Company Analysis of Citizens Bank International Ltd.

Transcription

1 215 Company Analysis of Citizens Bank International Ltd. Sharesansar.com 5/5/215

2 Table of Contents 1. Company Analysis Overview BOD CEO s Profile: Management Team Network Products and Services Analysis Capital Structure Balance Sheet Profit & Loss Account Key Ratios Analysis Fundamental Analysis... 26

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4 1. Company Analysis 1.1Overview Citizen bank is one of the leading commercial bank which is entirely managed by Nepalese professionals and owned by the general public. This bank started its operation in 21 st June, 27. It has 47 branches in Nepal and also provides Branchless Banking services. The bank has started its Branchless Banking operation from Jestha 3, 269 at Matiyani of Mahottari District. The Bank has acquired Nepal Housing & Merchant Finance Ltd. and Peoples Finance Ltd. The acquisition was approved by NRB on 12/26/271. The bank has begun joint operations from May 8 th, 215. Sharesansar.com 1. Company Analysis 1

5 1.2 BOD This bank has 8 members in its BOD. Mr. Pradeep Jung Pandey, Chairman Mr. Pradeep Jung Pandey is one of the leading industrialists. His area of activities are manufacturing of pharmaceutical products, Ayurvedic products and cement along with insurance, investment and trading. He is associated with various social organizations such as Rotary Club, Nepal Blind Association etc. He is the President of FNCCI. Mr. Bal Krishna Prasai, Professional Director Mr. Bal Krishna Prasai, former Secretary of the Government of Nepal, has successfully served for 25 years in various important capacities under different Ministries of the Government of Nepal. Mr Prasai has acquired wide experience in the field of development and governance (including financial).he holds Master Degree in Business Administration from the Phillipines and Master Degree in Science from Nepal. Sharesansar.com 1. Company Analysis 2

6 Mr. Manohar Das Mool, Director Mr. Manohar Das Mool is one of the leading businessmen of the country with excellent track record since 198. His main business is paper business and is also associated with various organizations such as Paper Merchants Association of Nepal, Nepal Stationery Manufacturer's Association, Rotary Club of Kantipur, All Nepal Lawn Tennis Association etc. Mr. Mool has acquired numerous entrepreneurship trainings in different countries. He has an excellent academic track record. Mr.Prakash Chandra Mainali, Public Director Mr. Mainali is an experienced businessman. He is mainly related with the business sectors like service industry, poultry and other industries. He had also worked in a Joint venture bank for 9 years prior to commencing his own business ventures. Sharesansar.com 1. Company Analysis 3

7 Mr. Abinash Pant, Director Mr. Abinash Pant is a young and promising entrepreneur, who is managing a bunch of companies in the capacity of Managing Director and Partner since 25. His area of activities are manufacturing of seeds & organic fertilizers along with Phyto-chemicals. Mr. Pant has served as Board of Directors for Nepal Telecommunications Authority from 22 to 27. He has also served as Project Director in several projects undertaken by Consolidated Management Services Nepal, funded by ADB, World Bank & IFAD. He has also served for Nepal Government in the capacity of Accounts Officer from 1983 to Since 1993 till date, he has been serving Consolidated Management Services Nepal (P) Ltd., a consulting company in the capacity of Board of Directors. Mr.Pavitra Kumar Karki, Director Mr. Pravitra Kumar Karki is an enthusiastic professional who has been working in various positions in the Travel & Tours Trade. Mr. Karki has been in this industry for more than 26 years and has served in various positions for Nepal Association of Tour & Travels from 1995 to 21. He has also been serving in various positions for United Federation of Travel Agents from 26 to 21. Besides the Travel and Tours Trade he is also involved in the power and energy generating industries in the capacity of Chairman and Chief Executive Officer. Sharesansar.com 1. Company Analysis 4

