A

PROJECT REPORT

ON

CAMEL ANALYSIS OF HDFC BANK

Subject: M.O.F.I. & F.S.

Batch: 2010-12

Under the guidance of

Dr. Ashish Mehta

(Faculty of M.O.F.I. & F.S.)

PREPARED BY:

Vijay Kumbhar (10F38)

Nilesh Gosai (10F22)

G.H.PATEL POST-GRADUATE INSTITUTE OF BUSINESS MANAGEMENT

SARDAR PATEL UNIVERSITY, VIDYANAGAR

ACKNOWLEDGEMENT

I would like to express my indebtedness Prof. Ashish Mehta, Faculty of Management

of financial Institution, G. H. Patel Post-graduate Institute of Business Management, for his

valuable guidance at every stage for the completion of this project work.

I extend my sincere thanks to Prof. P. K. Priyan, Faculty of Financial Management,

for his significant advice and suggestions for the project.

And further I would like to thank all the faculty members of G.H.P.B.I.M. who have

helped me in completing my project. I have gained a lot of knowledge throughout the

course of carrying out this project.

I would like to sincerely thank my Parents and all my Friends who have helped me

in completing this project by providing me with the psychological and academic support.

Table of contents

Chapter. No.

Particulars Page No.

1 Introduction 1

2 HDFC bank- at a glance 3

3 CAMELS Analysis 6

3.1 Capital Adequacy 7

3.2 Assets Quality 10

3.3 Management Quality 11

3.4 Earnings 15

3.5 Liquidity 18

4 Du-Pont analysis 20

5 Share Price of the banks 23

6 Conclusions 25

7 Bibliography 27

Chapter-1

INTRODUCTION

A sound financial system is indispensable for a healthy and vibrant economy. The

banking sector constitutes a predominant component of the financial services industry and

the performance of any economy, to a large extent, is dependent on the performance of the

banks. Banking institutions in our country have been assigned a significant role in financing

the process of planned economic growth. In 1969, 14 banks were nationalized with the

objective of extending credit facilities to all segments of the economy and also to mitigate

seasonal imbalances in their availability. Since nationalization, the banking system in India

has witnessed structural and dimensional changes. A number of steps were taken in close

succession, enabling the nationalized banks to play an active role in economic

development. The second step in the process of nationalizing the banks was taken in 1980,

when six other major banks were nationalized. Directed interest rates on deposits and

lending, exchange controls, directed credit became the hallmark of this tightly regulated

new structure. Whenever the crisis occurs, why the banks start making changes in their

policies with immediate effects unlike other industries which takes time, because the

financial system is the backbone of any economy The industrialist have their own goals

irrespective of governing party of the country, and for their Projects/Business models it is

very necessary that the economic environment should be stable, so that their estimated

time and forecasted result should not be changed. Hence the financial system follows the

NEWTON”S THIRD LAW i.e. it reacts very quickly with the global changes, to provide the

inertia/shelter to the Domestic Environment.

The present supervisory system in banking sector is a substantial

Improvement over the earlier system in terms of frequency, coverage and focus as also the

tools employed. Nearly one-half of the Basel Core Principles for Effective Banking

Supervision has already been adhered to and the remaining is at a stage of implementation.

Two Supervisory Rating Models, based on CAMELS for rating of the Indian Commercial

Banks and Foreign Banks operating in India respectively, have been worked out on the

lines recommended by the Padmanabhun Working Group (1995). These ratings would

enable the Reserve Bank to identify the banks whose condition warrants special

supervisory attention.

Chapter-2

HDFC Bank - at a glance

2.1 History

HDFC Bank was incorporated in 1994 by Housing Development Finance

Corporation Limited (HDFC), India's largest housing finance company. It was among the

first companies to receive an 'in principle' approval from the Reserve Bank of India (RBI) to

set up a bank in the private sector. The Bank started operations as a scheduled commercial

bank in January 1995 under the RBI's liberalisation policies.

Times Bank Limited (owned by Bennett, Coleman & Co. / Times Group) was merged with

HDFC Bank Ltd., in 2000. This was the first merger of two private banks in India.

Shareholders of Times Bank received 1 share of HDFC Bank for every 5.75 shares of Times

Bank.

