PERFORMANCE

HIGHLIGHTS
Rs. in Million
December 31, 2018 2017 2016 2015 2014 2013
STATEMENT OF FINANCIAL POSITION
ASSETS
Cash and balances with treasury and other banks 101,763 86,016 73,884 60,789 42,129 45,775
Lending to financial institutions 53,786 8,694 10,513 3,356 2,030 12,461
Investments- Gross 673,883 700,787 592,561 547,127 429,597 364,966
Advances - Gross 453,868 388,752 348,346 340,769 325,825 285,376
Operating Fixed assets 52,128 48,327 32,757 28,850 27,250 22,084
Other assets 33,382 36,508 35,598 34,148 41,199 28,352
Total assets - Gross 1,368,810 1,269,084 1,093,659 1,015,039 868,030 759,014
Provisions against non-performing advances (15,549) (16,714) (18,784) (19,164) (19,811) (18,375)
Provisions against diminution in value of investment (2,655) (2,705) (2,697) (2,778) (806) (1,587)
Total assets - net of provision 1,350,606 1,249,665 1,072,179 993,097 847,413 739,052

LIABILITIES
Customer deposits 984,475 883,741 805,111 734,596 667,878 608,412
Inter bank borrowings 225,883 223,556 126,369 137,960 66,096 32,952
Bills payable 7,753 7,835 9,849 4,942 4,832 4,879
Other liabilities 25,190 27,817 30,176 26,343 24,723 22,369
Sub-ordinated loans - - - - 2,994 4,242
Total Liabilities 1,243,301 1,142,949 971,505 903,841 766,523 672,854

NET ASSETS / LIABILITIES 107,305 106,716 100,674 89,256 80,890 66,198

REPRESENTED BY
Share capital 11,451 11,451 11,451 11,451 11,451 10,410
Share premium - - - - - -
Reserves 20,277 17,980 16,533 15,102 13,549 12,438
Reserves for issue of bonus shares - - - - - -
Un - appropriated profit / (loss) 52,500 49,212 46,490 41,415 37,053 30,855
Equity - Tier I 84,228 78,643 74,474 67,968 62,053 53,703
Surplus on revaluation of assets 23,077 28,073 26,199 21,288 18,837 12,495
Total Equity 107,305 106,716 100,674 89,256 80,890 66,198

PROFIT & LOSS ACCOUNT

Markup / Return / Interest earned 73,274 65,709 64,592 72,116 67,001 54,222
Markup / Return / Interest expensed (41,159) (34,130) (31,345) (35,977) (38,815) (32,552)
Net Markup / Interest income 32,115 31,578 33,247 36,139 28,186 21,670
Fee, Commission, Brokerage and Exchange income 5,865 4,679 4,660 4,409 3,758 3,711
Gain on securities & Dividend income 5,172 3,869 6,448 4,360 7,850 4,645
Other income 252 164 102 986 1,128 1,247
Non interest income 11,289 8,712 11,210 9,755 12,736 9,603
Gross income 43,404 40,291 44,457 45,894 40,922 31,273
Operating expenses (23,365) (21,884) (20,783) (18,603) (17,390) (15,804)
Profit before provisions 20,039 18,407 23,674 27,291 23,532 15,469
Donations (113) (54) (42) (139) (76) (80)
Provisions - (charge) / reversal 1,090 2,526 199 (1,649) (1,254) (628)
Profit before taxation 21,016 20,879 23,831 25,503 22,202 14,761
Taxation (8,136) (8,145) (9,404) (10,383) (7,187) (118)
Profit after taxation 12,880 12,734 14,427 15,120 15,015 14,643

