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ACADEMICIA

Volume 2, Issue 5 (May, 2012)

ISSN 2249-7137

Pu b l i s h ed b y : S o u th As i a n Aca d e m i c Re s ea r ch J o u rn a l s

ACADEMICIA:
An International Multidisciplinary Research Journal TO STUDY THE FINANCIAL PERFORMANCE: A COMPARATIVE STUDY OF SBI AND ICICI BANK
RAVINDER KAUR* *Lecturer, P.G Department of Commerce, Mata Gujri College, Fatehgarh Sahib, Punjab,India. ABSTRACT Banking Sector plays an important role in economic development of a country. The banking system of India is featured by a large network of bank branches, serving many kinds of financial needs of the people. The State Bank of India, popularly known as SBI is one of the leading banks in India. SBI has 14 Local Head Offices and 57 Zonal Offices located at important cities throughout the country. It also has around 130 branches out of the country. ICICI Bank Ltd. is India's second largest financial services company. The Bank has 2,533 branches and 6,800 ATMs in India. The purpose of the study is to examine the financial performance of SBI and ICICI. The data used for the study was entirely secondary in nature. The period of study taken from the year 2004-05 to 2008-09. The study found that SBI is financially sound than ICICI. ______________________________________________________________________________ INTRODUCTION An efficient banking system is recognised as basic requirement for the economic develpoment of any economy. Banks mobilise the savings of community into prioductive channels. The banking system of India is featured by a large network of bank branches, serving many kinds of financial needs of the people. The State Bank of India, popularly known as SBI is one of the leading banks in India. The State Bank Group, with over 16,000 branches provides a wide range of banking products through its vast network of branches in India and overseas, including products aimed at Non-Resident Indians (NRIs). The headquarter of SBI is at Mumbai. SBI has 14 Local Head Offices and 57 Zonal Offices that are located at important cities throughout the country. It also has around 130 branches out of the country. It has a market share among Indian commercial banks of about 20% in deposits and loans. South Asian Academic Research Journals http://www.saarj.com

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SUBSIDIARIES OF SBI

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State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Mysore State Bank of Patiala State Bank of Travancore

ICICI Bank Ltd. is India's second largest financial services company. It has its headquarter is in Mumbai, India. According to Forbes. State Bank of India is the 29th most reputed company in the world. The Bank has 2,533 branches and 6,800 ATMs in India. In 1998 ICICI Bank launched internet banking operations The Bank offers a wide range of banking products and financial services to the corporate and retail customers. It also provides its services in the areas of venture capital investment banking, asset management and life and non-life insurance. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) and its American Depositary Receipts (ADRs) are also listed on the New York Stock Exchange (NYSE). SUBSIDIARIES OF ICICI BANK NATIONAL ICICI Lombard ICICI Prudential Life Insurance Company Limited ICICI Securities Limited ICICI Prudential Company Limited ICICI Venture ICICI Home Finance ICICI direct.com ICICI Foundation Asset Management INTERNATIONAL ICICI Bank UK PLC ICICI Bank Canada ICICI Bank Eurasia LLC

