centers where the NSE/BSE have a strong and active member
base.
Stakes :
Share Holding Pattern as on : 30/06/2009 31/03/2009 31/12/2008

Face Value 10.00 10.00 10.00
PROMOTER'S HOLDING
Indian Promoters 82443000 19.34 82443000 19.38 82443000 19.39
Sub Total 82443000 19.34 82443000 19.38 82443000 19.39
NON PROMOTER'S HOLDING
Institutional Investors
Mutual Funds and UTI 21094180 4.95 24834659 5.84 21246287 5.00
Banks Fin. Inst. and Insurance 32615954 7.65 34118252 8.02 23793962 5.60
FII's 120118251 28.18 109316539 25.70 116673112 27.44
Sub Total 173828385 40.79 168269450 39.56 161713361 38.04
Other Investors
51
NRI's/OCB's/Foreign Others 6666273 1.56 8498035 2.00 9798742 2.30
Government 10156 0.00 5771 0.00 6102 0.00
Others 79992103 18.77 81099823 19.07 76587106 18.01
Sub Total 124097451 29.12 127039647 29.86 132414199 31.15
General Public 45814430 10.75 47632012 11.20 48573868 11.43
GRAND TOTAL 426183266 100.00 425384109 100.00 425144428 100.00
 The stake of FII’s & foreign Investors in HDFC BANK is around 28.18% which
is matter of concern in case of any MACRO economy changes.
HDFC BANK LTD
Milestones
a. February 26, 2000 - Touted as the first of its kind merger involving two private banks
of the new generation, a significant milestone was the merger with Times Bank Limited,
promoted by Bennett, Coleman & Co.
b. May 23, 2008 - The merger of Centurion Bank of Punjab with HDFC received formal
approval from the RBI to mark the completion of the official regulatory and approval
process.
This merger created a strong deposit base of around Rs. 1.2 crore and net advances of
around Rs. 89,000 crore and a balance sheet size of over Rs. 1.6 crore. The merger led to
an increase in the number of branches, great geographic positioning, access, a huge
customer base and a talented resource pool.
Growth Rate
Topline:
Total amount of sales in the year 2008 was Rs.10115cr. which has increased up to
16332.21cr in 2009. It shows a 62.46% growth rate in revenue, which has increased
52
exponentially. The reason for exponential growth is company has bagged few overseas
Projects.
Bottom line:
The company profitability has increased six folded. Which is a good indicator for
investors for investment. This is the reason company E.P.S are around 53. Total amount
of net profit in the year 2008 was Rs.1,590.18cr was increased upto 2,244.95cr in 2009. It
shows 41.18% growth. Which is a good indicator for investors for investment.
P/E Ratio:
HDFC BANK has a P/E ratio of 11.44% which is somewhat less from industry P/E ratio.
It means market price of HDFC BANKS share is undervalued. It has a very good scope
of increment in the market price.
HDFC BANK has the market capitalization of Rs.425.38 cr. It means that it is lower than
the both stocks. It means bank has used his own funds to raise the capital.
53
STATE BANK OF INDIA
25
20
15 mar' 09
mar' 08
10 mar' 07
0
Operating Gross profit Net profit Reported
margin (%) margin (%) margin (%) return on net
worth (%)
mar' 09 mar' 08 mar' 07
Operating margin (%) 19.5 19.29 17.72