In 2008 HDFC Bank acquired Centurion Bank of Punjab taking its total branches to more

than 1,000. The amalgamated bank emerged with a base of about Rs. 1,22,000 crore and

net advances of about Rs.89,000 crore. The balance sheet size of the combined entity is

more than Rs. 1,63,000 crore.

2.2 Mission

World Class Indian Bank

Benchmarking against international standards.

Best practices in terms of product offerings, technology, service levels, risk

management and audit & compliance

To build sound customer franchises across distinct businesses

2.3 Business Focus

Wholesale banking services

Blue-chip manufacturing companies in the Indian corp to small & mid-sized

corporates and agri-based businesses. For these customers, the Bank provides a wide range

of commercial and transactional banking services, including working capital finance, trade

services, transactional services, cash management, etc. The bank is also a leading provider

of for its corporate customers, mutual funds, stock exchange members and banks.

Retail banking services

HDFC Bank was the first bank in India to launch an International Debit Card in

association with VISA (VISA Electron) and issues the Mastercard Maestro debit card as

well. The Bank launched its credit card business in late 2001. By March 2009, the bank had

a total card base (debit and credit cards) of over 13 million. The Bank is also one of the

leading players in the “merchant acquiring” business with over 70,000 Point-of-sale (POS)

terminals for debit / credit cards acceptance at merchant establishments. The Bank is

positioned in various net based B2C opportunities including a wide range of internet

banking services for Fixed Deposits, Loans, Bill Payments, etc.With Finest of Technology

and Best of Man power in Banking Industry HDFC BANK's retail services have become by

and large the best in India and since the contribution to CASAi,e total number of current

and savings account of more than 50% ,HDFC BANK has full potential to becomes Indias

No.1 Private Sector Bank.

Treasury

Within this business, the bank has three main product areas - Foreign Exchange and

Derivatives, Local Currency Money Market & Debt Securities, and Equities. These services

are provided through the bank's Treasury team. To comply with statutory reserve

requirements, the bank is required to hold 25% of its deposits in government securities.

The Treasury business is responsible for managing the returns and market risk on this

investment portfolio.

2.4 Distribution Network

2000 branches & 5998 ATM’s in the country

996 towns & cities across India

All branches are OLRT connected

16 branches in Middle east & 6 in Africa

Representative offices in Hong Kong, NewYork, London & Singapore

3. CAMELS ANALYSIS

Regulators, analysts and investors have to periodically assess the financial condition

of each bank. Banks are rated on various parameters, based on financial and non-financial

performance. One of the popularly used assessments goes by the acronym CAMELS.

A technique, used to rate banks on various parameters based on financial and non-

financial performance

Each letter refers to the specific category of performance

C = Capital Adequacy A = Assets quality

M = Management quality E = Earnings

L = Liquidity S = Sensitivity to Market Risk

3.1. CAPITAL ADEQUACY

It indicates the bank’s capacity to maintain capital commensurate with the nature

and extent of all types of risks, as also the ability of the bank’s managers to identify

measure, monitor and control these risks.

3.1.1. Capital Adequacy ratio

Capital adequacy ratios ("CAR") are a measure of the amount of a bank's core capital expressed as a percentage of its risk-weighted asset.

Capital adequacy ratio is defined as

TIER 1 CAPITAL - (paid up capital + statutory reserves + disclosed free reserves) - (equity investments in subsidiary + intangible assets + current & b/f losses)

TIER 2 CAPITAL -A) Undisclosed Reserves, B)General Loss reserves, C) hybrid debt capital instruments and subordinated debts

The percent threshold varies from bank to bank (10% in this case, a common requirement for regulators conforming to the Basel Accords) is set by the national banking regulator of different countries.

Two types of capital are measured: tier one capital ( above), which can absorb losses without a bank being required to cease trading, and tier two capital ( above), which can absorb losses in the event of a winding-up and so provides a lesser degree of protection to depositors.

Minimum requirements of capital fund in India:

Existing Banks 09 %

New Private Sector Banks 10 %

Banks undertaking Insurance business 10 %

Local Area Banks 15%

The capital adequacy ratio is increased by 2.24% in HDFC bank from FY2007 to FY2011

in comparison with Axis bank has sharp increased by just 1.08% from FY 2007 to FY

2011.