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HISTORY

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The roots of the State Bank of India rest in the first decade of 19th century, when the Bank of Calcutta later on renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). With the result of the royal charters all three Presidency banks were incorporated as joint stock companies and received the exclusive right to issue paper currency in 1861 with the Paper Currency Act. They retained this right till the formation of the Reserve Bank of India. The Presidency banks amalgamated on 27 January 1921, and renamed Imperial Bank of India. The Imperial Bank of India remained a joint stock company Imperial Bank of India was nationalized in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. This transformation from the Imperial Bank of India to the State Bank of India was given legal recognition in terms of an Act of the Parliament of India, which came into force from 1 July 1955. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries. On 13 September 2008, the State Bank of Saurashtra, one of its Subsidiary banks, merged with the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. Then on June 19, 2009 the SBI board approved the merger of its subsidiary, State Bank of Indore, with itself. SBI holds 98.3% in State Bank of Indore. But the process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore Branches started functioning as SBI branches on 26 August 2010. The Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, established the ICICI Bank in 1994. The parent company was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry, with the objective to provide project financing (medium-term and long-term) to Indian industry. The parent company was later merged into ICICI Bank. In the 1990s, ICICI transformed its business to a diversified financial services group and it started offering a wide variety of products and services. Before that it was mere a development financial institution which used to provid only project finance. In 1999, ICICI Bank became the first Indian bank to be listed on the New York Stock Exchange. OBJECTIVE OF STUDY The following are main objectives of study: 1. To examine the financial performance of SBI and ICICI. 2. To compare the financial performance of SBI and ICICI. DATA BASE AND METHODOLOGY In the present paper, an attempt has been made to measure, evaluate and compare the financial performance SBI (from public sector banks) and ICICI Bank (from private sector banks). The South Asian Academic Research Journals http://www.saarj.com

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present study is based on secondary data that has been collected from annual reports of the respective banks, magazines, journals, documents and other published information. The study covers the period of 5 years i.e. from year 2004-05 to year 2008-09. Ratio Analysis was applied to analyse and compare the trends in banking business and financial performance. Mean and Compound Growth Rate (CGR) have also been deployed to analyse the trends in banking business profitability. LIMITATION OF THE STUDY Due to constraints of time and resources, the study is likely to suffer from certain limitations. Some of these are mentioned here under so that the findings of the study may be understood in a proper perspective. The limitations of the study are: The study is based on the secondary data and the limitation of using secondary data may affect the results. The secondary data was taken from the annual reports of the SBI and ICICI. It may be possible that the data shown in the annual reports may be window dressed which does not show the actual position of the banks. Financial analysis is mainly done in to compare the growth, profitability and financial soundness of the respective banks by diagnosing the information contained in the financial statements. Financial analysis is done to identify the financial strengths and weaknesses of the two banks by properly establishing relationship between the items of Balance Sheet and Profit & Loss Account. It helps in better understanding of bankss financial position, growth and performance by analyzing the financial statements with various tools and evaluating the relationship between various elements of financial statements. FOR THIS PURPOSE THE FOLLOWING PARAMETERS HAVE BEEN STUDIED 1. Credit Deposit Ratio 2. Interest Expenses to Total Expenses 3. Interest Income to Total Income 4. Other Income to Total Income 5. Net Profit Margin 6. Net Worth Ratio 7. Return on Assets 8. Percentage Change in Net Profits South Asian Academic Research Journals http://www.saarj.com

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9. Percentage Change in Total Income 10. Percentage Change in Total Expenditure 11. Percentage Change in Deposits 12. Percentage Change in Advances Credit-Deposit Ratio is the proportion of loan-assets created by a bank from the deposits received. Credits are the loans and advances granted by the bank. In other words it is the amount lent by the bank to a person or an organization which is recovered later on. Interest is charged from the borrower. Deposit is the amount accepted by bank from the savers and interest is paid to them. TABLE 1.1 CREDIT DEPOSIT RATIO (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 MEAN CGR SBI 55.14 68.88 77.45 77.57 73.10 70.43 5.80 ICICI 91.57 88.53 84.97 92.30 99.98 91.47 1.77

Source: Calculated from the Annual Reports of SBI and ICICI

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FIG. NO. 1.1

Credit Deposit Ratio


SBI 120 100 Percentage 80 60 40 20 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

Table 1.1 depicts that over the course of 5 periods of study the mean of Credit Deposit Ratio in ICICI was higher (91.47%) than in SBI (70.42%) . But the Compound Growth Rate in SBI higher 5.80% than in ICICI (1.77%). In case of SBI the credit deposit ratio was highest in 200708 and lowest in 2004-05. But in case of ICICI credit deposit ratio was highest in 2008-09 and lowest in 2006-07. This shows that ICICI Bank has created more loan assets from its deposits as compared to SBI. Interest Expenses to Total Expenses reveals the expenses incurred on interest in proportion to total expenses. Banks accepts deposits from savers and pay interest on these accounts. This payment of interest is known as interest expenses. Total expenses include the amount spent in the form of staff expenses, interest expenses, overhead expenses and other operating expenses etc.

