FUNDAMENTAL ANALYSIS ON

BANKING INDUSTRY

Gidhu Thomas Paul

FINANCE INTERN
 BANKING INDUSTRY

Introduction
As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently
capitalised and well- regulated. The financial and economic conditions in the
country are far superior to any other country in the world. Credit, market and
liquidity risk studies suggest that Indian banks are generally resilient and
have withstood the global downturn well.
Indian banking industry has recently witnessed the roll out of innovative
banking models like payments and small finance banks. RBI’s new measures
may go a long way in helping the restructuring of the domestic banking
industry.
The digital payments system in India has evolved the most among 25
countries with India’s Immediate Payment Service (IMPS) being the only
system at level 5 in the Faster Payments Innovation Index (FPII).

Market Size
The Indian banking system consists of 27 public sector banks, 21 private
sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban
cooperative banks and 94,384 rural cooperative banks, in addition to
cooperative credit institutions.^^ In FY07-18, total lending increased at a
CAGR of 10.94 per cent and total deposits increased at a CAGR of 11.66 per
cent. India’s retail credit market is the fourth largest in the emerging
countries. It increased to US$ 281 billion on December 2017 from US$ 181
billion on December 2014.

Investments/developments

Key investments and developments in India’s banking industry include:

 As of September 2018, the Government of India launched India Post

Payments Bank (IPPB) and has opened branches across 650 districts to
achieve the objective of financial inclusion.

 The total value of mergers and acquisition during 2017 in NBFC

diversified financial services and banking was US$ 2,564 billion, US$
103 million and US$ 79 million respectively.

 The biggest merger deal of FY17 was in the microfinance segment of

IndusInd Bank Limited and Bharat Financial Inclusion Limited of US$
2.4 billion.
  In May 2018, total equity funding's of microfinance sector grew at the
rate of 39.88 to Rs 96.31 billion (Rs 4.49 billion) in 2017-18 from Rs
68.85 billion (US$ 1.03 billion) #.

Government Initiatives
 As of September 2018, the Government of India has made the Pradhan
Mantri Jan Dhan Yojana (PMJDY) scheme an open ended scheme and
has also added more incentives.

 The Government of India is planning to inject Rs 42,000 crore (US$

5.99 billion) in the public sector banks by March 2019 and will infuse
the next tranche of recapitalisation by mid- December 2018.

Achievements
Following are the achievements of the government in the year 2017-18:

 To improve infrastructure in villages, 204,000 Point of Sale (PoS)

terminals have been sanctioned from the Financial Inclusion Fund by
National Bank for Agriculture & Rural Development (NABARD).

 Between December 2016 and March 2017, a major drive was

undertaken to boost use of debit cards, resulting in an increase in the
number of Point of Sale (PoS) terminals by an additional 1.25 million by
2017 end from 1.52 million as on November 30, 2016.

 The number of total bank accounts opened under Pradhan Mantri Jan
Dhan Yojana (PMJDY) reached 333.8 million as on November 28, 2018.

Road Ahead

Enhanced spending on infrastructure, speedy implementation of projects and

continuation of reforms are expected to provide further impetus to growth.
All these factors suggest that India’s banking sector is also poised for robust
growth as the rapidly growing business would turn to banks for their credit
needs.
Also, the advancements in technology have brought the mobile and internet
banking services to the fore. The banking sector is laying greater emphasis
on providing improved services to their clients and also upgrading their
technology infrastructure, in order to enhance the customer’s overall
experience as well as give banks a competitive edge.
India’s digital lending stood at US$ 75 billion in FY18 and is estimated to
reach US$ 1 trillion by FY2023 driven by the five-fold increase in the digital
disbursements.

Financial Year 2018

 Public sector banks account for over 68.3% of interest income in the
sector in FY18.
 They lead the pack in interest income growth with a CAGR of 6.6% over
FY09-18. Overall, the interest income for the sector (including public
and private sector banks) has grown at 6.9% CAGR during FY09-18.
 Total lending has increased at a CAGR of 10.9% during FY07-18 and
total deposits has increased at a CAGR of 11.6%, during FY07-18 & are
further poised for growth, backed by demand for housing and personal
finance.
 India's retail credit market is the fourth largest in the emerging
countries. It increased to US$ 281 billion on December 2017 (FY18)
from US$ 181 billion on December 2014.
 The digital payments system in India has evolved the most among 25
countries, including UK, China and Japan, with the IMPS being the only
system at level 5 in the Faster Payments Innovation Index (FPII). India
stepped up to 28th position on the government's adoption of e-
payments ranking in 2018.
 Digital influence in the Indian banking sector has been growing faster
due to the rising digital footprint. India’s digital lending stood at US$
75 billion in FY18.