3.1.2. Debt-equity ratio

It is calculated by total debt to Net worth. It is a measure of a bank's financial

leverage. It indicates what proportion of equity and debt the bank is using to finance its

assets. If the ratio is high (financed more with debt) then the bank is in a risky position -

especially if interest rates are on the rise.

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion

of shareholders' equity and debt used to finance a company's assets. Closely related

to leveraging, the ratio is also known as Risk, Gearing or Leverage. The two components

are often taken from the firm's balance sheet or statement of financial position (so-

called book value), but the ratio may also be calculated using market values for both, if

0

5

10

15

20

2007 2008 2009 2010 2011

HDFC bank 13.08 13.6 15.09 16.45 15.32

Axis bank 11.57 13.73 13.69 15.8 12.65

Capital Adequacy Ratio (%)

the company's debt and equity are publicly traded, or using a combination of book value

for debt and market value for equity financially.

The debt-equity ratio is decreased in both the banks. It is decreased by 2.27% in

HDFC bank and 7.53% in Axis bank from FY 2007 to FY 2011.

3.1.3. Credit extended ratio

It is calculated by dividing advances to total assets. It indicates bank’s

aggressiveness in lending which ultimately result in better profitability. The higher ratio

indicates better profitability.

2007 2008 2009 2010 2011

HDFC bank 10.98 9.12 10.34 8.35 8.71

Axis bank 18.81 10.63 12.49 9.87 11.34

0

2

4

6

8

10

12

14

16

18

20

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2007 2008 2009 2010 2011

HDFC bank 51.36 47.59 53.97 56.56 57.84

Axis bank 50.3 54.26 55.2 57.76 58.7

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30

40

50

60

70

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The credit extended ratio is sharply increased in both the banks by 6% and 8% from

FY 2007 to FY 2011 in HDFC bank and Axis bank respectively.

3.2. ASSETS QUALITY

This measure reflects the magnitude of credit risk prevailing in the bank due to its

composition and quality of loans, advances, investments and off-balance sheet

activities.

It depends on the following parameters:

Volume of classifications

Special mention loans-ratios and trends

Level, trend and comparison of non-accrual and renegotiated loans

Volume of concentrations.

Volume and character of insider transactions

3.2.1. Net NPAs to Net Advances Ratio

It is calculated by dividing Net NPAs to Net Advances. The net NPA to loans

(advances) ratio is used as a measure of the overall quality of the bank's loan book.

An NPA are those assets for which interest is overdue for more than 90 days (or 3

months). It helps identify the quality of assets that a bank possesses

3.2.2. Net NPAs to Total Assets Ratio

It is calculated by dividing Net NPAs to Total assets. It is used as a measure of

the overall quality of the bank's loan book. The higher ratio indicates poor quality of

assets possessed by the bank.

From the above chart, we can conclude that HDFC bank has high qualities of asses

than Axis bank has. The Net NPAs in HDFC bank is lesser than Axis bank from FY 2007 to

FY 2011 which is by 0.062%.

3.3 MANAGEMENT QUALITY

This measure signaling the ability of the board of directors and senior managers to

identify, measure, monitor and control risks associated with banking, this qualitative

measure uses risk management policies and processes as indicators of sound mgt.

The following factors which affect the management quality

• Technical competence, leadership of middle and senior management

• Compliance with banking laws and regulations

• Adequacy and compliance with internal policies

• Tendencies towards self-dealing

• Ability to plan and respond to changing circumstances

• Demonstrated willingness to serve the legitimate credit needs of the community

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

2007 2008 2009 2010 2011

HDFC bank 0.073 0.224 0.342 0.176 0.107

Axis bank 0.363 0.226 0.221 0.232 0.169

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• Adequacy of directors.

• Existence and adequacy of qualified staff and programmes

3.3.1. Return on Equity

To find the return on equity, numerator is net income and denominator is net worth.

Return on equity (ROE) measures the rate of return on the ownership interest of the

common stock owners. It measures a firm's efficiency at generating profits from every unit

of shareholders' equity. It shows how well a company uses investment funds to generate

earnings growth.

The return on equity is higher in Axis bank than HDFC bank. But it has been

decreasing from FY 2007 to FY 2011 in both the banks. So it tells that the efficiency of

generating profits is in down turn in both banks.