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TABLE 1.2

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INTEREST EXPENSES TO TOTAL EXPENSES IN SBI AND ICICI (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 64.72 63.49 66.46 71.68 73.27 ICICI 60.72 60.18 63.37 66.26 65.04

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.2

Interest Expenses to Total Expenses


SBI 80 70 60 50 40 30 20 10 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

The table 1.2 shows that the ratio of interest expenses to total expenses in SBI was decreased from 64.72 per cent to 63.49 per cent during the period 2004-05 to 2005-06. Afterwards it was improved till 2008-09 and become 73.27 per cent. The ratio of interest expenses to total expenses in ICICI was also decreased from 60.72 per cent to 60.18 per cent during the period 2004-05 to 2005-06. Further it was increased to 66.26 per cent in 2007-08 and after that the ratio was again decreased to 65.04 per cent in 2008-09. It has been found that the share of interest expenses in total expenses was higher in case of SBI as compared to ICICI, which shows that people prefered to invest their savings in SBI than ICICI. South Asian Academic Research Journals http://www.saarj.com

Percentage

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Interest Income to Total Income shows the proportionate contribution of interest income in total income. Banks lend money in the form of loans and advances to the borrowers and receive interest on it. This receipt of interest is called interest income. Total income includes interest income, non-interest income and operating income. TABLE 1.3 INTEREST INCOME TO TOTAL INCOME IN SBI AND ICICI (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 82.00 82.87 87.25 84.91 83.40 ICICI 73.36 73.44 79.50 77.74 80.13

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.3

Interest Income of Total Income in SBI and ICICI


SBI 90 85 Percentage 80 75 70 65 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

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The table 1.3 represents that the ratio of interest income to total income in SBI was increased from 82 per cent in 2004-05 to 87.25 per cent in 2006-07 but afterwards it was decreased to 83.40 per cent in year 2008-09, whereas in case of ICICI the interest income to total income was increased to 79.50 per cent till 2006-07. Then it was decreased in 2007-08 but in year 2008-09 it was again improved. Thus, the proportion of interest income to total income in SBI was higher than that of ICICI, which shows that people prefered SBI to take loans and advances. Other income to total income reveals the proportionate share of other income in total income. Other income includes non-interest income and operating income. Total income includes interest income, non-interest income and operating income. TABLE 1.4 OTHER INCOME TO TOTAL INCOME IN SBI AND ICICI (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 18.00 17.12 12.74 15.08 16.59 ICICI 26.63 26.55 20.49 22.24 19.64

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.4

Other Income to Total income in SBI and ICICI


SBI 30 25 20 15 10 5 0 2004-05 2005-06 Year 2006-07 2007-08 2008-09 ICICI

Percentage

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The table 1.4 shows that the ratio of other income to total income was decreased from 18.00 per cent in 2004-05 to 15.08 per cent in 2007-08 in case of SBI. However, the share of other income in total income of ICICI was also decreased from 26.63 per cent in 2004-05 to 19.64 per cent 2008-09. The table shows that the ratio of other income to total income was relatively higher in ICICI (26.63%) as compared to SBI (18%) during the period of study. Net Profit Margin reveals the financial results of the business activity and efficiency of management in operations. The table 5.8 shows the net profit margin in SBI and ICICI during the period 2005-06 to 2009-10. TABLE 1.5 NET PROFIT MARGIN IN SBI AND ICICI YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 11.61 10.12 10.51 12.64 13.11 (IN PERCENT) ICICI 15.63 13.53 10.75 10.49 9.71