Gross profit margin
(%) 18.48 18.09 16.35
54
Net profit margin (%) 12.03 11.65 10.12
Reported return on net
worth (%) 15.74 13.72 14.5
INTERPRETATION:
graph.
From the graph, it can be determined that during the three years from 2007 to 2009 as the
operating income of the company has risen from Rs. 17.72 millions in 2007 to 19.5
millions in 2009, company has also witnessed a continuous rise in the profit during these
years.
It can be clearly examined that Gross Profit margin has risen from 16.35% in 2007 to
18.48% in 2009 respectively.
Similar is the case with Net Profit Margin which have been showing continuous rise over
the last three years. This shows that the company has been efficient in reducing its cost of
producing goods.
Rising Return on Net worth (RONW) every year indicates that the company employs less
capital every year to generate a rupee of sales.
55
STATE BANK OF INDIA
4 Current ratio
3 Quick ratio
0
MAR' 09 MAR' 08 MAR' 07
MAR' 09 MAR' 08 MAR' 07
Current ratio 0.34 0.53 0.42
Quick ratio 5.74 6.15 6.52
56
Interpretation:
graph.
Here SBI’s Current ratio in year 2007 is somewhat higher than the ratio in year 2009.
This shows an decreasing trend in the working capital in the company.
Similarly the Quick Ratio of the company has also decreased from 6.52 in year 2007 to
5.74 in year 2009.The ratio is more than 1 it means there is not a shortage of cash which
wont affect liquidity of company.
STATE BANK OF INDIA
Total debt/equity
16
14
12
10
8 Total debt/equity
6
4
2
0
mar' 09 mar' 08 mar' 07
mar' 09 mar' 08 mar' 07
57
Interpretation:
ratio tells us that in year 2007 the creditors were providing 13.91 of financing for each
Rs.100 being provided by shareholders. As compared to this in year 2009 the creditors
were providing 12.81 of financing for each Rs.100 being provided by shareholders. As
the debt/equity ratio in 2009 is lower than in year 2007 the owners are putting in
relatively more money of their own.
If the ratio is less it means company is more dependant on their own fund.
STATE BANK OF INDIA

Investibility Ratio
160
140
120
Dividend payout
100 ratio (net profit)
Earning
80
retention ratio
60 Reported EPS
(Rs)
40
20
0
MAR'09 MAR' 08 MAR' 07
MAR'09 MAR' 08 MAR' 07

Dividend payout ratio (net 22.9 22.64 18.98
58
profit)
Reported EPS (Rs) 143.67 106.56 86.29
From the above graph it can be examined that the earnings per share has been increasing
from Rs.86.29 in year 2007 to Rs 143.67 in 2009. It shows that the profit available to
equity shareholders on a per share basis has increased .
Dividend Payout Ratio has been growing from Rs 18.98 to 22.9. It shows that company
wants to satisfy his investors by providing them value & more dividend.
Earning Retention Ratio has come down to 77.11 consistently from 2007 to 2009 which
shows that dividend per share has decreased in the year 2009 compare to the year 2007.
STATE BANK OF INDIA