3.3.2. Efficiency Ratio

It is calculated by dividing non-interest expenses to Net total income.

The efficiency ratio is the traditional measure for bank productivity. At its

simplest, it is the cost required to generate each dollar of revenue. The higher

the ratio, the lower the performance.

0

5

10

15

20

2007 2008 2009 2010 2011

HDFC bank 17.67 13.8 15.33 14.03 15.7

Axis bank 19.31 12.1 17.78 15.5 17.7

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The efficiency ratio is decreased in HDFC bank and increased in Axis bank from FY

2007 to FY 2011. It depicts that efficiency is lower in axis bank than HDFC bank.

3.3.3. Advances to Deposits Ratio

The Advances to Deposit Ratio also known as the Loan to Deposit Ratio is a ratio

that is widely used by banks. The total loans (which are the money lent by the bank and are

the assets of the bank) are placed in the numerator and divided by total deposits (the

money received by banks that are the liabilities of banks). This ratio shows the proportion

of deposits that is loaned out by the bank. This is a highly important measure of liquidity

for banks as banks are now required to keep a specified amount of cash as reserves for

depositors if they want to cash their deposited amounts for personal use.

The advances to deposits ratio for HDFC bank rose from 68.77% in 77.21% in 2011 as

compared to 62.73% and 75.28% for Axis bank from 2007 to 2011.

0 5

10 15 20 25 30

2007 2008 2009 2010 2011

HDFC bank 19.94 19.01 18.14 20.59 18.62

Axis bank 18.5 20.54 21.67 25.4 23.56

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3.3.4. Net Income Productivity Ratio

This ratio is calculated by dividing the net income to the no. of employee. This ratio

shows surplus earned per employee. The higher ratio indicates better efficiency of the

management. It suggests that the most valuable use of an organization’s talent is the

creation and use of intangibles. Another advantage of profit per employee is that is requires

no adjustment for accounting conventions. Since companies expense their spending on

intangibles but not on capital investments which are usually depreciated over time, profit

per employee is a conservative, output-based measure.

The income generated by each employee is lower in HDFC bank than Axis bank. In

HDFC bank, it is increased by just 0.01 crore from FY 2007 to FY 2011 and in Axis bank, it is

increased by 0.06 crore from FY 2007 to FY 2011.

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

2007 2008 2009 2010 2011

HDFC bank 0.06 0.05 0.04 0.06 0.07

Axis bank 0.08 0.08 0.1 0.12 0.14

Rs.

(In

Cro

re)

3.4 EARNINGS

This indicator shows not only the amount of and the trend in earnings, but also

analyses the robustness of expected earnings growth in future.

The following factors affect the earning of the organization.

• Return on assets compared to peer grup averages and bank’s own trends

• Material components, and income and expenses-compare to peers and bank’s own

trends

• Adequacy of provisions for loan losses

• Quality of earnings

• Divined payout ratio in relation to the adequacy of bank capital

3.4.1. Profit margin

It is calculated by dividing net income to total income. This ratio measures

the percentage of each total income rupee remaining after all costs and expenses

including interest and taxes have been deducted. The reasonable ratio ensures

adequate return to the owners and so it is of great significance to the owners.

The profit margin has been increasing in both banks. In HDFC bank, it is increased

by 3% from FY 2007 to FY 2011 and in Axis bank, it is increased by 4 % for the same

period.

3.4.2. Yield on Assets

It is calculated by dividing interest income to total assets. It indicates bank’s ability

to generate interest out of its assets. The higher the ratio, the higher the profitability

of the firm.

The profitability of the HDFC bank is higher than Axis bank from FY 2007 to FY

2011. In HDFC bank, it is 9.16% in FY 2011 which is 6.24% in Axis bank.

3.4.3. Net Interest Margin

Net interest margin (NIM) is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the amount of their (interest-earning) assets. It is similar to the gross margin of non-financial companies.

It is usually expressed as a percentage of what the financial institution earns on loans in a time period and other assets minus the interest paid on borrowed funds divided by the average amount of the assets on which it earned income in that time period (the average earning assets).