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.5

Net Profit Margin in SBI and ICICI


SBI 18 16 14 12 10 8 6 4 2 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

Percentage

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The table 1.5 reveals that the ratio of net profits to total income of ICICI was varied from 15.63 per cent to 9.71 percent during the period of 5 years of study. However, the net profit margin was higher in ICICI (15.63%) as compared to SBI (13.11%) during the period of study. But it was continuously decreased from 15.63 per cent to 9.71 per cent during 2004-05 to 2008-09 in ICICI. Thus, the ICICI has shown comparatively lower operational efficiency than SBI. Net Worth Ratio is used for measuring the overall efficiency of a firm. This ratio establishes the relationship between net profit and the proprietors funds. TABLE 1.6 NET WORTH RATIO IN SBI AND ICICI (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 19.08 15.90 15.20 14.86 17.31 ICICI 15.54 11.26 12.60 8.89 7.53

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.6

Net Worth Ratio in SBI and ICICI


SBI 25 20 Percentage 15 10 5 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

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It is clear from the table 1.6 that the net worth ratio of SBI was decreased from 19.08 per cent to 14.86 per cent during 2004-05 to 2007-08, and in 2008-09 it was improved. Whereas the ratio was decreased from 15.54 per cent to 7.53 per cent in ICICI over the whole period of study. The table showed that the net worth ratio was higher in SBI (19.08%) as compared to ICICI (15.54%) during the period of study, which revealed that SBI has utilized its resources more efficiently as compared to ICICI. Return on Assets: This ratio establishes the relationship of net profit with the total assets of the concern. It indicates the efficiency of utilization of assets in generating income. TABLE 1.7 RETURN ON ASSETS IN SBI AND ICICI (IN PER CENT) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 SBI 0.99 0.89 0.84 1.01 1.04 ICICI 1.19 1.01 .90 1.04 0.99

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.7

Return on Assets in SBI and ICICI


1.4 1.2 Prcentagee 1 0.8 0.6 0.4 0.2 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 SBI ICICI

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The table 1.7 discloses that the return on assets of SBI has varied from 0.99 per cent to 1.04 per cent during the period of study. ICICI had higher ratio (1.19%) than SBI (1.04%). This shows that ICICI has shown higher return on the assets deployed and better financial performance as compared to SBI. NET PROFIT The net profit shows the excess of total income over the total expenditure. Higher value of net profit indicates higher level of financial performance. Table 4.7 shows the net profit of SBI and ICICI during the period 2005-06 to 2009-10. TABLE 1.8 GROWTH OF NET PROFIT OF SBI AND ICICI (RS. IN BILLION) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 MEAN CGR SBI 45.95 43.96 47.59 72.59 100.30 62.07 16.90 Percentage change . -4.33 8.26 52.53 38.17 ICICI 20.05 25.40 31.10 41.57 37.58 31.14 13.39 Percentage change . 26.68 22.44 33.66 -9.59

Source: Calculated from the Annual Reports of SBI and ICICI

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FIG. NO. 1.8

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Net Profits in SBI and ICICI


SBI 120 100 Net Profits 80 60 40 20 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

The table 1.8 highlights that the mean value of net profit was higher in SBI (Rs. 62.07 billion) as compared to that in ICICI (Rs. 31.14 billion) during the period of study. Further the growth rate of Net Profits was also higher in ICICI (16.90%) than that in SBI (13.39%) during the study period. The table also shows that the annual growth rate of profit in SBI was highest in the year 2007-08 and was negative (-4.33%) in the year 2005-06. In ICICI, the annual growth rate of profit was highest in the year 2007-08 and was negative in the year 2008-09 (-9.59%). TOTAL INCOME The total income indicates the rupee value of the income earned during a period. The higher value of total income represents the efficiency and good performance. TABLE 1.9 GROWTH OF TOTAL INCOME OF SBI AND ICICI (RS. IN BILLION) YEAR SBI Percentage change . 9.78 4.25 27.36 ICICI Percentage change . 56.45 36.91 -2.28