Non Quantative Measure
Establishment:
The mammoth history behind SBI
How did State Bank of India start?
SBI originated when Bank of Calcutta came into existence on 2 June 1806, which was
given a new name as Bank of Bengal three years later. The unique factor about SBI is the
fact that it was the first joint-stock bank of British India, first sponsored by the Bengal
government. Following the establishment of Bank of Bengal more such banks on the
same lines was set up, namely Bank of Bombay in April 1840 and Bank of Madras in
July 1843. A makeover took place several years later during January 1921, when the
three banks merged to form the Imperial Bank of India.
The Imperial Bank
59
In 1921 about 70 odd branches of all the three presidency Banks of Bengal, Bombay and
Madras merged into a single entity to become the Imperial Bank of India. This bank
played three crucial roles - that of a commercial bank, a banker’s bank as well as a banker
to the government.
SBI is born finally!
A need for a “State Bank of India” was mulled over in the years leading to this
development. The Imperial bank was then combining the functions of both a commercial
bank and a quasi-central bank. This scenario changed when the Reserve Bank of India
was set up in 1935 at which point the Imperial bank ceased to be the bankers to the Indian
Government and became an agent of the RBI for government transactions instead.
The first five year plan ushers in State Bank of India
The First five year plan launched in 1951 had as one of its primary goals the development
of rural India. It is important to note that the Imperial Bank of India had until that point in
time concentrated only on the urban sectors neglecting the rural segments.
Upon the recommendation of the All India Rural Credit Survey committee regarding the
need for a state partnered and sponsored bank a formal act was passed in the parliament
in May 1955. According to this act, the Imperial Bank of India was to integrate with it
state owned and state associate banks.
Thus the State Bank of India came into existence in July 1955. Around 25% of the
country’s banking resources came under the direct control of the State. In the years to
come, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the
State Bank of India to take over eight former State-associated banks as its subsidiaries.
After this development the SBI helped in its new avatar by its 480 offices across the
country evolved into the current modern banking system that is in sync with the
economic development taking place.
60
Share holding
Share holding pattern
30/06/2009 31/03/2009 31/12/2008
as on :
Face value 10.00 10.00 10.00
Promoter's holding
Indian Promoters 377207200 59.41 377207200 59.41 377207200 59.41
Sub total 377207200 59.41 377207200 59.41 377207200 59.41
Non promoter's holding
Institutional investors
Banks Fin. Inst. and
68443113 10.78 69061386 10.88 54488550 8.58
Insurance
FII's 57069326 8.99 50597942 7.97 66169927 10.42
Sub total 156714681 24.68 153681121 24.21 159634660 25.14
Other investors
NRI's/OCB's/Foreign 634802 0.10 535853 0.08 379437 0.06
61
Others
Govt 122428 0.02 122428 0.02 122428 0.02
Others 27659861 4.36 28647578 4.51 28413341 4.48
Sub total 60555465 9.54 61472984 9.68 57254382 9.02
General public 40402579 6.36 42518620 6.70 40783755 6.42
Grand total 634879925 100.00 634879925 100.00 634879997 100.00
 Only 8.99% stake is belong to FII’s & foreign Investors .which indicates healthy
sign for retail investors.
Milestones
- The bank’s chairman Mr. O.P. Bhatt was awarded the prestigious Indian of the Year
award in the Business category of the CNN IBN.
- State Bank of India has been adjuged the best bank 2009 by business india (august-
2009).
- Shri Om Prakash Bhatt declared as one of the 25 most valuable indians by the week
magazine for 2009 (published in august-2009 issue).
- State Bank of India also improved its ranking in “Fortune” 500 Global List, “Forbes”
list of 2000 largest companies in the world, “Banker” list of top 1000 world banks, Brand
Finance - Global 500 Financial Brand recognition, to name a few.
- Most Admired Infrastructure Financier Award by KPMG,
- Top Public Sector Bank under SME Financing by Dun and Bradstreet 2
62
- The Bank was voted, for the third year in a row, as the Most Preferred Housing Loan
and Most Preferred Bank in the CNBC AWAAZ Consumer Awards in a survey
conducted by CNBC TV18 in association with AG Nielsen & Company.
- The Bank was also awarded the Best Home Loan Provider as well as The Best Bank -
by Outlook Money Awards, 2008.
- SBI has been rated as the Best Public Sector Bank for Rural Reach by Dun &
Bradstreet.
- The Bank was awarded Reader’s Digest Pegasus Corporate Social Responsibility
Award 2007 in recognition of its contribution towards Rural Community Development.
Growth Rate :
Top line:
Total amount of sales in the year 2008 was Rs.48, 950cr. which has increased up to
Rs.63, 788.43cr in 2009. It shows a 30.31% growth rate in revenue.
Bottom line:
The company profitability has been increasing consistently year by year. It has net profit
margin of 11.93% in year 2009. Which is a good indicator for investors for investment.
P/E Ratio:
SBI has a P/E ratio of 12.13 which is almost same as industry P/E ratio. It means market
price of SBI’s share price is cyclical to the industry. If company maintains the same rate
of growth its market price would increase by the same percentage of 12.13 in the next
year.
63
SBI has the market capitalization of Rs.634.88cr. It is more liquid than the other market
cap.
COMPARISON OF 3 COMPANIES
Comparisons of following companies are carried out:

 ICICI BANK LTD
 HDFC BANK LTD
 STATE BANK OF INDIA
The comparison is focused on only certain key ratios such as:
 Operating Profit Margin,