8 Mr.Arjun Lal Rajbanshi, Director Mr. Arjun Lal Rajbanshi is a hard working professional who has an experience of more than 24 years in the field of Issue Management & Capital markets Development, Administration management, System Design, Programming & Implementation and Finance control & management for various groups and industries. He is currently the Chief Manager in Citizen Investment Trust and is responsible for the system designing, programming and implementation. Mr.Bijaya Dhoj Karki, Public Director Mr. Bijaya Dhoj Karki successfully served for 37 years in the Nepal Army and retired in the post of Brigadier General. During the service period Mr. Karki visited all 75 districts of the country. He also served under the UN Mission in former Yugoslavia, Haiti, Lebanon, Congo etc. Mr. Karki also attended the Crisis Management Training at Israel. Mr. Karki is an Honorary Member of the Barphedi Society. Sharesansar.com 1. Company Analysis 5

9 1.2 CEO s Profile: Mr. Rajan Singh Bhandari, Chief Executive Officer Mr. Rajan Singh Bhandari, is a Chartered Accountant from Institute of Chartered Accountants of India (ICAI) and M.A (Economics) from Tribhuvan University. He served in the Nepal Rastra Bank for 26 years (June 198 to December 26) and headed various departments such as Banking Regulation, Bank Supervision, Kathmandu Banking Office, Accounts, and Internal Audit. He was also responsible in formulating and introducing various prudential norms and directives in the history of Nepalese Banking System. He was also a past president of Nepal's Bankers Association. Mr. Rajan Singh Bhandari was involved in an irregularity in the second financial secor restructuring project of NRB. He was later deemed innocent by the World Bank. Sharesansar.com 1. Company Analysis 6

10 1.3 Management Team S.N NAME POSITION 1 Mr. Rajan Singh Bhandari Chief Executive Officer 2 Mr. Ganesh Raj Pokhrel Deputy Chief Executive Officer 3 Mr. Bodh Raj Devkota Assistant Chief Executive Officer 4 Mr. Ramdhan Shrestha Assistant Chief Executive Officer 5 Mr. Samir Prasad Dahal Chief Finance Officer 6 Mr. Rajendra Lal Shrestha Chief Risk And Recovery Officer 7 Mr. Paras Kumar Kafle Chief Operating Officer 8 Mr. Umang Sharma Chief Administrative Officer 9 Mr. Sumit Babu Khatri Chief Credit Officer 1 Mr. Sanjeeb Kumar Shrestha Chief information Technology Officer 11 Mr. Suman Mulepati Head consumer banking unit including fast track loan 12 Mr. Amit Khanal Head credit risk department 13 Mr. Narayan Raj Adhikari Head credit risk department 14 Ms. Manisha Karna Head recovery department 15 Mr. Roshan Manandhar Operation in-charge operation department 16 Mr. Pramesh Raj Kayestha Executive Finance Officer-Finance Department 17 Mr. Anit Sapkota Head-Internal Audit Department 18 Mr. Suresh Prasad Thapaliya Head -Trade Administration Department 19 Mr. Suresh Kumar Poudel Head -Card Department 2 Mr. Saurav Tiwari Head Compliance and NRB Reporting 21 Mr. Bhupendra Bista Head -General Service Department 22 Mr. Angish Shrestha Head treasury front office/agency department 23 Mr. Hari Babu Thapa Head -Credit Administration Department 24 Mr. Krishna Pandey Head-Risk Management Department 25 Mr. Macharaj Maharjan Head-IT 26 Mr. Shyam Prasad Lamichane Head -Remittance 27 Mr. Bandana Pandey New Product And Transaction Banking Department Sharesansar.com 1. Company Analysis 1

