International Journal of Management (IJM), OF ISSN MANAGEMENT 0976 6502(Print), ISSN (IJM 0976 ) INTERNATIONAL JOURNAL 6510(Online), Volume

me 4, Issue 2, March- April (2013)

ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 4, Issue 2, March- April (2013), pp. 138-146 IAEME: www.iaeme.com/ijm.asp Journal Impact Factor (2013): 6.9071 (Calculated by GISI) www.jifactor.com

IJM
IAEME

INTERFIRM COMPARISON ON SELECT PRIVATE BANKING COMPANIES IN INDIA

Dr.V.Sarangarajan1 Mr.S.Karthik2 Dr.S.A.Lourthuraj3 Dr.R.Ramesh4 Director, Christhuraj Institute of Management, Panjappur, Trichy- 620 012 2 Research Scholar, Bharathiar University, Coimbatore 641 046. 3 Asst.Professor, Jamal Institute of Management, Jamal Mohammed College, Trichy 20 4 Professor and Head, Chettinad college of Engg.& Tech.,Karur 639 114
1

ABSTRACT Inter-firm Comparison is one of the effective tools of management. It can be applied in any industry whether manufacturing or service. This paper examines the good and poor performance of select private banking companies in India with select financial ratios. Data employed in this study are all secondary in nature. Seven ratios are taken for comparison and ten private banking companies are chosen for the study. The study has been conducted for a period of five years from 2007 -2008 to 2011-2012. The research design is based on the descriptive design technique. In this research paper the authors make use of quartile Deviation technique and seven ratios which are Net Profit Ratio, Return on Total Assets, Return on Shareholders fund, Return on Capital Employed, Asset Turnover Ratio, Current Ratio, and Operating Expenses Ratio. Based on these seven ratios and quartile Deviation technique the authors suggested that the investors make use of their investments in Karur Vysya Bank Ltd and City union Bank because the performance of Karur Vysya Bank Ltd and City Union Bank Ltd are better than other select private banking companies in this study. Key words: Interfirm comparison, Ratio Analysis, Banking, Financial performance, Quartile Deviation I INTRODUCTION The banking sector is one of the most important instrument of the national development, occupies a unique place in a nations economy. Economic development of the economy is reflected through the soundness of the banking system (Gaur et al. 2012). The study of Kumar and Gulati (2008) exhibited that the overall technical inefficiency of Indian commercial banks was due to both poor input utilization and failure to operate at most
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013) productive scale size. The enhanced profitability and efficiency has become vital for survival and growth of the banks in the era of globalization and significantly affected by asset quality, capital adequacy and liquidity of the banks (Manoj 2010). The Indian banking sector has undergone structural changes during the post liberalization era with the implementation of prudential norms for income recognisition provisioning and asset classification (Siraj and Pillani, 2011). Liquidity management is one of the most important functions of a bank. If funds tapped are not properly utilized, the institution will suffer loss (Sangmi and Nazir, 2010). The empirical results of the research (Raza et al., 2011) explained that a company, which has better efficiency, it does not mean that always it will show the better effectiveness. Alam et al. (2011) study concludes that ranking of banks differ as the financial ratio changes. Biresh K Sahoo and Anandadeep Mandal (2011) examined the Performance of Banks in India in Post Transition Period and concluded that the positive trend of the reform process is visible through the increase in technical efficiency over the years of the post transition period. Ashok Khurana, Kanika Goyal (2011) analyzed the Performance of Public Sector Banks and concluded that there is a need for increased absorption of enhanced technological capability by several banks to further argument yield of the banking sector. According to Kosmidou (2008), capital adequacy can be measured by the equity to total assets ratio. Higher the capital assets ratio lowers the leverage. Regarding the operating expenses, the total cost of a bank can be separated into operating cost and other expenses (including taxes, depreciation etc.). In his study, only operating expenses can be viewed as the outcome of bank management. Since improved management of the operating expenses will increase efficiency and therefore raise profits of banks, the ratio of these expenses to total assets is expected to be negatively related to profitability. Uppal (2009) examined the profitability which is an important criterion to evaluate the overall efficiency of a bank group. The paper examines the comparative trends in profitability behaviors of five major bank groups in the post liberalization and globalization era. The paper offers suggestions on the basis of empirical results to increase the profitability and measures should be taken to increase the level spread and curtail the burden. Bakar and Tahir (2009) in their paper used multiple linear regression technique and simulated neural network techniques for predicting bank performance. ROA was used as dependent variable of bank performance and seven variables including liquidity, credit risk, cost to income ratio, size and concentration ratio, were used as independent variables. Commercial bank holds a large share of economic activities of a country. The function of the commercial banks has been enhanced in Nepal to sustain the increasing need of the service sector and the economy in general (Economic Survey, 2008). In this study the authors aim to find out the good and poor performance of select private banking companies in India. II RESEARCH METHODOLOGY The main aim of the study is to analyze the good and poor performance of select private banking companies in India with select financial ratios. The study is based on a random sample of 10 Private Banking Companies. The study has been conducted for a period of five years from 2007 - 2008 to 2011-2012. The research design is based on the descriptive design technique. The data collected are all secondary in nature. The Companies chosen as sample which are Lakshmi Vilas Bank Ltd, Indusind Bank Ltd, South Indian Bank Ltd, ICICI Bank Ltd, Kotak Mahindra Bank Ltd, Yes Bank Ltd, HDFC Bank Ltd, City Union Bank Ltd, Axis Bank Ltd, and Karur Vysya Bank Ltd
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013) For the purpose of interfirm Comparison the authors has considered these Seven Ratios. 1. 2. 3. 4. 5. 6. 7. Net profit Ratio: (Net Profit / Sales) X 100 Return on Total Assets: Net Profit / Total Assets Return on Shareholders Fund: (Net Profit / Shareholders fund) X 100 Return on Capital Employed: (Net Profit / Capital Employed) X 100 Asset Turnover Ratio: Sales / Total Asset Current Ratio: Current Asset / Current Liabilities Operating Expenses Ratio: (Operating Expenses /Sales) X100