Swot Analysis of Banking Industry

Strengths :

 Banking is as old as Human race : Banking industry is the driving

force to any nation. It helps in shaping the life of human race may be
some time merely by Exchange (which was called barter system), or by
transaction or by facilitating advances.

 Source of employment & GDP growth : There is a consensus

among economists that development of the financial system contributes
to economic growth. Financial development creates enabling conditions
for growth through either a supply-leading (financial development spurs
 growth) or a demand-following. It is this industry which continuously
works to secure financial stability, facilitate international trade, promote
employment, & reduce poverty around the world.

 Hedge from risk : Whether it is natural calamity or man-made

calamity banks mitigate the after effect of the destruction by providing
financial support to the victims to stand –up & lead a peaceful life again.

 Diversified services: Banking industry offer services from CASA to

insurance, to loan, to investment.

 Connecting People: With the advent of new age technological

advancement Banks have made the life of the common man easier.
People can transact on real time basis in many places.

 Changing from mere savings & loan facilitator role: Top priorities
of banks now days include regulatory compliance, improving asset
quality, enhancing customer centricity, focusing on digital convergence,
and tackling competition from non-banks. Banks are therefore making
business and technology investments to change their business models.

Weaknesses :

 Lack Of coordination: The global banking industry faces short-

term uncertainty due to the debt crises that challenge several
major economies. Industry assets stand at $143 trillion
(2013)&the EU is the largest regional market, with over 57% of
the global market. Volatility in different market/Currencies has
created problems for the banks in order to work properly across
the borders.

 Vulnerable to risk: Since this sector deals with finances, it is the

most risky sector which can change the fate of any
business/Industry.

 High NPA’s: Rise in Retail & corporate NPA’s (Non-performing

assets) is the single major issue this sector is going through
worldwide.

 Can’t reach to Under-penetrated market: Due to several

conflicting objectives of government & banks which goes hand in
hand, rural areas of developing nations are still not in the shadow
of banks. Although PMJDY (Pradhan Mantri Jan DhanYojna)
implemented by the Indian banks got acknowledged by World
 Bank for financial inclusion but the Idea is not fully capitalized
even in the home country.

 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, Political pressure and ineffective
regulations.

Opportunities

 Expansion: Penetrating to the rural markets & bringing the rural

masses under the purview of organized banking will be the objective of
the Banks in decades to come.

 Changing Socio-cultural & demographic factors: 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.

 Rise in private sector banking: Banking Industry across the world is

highly regulated &lead by PSU’s with their respective central banks.
With the advent of private sector banks this sector is going through
structural & functional changes mainly due to the adaptation of the
advanced technologies & increased competition thereby benefiting to
the end customers.

Threats :
 Recession: It is one of the major threats to the financial system of the
nation. Traumatic shock of Economic crises & collapse of the several
businesses can affect the banks and vice-versa.

 Stability of the system: Failure of some weak banks has often

threatened the stability of the system.

 Competition: Competition from NBFC’s (Non-banking financial

companies) like insurance companies & mutual fund companies can
affect the business of Banks.

Top leading companies

HDFC Bank
Going by market capitalization, HDFC Bank is the largest bank in India. Its
market cap is pegged at about INR 261,226.94 crore. As of end 2014, the
bank boasted of a strong network of 3,659 branches in 2,287 cities. To
facilitate NRI banking, the bank also has overseas branches in Bahrain, Hong
Kong, Abu Dhabi, Kenya and Dubai.HDFC Bank has over 11,633 ATMs and a
customer base of over 28 million. It is also ranked 45th among the top 50
banks of the world. Employing over 69,065 employees, HDFC Bank is one of
the strongest contenders in the private banking space.