Net interest margin is similar in concept to net interest spread, but the net interest spread is the nominal average difference between the borrowing and the lending rates, without compensating for the fact that the earning assets and the borrowed funds may be different instruments and differ in volume. The net interest margin can therefore be higher (or occasionally lower) than the net interest spread.

0

2

4

6

8

10

12

2007 2008 2009 2010 2011

HDFC bank 7.32 9.57 10.54 9.37 9.16

Axis bank 6.22 6.39 7.34 6.44 6.24

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The net interest margin is higher in HDFC bank than Axis bank. In HDFC bank, it is

5.1% and in Axis bank, it is 2.7% in FY 2011.

3.4.4. Earning Per share

Earnings per share (EPS) is the amount of earnings per each outstanding share of a company's stock.

Implication of the Earnings per Share ratio is that it tells investors in what stock their investment money should go, as EPS tells how much each dollar invested earns (this is true if we only consider the EPSs of the different company's stocks). The EPS is higher in HDFC bank than Axis bank by 1.14% in FY 2011.

0

1

2

3

4

5

6

2007 2008 2009 2010 2011

HDFC bank 3.24 4.74 4.99 5.33 5.1

Axis bank 2.14 2.36 2.49 2.77 2.7

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0

10

20

30

40

50

60

70

80

90

2007 2008 2009 2010 2011

HDFC bank 34.61 43.48 51.24 64.26 83.68

Axis bank 23.4 29.94 50.57 62.06 82.54

In R

s.

3.5 LIQUIDITY

This measure takes into account the adequacy of the bank’s current and

potential sources of liquidity, including the strength of its funds management

practices.

The following factors affect the liquidity of the firm.

• Adequacy of liquidity sources compared to present and future needs

• Availability of assets readily convertible to cash without undue loss

• Access to money markets

• Level of diversification of funding sources (on and off balance sheet)

• Degree of reliance on short-term volatile sources of funds

• Trend and stability of deposits

• Ability to securities and sell certain pools of assets

• Mgt. competence to identify, measure, monitor and control liquidity position

3.5.1. Deposits Ratio

It is calculated by dividing to total assets. This ratio indicates the liquidity position

of the bank. The higher this ratio, the bank needs to invest more in liquid assets to

meet short term obligations.

The deposits ratio is increased in HDFC bank from FY 2007 to FY 2011 by 10%

while in Axis bank it is decreased by 3% from FY 2007 to FY 2011.

0

20

40

60

80

100

2007 2008 2009 2010 2011

HDFC bank 66.08 65.28 66.64 72.44 76.02

Axis bank 80.24 79.97 79.46 78.22 77.97

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3.5.2. Cash to Deposits Ratio

It is calculated by dividing Cash and bank balance with RBI to deposits. Its similar to

the Capital Reserve Ratio (CRR). Higher the ratio, the lower is the amount that banks will

be able to use for lending and investment. Thus, it will affects the lending ability of the

bank.

The cash to deposits ratio is higher in HDFC bank than Axis bank in FY 2011. In

HDFC bank, it is increased by 4% from FY 2007 to FY 2011 while in Axis bank, it is

decreased by o.6% from FY 2007 to FY 2011.

Chapter-4

DU-PONT ANALYSIS

Du-Pont Analysis

The DuPont system for financial analysis is a means to fairly quickly and easily

assess where the business strengths and weaknesses potentially lie and thus where

management time may optimally be spent. It is not the only nor the most thorough, but it is

a fairly straight-forward and systematic means to drill back into the financial numbers to

determine the source or lack thereof for financial performance.

The Du Pont model of analysis requires no more than a few simple calculations, well within the ability of any student, manager, or small business owner. The potential reward for taking the time to make these calculations is great. Who would not want to know precise actions that can be taken that will lead to higher profitability and return? Even the original model (culminating in ROA) provides valuable insights on return, but the more refined versions that break out the components of ROE allow even novice small business managers to make sound financial decisions that will have a positive impact on the return

to firms’ owners.