Net profit Ratio: This ratio is an important ratio to judge the profitability of a concern. It establishes a relationship between net profit and sales and indicates managements efficiency. Generally this ratio is expressed in percentage. A firm with a high net margin ratio would be in advantageous position to survive in the fact of falling prices, rising costs or declining demand for the product. Return on Total Assets: ROA for public companies can vary substantially and will be highly dependent on the industry. This is why when using ROA as a comparative measure, it is best to compare it against a company's previous ROA numbers or the ROA of a similar company. This ratio indicates how much net income is generated per rupee of assets. The higher the Return on Asset indicates more profitable to the bank. Return on Shareholders Fund: Return on Shareholders Fund is the most important indicator of a banks profitability and growth potential. It is the rate of return to shareholders or the percentage return on each rupee of equity invested in the bank. Return on Capital Employed: ROCE is a measure of the returns that a business is achieving from the capital employed, usually expressed in percentage terms. Capital employed can be calculated as the difference between total assets and current liabilities. A higher value of return on capital employed is favorable indicating that the company generates more earning per rupee of capital employed. Asset Turnover Ratio: Asset turnover ratio help to measure the effectiveness with which the company/management uses its assets to generate sales or revenue. These ratios help to measure the productivity of a company's assets. A high ratio is desirable as compared to a low ratio since the former is indicative of better operating performance. It also symbolizes greater shareholders wealth. Current Ratio: The current ratio measures a company's ability to pay short-term debts and other current liabilities (financial obligations lasting less than one year) by comparing current assets to current liabilities. The ratio illustrates a company's ability to remain solvent. A current ratio of one means that book value of current assets is exactly the same as book value of current liabilities. In general, investors look for a company with a current ratio of 2:1, meaning current assets twice as large as current liabilities. A current ratio less than one indicate the company might have problems meeting short-term financial obligations. If the ratio is too high, the company may not be efficiently using its current assets or short term financing facilities.
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013) Operating Expenses Ratio: It measures the income generated per rupee cost. The lower the operating cost to Sales ratio, the better the performance of the bank Statistical Analysis Using the financial ratios, the study incorporated Quartile deviation as a yard stick to divide the companies according to its performance. Quartile deviation is a measure of dispersion based on the upper Quartile and the lower Quartile. Let the upper Quartile and lower Quartile be H and L respectively. The difference between the upper and lower Quartile can be divided by 4 to obtain D. Finally using D we get measures such as L, (L+D), (L+2D), (L+3D) and H. The study call (L+D), (L+2D), (L+3D) as Q1, Q2, Q3, respectively. Limitations of the study The study is based on the information available in the financial statements. The study could not cover all aspect of the working of the companies. For e.g.: The quality of the products, organization structure. In additions smaller sample and seven ratios have been employed in this study. III RESULTS AND DISCUSSION Table No I clearly states that the Quartile Deviation of Net Profit Margin. Lakshmi Vilas Bank Ltd is in between the lowest and the first Quartile. Lakshmi Vilas Bank Ltd holds the lowest Ratio. IndusInd Bank Ltd is in between the first and second quartile. South Indian Bank Ltd and ICICI Bank Ltd are in between second and third quartile. Kotak Mahindra Bank Ltd, Yes Bank Ltd, HDFC Bank Ltd, City union Bank Ltd, Axis Bank Ltd and Karur Vysya Bank Ltd lies in between the third Quartile and highest Ratio. Karur Vysya Bank Ltd holds the highest Ratio. TABLE NO I: QUARTILE DEVIATION OF NET PROFIT MARGIN
L 5.980 Q1 8.303 Q2 10.625 Q3 12.948 H 15.270

