Here For Good

30 April
2018

Financial
Statement Analysis

Standard Chartered Bank

Bangladesh

Marufa Tajri
Israt Jahan Mumtarin
Rafiqul Islam
Shahadat Hossain Sagor
Mezan Ur Rahaman
 2

INDEX
Transmittal Message................................................................03
Company Overview...................................................................04
Valuation........................................................................................10
Investment Thesis......................................................................22
Bottom Line..................................................................................28
Executive Summary.......................................................................

Authors
Marufa Tajri Roll-12
Israt Jahan Mumtarin Roll-156
Rafiqul Islam Roll-112
Shahadat Hossain Sagor Roll-130
Mezan Ur Rahaman Roll-66

Financial Statement Analysis

 3

Monday, April 30, 2018

Md. Nazmul Hasan
Assistant Professor
Banking and Insurance, University of Dhaka
Course instructor of Principles and Practices of Banking

Subject: Submission of report on Financial Statement Analysis of Standard

Chartered Bank, Bangladesh.

Dear Instructor,
We are very pleased to inform you that the report you instructed us to
make has been completed with due care. We have collected financial
statements of Standard Chartered Bank for the time 2013-2017 and
analyzed them thoroughly. After that we have orderly and graphically
organized the collected and generated information.
Hereby we submit the completed report to you. Hope that you will ap-
preciate our hard work and forgive our minor errors if there is any.
Thank you.

Your Sincerely

Marufa Tajri Israt Jahan Mumtarin

Rafiqul Islam Shahadat Hossain Sagor

Mezan Ur Rahaman
 4

Company Overview
Standard Chartered Bank Bangladesh, a wholly owned subsidiary of Standard
Chartered is a banking and financial services company headquartered in Dhaka,
Bangladesh. It is the oldest and largest foreign bank of Bangladesh with 26
Branches & Booths and 83 ATMs; employing over 2,000 people. Also the first
international bank to extend credit lines to Bangladesh and open the first exter-
nal letter of credit (LC) in Bangladesh in 1972. It is the only foreign bank in the
country with presence in 6 cities – Dhaka, Chittagong, Khulna, Sylhet, Bogra and
Narayanganj; including the country's only offshore banking units inside Dhaka
Export Processing Zone (DEPZ) at Savar and Chittagong Export Processing Zone
(CEPZ). This bank also has a glorious heritage to introduce many ‘firsts’ in the
market – starting from Auto Coupon Encashment Service of Sanchaypatra to
International Debit Card to Gold Deposit Transaction. On the consumer conve-
nient side they have been continuously coming up with newer technology and
platforms like introducing first ATM in Bangladesh to state-of-the-art Online
Banking Platform or even the Facebook platform to stay close to their customers,
always. SC Bangladesh is also fuelling the businesses in the economy by facilitat-
ing the financing for the Business and Commercial Clients. In addition to these
business activities, SC Bangladesh is benefitting the country through its wide
range of sustainability and community investment programs. It is the forerunner
in CSR and Sustainability initiatives in Bangladesh. The major areas of focus for
the bank’s sustainability and community initiatives in Bangladesh are Health,
Sports, Education, Arts and Culture, Environment and Climate Change. We can
say with no doubt that they are really taking good care of their Corporate Social
Responsibilities.
Company Profile 5

Standard Chartered Bank Logo

Motto : “We’re here for good.”