Du-Pont analysis of HDFC bank

ROE = Net

Income/NW

2011 =15.7 %

2010 = 14.0%

2009 = 15.33%

EM= TA/NW

2011 = 10.86

2010 = 10.31

2009 = 12.49

ROA = NI/TA

2011 = 0.23

2010 = 0.22

2009 = 0.26

PROFIT

MARGIN = NI/TI

2011 = 0.27

2010 = 0.25

2009 = 0.17

ASSETS

TURNOVER

RATIO =TI/TA

2011 = 4.65

2010 = 4.24

2009 = 5.0

Du-Pont analysis of Axis bank

From the above chart, we can conclude that the ROE is higher in Axis bank as compared to

HDFC bank in FY 2011 by 2%. Along with this, Equity Multiplier is also lower in HDFC bank

as compared to Axis bank in FY 2011.

ROE = Net

Income/NW

2011 = 17.84%

2010 = 15.67%

2009 = 17.78%

ROA = NI/TA

2011 = 0.014

2010 = 0.014

2009 = 0.012

EM= TA/NM

2011 = 12.78

2010 = 11.26

2009 = 14.46

Profit Margin =

NI/TI

2011 = 0.171

2010 = 0.161

2009 = 0.132

• ASSETS TURNOVER

RATIO = TI/TA

2011 = 0.082

2010 = 0.086

2009 = 0.093

Chapter-4

SHARE PRICE ANALYSIS

SHARE PRICE OF HDFC BANK

(www.yahoo.finance.com)

SHARE PRICE OF Axis BANK

(www.yahoo.finance.com)

From the above chart, we can conclude that the volatility in both banks is nearer to

same. The share price of both banks was down in FY 2008 and was on peak in FY 2009-10.

Chapter-5

CONCLUSIONS

CONCLUSIONS

From the capital adequacy point of view, HDFC banks’ performance is better than Axis bank

from FY 2007 to FY 2011. HDFC bank has maintained higher Capital adequacy for risk-

weighted assets than what Axis bank has. HDFC bank has also lower debt-equity ratio than

Axis bank. And as far as credit extended ratio is concerned, HDFC bank has higher

profitability than axis bank.

From the Assets quality point of view, The Net NPAs is lower in HDFC bank as compared to

Axis bank in FY 2011. The Net NPAS to Net Advances ratio is lower in HDFC bank which

shows its assets quality to getting bank its loan and advances.

From the Management quality point of view, the ROE is lower in HDFC bank than Axis bank

in FY 2011 which shows that the efficiency of generating profit is lower in HDFC bank than

Axis bank. While Efficiency ratio is higher in Axis bank which shows that its efficiency is

lower as compared to HDFC bank. The advances to deposits ratio is neared to same in both

banks but the risen from FY 2007 is higher in axis bank as compared to HDFC bank. The

profit per employees tells that Axis bank is better than HDFC bank which is 0.14 crore per

employee in Axis bank as compared to HDFC bank has 0.07 crore in FY 2011.

From the Earnings view point, HDFC bank is better than Axis bank. The yield on assets is

higher in HDFC bank than Axis bank in FY 2011 by 3%.While Net Interest Margin is double

in HDFC bank as compared to Axis bank in FY 2011. The Earning per Share is almost equal

in both the banks in FY 2011.

At last, the Liquidity point of view, deposits to total assets ratio is higher in Axis bank as

compared to HDFC bank in FY 2011. But it has been decreasing in Axis bank from 80.24%

in FY 2007 to 77.97% in FY 2011. The same pattern is in Cash to deposits ratio in both

banks. HDFC bank has 10.81% as compared to 7.34% in Axis bank in FY 2011.

From the Du-Pont point of view, the ROE is higher in Axis bank as compared to HDFC bank

in FY 2011 by 2%. Along with this, Equity Multiplier is also lower in HDFC bank as

compared to Axis bank in FY 2011.

From the share price point of view, we can conclude that movement in share price is not

much volatile in both banks.

Chapter-6

BIBLIOGRAPHY

• Padmalatha Suresh and Justin Paul, Management of Banking and Financial Services,

Second Edition, Pearson

• Annual Report of HDFC bank, from 2006-2007 and 2011-2012

• Annual Report of Axis Bank, from 2006-2007 and 2011-2012

• http://www.allbankingsolutions.com/repo.htm

• http://www.investopedia.com/

• http://boards.fool.com/

• http://www.equitymaster.com/detail.asp

• http://www.moneycontrol.com/

• http://www.yahoo-finance.com/

• Capitaline software