Indusind Ltd

Bank

South Indian Bank Ltd ICICI Bank Ltd

Kotak Mahindra Bank Ltd Yes Bank Ltd HDFC Bank Ltd City Union Bank Ltd Axis Bank Ltd **Karur Vysya Bank Ltd

*Lakshmi Vilas Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012

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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013)
Table No II clearly states that the Quartile Deviation of Return on Total Asset. Lakshmi Vilas Bank Ltd is in between the lowest and the first Quartile. Lakshmi Vilas Bank Ltd holds the lowest Ratio. South Indian Bank Ltd is in between the first and second quartile. IndusInd Bank Ltd and ICICI Bank Ltd are in between second and third quartile. Yes Bank Ltd, Axis Bank Ltd, HDFC Bank Ltd, Karur Vysya Bank Ltd, City union Bank Ltd and Kotak Mahindra Bank Ltd lies in between the third Quartile and highest Ratio. Kotak Mahindra Bank Ltd holds the highest Ratio.

TABLE NO II: QUARTILE DEVIATION OF RETURN ON TOTAL ASSETS

L 0.57 Q1 0.80 Q2 1.00 Q3 1.20 Yes Bank Ltd South Indian Bank Ltd IndusInd Bank Ltd Axis Bank Ltd ICICI Bank Ltd HDFC Bank Ltd *Lakshmi Vilas Bank Ltd Karur Vysya Bank Ltd City Union Bank Ltd **Kotak Mahindra Bank Ltd H 1.44

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012 Table No III clearly states that the Quartile Deviation of Return on Shareholders Fund. Lakshmi Vilas Bank Ltd and Kotak Mahindra Bank Ltd are in between the lowest and the first Quartile. Lakshmi Vilas Bank Ltd holds the lowest Ratio. IndusInd Bank Ltd is in between the first and second quartile. HDFC bank Ltd, South Indian Bank Ltd, Axis bank Ltd and Yes Bank Ltd are in between second and third quartile. Karur Vysya Bank Ltd, City union Bank Ltd and ICICI Bank Ltd lies in between the third Quartile and highest Ratio. ICICI Bank Ltd holds the highest Ratio.