11 1.4 Network The bank has 48 branches, 42 ATMs (2 inside the valley and 22 outside the valley) and 21 Branchless Banking Operations (BLB). The bank has 18 branches inside Kathmandu valley and 3 branches outside Kathmandu valley. INSIDE VALLEY Corporate Office/Kamaladi Branch Boudha branch Koteswar branch Kapan branch Kalanki branch Narayan Gopal chowk Maitidevi Chowk Thahity chowk Naya bazar branch Newroad branch Kirtipur branch Kumaripati branch Patandhoka branch Bhaktapur branch Thimi branch Samakoshi branch Thapathali branch OUTSIDE VALLEY Birtamod branch Biratnagar branch Itahari branch Gaighat branch Charikot branch Hetauda branch Janakpur branch Nijgadh branch Kolhabi branch Birgunj branch Payhailaiya branch Narayanghat branch Butwal branch Siddharthnagar branch Baglung branch Pokhara branch Beni branch Gorahi branch Nepalgunj branch Surkhet branch Dolpa branch Dhangadi branch Mahendranagar branch Jajarkot branch Jumla branch Dharan branch Simikot branch Bajhang branch Bhojpur branch Sharesansar.com 1. Company Analysis 2

12 Branch Locations Inside Kathamandu valley Outside Kathmandu valley 48 Network 42 37% 21 63% Branches ATM Locations Branchless Banking Locations 1.5 Products and Services S.N. Deposits Interest rate (% p.a.) 1 Citizen Sharedhani Bachat Khata(CSBK) 3 2 Senior Citizen Saving Citizens Matribhumi Bachat 3 4 Citizens Mahila Bachat 2 5 Citizens Muna Bachat 2 6 Citizens Recurring Deposit 4%, 3 years 4.25%, 5 years 4.5%, 7 years 7 Citizens ZERO Balance Account Citizens Rastrasewak Saving Citizens Bidhyarthi Bachat Citizens Special Savings Dashain Tihar Muddapi Nichhep Yojana Citizens Super Savings Account 2 13 Citizens Special super Saving 4 14 OTHER SAVINGS S.N LOANS AND ADVANCES Interest rate (% p.a.) 1 Term Loan 11.5%-14% 2 Overdraft 11%-14% 3 Working Capital Loan 11%-13% 4 Trust Receipt Loan 1%-12.5% 5 Export Finance 1%-13% 6 Auto Loan 9%-15% 7 Home Loan 9%-14% 8 Mortgage Loan 1%-14% 9 education loan 11%-12% Sharesansar.com 1. Company Analysis 1

13 2. Analysis 2.1 Capital Structure Authorized, Issued and Paid-up Capital: Particulars Change % Authorized 5 5 % Capital Issued Capital % Paid-up Capital % The bank has an authorized capital of Rs. 5 million. The issued capital and paid up capital of the bank is currently Rs million and Rs million respectively. The company will increase its issued capital to accommodate the increased paid-up capital in the next AGM. The Paid up capital has increased by 13% in comparison to last year. Share Ownership Details: Share ownership Domestic Ownership 1% 1% Public 49% 3% Promoters 51% 7% Foreign Ownership Total 1% 1% Share Ownership Details (213-14) Public Promoters 51% 49% Sharesansar.com 2. Analysis 2

14 Shareholders holding.5% or more of the total shares: S.n Name Number of Shares % Of shareholding Held 1 Janak Bista % 2 Citizen Investment Trust % 3 Urmila Pandey % 4 Sabutri Sharma % 5 Bijen Joshi % 6 Manohar Das Mool % 7 Pabitra Kumar Karki % 8 Rabindra Man Singh Pradhan % 9 Soni Joshi % 1 Ramesh Sharma % 11 Shanker Prasad Sharma % 12 SR Hydro And Investment Pvt.Ltd % 13 Narendra Kumar Dev Bhatta % 14 Sulochan Raj Rajbhandari % 15 Anil Kumar Dhungel % 16 Arjun prasad Sharma % 17 Jagannath Gyawali % 18 Prem Bahadur Shrestha % 19 Anin Rajbhandari % 2 NLG insurance Co.Ltd % 21 Badri Kumar Shrestha % 22 Dhruba Kumar Shrestha % 23 Urmila Shrestha % 24 Pratap Jung Pandey % 25 Shrawan Kumar Rana % 26 Manita Bhattarai % 27 Ramita Bhattarai % 28 Parameshwor Prasad Rauniyar % 29 Usha Kiran Shrestha % 3 Pradeep Kumar Shrestha % 31 Babu Ram Pokhrel % 32 Rajesh Khadka % 33 Ram Prasad Shrestha % 34 Rajendra Kayastha % 35 Sandhya Regmi Shiwakoti % 36 Chintamani Bhattarai % 37 Anu Gyawali Pangeni 152.5% Sharesansar.com 3