2004-05 2005-06 2006-07 2007-08

395.48 434.15 452.60 576.45

128.26 187.68 289.23 395.99

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2008-09 MEAN CGR

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764.79 524.69 14.10 32.67 386.96 277.62 24.71

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-14.24

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.9

Total Income of SBI and ICICI


SBI 1000 Total Income 800 600 400 200 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

The table 1.9 highlights that the mean value of total income was higher in SBI (Rs. 524.69 billion) as compared to that in ICICI (Rs. 277.62 billion) during the period of study. However the rate of growth regarding total income was higher in ICICI (24.71%) than in SBI (14.10%) during the period of study. TOTAL EXPENDITURE The total expenditure reveals the proportionate share of total expenditure spent on the development of staff, interest expended and other overheads. The higher value of total expenditure represents higher level of expenditure made by the banks.

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TABLE 1.10

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TOTAL EXPENDITURE OF SBI AND ICICI (RS. IN BILLION) YEAR 2004-05 2005-06 2006-07 2007-08 2008-09 MEAN CGR SBI (Rs. in billion) 285.57 321.15 352.61 445.38 585.64 398.07 15.45 Percentage change 12.46 9.79 33.97 31.49 ICICI (Rs. in billion) 108.21 162.28 258.13 354.41 349.38 246.48 26.42 Percentage change 61.80 37.29 1.42 16.54

Source: Calculated from the Annual Reports of SBI and ICICI FIG. NO. 1.10

Total Expenditure in SBI and ICICI


SBI 700 600 500 400 300 200 100 0 2004-05 2005-06 2006-07 Year 2007-08 2008-09 ICICI

The table 1.10 discloses that the mean value of total expenditure was higher in SBI (Rs. 398.07 billion ) as compared to that in ICICI (Rs. 246.48 billion) during the period of study. But the rate of growth regarding expenditure was higher in ICICI (26.42%) than that in SBI (15.45%) during the same period. The table also highlights that the annual growth rate of expenditure in SBI was South Asian Academic Research Journals http://www.saarj.com

Total Expenditure

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highest (33.97) in the year 2007-08 and was lowest (9.79) in the year 2006-07. In ICICI, the annual growth rate of expenditure was negative in the year 2007-08 and 2008-09 i.e. (-1.42) and (-16.54) respectively. Deposits:. Deposit is the amount accepted by bank from the savers in the form of current deposits, savings deposits and fixed deposits and interest is paid to them. TABLE 1.11 PERCENTAGE CHANGE IN DEPOSITS (IN PER CENT) YEAR SBI (Rs. in billion) % Change In Deposits ICICI (Rs. in billion) % Change In Deposits

2004-05 2005-06 2006-07 2007-08 2008-09 MEAN CGR

3670.48 3800.46 4355.21 5374.05 7420.73 4924.18 6.05

-----3.54 14.59 23.39 38.08

998.19 1650.83 2305.10 2444.31 2183.48 1916.38 16.95

-----65.38 39.63 6.03 -10.67

Source: Calculated from the Annual Reports of SBI and ICICI Table 1.11 presents that the mean of Deposits of SBI was higher (4924.18%) as compared to mean of deposits of ICICI (1916.38%). However the rate of growth was higher in ICICI (16.95%) than that in SBI (6.05%) during the period of study. Table also shows the per cent Change in Deposits over the period of 5 years. In case of SBI Deposits were continuously increased (with an increasing trend) over the period of study. However deposits in ICICI were increased (with a decreasing trend) till 2007-08 but these were decreased in the year 2008-09. Advances : Advances is the credit facility granted by the bank. In other words it is the amount borrowed by a person from the Bank. It is also known as Credit granted where the money is disbursed and recovery of which is made later on.