TABLE NO III: QUARTILE DEVIATION OF RETURN ON SHAREHOLDERS FUND

L 08.33 Q1 10.80 Q2 13.30 Q3 15.70 H 18.22

IndusInd Bank Ltd * Lakshmi Vilas Bank Ltd Kotak Mahindra Bank Ltd

HDFC Bank Ltd Karur Vysya Bank Ltd South Bank Ltd Indian City Union Bank Ltd **ICICI Bank Ltd

Axis Bank Ltd Yes Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013)
TABLE NO IV: QUARTILE DEVIATION OF RETURN ON CAPITAL EMPLOYED
L 0.60 Q1 0.80 Q2 1.10 Q3 1.30 H 1.54

South Indian Bank Ltd IndusInd Bank Ltd *Lakshmi Vilas Bank Ltd

ICICI Bank Ltd

Yes Bank Ltd Axis Bank Ltd Karur Vysya Bank Ltd City Union Bank Ltd HDFC Bank Ltd **Kotak Mahindra Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012 Table No IV clearly states that the Quartile Deviation of Return on Capital Employed. Lakshmi Vilas Bank Ltd is in between the lowest and the first Quartile. Lakshmi Vilas Bank Ltd holds the lowest Ratio. South Indian Bank Ltd and IndusInd Bank Ltd are in between the first and second quartile. ICICI Bank Ltd is in between second and third quartile. Yes bank Ltd, Axis Bank Ltd, Karur Vysya Bank Ltd, City Union Bank Ltd, HDFC Bank Ltd and Kotak Mahindra Bank Ltd lies in between the third Quartile and highest Ratio. Kotak Mahindra Bank Ltd holds the highest Ratio. Table No V clearly states that the Quartile Deviation of Asset Turnover ratio. South Indian Bank Ltd, Axis Bank Ltd, Yes Bank Ltd and ICICI Bank Ltd are in between the lowest and the first Quartile. South Indian Bank Ltd holds the lowest Ratio. Karur Vysya Bank Ltd, HDFC Bank Ltd and Lakshmi Vilas Bank Ltd are in between the first and second quartile. City Union Bank Ltd and IndusInd Bank Ltd are in between second and third quartile. Kotak Mahindra Bank Ltd lies in between the third Quartile and highest Ratio. Kotak Mahindra Bank Ltd holds the highest Ratio. TABLE NO V: QUARTILE DEVIATION OF TOTAL ASSETS TURNOVER RATIO
L .0867 Q1 .0920 Q2 .0970 Q3 .1030 H .1080

*South Indian Bank Ltd Axis Bank Ltd Yes Bank Ltd ICICI Bank Ltd

Karur Vysya Bank Ltd HDFC Bank Ltd Lakshmi Bank Ltd Vilas

City Ltd

Union

Bank

**Kotak Mahindra Bank Ltd

IndusInd Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013) Table No VI clearly states that the Quartile Deviation of Current Ratio. Kotak Mahindra Bank Ltd, HDFC Bank Ltd and Yes Bank Ltd are in between the lowest and the first Quartile. Kotak Mahindra Bank Ltd holds the lowest Ratio. ICICI Bank Ltd is in between the first and second quartile. Lakshmi Vilas Bank Ltd and IndusInd Bank Ltd are in between second and third quartile. Axis Bank Ltd, Karur Vysya Bank Ltd, City Union Bank Ltd and South Indian Bank Ltd are in between the third Quartile and highest Ratio. South Indian Bank Ltd holds the highest Ratio. TABLE NO VI: QUARTILE DEVIATION OF CURRENT RATIO
L .7587 * Kotak Mahindra Bank Ltd ICICI Bank Ltd HDFC Bank Ltd Yes Bank Ltd IndusInd Ltd Bank City Union Bank Ltd ** South Indian Bank Ltd Q1 1.230 Q2 1.7020 Q3 2.1740 H 2.6454