15 Million Rs. 2.2 Balance Sheet Share capital and Reserve & Surplus: Shows the amount of share capital, the amount it has as reserve and surplus and the overall size of its balance sheet. Annual: Change % Share Capital % Reserve & Surplus % Total Equity % Debenture & Bonds 5. Total Assets % Quarterly: Q3 214 Change % Q3 213 Q2 214 Q1 214 Share Capital % Reserve & Surplus % Total Equity % Total Assets % Shareholders Equity Reserve & Surplus Share Capital Sharesansar.com 4

16 Million Rs. Million Rs Shareholders Equity Q1 214 Q2 214 Q3 213 Q3 214 Reserve & Surplus Share Capital Total Assets Q3 214 Deposits and Investments: Shows the deposit amount the bank has collected from the general public and the amount it has mobilized as Investments and Loans & Advances. Annual: Change % Deposit % Liability Investments % Loans and Advances % Sharesansar.com 5

17 Million Rs. Million Rs. 4 Deposit Liability Q3 214 Quarterly: Q3 214 Change % Q3 213 Q2 214 Q1 214 Deposit % Liability Investments % Loan and Advances % Deposit Liability Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 6

18 Million Rs. Million Rs. 35 Use of Funds Investments Loans and Advances Q Use of Funds Investments Loans and Advances 1 5 Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 7

19 12 Loans and Advances Breakdown Realstate Loan Home/Housing Loan (personal home loan upto 6 lacs or less)# Margin Type loan Term Loan Overdraft Loan/TR Loan/ WC Loan Others Q1 214 Q2 214 Q3 213 Q3 214 Loans and Advances Breakdown of Q3 214 Real Estate loan 21% 12% 6% 3% Home/Housing Loan (personal home loan upto 6 lacs or less) Margin Type loan 38% 2% Term Loan Overdraft Loan/TR Loan/ WC Loan Others Sharesansar.com 8

20 Million Rs. 2.3 Profit & Loss Account Interest Income and Interest Expenses: Shows the amount of interest income and interest expenses of the company. Interest income is the primary source of income of a bank and interest expense its primary expenditure. Annual: Change % Interest Income % Interest Expenses % Net Interest Income % Quarterly: Interest Income Interest Expenses Net Interest Income Q3 214 Change % Q3 213 Q2 214 Q % % % Interest Income & Expenses Interest Income Interest Expenses Net Interest Income Q3 214 Sharesansar.com 9

21 Million Rs. 25 Interest Income & Expenses Interest Income Interest Expenses Net Interest Income 5 Q1 214 Q2 214 Q3 213 Q3 214 Operating Income: Shows the total income generated by the bank from its regular operations. Annual: Total Operating Income Change % % Quarterly: Total Operating Income Q3 214 Change % Q3 213 Q2 214 Q % Sharesansar.com 1

22 Million Rs. Million Rs. 35 Total Operating Income Total Operating Income Q Total Operating Income Q1 214 Q2 214 Q3 213 Q3 214 Operating Income Breakdown: Change % Interest Income % Commission & % Discount Other Operating % Income Exchange Fluctuation Income % Sharesansar.com 11