State Bank of India

With a market capitalization of about INR 216,128.73 crore, SBI is the second
most-valued bank in India It and is perhaps the most trusted one, being a
state-owned bank. The bank has a strong network of over 13,000 branches
spread across the nation and has about 190 foreign offices in 36 countries.
Along with HDFC Bank, SBI also features among the top 50 global banks
(going by market capitalization). It is also one of the largest employers in the
country and provides employment to over 220,000 personnel. SBI manages
assets worth about USD 390 billion in all. (To be converted into INR----
otherwise inconsistent)

ICICI Bank Limited

ICICI Bank is the third largest entity in the Indian banking space, with a
market capitalization of INR 184,547.26 crore.ICICI Bank has a customer base
of over 2.5 million and boasts of an extensive network of 4050 branches
across the country. With 12,475 ATMs and assets worth USD 99 billion, the
bank is currently celebrating 60 years of existence. ICICI was formed as a
World Bank initiative in 1955.The bank is headquartered in Vadodara, Gujarat
and has an international presence in 19 countries. The bank’s employee
strength was estimated at over 72,000 last year when it overtook HDFC Bank
in terms of people employed.

Axis Bank

With a market capitalization of about INR 134,685.68 crore, Axis Bank takes
its place at the fourth position among Indian banks. Founded in 1994 as UTI
Bank, Axis Bank now has a network of 2402 domestic branches and 12922
ATMs spread across the nation. The bank also has seven international offices
including the ones in Hong Kong, Singapore, Colombo, Dubai, Abu Dhabi, and
Shanghai. Axis Bank employs over 37,901 employees and is reported to have
net assets worth about USD 53 billion. Apart from retail banking, Axis Bank
also operates in NRI Services, Investment banking and treasury operations
and corporate banking.

Kotak Mahindra Bank

Kotak Mahindra Bank, headed by Mr. Uday S Kotak, and with a market
capitalisation of INR 109,631.60 crore comes next. Kotak Mahindra Bank is
currently poised for a spectacular growth due to an all-stock merger with ING
Vysya Bank. Kotak Mahindra shall now become the fourth largest private
bank in the country in terms of the business done. The combined banking
company will now have a network of 1,214 branches across the country. The
bank is likely to have an employee strength of about 30,000 after the
merger. The combined market capitalisation is estimated to be about INR
1.25 lakh crore.

IndusInd Bank

Founded in 1994, Hinduja Group owned IndusInd Bank has a market

capitalisation of about INR 50,100.41 crore. The bank employs over 15,500
employees and has a network of 638 branches and 1238 ATMs across the
country. With international offices in London and Dubai, IndusInd Bank is
known for its strong remittances business. The bank has an exceptionally
strong business base in Mumbai, Delhi, and Chennai.

Bank of Baroda

Bank of Baroda is another large PSU banking company in India with a market
capitalization of about INR 38601.08 crore. The bank is estimated to have
over 5193 branches and 38,737 employees. With a significant presence in
about 25 countries, the Bank of Baroda balances out NRI services with rural
and agricultural finance. The bank is one of the major banking operators in
India’s rural sectors.

Yes Bank

Yes Bank was incorporated in the year 2004 by Mr. Rana Kapoor and Mr.
Ashok Kapoor, and currently has a market capitalisation of about INR
35,169.20 crore.With a strong network of about over 630 branches in 375
cities, and with over 1150 ATMs spread across the country, Yes Bank is
among the fastest growing banks of India. The bank employs about 12000
employees and has high ambitions for the years to come.
Punjab National Bank

Founded in 1894, Punjab National bank is one of the oldest banks in India.
Unlike most Indian banks that have their headquarters in Mumbai or Gujarat,
the Punjab National Bank has its headquarters in Delhi and has a market
capitalization of about INR 30312.73 crore. Like other PSU banks, the bank
has a major focus on agricultural and rural financing but also has a
widespread international presence. The bank has 8.9 crore customers, 6081
branches in India and abroad and a network of 6940 ATMs spread across the
country.

RBL Bank
RBL/Ratnakar Bank Limited is a scheduled commercial bank, headquartered
in the Mumbai region of Maharashtra, India, and founded in August 1943.
The Bank offers services in five sectors: corporate & institutional banking,
commercial banking, retail banking, agricultural development banking and
financial market access.

IDFC First Bank

IDFC First Bank is an Indian banking company with headquarters in Mumbai
that forms part of IDFC, an integrated infrastructure finance company. The
bank started operations on 1 October 2015. IDFC received a universal
banking license from the Reserve Bank of India in July 2015.