Lakshmi Bank Ltd

Vilas

Axis Bank Ltd Karur Vysya Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012 Table No VII clearly states that the Quartile Deviation of Operating Expenses Ratio. Yes Bank Ltd, City union Bank Ltd, Karur Vysya Bank Ltd, South Indian Bank Ltd and Lakshmi Vilas Bank Ltd are in between the lowest and the first Quartile. Yes Bank Ltd holds the lowest Ratio. ICICI Bank Ltd, IndusInd Bank Ltd and Axis Bank Ltd are in between the first and second quartile. No Banking companies in between second and third quartile. HDFC Bank Ltd and Kotak Mahindra Bank Ltd lies in between the third Quartile and highest Ratio. Kotak Mahindra Bank Ltd holds the highest Ratio. TABLE NO VII: QUARTILE DEVIATION OF OPERATING EXPENSES RATIO
L 15.20 * Yes Bank Ltd ICICI Bank Ltd City Union Bank Ltd IndusInd Bank Ltd Karur Vysya Bank Ltd Axis Bank Ltd South Indian Bank Ltd Lakshmi Vilas bank Ltd **Kotak Mahindra Bank Ltd Q1 19.218 Q2 23.235 Q3 27.253 H 31.27

HDFC Bank Ltd

Source: Profit & Loss A/c and Balance Sheet of the companies from 2007-2008 to 2011-2012
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International Journal of Management (IJM), ISSN 0976 6502(Print), ISSN 0976 6510(Online), Volume 4, Issue 2, March- April (2013)
IV CONCLUSION Inter-firm Comparison is one of the effective tools of management. It can be applied in any industry whether manufacturing or service. Interfirm Comparison is used for analyzing good and poor performance of companies in an industry. In this research the authors have taken ten private banking companies in India to analyze the good and poor performance with the aid of financial tools and statistical tools. The authors make use of seven ratios which are Net Profit Ratio, Return on Total Assets, Return on Shareholders fund, Return on Capital Employed, Asset Turnover Ratio, Current Ratio, and Operating Expenses Ratio. Based on these seven ratios and quartile Deviation technique the authors suggested that the investors make use of their investment in Karur Vysya Bank Ltd and Citi union Bank because the performance of Karur Vysya Bank Ltd and City Union Bank Ltd are better than other select banking companies in this study. REFERENCES
1. Ashok Khurana, Kanika Goyal - Performance of Public Sector Banks: An Analysis IJBEMR Volume 2, Issue 2 (February2011) 2. Alam HM, Raza A, Akram M (2011). A financial performance comparison of public vs private banks: The case of commercial banking sector of Pakistan. Int. J. Bus. Soc. Sci., 2(11): 56-64. 3. Bakar N, Tahir IM (2009). Applying multiple linear regression and neural network to predict bank performance. Int. Bus. Res., 2 (4):176-183. 4. Biresh K Sahoo and Anandadeep Mandal(2011) - Examining the Performance of Banks in India: Post Transition Period, The IUP Journal of Bank Management, 2011, vol. X, issue 2, pages 7-31 5. Economic Survey (2008). Ministry of Finance, Government of Nepal 6. Gaur A., Sukhija S. And Julee M. (2012), Overall Profitability Measurement of Major Private Sector Banks in India, Paper Presented at HSB Annual Conference in 9-10 Feburary, 2012 7. Ho C, Zhu D (2004). Performance measurement of Taiwan commercial banks. Int. J. Product. Perform. Manag., 53(5): 425-434. 8. Kosmidou, K 2008, The determinants of banks profits in Greece during the period of EU financial integration, Managerial Finance, vol. 34, no. 3, pp. 146-159. 9. Kumar S. And Gulati R. (2008), An Examination of Technical, Pure Technical and Scale Efficiencies of Indian Public Sector Banks using DEA, European Journal of Business and Economics, 1(2), 33-69. 10. Manoj P. K. (2010), Determinants of Profitability and Efficiency of Old Private Sector Banks in India with Focus on the Banks in Kerala State, International Research Journal of Finance and Economics, 47, 7-20. 11. Raza A, Farhan M, Akram M (2011). A comparison of financial performance in investment banking sector in Pakistan. Int. J. Bus.Soc. Sci., 2(11): 72-81. 12. Sangmi MD, Nazir T (2010). Analyzing financial performance of commercial banks in India: Application of CAMEL model. Pak. J. Commer. Soc. Sci., 4 (1): 40-55. 13. Siraj K. K. And Pillani P. S. (2011), Asset Quality and Profitability of Indian Scheduled Commercial Banks during Global Financial Crisis, International Research Journal of Finance and Economics, 80,55-65. 14. Uppal, R.K. (2009), Indian Banking Prime Determinants of Profitability, Emerging Issues and Future Outlook, GITAM Journal of Management, Vol.7, No.2, pp. 78-106. 15. H.Vasanthakumari and Dr. S. Sheela Rani, Customer Selection of Banks A Biographic Segmentation International Journal of Management (IJM), Volume 2, Issue 2, 2011, pp. 13 - 19, ISSN Print: 0976-6502, ISSN Online: 0976-6510.