23 Million Rs. Million Rs. 3 Interest Income Breakdown Interest Income Commission & Discount Exchange Fluctuation Income Other Operating Income Q3 214 Q3 214 Change % Q3 213 Q2 214 Q1 214 Interest Income % Commission & Discount % Other Operating Income % Exchange Fluctuation Income % Interest Income Breakdown Interest Income Commission & Discount Exchange Fluctuation Income Other Operating Income 5.. Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 12

24 Million Rs. Operating Expenses: Total Operating Expenses Change % % Total Operating Expenses Total Operating Expenses Q3 214 Total Operating Expenses Q3 214 Change % Q3 213 Q2 214 Q % Sharesansar.com 13

25 Million Rs. 7 Total Operating Expenses Q1 214 Q2 214 Q3 213 Q3 214 Operating Expenses Breakdown: Change % Interest Expenses % Staff Expenses % Other Operating % Expenses Exchange % n/a n/a n/a Fluctuation Loss Loan Loss Provision % Q3 214 Change % Q3 213 Q2 214 Q1 214 Interest Expenses % Staff Expenses % Other Operating % Expenses Loan Loss Provision % Sharesansar.com 14

26 Million Rs. Million Rs. 16 Operating Expenses Breakdown Interest Expenses Staff Expenses Other Operating Expenses Loan Loss Provision Operating Expenses Breakdown Interest Expenses Staff Expenses Other Operating Expenses Loan Loss Provision 2 Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 15

27 Million Rs. Million Rs. Operating Profit and Net Profit: Change % Operating Profit % Net Profit % Operating and Net Profit Operating Profit Net Profit Q3 214 Change % Q3 213 Q2 214 Q1 214 Operating Profit % Net Profit % Operating and Net Profit Q1 214 Q2 214 Q3 213 Q3 214 Operating Profit Net Profit Sharesansar.com 16

28 Million Rs. Million Rs. Loan Loss Provision: Loan Loss Provision Change % % Loan Loss Provision Q3 214 Change % Q3 213 Q2 214 Q1 214 Loan Loss Provision % Loan Loss Provision Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 17

29 Million Rs. Million Rs. Write Back of Provision: Write Back of Provisions Change % % n/a n/a Q3 214 Change % Q3 213 Q2 214 Write Back of Provision % Write Back of Provision Q Write Back of Provision Q2 214 Q3 213 Q3 214 Sharesansar.com 18

30 Dividend History: (%) Change % (%) (%) (%) 29-1 (%) Cash Dividend % Bonus Shares 13 5 Total Dividend % Dividend History Bonus Shares (%) Cash Div (%) 2.4 Key Ratios EPS: Earning Per Share Change % % Q3 214 Change % Q3 213 Q2 214 Q1 214 Earning Per Share % Earning Per Share (annualized) % Sharesansar.com 19

31 Rs EPS Q3 214 annulized EPS P/E ratio: P/E ratio P/E Ratio P/E Ratio Q3 214 Market Value per Share: Q3 214 Q3 213 Q2 214 Q Market Value per Share Sharesansar.com 2

32 % Rs. 6 Market Value Market Value 1 CD Ratio: Q3 Q2 Q CD ratio 75.75% 78.77% 76.61% 82.87% 78.97% 83.6% 92.85% 76.86% 1.% 8.% 6.% 4.% 2.%.% CD ratio CD ratio Sharesansar.com 21

33 % Capital to RWA ratio: (%) (%) (%) (%) 29-1 (%) Core Capital Supplementary Capital Total Capital Fund Capital to RWA ratio Core Capital Supplementary Capital Tota Capital Fund Book Net worth: Change % Total Net worth million 15.93% million 2291 million million million Net worth per share % Total Net worth Net worth per Share Q3 214 Change % Q3 213 Q2 214 Q % % Sharesansar.com 22

34 Rs Networth per share Networth per share Non-performing Loans: Nonperforming Loans to Total Loan Change % (%) (%) (%) (%) (%) 3.4% 69.15% Nonperforming Loans to Total Loan Q3 214 Change % Q3 213 Q2 214 Q1 214 (%) (%) (%) (%) % Sharesansar.com 23