Type : Private.
Industry : Banking, Financial services.
Headquarter : 67 Gulshan Avenue, Dhaka, Bangladesh.
Country Chief Executive Officer : Naser Ezaz Bijoy.
Local time : GMT +6 hours.
Language : Bengali, English.
Population : 166 million (July 2014 EST.).
Currency name : Taka (BDT).
Number of branches : 24.
Number of ATM : 96.
Products : Credit cards
Consumer banking,
Corporate banking,
Mortgage loans,
Wealth management.
Established : 1905 (including ANZ Grindlays experience;
Standard Chartered Bank originally
established its first branch in Chittagong in
1948).
Website : www.sc.com/bd
Achievement 6
1.First commodity derivatives in Bangladesh and cotton hedge for the Group for
Square Textiles.
2.Joint lead arranger for country’s first 5 year Asset backed Securitization (ABS).
3.Record Call Account growth in RAJUK fund – Ranked first among all collecting
banks.
4.Enhancement of Microfinance: BRAC, BURO, TMSS, ASA, MSS, Sajida Founda-
tion.
5.Received “Letter of Appreciation” from the Governor of Central Bank for achiev-
ing the Agriculture and Rural Credit Disbursement target for the fiscal year
2013-2014.
6.First country to go live with IFRS compliant IMEX.
7.Retail Banking new asset product system e-Lending introduced.
8.Rolled out RCMS on eBBS, first time in Group.
9.Pioneer country in e-CDD rollout.
10.‘Best Bank’ for Corporate Social Responsibility for 2006 by Bankers’ Forum.
11.‘National Best Corporate’ Award 2007 by Institute of Cost Management
Accountants.
12."Best IT Use Award 2007" by Bangladesh Association of Software & Information
Services (BASIS).
13.‘Best Employer of IBA Graduates’ in 2008 by IBA Alumni Association.
14.Bank of the Year award by The Banker in 2013, 2012 & 2010.
15.‘Best Consumer Internet Bank’ at the Global Finance Awards in 2013.
16.'Best Foreign Commercial Bank in Bangladesh' by FianaceAsia in 2009, 2010,
2011, 2012, 2013, 2014.
17.'Bank of the Year' award at the Bankers Award 2010, 2012, 2013, 2014.
18.ICMAB's (Institute of Cost and Management Accountants of Bangladesh) 'Best
Corporate Performance Award' 2012, 2013, 2014 in the foreign commercial bank
category.
19.'Best Trade Finance Bank in Bangladesh' by GTR in 2011.
20.Best Retail Bank in Bangladesh' award by The Asian Banker in 2011.
21.'Corporate Social Responsibility (CSR) Award' by Bankers' Forum in 2009.
22.'Best IT Use Award' by Bangladesh Association of Software & Information Ser-
vices (BASIS) in 2009.
23.GOGREEN Certificate from DHL in 2012, 2013.
 Points of Interest 7
Flagship country for the Seeing is Believing initiative where they built an Opera-
tion Theatre and Children’s Ward at Islamia Eye Hospital to provide cataract sur-
gery to at least 12,000 patients per annum.
Jointly initiated the 'Standard Chartered-Financial Express Corporate Social
Responsibility Award' in 2006.
Leading bank in community activities.

Corporate Social Responsibility

Standard Chartered Bank has been doing very well in maintaining their corporate
social responsibilities. They mainly focus on Health, Sports, Education, Arts and
Culture, Environment and Climate Change. They continuously carry on various
meaningful activities that help the community and always strives to be a force for
good in Bangladesh. Here are some initiatives they have already taken:

Health:
The Standard Chartered Group’s largest CSR initiative “seeing is believing” was
born here in the hands of Standard Chartered Bangladesh. Under this project,
this bank continues to help to restore millions of eyesight of the underprivileged
every year. Standard Chartered Bangladesh has built an Operation Theatre and
children’s Ward at Ispahani Islamia Eye Institute & Hospital and provides for its
maintenance since 2003. They funded free cataract operations for the underprivi-
leged in Chittagong & Sylhet. They also signed an agreement with Ispahani Isla-
mia Eye Institute and Hospital for basic cataract operation for the underprivi-
leged patients as a part of 10th Anniversary of “Seeing is Believing.” Under this
MoU, Standard Chartered Bank credit card holders would be able to donate their
360 degree rewards points for basic cataract surgeries with regular lens to under-
privileged patients at Ispahani Islamia Eye Institute & Hospital.

Through the ‘Living with HIV’ programme, SC Bangladesh helps educate not only
their staff but the youth in our communities about HIV/AIDS and its prevention.
Under this project they have organized ‘Living with HIV’ seminars for their clients
in the RMG Sector. In 2014, the Bank ran an infomercial on HIV/AIDS – starring
Partha Pratim Majumder, world renowned Bangladeshi Mime artist, at various
local television channels to raise awareness about this important issue.
Women Empowerment:
8
SC Bangladesh has partnered with BRAC and Women Win to launch ‘Goal’, a
unique community program that aims to empower young women for personal
and economic development using sport and education as vehicles for change in
Bangladesh.. Within the first two years of launch the number of beneficiaries
already reached is 5,700 in 4 districts (Narayanganj, Sylhet, Khulna & Bogra).
Already 500 goal champions came out of the project.