CASH FLOW STATEMENT - SUMMARY

Cash Flow from Operating Activities 33,680 119,790 63,803 148,505 57,504 96,332
Cash Flow from Investing Activities (9,256) (99,885) (42,388) (118,571) (53,293) (87,993)
Cash Flow from Financing Activities (8,815) (7,987) (8,271) (11,257) (7,950) (7,019)
Cash & Cash equivalent at the Beginning of the Year 90,289 74,527 60,671 41,980 45,948 44,240
Effect of Exchange Rate changes on Cash & Cash equivalent (4,377) (534) 5 30 (230) 215
Cash & Cash equivalent at the End of the Year 101,520 85,911 73,820 60,687 41,979 45,775
 Rs. in Million
December 31, 2018 2017 2016 2015 2014 2013
FINANCIAL RATIOS
Return on equity % 15.82% 16.63% 20.26% 23.26% 25.94% 29.96%
Return on assets % 0.99% 1.10% 1.40% 1.64% 1.89% 2.13%
Profit before tax ratio (PBT/Net markup + non markup income) % 24.85% 28.05% 31.44% 31.15% 27.84% 23.13%
Gross spread ratio (Net markup income / Gross markup income) % 43.83% 48.06% 51.47% 50.11% 42.07% 39.97%
Return on Capital employed ((PAT) / Avg Cap employed) % 1.99% 2.09% 2.61% 3.03% 3.23% 3.48%
Current & Quick / Acid Test Ratio % 134.98% 121.86% 122.49% 113.12% 97.82% 170.31%
Cash to Current Liabilities % 14.88% 13.79% 15.47% 12.64% 11.62% 15.58%
Advances to deposits ratio (ADR) - Gross % 46.10% 43.99% 43.27% 46.39% 48.79% 46.91%
Advances to deposits ratio (ADR) - Net % 44.52% 42.10% 40.93% 43.78% 45.82% 43.88%
Income / Expense ratio Times 1.86 1.84 2.14 2.47 2.35 1.98
Cost / Income ratio % 53.83% 54.32% 46.75% 40.53% 42.50% 50.54%
Growth in gross income % 7.73% -9.37% -3.13% 12.15% 30.85% -2.74%
Growth in net profit after tax % 1.15% -11.74% -4.58% 0.70% 2.54% 25.79%
Total assets to shareholders' funds (Tier 1) Times 16.59 16.32 15.05 15.28 14.64 15.12
Total assets to shareholders' funds (Tier 2) Times 12.62 12.05 11.29 11.67 11.52 12.50
Intermediation cost ratio % 2.50% 2.59% 2.70% 2.65% 2.73% 2.81%
NPL ratio % 3.54% 4.64% 5.87% 6.43% 7.03% 6.81%
Net infection ratio % 0.12% 0.36% 0.52% 0.87% 1.05% 0.44%
Weighted average cost of debt % 3.40% 3.08% 3.37% 4.12% 4.88% 4.79%
Capital Adequacy ratio % 22.23% 22.39% 20.84% 20.85% 19.75% 17.85%
Breakup value pershare without Surplus on Revaluation of Fixed Assets Rs. 73.56 68.68 65.04 59.36 54.19 46.90
Breakup value per share including of Surplus on Revaluation of Fixed Assets Rs. 93.71 93.20 87.92 77.95 70.64 57.81
Weighted Average cost of deposit % 3.04% 3.02% 3.94% 3.94% 5.18% 5.07%
Earning assets to total assets ratio % 86.13% 86.33% 86.73% 87.54% 86.95% 86.98%
Gross Yield on Earning Assets % 6.30% 6.09% 6.95% 8.30% 9.09% 8.43%
Cash flow from Operations to Sales % 45.96% 182.30% 98.78% 205.92% 85.83% 177.66%
Fixed Assets turnover ratio % 24.71% 26.35% 44.04% 52.41% 55.10% 66.31%

DUO PONT ANALYSIS

Profit Margin (Net Profit/ Markup and Non Mark up Income) % 15.23% 17.11% 19.03% 18.47% 18.83% 22.94%
Assets Turnover (Mark up plus Non Markup/ Total Assets) % 6.50% 6.41% 7.34% 8.90% 10.05% 9.30%
Equity Multiplier ( Total Assets/ Equity) Times 16.59 16.32 15.05 15.28 14.64 15.12

SHARE INFORMATION
Cash Dividend Per Share % 80.00% 70.00% 72.50% 70.00% 65.00% 52.50%
Bonus Shares issues % 0.00% 0.00% 0.00% 0.00% 0.00% 10.00%
Dividend Yield Ratio (based on cash dividend) % 7.44% 8.24% 6.08% 7.44% 5.75% 5.83%
Dividend payout ratio (Total payout) % 71.12% 62.95% 57.54% 53.01% 49.57% 41.05%
Dividend Cover ratio Times 1.41 1.59 1.74 1.89 2.02 2.44
Earning Per Share (EPS) Rs. 11.25 11.12 12.60 13.20 13.11 12.79
Price to earning ratio (PE x) Times 9.55 7.64 9.46 7.13 8.63 7.04
Price to book value ratio Times 1.15 0.91 1.36 1.21 1.60 1.56
Market value per share - at the end of the year Rs. 107.47 84.98 119.21 94.07 113.12 90.00
Market value per share - highest / lowest during the year Rs. 110/85 122.89/76 121/82 117/89 138/83 93.5/54.92
Net assets per share Rs. 93.71 93.20 87.92 77.95 70.64 57.81
Market Captilization Rs. In Million 123,061 97,308 136,504 107,717 129,531 103,057

INDUSTRY SHARE
Deposits % 7.37% 7.15% 7.19% 7.59% 8.01% 8.10%
Advances % 5.75% 5.95% 6.25% 6.95% 7.31% 7.01%
Total Assets % 7.28% 7.08% 7.07% 7.41% 7.43% 7.72%
Trade Share
Import & Export Volume USD Million 2,797 2,650 2,601 2,783 3,359 3,400
Market Share % 3.65% 2.90% 4.18% 4.50% 5.20% 5.46%
Home Remittance
Remittances handled USD Million 1,965 1,817 1,584 1,661 1,386 994
Market Share % 9.50% 9.27% 8.00% 8.61% 8.05% 6.81%

OTHER INFORMATION
Non - performing loans (NPLs) Rs. In Million 16,065 18,052 20,432 21,904 22,922 19,424
Number of employees - Permanent Nos. 10,930 10,637 10,430 9,792 9,654 9,675
Number of employees - Total Nos. 11,582 11,394 11,011 10,244 10,121 10,213
Number of branches Nos. 1,345 1,250 1,150 1,050 1,000 950
Number of ATMs Nos. 1,388 1,239 1,150 1,011 890 794