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TABLE 1.12

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PERCENTAGE CHANGE IN ADVANCES (IN PER CENT) Year Advances of SBI (Rs. in billion) 2004-05 2005-06 2006-07 2007-08 2008-09 MEAN CGR 2023.74 2618.01 3373.36 4168.95 5425.03 3521.81 11.72 -----29.36 28.85 23.58 30.12 914.05 1461.63 1958.66 2256.16 2183.11 1754.72 10.02 -----59.90 34.00 15.18 -3.23 % Change In Advances Advances of ICICI (Rs. in billion) % Change In Advances

Source: Calculated from the Annual Reports of SBI and ICICI Table 1.12 presents that the mean of Advances of SBI was higher (3521.81%) as compared to mean of Advances of ICICI (1754.72%). Rate of growth was also higher in SBI (11.72%) than in ICICI (10.02%). Table also shows the per cent Change in Advances over the period of 5 years. In case of SBI Advances were continuously increased (with a decreasing trend) over the period of study. However Advances in ICICI were increased (with a decreasing trend) till 2007-08 but these were decreased in the year 2008-09. FINDINGS The major findings of the study are: The study found that the mean of Credit Deposit Ratio in ICICI was higher (91.47%) than in SBI (70.42%). This shows that ICICI Bank has created more loan assets from its deposits as compared to SBI. The share of interest expenses in total expenses and the proportion of interest income in total income was higher in case of SBI as compared to ICICI, which shows that people prefer SBI to invest their savings and to take loans & advances. The ratio of other income to total income was relatively higher in ICICI (26.63%) as compared to SBI (18%) during the period of study. The Net Profit Margin of ICICI was decreased from 15.63 per cent to 9.71 percent during the period of 5 years of study, which shows that ICICI has shown comparatively lower operational efficiency than SBI. The growth rate of net profit and mean value of total income was higher in SBI as compared to that in ICICI during the period of study. Net worth ratio was South Asian Academic Research Journals http://www.saarj.com

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also higher in SBI (19.08%) than ICICI (15.54%) during the period of study, which revealed that SBI has utilized its resources more efficiently as compared to ICICI. Ratio of Return on Assets was higher (1.19%) in ICICI than SBI (1.04%). This shows that ICICI has shown higher return on the assets deployed and better financial performance as compared to SBI. The mean value of total expenditure was higher in SBI (Rs. 398.07 billion ) as compared to that in ICICI (Rs. 246.48 billion) and the annual growth rate of expenditure was negative in the year 2007-08 and 2008-09 i.e. (-1.42) and (-16.54) respectively in case of ICICI. Deposits in SBI were continuously increased (with an increasing trend) over the period of study. However deposits in ICICI were increased (with a decreasing trend) till 2007-08 but these were decreased in the year 2008-09. In case of SBI Advances were continuously increased (with a decreasing trend) over the period of study. However Advances in ICICI were increased (with a decreasing trend) till 2007-08 but these were decreased in the year 2008-09. CONCLUSION The study concludes that the SBI and ICICI mobilize the savings of community into productive channels. SBI is one of the leading banks of public sector in India. ICICI Bank Ltd. is India's second largest financial services company. Net Profits and Total Income in SBI was higher as compared to in ICICI over the period of study. People prefer SBI to deposit their savings and to take loans than ICICI Bank. The financial and operating efficiency of SBI is better than ICICI. So there is a need to control the operating expenses and to bring efficiency in the working of ICICI. BIBLIOGRAPHY REPORTS 1. Annual reports of State Bank of India and ICICI (2004-05 to 2000-09) WEBSITES 1. http://www.statebankofindia.com/ 2. www.sbibank.com 3. www.icicibank.com 4. www.icicigroupcompanies.com/history.html 5. www.wikipedia.org/wiki/ICICI_Bank

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