 Gross Profit Margin,
 Net Profit Margin,
 Return on Net Worth,
 Current Ratio,
64
 Quick Ratio,
 Total Debt/ Equity Ratio,
 Earnings Per Share (EPS),
 Dividend Payout Ratio,
 Dividend Yield Ratio,
 P/E Ratio.
Limitations:
 The comparison is based on latest financial data of respective companies
from the latest annual report.
COMPARISON OF PROFITABILITY RATIO
25
20
15 ICICI BANK
HDFC BANK
10 SBI BANK
0
Operating margin Gross profit margin Net profit margin R.O.N.W
ICICI BANK HDFC BANK SBI BANK
65
Operating
margin 14.13 19.87 19.5
Gross profit
margin 12.36 18.05 18.48
Net profit
margin 9.74 11.35 12.03
R.O.N.W 7.58 15.32 15.74
Interpretation:
If we compare the three companies, we can determine from the graph that SBI is in a
comparatively better position with higher return on net worth, gross as well as net profit
margin. Moreover, the operating profit of SBI is also very higher. As ICICI BANK’S
gross and net profit margin is lower this shows that the company is incurring more cost
on administrative & sales expenses than its competitors. ICICI’S profit margins have
been under pressure on account of R&D and personnel costs.
COMPARISON OF LIQUIDITY RATIO
4 Current Ratio
3 Quick Ratio
0
66
Current
Ratio 0.78 0.27 0.34
Quick
Ratio 5.94 5.23 5.74
Interpretation:
From the above graph we can see that the current as well as quick ratio of ICICI BANK
is higher than its competing firms. This means that ICICI BANK is able to meet its short
term obligations more efficiently than its competitors. Also there is no need to worry
about the ratios of other firms as all the firms have got satisfactory liquidity ratios.
COMPARISON OF LEVERAGE RATIO
Total debt/equity
14
12
10
8
Total debt/equity
6
4
2
0
ICICI HDFC SBI BANK
BANK BANK
67
ICICI HDFC SBI
BANK BANK BANK
Total
debt/equity 4.42 9.75 12.81
Interpretation:
On comparing the debt/ equity of all the three companies, we can say that ICICI BANK
has got a good debt/ equity ratio as lower the ratio higher is the firm’s financing that is
being provided by shareholders, and the larger the creditor cushion (margin of protection)
in the event of shrinking asset values or outright losses.
COMPARISON OF INVESTIBILITY RATIO
160
140
120
Dividend payout
100 ratio (net profit)
Earning
80
retention ratio
60 Reported EPS
(Rs)
40
20
0
ICICI HDFC SBI
BANK BANK BANK
68
ICICI HDFC SBI
BANK BANK BANK
Dividend payout ratio (net
profit) 36.6 22.16 22.9
Reported EPS (Rs) 33.78 52.77 143.67
Interpretation:
The comparison of earning per share (EPS) of the above three companies indicate that
SBI has higher EPS then comes HDFC and ICICI has got the lowest EPS. This shows
that the shareholders of SBI can get higher amount on every share held by them than the
shareholders of other two firms.
Both Dividend Payout Ratio has the lowest for SBI. This signifies that company is more
focusing on future growth, which is supported by Reserve& Surplus amount shown in the
Balance Sheet.
FINDINGS & RECOMMENDATIONS
 When we consider Gross and Net Profit Margin as a comparative decision