Arts & Culture:

SC Bangladesh has been sponsoring The Daily Star “Celebrating Life” Contest for
the last 8 years. This contest is a platform for new talents across the country to
pursue their artistic and career goals in Film, Photography & Lyrics. The over-arch-
ing theme for “Celebrating Life” 2015 is “Celebrating Heritage of Bangladesh”.

Education:
SC Bangladesh encourages development of youth through education scholar-
ships and sports sponsorships. It includes sponsorship of Young Learners Club of
The British Council; ‘Governor Scholarship’ in partnership with Dhaka University
Economics Department Alumni Association (DUEDAA) & Dhaka University De-
partment of Development Studies (DUDS). The bank donated to Utsho Bangla-
desh, Autism Welfare Foundation and built a classroom in Jaago school for the
under privileged students. In partnership with the British Council and support
from the Education Ministry, they launched a physical education teaching aid kit
called “Khelte Khelte Shekha”. Thirty six instructional teaching cards based on
traditional Bangladeshi Games called 'Khelte Khelte Shekha (KKS)' was distribut-
ed to 32,000 secondary schools across Bangladesh under this initiative. In 2014,
the Bank was also the Science Education Partner at Dhaka Hay Festival, They
hosted special segments for all children with renowned Children Author Ms. Lucy
Hawking, daughter of famous cosmologist Stephen Hawking.

Environment & Climate Change:

SC Bangladesh has been working on encouraging all corporate bodies in Bangla-
desh to uphold high standards of social responsibility. They recognize exemplary
work in the field of CSR through Standard Chartered - Financial Express Corporate
Social Responsibility Award. They also partnered with The British Council for 'Cli-
mate4Classrooms' and ‘3000’miles to go’ campaigns to raise nationwide aware-
ness on climate change issues, mostly amongst school children and teachers.
 9
Community Initiatives:
SC Bangladesh has been taking great initiatives for the people of this community.
In 2013, when the cold wave shook the whole country, SC Bangladesh handed
over warm blankets to Bangladesh Bank for distribution among the poor and
cold-affected people in different parts of the country. In 2014, employees from all
departments volunteered nearly 1,000 days at different events including World
Sight Day & World Environment Day. On the same year, this bank honored indi-
viduals and institutions who served as outstanding examples in the agriculture
sector of Bangladesh through Standard Chartered AGROW Award. The Standard
Chartered AGROW Award, honored the industry contributors in five categories of
awards. Farmer of the Year (Male); Farmer of the Year (Female); Best Associated
Industry in Innovation & Research; Best Associated Industry in Support & Execu-
tion and Best Agriculture Export.
Valuation 10
Financial Performance Measure: A tool used by individuals to conduct a quan-
titative analysis of information in a company's financial statements. Ratios are cal-
culated from current year numbers and are then compared to previous years,
other companies, the industry, or even the economy to judge the performance of
the company. Ratio analysis is predominately used by proponents of fundamen-
tal analysis. (Investopedia)

Ratio analysis is a study of the relationships between financial variables. It is very

important in fundamental analysis which investigates the financial health of any
financial institution. This ratio analysis gives frank financial information in this
current business world. By giving a glance anyone will be able to know what the
position that institution is now. Therefore managers, shareholders, creditors etc.
all take interest in ratio analysis. For example using liquidity ratios managers can
use the information if the institution's liquidity is struggling and they may have to
take out short term finance. For this reason to evaluate the performance of SCB
the ratio analysis has been selected. Here in this report contains the most
common ratios and analyze to evaluate the performance of SCB over the year
2013 to 2017.
To do an analysis, the following ratios and values have been calculated:

Liquidity Ratio: Liquidity ratios are used to determine a company’s ability to

meet its short-term debt obligations. The liquidity ratio is the result of dividing
the total cash by short- term borrowings. It shows the number of times
short-term liabilities are covered by cash.
Cash Ratio: This ratio is calculated by dividing the total cash assets of an institu-
tion by its total current liabilities. It shows how any institution like SCB meets its
current liabilities through its cash.
 11
Cash Ratio = Cash / Current Liabilities

Name of Ratio 2013 2014 2015 2016 2017

Cash Ratio 0.111 0.1056 0.1039 0.1006 0.1147

Leverage ratio: Leverage ratios are used to calculate the financial leverage of an
institution. It helps to get an idea of the institution's methods of financing or to
measure its ability to meet financial obligations. There are several types of ratios
which main factors are debt, equity, assets and interest expenses.
 12
Total debt to equity ratio: It is one of the banking financial leverage which is
calculated by dividing its total liabilities by stockholders' equity. It mainly indicates
the proportion of equity and debt that a bank is using to finance its assets.