Federal Bank

Federal Bank is a leading Private Sector, scheduled commercial bank in India,

headquartered in Aluva, Kochi with a history of 70 years and a large network
of over 1251 branches and over 1665 ATMs and 258 cash recyclers spread
across the country. The Bank also has its Representative Offices abroad
at Dhabi and Dubai. With a customer base of 8 million [3], including 1.2
million NRI customers and a large network of remittance partners across the
world, Federal Bank claims to handle more than 15% of India’s inward
remittances. The Bank has got remittance arrangement with more than 110
Banks/Exchange Companies across the world. The Bank is also listed
in BSE, NSE and London Stock Exchange and has a branch in India’s first
International Financial Services Centre (IFSC) at GIFT City in Gujarat , which is
akin to a foreign branch of the Bank.
Market Share of the top companies
 COMPANY ANALYSIS
YES BANK
Yes Bank Limited is India's fourth largest private sector bank, founded
by Rana Kapoor and Ashok Kapur in 2004. It primarily operates as a
corporate bank, with retail banking and asset management as subsidiary
functions.

Core Business
Yes Bank Limited derives most of its revenues through arranging syndicated
loans and through corporate banking. It operates as three entities - Yes Bank,
Yes Capital and Yes Asset Management Services. As per the banks website
and information published, these are bifurcated as:

 Corporate and Institutional Banking

 Commercial Banking

 Investment Banking

 Corporate Finance

 Financial Marketing

 Retail Banking
As of September 2018, Yes bank had taken syndicated loans from eight large
international entities including ADB, OPIC, European investment bank, banks
in Taiwan and Japan for amounts ranging from US$ 30 Million to US$ 410
Million, which it in turn lends to small and medium scale enterprises as well
as large corporates. It has also both taken as well as given short term loans
to a number of retail and corporate banks in Taiwan, Japan, USA and
Europe. It has a strategic partnership with the US government based OPIC
and with Wells Fargo.

Operations
As on 31 January 2019, Yes Bank had 1, 150 branches and 1800+ ATMs in
India. It had a balance sheet size of ₹ 250,000 crore and Gross NPA of 1.72%,
making it the fourth largest private sector bank in India.

Listings
Yes Bank is listed on the Bombay Stock Exchange, National Stock Exchange
of India as well as London stock exchange. Yes Bank was listed in the stock
exchanges of India post its IPO in May 2005 at an issue price of Rs.45.
Shareholding Patterns
As of March 2018, as per its annual shareholders report, the three largest
shareholders of Yes bank limited were foreign portfolio investors (43%),
insurance companies (14%) and Mutual funds including UTI (10%). Smaller
(less than 5%) shareholdings were owned by its three promoters Rana
Kapoor (4%), YES Capital India Pvt. ltd. (3%) and Morgan credits pvt. ltd.
(3%) and other investors including Madhu Kapur (sic.) (8%), Mags finest Pvt.
Ltd. (2%), LIC India under its various schemes (9.7%), Malviya Urban Co-
operative bank (Jaipur) (3%). LIC India owned 9.7% of YES Bank under its
various schemes.

Shareholding[
Shareholders (as on 31-Mar-2016)
22]

Promoter Group 21.91%

Foreign Institutional Investors (FII) 41.25%

Insurance Companies 12.76%

Banks/Financial Institutions/Mutual
11.5%
Funds/UTI

Others 12.58%

Total 100.0%

Recent Developments
In September 2016, Yes Bank scrapped its proposed $1bn share sale due to
market conditions. The pull out of the deal caused all round embarrassment
as miscommunication and misunderstanding among various players led to a
round of public blame game among various participants. The company
subsequently attempted to prelaunch its failed capital raising exercise after
appointing a new set of bankers.
On 3 November 2017, Yes Bank signed a MoU with the government to
provide Rs 1,000 crore financing for food processing projects. Subsequent to
the demonetization in India, Yes bank tried foraying into e-wallets with "BHIM
YES PAY" in collaboration with India Stack APIs and National Payment
Corporation of India (NPCI)
On 1 February 2018, Yes Bank Signs MoU with Assam Rifles for offering
banking solutions to defense personnel.