criterion then a systematic study of all costs and revenue has to be done on a
regular basis to arrive at a conclusion. From the comparative statement it appears
that ICICI Bank’s Gross and Net Profit Margin is lower because it is incurring
more costs than its competitors. If this is the case then ICICI bank need to find out
the reasons involved.
 State Bank of India is trying to score the maximum on its goodwill created over a
period of time. They are trying to borrow more and more funds to maximize their
profits. When bank borrows funds the cost of capital is less and when it lends
funds the cost of capital is generally relatively higher. And as the Indian Economy
69
is growing more and more funds are needed, the Management of SBI is trying to
get advantage of this situation. The other banks appear to fail or lacking in respect
to SBI. The other banks need to find out what are the exact reasons.
 ICICI BANK’S debt/ equity ratio is low as compared to the debt/ equity ratio of
HDFC BANK and SBI BANK. This shows that the latter two companies have
financed their business by taking debt from creditors. This increases the regular
interest payment burden on the companies. So the companies should go more for
equity financing than the debt financing of their projects.
 As per comparative statement, State Bank Of India earnings per share is higher as
compared to ICICI BANK and HDFC BANK. This shows that the shareholders of
State Bank Of India can get higher amount on every share held by them than the
shareholders of other two firms. This in turn means that the shareholders of State
Bank Of India may feel more happier than the shareholders of other two firms.
The reason for higher E.P.S is company profit has increased six times.
Conclusion
With the increasing awareness level among Investors regarding Investment in Capital
Market & Mutual Fund. It paves various way of earning source to the Banks & Asset
Management Company.
Recently most of the Banks has come up with a Basket of Mutual Fund Products to cater
different segment of Investors. As we know Investment in Capital Market is subject to
high Risk & high Return.
70
We can mitigate the Risk Factor or Volatility by preceding Fundamental Analysis of the
Scrip’s.
As the Sensex is touching the 21000 Mark, the Indian Economy are moving towards
great height. It is the duty of Company like RELIANCE MUTUAL FUND to know the
Investment precedent of Investors in Capital Market.
The Project reflects how Comparative Analysis are done, on that basis an Investor can
take right decision .Means in which Company they can park their Money for Safety &
high Return.
I have taken Three Companies:
ICICI BANK LTD
HDFC BANK LTD
STATE BANK OF INDIA
BIBLIOGRAPHY
During my project work, I referred some books and some websites which are as follows:_
Reference Books,
 Fundamental of Financial Management :
By- James C. Van Horne
 SECURITY ANALYSIS AND INVESTMENT MANAGEMENT :
71
By- Mrs. Preeti Singh
Reference sites
 www.rediff.com
 www.bseindia.com
 www.nseindia.com
 www.karvy.com
 www.sebi.com
 www.equitymasters.com
 www.smartsecurities.com
 www.reliancemutual.com
72
ANNEXURE
APPENDIX-1
ICICI BANK LTD
INCOME STATEMENT
73
All numbers in thousands
PERIOD ENDING 31-Mar-00
Total Revenue 69,000
Cost of Revenue 37,000
Gross Profit 32,000
Operating Expenses
Research Development -
Selling General and Administrative 11,000
Non Recurring -
Others 5,000
Total Operating Expenses -
Operating Income or Loss 16,000
Income from Continuing Operations
Total Other Income/Expenses Net -
Earnings Before Interest And Taxes 16,000
Interest Expense 6,000
Income Before Tax 10,000
Income Tax Expense 2,000
Minority Interest -
Net Income From Continuing Ops 8,000
Non-recurring Events
Discontinued Operations -
Extraordinary Items -
Effect Of Accounting Changes -
Other Items -
74
Net Income 8,000
Preferred Stock And Other Adjustments -
Net Income Applicable To Common Shares $8,000
Balance sheet
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Sources of funds
Owner's fund
Equity share capital 1,113.29 1,112.68 899.34 889.83 736.75
Share application money - - - - 0.02
Preference share capital 350.00 350.00 350.00 350.00 350.00