Total Debt to Equity Ratio = Total Debt / Total Equity

Name of Ratio 2013 2014 2015 2016 2017

Total Debt to 11.69% 14.27% 18.69% 15.24% 16.94%
Equity Ratio
 13
Total debt to total asset ratio: Total debt to total asset ratio measures a bank’s
financial risk. It determines how much of the bank’s assets have been financed by
the debt. It is calculated by total debt dividing by the institution's total assets.

Total Debt to Total Asset Ratio = Total Debt / Total Asset

Name of Ratio 2013 2014 2015 2016 2017

Total Debt to 89.52% 87.50% 84.24% 86.77% 85.51%
Total Asset
Ratio
 14
Total equity to total asset ratio: Total equity to total asset ratio is one of the
leverage ratios which is used by the organization like banking sectors. It deter-
mines how much of the bank’s assets have been financed by the equity.

Total Equity to Total Asset Ratio = Total Equity / Total Asset

Name of Ratio 2013 2014 2015 2016 2017

Total Equity to 10.47% 11.93% 15.75% 13.22% 14.48%
Total Asset
Ratio
 15
Profitability ratio: Profitability ratios are used to compare companies in the
same industry, since profit margins will vary widely from industry to industry.
Net profit margin: Net Profit Margin is a ratio of profitability which is calculated
by dividing the net profit after taxation by revenues or net interest income. It
measures how much SCB’s is actually earning from its every taka of revenue.

Net Profit Margin = Net Profit after Taxation / Net interest Income

Name of Ratio 2013 2014 2015 2016 2017

Net Profit 85.93% 125.88% 94.15% 84.27% 71.74%
Margin
 16
Return on asset (ROA): ROA is a profitability ratio which shows how profitable a
bank is related to its total assets. ROA gives an idea that how efficient the man-
agement of a bank is to generate profits using its assets.

Return on Assets = Net Profit after Taxation / Total Assets

Name of Ratio 2013 2014 2015 2016 2017

Return on 3.66% 5.26% 4.18% 3.16% 2.63%
Assets
 17
Return on equity (ROE): Return on equity measures a bank’s profitability which
calculates how much net profit that bank may generates with the money that
shareholders have invested as equity.

Return on Equity = Net Profit after Taxation / Equity

Name of Ratio 2013 2014 2015 2016 2017

Return on 34.95% 44.07% 26.56% 23.91% 18.19%
Equity
 18
Efficiency Ratio: Efficiency Ratios determine the efficiently of using its assets and
managing its operations.
Assets turnover ratio: Assets turnover ratio measures the turnover of the firm’s
total assets. It is calculated by dividing net interest income by total assets.

Assets Turnover = Net interest Income / Total Assets

Name of Ratio 2013 2014 2015 2016 2017

Assets 0.0366 0.0526 0.0367 0.0316 0.0263
Turnover
(times)
 19
Other important ratios for banks: There are some ratios which indicate that the
bank’s solvency and long-term performance.

Loan to asset ratio: It is calculated by dividing the amount of loans by the

amount of total assets at a bank.

Loan to Asset Ratio = Total Loans/Total Asset

Name of Ratio 2013 2014 2015 2016 2017

Loan to Asset 52.35% 49.46% 51.46% 52.05% 56.69%
Ratio
 20
Loan to deposit ratio: Loan to deposit ratio is a form of percentage divided total
loans by total deposits.

Loan to Deposit Ratio = Total Loans/Total Deposits

Name of Ratio 2013 2014 2015 2016 2017

Loan to Deposit 70.66% 74.15% 73.39% 72.51% 78.94%
Ratio
 21
Rate of Return on Loans:

Rate of Return on Loans = Net Interest Income / Total Loans

Name of Ratio 2013 2014 2015 2016 2017

Rate of Return 8.13% 8.44% 8.63% 7.21% 6.47%
on Loans
Investment Thesis 22
One of the major part of a bank to invest in profitable sectors. According to
2013-2017 financial statements of Standard Chartered Bank, we have followed
their investment of every years in every sectors thoroughly.