Awards and Recognitions

 Yes Bank, received “India’s Fastest Growing Bank of the Year” award at
the Bloomberg UTV Financial Leadership Awards 2011

 Bank of the Year India, The Banker London – 2015

Swot Analysis
Strengths
High Quality, Customer Centric, Service Driven, Private Sector Bank for
future industries in India.
Fastest growing bank in India.
It has a good perception in financial markets.
Future ready and Innovation driven bank with focus on new digital
technologies.
Bad Loan ratio of 0.85% compared to sector’s average of 9.1%
It has demonstrated strong profitability, sustainable income generation and
finest asset quality.
Weaknesses
Less promotional activity
Lack of penetration
Opportunities
Building new client relationship
Other activity (insurance, stock broking, mutual funds)
Wide scope in Tier 2 & Tier 3 cities
Acquisitions of small banks.
Threats
High competition from Private and Public bank
Capital Market slow-down
Slowdown in SME sector post GST implementation
Crypto currency
Competition

Name Last Market Net Net Total

Price Cap. Interest Profit Assets

1,063,934.3
HDFC Bank 2,288.80 623,310.42 80,241.35 17,486.75
1
Kotak
1,373.85 262,245.38 19,748.49 4,084.30 264,933.40
Mahindra
ICICI Bank 392.75 253,187.74 54,965.89 6,777.42 879,189.16
Axis Bank 762.85 196,199.20 45,780.31 275.68 691,329.57
IndusInd Bank 1,748.90 105,435.20 17,280.75 3,605.99 221,626.17
Bandhan Bank 534.75 63,800.11 4,802.30 1,345.56 44,310.07
Yes Bank 265.50 61,464.13 20,267.42 4,224.56 312,445.60
RBL Bank 668.80 28,538.35 4,507.57 635.09 61,850.75
IDFC First
54.00 25,823.06 8,930.00 859.30 126,520.18
Bank
ING Vysya
1,027.00 19,719.13 5,205.22 657.85 60,413.23
Bank
Federal Bank 97.40 19,334.39 9,752.86 878.85 138,313.95
City Union
197.15 14,480.68 3,402.42 592.00 39,937.26
Bank
Karur Vysya 81.55 6,518.32 5,699.65 345.67 66,929.12
DCB Bank 192.30 5,952.59 2,412.99 245.34 30,222.09
Karnataka
135.05 3,816.62 5,423.75 325.61 70,373.67
Bank
JK Bank 61.20 3,407.97 6,621.40 202.72 89,687.61
South Ind Bk 17.55 3,175.99 6,192.81 334.89 82,685.88
Lakshmi Vilas 88.85 2,842.34 3,041.62 -584.87 40,429.22
Dhanlaxmi
20.15 509.82 1,013.32 -24.87 12,286.46
Bank
R ETF Gold 2,801.95 287.49 - - -
BeES
StanChart PLC 55.40 96.70 - - 139,264.43

Comparison with top competitors

On the basis of
1. Balance sheet :
Kotak
Yes HDFC ICICI Axis
Particulars Mahindr
Bank Bank Bank Bank
a
Mar '18 Mar '18 Mar '18 Mar '18 Mar '18
Capital and Liabilities:
Total Share Capital 460.59 519.02 952.82 1,285.81 513.31
460.59 519.02 952.82 1,285.81 513.31
Share Application
0.00 0.00 2.17 5.57 0.00
Money
Preference Share
0.00 0.00 0.00 0.00 0.00
Capital
25,297.6 105,775.9 36,528.8
100,864. 62,931.9
Reserves
9 8 3 37 5
Revaluation Reserves 0.00 0.00 0.00
3,003.19 0.00
25,758.2 106,295.0 37,483.8
105,158. 63,445.2
Net Worth
8 0 2 94 6
200,738. 788,770.6 192,643.
560,975. 453,622.
Deposits
15 4 27 21 72
74,893.5 123,104.9 25,154.1
182,858. 148,016.
Borrowings
8 7 5 62 14
275,631. 911,875.6 217,797.
743,833. 601,638.
Total Debt
73 1 42 83 86
Other Liabilities & 11,055.6 30,196.4 26,245.4
45,763.72 9,652.15
Provisions 0 0 5
312,445. 1,063,934 264,933. 879,189. 691,329.
Total Liabilities
61 .33 39 17 57

Assets
Cash & Balances with 11,425.7 104,670.4 33,102.3 35,481.0
8,908.51
RBI 5 7 8 6
Balance with Banks, 13,308.6 10,711.6 51,067.0
18,244.61 7,973.83
Money at Call 2 0 0
 203,533. 658,333.0 169,717. 512,395. 439,650.
Advances
86 9 92 29 30
68,398.9 242,200.2 64,562.3 202,994. 153,876.
Investments
4 4 5 18 08
Gross Block 760.83 3,607.20 1,527.16 7,903.51 3,625.59
Accumulated
0.00 0.00 0.00 0.00 0.00
Depreciation
Net Block 760.83 3,607.20 1,527.16 7,903.51 3,625.59
Capital Work In
71.56 0.00 0.00 0.00 346.09
Progress
14,946.0 71,726.8 50,376.6
Other Assets 36,878.70 9,505.86
4 0 2
312,445. 1,063,934 264,933. 879,189. 691,329.
Total Assets
60 .31 40 16 57
583,765. 483,718.7 229,360. 865,409. 776,181.
Contingent Liabilities
20 5 15 07 32
Bills for collection 0.00 0.00 0.00 0.00 0.00
Book Value (Rs) 111.85 409.60 196.69 158.91 247.20