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16. Dr.V.Sarangarajan, Dr.A.Ananth and Dr.S.A.Lourthuraj, Financial Performance Efficiency of Select Cement Companies in Tamil Nadu, International Journal of Advanced Research in Management (IJARM), Volume 4, Issue 1, 2013, pp. 34 - 44, ISSN Print: 0976 - 6324, ISSN Online: 0976 - 6332. 17. Ms.S.Sujatha, Ms.K.Santhana Lakshmi, Mr.Martin Selvakumar.M and Dr.N.Santhosh Kumar, Effectiveness of Training and Development Among Employees in Private Banks (With Reference To Chennai City), International Journal of Management (IJM), Volume 4, Issue 2, 2013, pp. 118 - 124, ISSN Print: 0976-6502, ISSN Online: 0976-6510. 18. Dr. N. Shani and V. AnandKumar, A Study on Job Characteristics and Internal Work Motivation Among Icici Bank Employees, International Journal of Management (IJM), Volume 2, Issue 2, 2011, pp. 56 - 65, ISSN Print: 0976-6502, ISSN Online: 0976-6510. 19. N.Mallika and Dr.M.Ramesh, Job Satisfaction in Banking: A Study of Private and Public Sector Banks, International Journal of Management (IJM), Volume 1, Issue 1, 2010, pp. 111 - 129, ISSN Print: 0976-6502, ISSN Online: 0976-6510. 20. Dr. N. Shani, V. AnandKumar and P.DivyaPriya, A Study on Role of Internal Work Motivation and its Outcomes of Among Icici Bank Employees, International Journal of Management (IJM), Volume 2, Issue 2, 2011, pp. 66 - 74, ISSN Print: 0976-6502, ISSN Online: 0976-6510.

APPENDIX Financial Ratios

Return on Total Asset 1.38% 1.16% 1.35% Return on Sharehol ders Fund 13.31% 18.22% 14.50%

Name of the Bank HDFC Bank Ltd ICICI Bank Ltd Axis Bank Ltd Karur Vysya Bank Ltd City Union Bank Ltd Yes Bank Ltd Kotak Mahindra Bank Ltd Lakshmi Vilas bank Ltd South Indian Bank Ltd IndusInd Bank Ltd

Net Profit Ratio 14.55% 12.68% 15.26%

Operating Expenses Ratio 28.53% 19.44% 22.87%

Total Assets Turnover Ratio 0.0945 0.0918 0.0884

Current Ratio 0.9403 1.5718 2.2096

Return on Capital Employed 1.53% 1.23% 1.40%

15.27% 14.55% 14.21%

1.42% 1.43% 1.29%

15.89% 16.85% 15.62%

16.14% 15.21% 15.20%

0.0931 0.0981 0.0905

2.2384 2.5999 1.0382

1.46% 1.48% 1.37%

13.32%

1.44%

10.15%

31.27%

0.1080

0.7587

1.54%

5.98%

0.57%

08.33%

18.74%

0.0957

1.8449

0.60%

10.79% 10.33%

0.94% 1.03%

13.79% 12.09%

17.19% 21.51%

0.0867 0.0997

2.6454 2.0633

0.96% 1.07%

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