The investment thesis of five years(2013-2017):

In 2013, SCB invested 44,796,078,707 BDT out of this amount 44,778,078,707 BDT
was in Government securities and 18,000,000 BDT was in other investments.
In 2014, their investment became 57,957,355,438 BDT which was 29.38% more
than the previous year. In 2014 their investment in government securities was
57,939,355,438 BDT.
In 2015 the amount of total investment was 60,212,665,155 BDT which was
34.42% higher than 2013 and 5.04% than 2014.
In 2016, SCB invested total 61300730453 BDT. In 2016 their investment increased
to 36.84% than 2013 and 2.42% higher than 2015. Out of which 1,979,478,523
BDT was reserve repo.
In 2017, the amount of investment of SCB became 58,915,827,758 BDT. Here we
can see after four years of increasing their investment decreased suddenly. In this
year their investment decreased 5.32% than 2016. This year the reserve repo of
SCB was 201118692 BDT which was lower than 2016.
We can see that, the investment in 2016 was the highest among these five years.
 23
Investments in Government Securities:
If we see SCB’s 5 years investment in government securities, we can specify them
in a table:

Name of 2013 2014 2015 2016 2017

Instrument
Treasury 15,914,560,2 14,804,304,89 5,987,622,235 10,342,976,69 22,057,195,
Bills 79 3 2 261

Bangladesh 99,659,510 10,988,403,06 25,744,818,10 26,389,466,

Bank Bills 4 6 396

Bangladesh 28,262,086,6 42,674,726,03 43,217,615,85 23,214,129,53 9,549,360,4

Government 28 5 6 2 09
Treasury
Bonds
Bangladesh 600,000,000 360,000,000 700,000,00
Government 0
Islamic
Bonds
Prize Bonds 1,431,800 6,65,000 1,024,000 1,327,600 6,87,000

Total 44,778,078,7 57,939,355,43 60,194,665,15 59,303,251,93 58,696,709,

07 8 5 0 066
24
25
 27
From investing activities chart, the highest amount of net investing activities was
in 2013. But the next three years the amount decreased gradually. In 2017 it again
increased.
IF we describe briefly, In 2014 the amount of investing decreased 7.44% than
2013 and 45.84% in 2013 than 2014. In 2016 it changed only 0.03%. In 2017, the
amount became 5370958493. Hence, it increased 24.48% than the year 2016.
After examining all the statements of SCB, we understood that they are investing
in profitable sectors. Most of which are treasury bills and Bangladesh Bank bills.
These bills are more profitable to SCB for investing.
So it is clear that they are very conscious in investing.
 26
If we look at the table, we can see SCB invested the highest treasury bills in 2017.
In Bangladesh Bank bills, there was no investment in 2017. SCB invested in Ban-
gladesh government treasury bond was highest in 2015. It was 43217615856
BDT. In the contrary, In 2017 it became 9549360409 BDT. That means they
showed reluctance in government treasury bonds in consideration of invest-
ment. The main cause behind the situation assumed as the investment was in
fluctuations. The amounts of prize bonds were 1431800 BDT, 665000 BDT,
1024000 BDT, 1327600 BDT and 687000 BDT respectively from 2013 to 2017.

Here the highest amount was in 2013 and the lowest 2014.
After analysing the chart, we can say SCB focused in investing on treasury bills
more. They also willing to invest in Bangladesh Bank bills, That means these items
were more productive sectors to invest.

Investing Activities, According to cash flow statements:

Net cash used in investing activities

Year Amount Percentage Charge

2013 7,536,026,124 100% -
2014 6,075,718,935 92.56% Decreased
2015 3,521,559,613 46.72% Decreased
2016 3,518,614,151 46.69% Decreased
2017 5,370,958,493 71.27% Increased
 29
Total debt to total asset ratio:
It shows the bank’s asset has been financed by the debt. In 2013 the ratio was
very high and it was 89.52% then the next year 2014 it decreased in 87.50 %.But
the year of 2015 the rate decreased highly and it was only 84.24% but in 2016 it
increased to 86.77% but the last year it decreased 1.26%.Total asset ratio mea-
sures a bank’s financial risk so it is important to have a good assets ratio in the
bank.