Reserves & surplus 48,419.73 45,357.53 23,413.92 21,316.16 11,813.20
Loan funds
Secured loans - - - - -
Unsecured loans 2,18,347.82 2,44,431.05 2,30,510.19 1,65,083.17 99,818.78
Total 2,68,230.84 2,91,251.26 2,55,173.45 1,87,639.16 1,12,718.75
Uses of funds
Fixed assets
Gross block 7,443.71 7,036.00 6,298.56 5,968.57 5,525.65
Less : revaluation reserve - - - - -
Less : accumulated depreciation 3,642.09 2,927.11 2,375.14 1,987.85 1,487.61
Net block 3,801.62 4,108.90 3,923.42 3,980.71 4,038.04
Capital work-in-progress - - 189.66 147.94 96.30
Investments 1,03,058.31 1,11,454.34 91,257.84 71,547.39 50,487.35
Net current assets
Current assets, loans & advances 34,384.06 31,129.77 23,551.85 15,642.79 11,115.99
Less : current liabilities & provisions 43,746.43 42,895.38 38,228.64 25,227.88 21,396.16
Total net current assets -9,362.37 -11,765.62 -14,676.78 -9,585.09 -10,280.17
Miscellaneous expenses not written - - - - -
Total 97,497.56 1,03,797.62 80,694.15 66,090.96 44,341.52
Notes:
Book value of unquoted investments - - - - -
75
Market value of quoted investments - - - - -
Contingent liabilities 8,40,670.63 4,01,114.91 1,99,771.41 1,34,920.99 1,07,311.46
Number of equity shares outstanding (Lacs) 11126.87 11126.87 8992.67 8898.24 7367.16
APPENDIX-2
HDFC BANK LTD
INCOME STATEMENT
All numbers in thousands
PERIOD ENDING 31-Mar-09 31-Mar-08 31-Mar-07
Total Revenue 3,826,700 3,139,800 1,987,100
Cost of Revenue 1,508,700 1,066,100 607,400
Gross Profit 2,318,000 2,073,700 1,379,700
Operating Expenses
Research Development - - -
Selling General and Administrative 1,103,900 985,700 583,500
Non Recurring - - -
Others 579,200 430,800 257,800
Total Operating Expenses - - -
Operating Income or Loss 634,900 657,200 538,400
Income from Continuing Operations
Total Other Income/Expenses Net - - -
Earnings Before Interest And Taxes 634,900 657,200 538,400
Interest Expense 184,100 168,600 161,700
Income Before Tax 450,800 488,600 376,700
Income Tax Expense 152,100 157,600 119,300
Minority Interest (1,800) (2,300) (1,300)
76
Net Income From Continuing Ops 296,900 328,700 256,100
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 296,900 328,700 256,100
Preferred Stock And Other Adjustments - - -
Net Income Applicable To Common Shares $296,900 $328,700 $256,100
Balance sheet of HDFC BANK
Sources of funds
Owner's fund
Equity share capital 425.38 354.43 319.39 313.14 309.88
Share application money 400.92 - - 0.07 0.43
Preference share capital - - - - -
Loan funds
Unsecured loans 1,42,811.58 1,00,768.60 68,297.94 55,796.82 36,354.25
Total 1,57,864.31 1,12,265.83 74,731.09 61,096.42 40,874.53
Uses of funds
Fixed assets
Gross block 3,956.63 2,386.99 1,917.56 1,589.47 1,290.51
Less : accumulated depreciation 2,249.90 1,211.86 950.89 734.39 582.19
Net block 1,706.73 1,175.13 966.67 855.08 708.32
77
Capital work-in-progress - - - - -
Investments 58,817.55 49,393.54 30,564.80 28,393.96 19,349.81
Net current assets
Less : current liabilities &
22,720.62 16,431.91 13,689.13 7,849.49 5,264.46
provisions
Miscellaneous expenses not
- - - - -
written
Total 44,160.49 38,539.45 21,447.82 23,676.64 16,124.24
Notes:
Book value of unquoted
- - - - -
investments
Market value of quoted
- - - - -
investments
Contingent liabilities 4,14,533.93 5,99,928.79 2,09,338.61 1,44,137.86 89,928.65
Number of equity
4253.84 3544.33 3193.90 3131.42 3098.75
sharesoutstanding (Lacs)
APPENDIX-3
STATE BANK OF INDIA
INCOME STATEMENT
(Rs in Cr.)
Income :
Operating Income 74,880.76 56,821.55 43,860.57 37,869.52 36,470.27
Expenses
Financial Expenses 42,915.29 31,929.08 23,436.82 20,159.29 18,483.38
Personnel Expenses 9,747.31 7,785.87 7,932.58 8,123.04 6,552.83
Selling Expenses 251.23 173.23 88.43 109.44 67.08
Adminstrative Expenses 7,361.98 5,970.47 4,628.38 2,911.29 3,551.53
Expenses Capitalised 0.00 0.00 0.00 0.00 0.00
78
Operating Expenditure 60,275.81 45,858.65 36,086.21 31,303.06 28,654.82
Operating Profit 14,604.95 10,962.90 7,774.36 6,566.46 7,815.45
Other Recurring Income 894.26 901.33 1,008.35 1,413.65 740.10
Adjusted PBDIT 15,499.21 11,864.23 8,782.71 7,980.11 8,555.55
Provisions Made -503.24 536.97 567.37 346.77 926.40