2. P/L Account :
Yes HDFC Kotak ICICI Axis
Particulars
Bank Bank Mahindra Bank Bank
Mar '18 Mar '18 Mar '18 Mar '18 Mar '18
Income
20,267. 80,241.3 54,965.8 45,780.
Interest Earned 19,748.50
42 6 9 31
5,223.8 15,220.3 17,419.6 10,967.
Other Income 4,052.21
3 0 3 09
25,491. 95,461.6 72,385.5 56,747.
Total Income 23,800.71
25 6 2 40
Expenditure
12,530. 40,146.4 31,940.0 27,162.
Interest expended 10,216.81
36 9 5 58
2,188.9 4,312.9
Employee Cost 6,805.74 2,950.23 5,913.95
2 6
Selling and Admin
95.91 165.22 110.52 401.37 153.65
Expenses
Depreciation 230.97 906.34 302.69 780.74 568.10
Miscellaneous 6,220.5 29,951.1 26,571.9 24,274.
6,136.15
Expenses 3 3 9 44
Preoperative Exp
0.00 0.00 0.00 0.00 0.00
Capitalised
5,212.7 22,690.3 15,703.9 13,990.
Operating Expenses 6,425.72
8 7 4 35
Provisions & 3,523.5 15,138.0 17,964.1 15,318.
3,073.87
Contingencies 5 6 1 80
21,266. 77,974.9 65,608.1 56,471.
Total Expenses 19,716.40
69 2 0 73

4,224.5 17,486.7
Net Profit for the Year 4,084.30 6,777.42 275.68
6 3
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
7,933.3 32,668.9 18,744.9 24,448.
Profit brought forward 10,756.29
9 4 4 33
12,157. 50,155.6 25,522.3 24,724.
Total 14,840.59
95 7 6 01
Preference Dividend 0.00 0.00 0.00 0.00 0.00
1,405.2
Equity Dividend 548.81 0.00 114.21 1,457.46
8
Corporate Dividend
111.74 0.00 21.70 8.73 0.00
Tax
Per share data (annualised)
Earning Per Share (Rs) 18.34 67.38 21.43 10.54 1.07
Equity Dividend (%) 135.00 650.00 14.00 75.00 0.00
Book Value (Rs) 111.85 409.60 196.69 158.91 247.20
Appropriations
Transfer to Statutory 1,122.1
7,953.58 1,100.08 5,560.91 275.68
Reserves 1
Transfer to Other
-0.01 1,748.68 0.01 0.01 0.00
Reserves
Proposed
1,405.2
Dividend/Transfer to 660.55 0.00 135.91 1,466.19
8
Govt
Balance c/f to Balance 10,375. 40,453.4 18,495.2 23,043.
13,604.60
Sheet 30 2 6 05
12,157. 50,155.6 25,522.3 24,724.
Total 14,840.60
95 8 7 01
 3. Cash Flow Statement :
Kotak
Yes Axis ICICI HDFC
Particulars Mahindr
Bank Bank Bank Bank
a
Mar Mar
Mar '18 Mar '18 Mar '18
'18 '18
6194.3 26697.3
Net Profit Before Tax 4084.30 121.57 7434.56
1 0
- -
Net Cash From 13303.6 26074.0
21877. -10274.92 46693.
Operating Activities 5 7
72 30
- - -
Net Cash (used in)/from
8691.8 -2515.50 10500. 38968.8 -533.10
Investing Activities
6 31 0
Net Cash (used in)/from 35747. 50400. 34118.3 48411.4
9837.22
Financing Activities 92 78 0 3
Net (decrease)/increase -
5184.9 73962.9
In Cash and Cash -2951.90 6801.2 8456.32
2 9
Equivalents 9
Opening Cash & Cash 19549. 50256. 75713.0 48952.1
22572.01
Equivalents 44 18 6 0
Closing Cash & Cash 24734. 43454. 84169.3 122915.
19620.11
Equivalents 37 89 8 08