Total equity to total assets ratio:

The ratio was 10.47% in 2013 and it gradually increased in 2014 and 2015.It
increased 1.46% from 2013 and in the year of 2015, the rate increased 3.82 %
from the last year. But the next year the rate decreased to 13.22%, the last year
2017 the rate increased only 1.26% then the last year. This rate shows the assets
have been financed by the equity.

Net Profit Margin:

This margin is the most important margin for a bank or any financial institute
because it shows the net profit of the institute. The net profit of SCBL in 2013 was
only 85.93% but in the next year 2014 the rate increased by 39.95% and it was
125.88%. But 2015 the rate highly decreased and it was 94.15%. In 2017 the rate
decreased again it was only 71.74%. It seems that the bank was at a loss. It is
important to move on from this situation. To move on from this situation SCBL
must increase their interest on debt and increase their cash.

Return on Asset:
It shows that in 2013 the SCBL was 3.66% and it was the profitability of SCBL is
related to its total asset. In 2014 the rate increased highly, it was 5.26% and it was
the highest margin of last 5 year. The rate decreased year by year. In 2015 it was
4.18% and the next year the rate decreased in 3.16%. The last year the rate
decreased highly from 2014, and it was only 2.63%. It seems that the bank was in
loss for the last 3 year.

Return on equity:
In 2013 the return equity rate was 34.95% and the next year the rate increased in
44.07%. But the next year the rate decreased to 26.56% it almost decreased 18%.
Then the rate decreased gradually in 2016 and 17 .the rate was 23.91% and
18.19%. It seems that there was not profit that bank may generate with the
money that shareholders have invested as equity.
Recommendation 28
We believe in a surprising contest of new era, must have to important considered
of the marketing to generate constructive exclusivity and uniqueness opportuni-
ty of the banking sector.

So, SCB should start strategic planning to increase the infrastructures and also
important constructs needed to support its large customer base. So, considering
the service sector of Bangladesh, SCB should be more conscious to deal with its
customers as the customers have now more choice to bank with and there are
institutions that are intensifying competition by focusing more on superb cus-
tomer service.

To identify these bank needs proper information system is required badly. Cus-
tomer feedback can make value to increase right services and relations with the
right customers and increase precise commitment, loyalty, trust, and satisfaction
to become with a huge good relationship. SCB has several services gap to
authentic of considerate the consumer behavior and their potential attitude,
which made them deficient in modern banks. SCB has to minimize their service
gap though strong study on customer objection, expectation, perception and
critical internal marketing aspects. Steps should be taken to implement the new
process in order to ensure a smooth service as promised to customers.

Cash Ratio:
In 2013 the cash ratio was 0.111 but in 2014 to 2016 the rate decreased gradually.
The ratio was only 0.1006% in 2016. In the last year, it increased to 0.1147.The cur-
rent cash ratio shows the current liabilities through cash. This is very important
for a bank to have a good cash ratio.

Total Debt To Equity Ratio:

In the year of 2013 total debt to equity ratio was 11.69 and the ratio increased in
2014. From 2013 to 2017 the ratio was very high in 2015 than any other year of
this statement and it was 18.69%. But in 2016 it decreased to 15.24% then the
next year the ratio increased again and it was 16.94%. It shows that the bank is
using to finance its assets. This ratio is important because if the equity is less than
the debt the investors will discourage from investing.
 30
Asset turnover (times):
It shows in 2013 it was 0.0366 but in the next year, the rate increased in 0.0526.
But from 2015 the next three year it decreased gradually. The rate was 0.0367 it
was 0.0159 less than 2014. Then 2017 it was only 0.0263. The bank’s asset turn-
over situation was not in a good situation from last three year.

Loan to Asset ratio:

The loan to asset ratio of SCBL in 2013 was 52.35% but the next year the rate
decreased to 49.46%. Then the next two year it increased in 51.46% and in 2016
it was 52.05 %, it increased only 0.56%. But the last year the rate highly increased
in 56.69%.

Loan to deposit ratio:

In this statement of last five year (2013-2017) it was very low in 2013, it was 70.66
%.Then the next year it was increased by 74.15% it was almost 4% but 2015 the
rate was decreased and the rate was 73.39%. In 2017 the rate was increased
highly from last four year it was 72.51%.