Depreciation 763.14 679.98 602.39 729.13 752.21
Other Write offs 0.00 0.00 0.00 0.00 0.00
Adjusted PBT 15,239.31 10,647.28 7,612.95 6,904.21 6,876.94
Tax Charges 6,115.12 3,929.20 3,083.77 2,499.48 2,217.08
Adjusted PAT 9,124.19 6,718.08 4,529.18 4,404.73 4,659.86

Non Recurring Items -2.95 11.04 12.13 1.94 -355.35
Other Non Cash adjustments 0.00 0.00 0.00 0.00 0.00
Reported Net Profit 9,121.23 6,729.12 4,541.31 4,406.67 4,304.52
Earnigs Before Appropriation 9,121.57 6,729.46 4,541.65 4,407.01 4,304.86
Equity Dividend 1,841.15 1,357.66 736.82 736.82 657.87

Preference Dividend 0.00 0.00 0.00 0.00 0.00
Dividend Tax 248.03 165.87 125.22 103.34 93.75
Retained Earnings 7,032.38 5,205.94 3,679.61 3,566.85 3,553.23
Balance sheet of SBI
Sources of funds
Owner's fund
Equity share capital 634.88 631.47 526.30 526.30 526.30
79
Share application money - - - - -

Preference share capital - - - - -
Loan funds
Unsecured loans 7,42,073.13 5,37,403.94 4,35,521.09 3,80,046.06 3,67,047.53
Total 8,00,020.82 5,86,436.60 4,66,819.65 4,07,690.14 3,91,119.66
Uses of funds
Fixed assets
Gross block 10,403.06 8,988.35 8,061.92 7,424.84 6,691.09
Less : accumulated depreciation 6,828.65 5,849.13 5,385.01 4,751.73 4,114.67
Net block 3,574.41 3,139.22 2,676.91 2,673.11 2,576.43
Capital work-in-progress 263.44 234.26 141.95 79.82 121.27
Investments 2,75,953.96 1,89,501.27 1,49,148.88 1,62,534.24 1,97,097.91
Net current assets
Less : current liabilities & provisions 1,10,697.57 83,362.30 60,042.26 55,538.17 49,578.89
Miscellaneous expenses not written - - - - -
Total 2,06,827.50 1,53,929.48 1,17,217.80 1,32,129.85 1,68,607.42
Notes:
Book value of unquoted investments - - - - -
Market value of quoted investments - - - - -
Contingent liabilities 7,67,567.52 8,29,740.48 3,29,954.73 2,49,437.78 1,76,119.50
Number of equity sharesoutstanding (Lacs) 6348.80 6314.70 5262.99 5262.99 5262.99
80

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A

“EQUITY RESEARCH: FUNDAMENTAL ANALYSIS

OF LEADING INDIAN BANKS”

MET’s INSTITUTE OF MANAGEMENT,

This is to certify that Project Report titled

Place: Nashik Signature of Guide Signature of Director

Signature of the student

Sr. No Particulars Page No.

Sr. No. Particulars Page No.

The objective of my project is to analyze the fundamental and analysis of three

STATE BANK OF INDIA

 Procedures & parameters

1. Macroeconomic Environment Analysis : Initially the firms macroeconomic

2. Industry Analysis : once the analysis of macro economuc factors is completed,

Ratio Analysis (Financial Analysis)

 Objectives & Scopes

To built a sound Portfolio for Investment in Capital Market.

To find out the company Growth Status in near future.

SECONDARY DATA- Secondary data is that data which is already been

 The Research report published by Karvy Securities.

 Other reports published by specified companies.

 The research report published by stock exchange.

 Web Site of specified companies.

Defining the Research Problem and identifying research

Cost/Value Analysis of the Information, Formulation and

Selection of the Data Collection Method

Selection of the Sample

Selection of the Method of Analysis

Estimate the Resources needed

Prepare the Research Proposal

 Some of the information is lack of accuracy, due to which approximately values

 Profile of the Organisation :-

Reliance Capital Limited

 Industry profile:- Indian Banking

Reliance Capital Asset Management Limited: Reliance Capital Asset

However, there is no conflict of interest between various business activities carried on by

About Reliance Mutual Fund

Vision Statement: To be a globally respected wealth creator with an emphasis on

Sponsor Reliance Capital Limited

Trustee Reliance Capital Trustee Co. Ltd

Investment Manager Reliance Capital Asset Management Ltd.

Custodian Deustche Bank , AG

Registrar M/S Karvy Computershare Pvt. Ltd

CEO Mr. Sundeep Sikka

Debt Fund Managers

Mr. Amit Tripathi Ms. Anju Chhajer

Mr. Prashant Pimple Mr. Arpit Malaviya

The keynotes to perfection are "Minimizing Risks, Optimizing Gains”. An increasing

1) Lipper Fund Award India 2007:

2) Lipper Fund Award Gulf 2007:

3)ICRA Mutual Funds Awards 2007:

INDIAN BANKING SYSTEM

After 1991, under the chairmanship of M Narasimham, a committee was set up by

Currently, overall, banking in India is considered as fairly mature in terms

SWOT ANALYSIS OF INDIAN BANKING SECTOR

Data Analysis and Interpretation:

Example Ratios Formula Measures

Profitability: - Profitability ratios help analyzes management's ability to control

Example Ratios Formula Measures

Example Ratios Formula Measures

Investibility Ratio helps the investors to know the investibility of a company.

Example Ratios Formula Measures

ICICI BANK LTD

MAR' MAR' MAR'