35 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% NPL to Total Loans Q3 214 Return on Equity: Return on Equity Change % (%) (%) (%) (%) (%) 18.9% 4.2% 17.37% 9.85% 9.13% 14.8% Return on Equity (annualized) Q3 214 Change % Q3 213 Q2 214 Q % 25.7% 15.11% 18.43% 15.39% 2.% Return on Equity 15.% 1.% 5.%.% Q3 214 (annualized) Sharesansar.com 24

36 Return on Assets: Return on Assets Change % (%) (%) (%) (%) (%) 1.55% -2.82% 1.59% 1.12% 1.18% 1.17% Return on Assets (annualized) Q3 214 Change % Q2 214 Q % 1.38% 1.36% 1.53% `1.28% 1.8% 1.6% 1.4% 1.2% 1.%.8%.6%.4%.2%.% Return on Assets Q3 214 Sharesansar.com 25

37 Million Rs. Million Rs. 3. Analysis 3.1 Fundamental Analysis Interest Income and expenses: Interest Income Interest Expenses The interest income is in an increasing trend as has been shown by the increase from Rs million in 29-1 to Rs million in The interest expenses were increasing till It increased from Rs million in 29-1 to Rs million in But it decreased to Rs Million in which is a drop of 16.29%. The interest expenses for the year was Rs million. The interest income and interest expenses during the period between 29-1 to increased year on year by 15.11% and 9.81% respectively. 25 Interest Income & Expenses Interest Income Interest Expenses Net Interest Income 5 Q1 214 Q2 214 Q3 213 Q3 214 Sharesansar.com 3. Analysis 26

38 Million Rs. Million Rs. The quarterly analysis of the company shows that its interest income has increased from Rs million in Q2 214 to Rs million in Q The interest income in Q3 214 was Rs million. The interest income in Q3 214 is 52.93% higher than in Q2 214 and 1.6% higher than in Q While the interest income has increased by 1.6% compared to same quarter last year, the interest expense has only increased by 2%. Deposit and Loans & Advances: Deposit Liability Q Deposit Liability Q1 214 Q2 214 Q3 213 Q3 214 The deposit collection by the bank has been increasing throughout our review period. In FY 29-1, the bank collected Rs million in deposits. Although the deposit collection dropped to Rs million in 21-11, it has been increasing ever since and stands at Rs million as of FY Sharesansar.com 3. Analysis 27

39 Million Rs. Million Rs. This is a year on year growth of 18.43%. As of Q3 214, the bank has already surpassed its FY figure by Rs million. Compared to Q3 213, the bank s deposit collection has increased by an impressive 38.95%. 35 Use of Funds Investments Loans and Advances Q Use of Funds Investments Loans and Advances 1 5 Q1 214 Q2 214 Q3 213 Q3 214 As of Q3 214, the bank has mobilized Rs million as Loans & Advances and Rs million as Investments. The bank has mobilized 12% of the total loans and advances in Real Estate Loans, 6% in Home/Housing Loans, 3% in Margin Type Loans, 2% in Term Loans, 38% in Overdraft Loans and 21% in other sectors. Sharesansar.com 3. Analysis 28

40 Million Rs. Loans and Advances Breakdown of Q3 214 Real Estate loan 21% 12% 6% 3% Home/Housing Loan (personal home loan upto 6 lacs or less) 2% Margin Type loan 38% Term Loan Overdraft Loan/TR Loan/ WC Loan Others Operating Profit and Net Profit: 6 Operating and Net Profit Operating Profit Net Profit Q3 214 The operating profit of the bank has increased from Rs million in 29-1 to Rs million in The operating profits fell in and The highest operating profit of the bank was Rs million which was achieved in The operating profit then dropped by 26.89% or million to Rs million in As of Q3 214, the operating profit has improved significantly and reached Rs million which is an increase of But despite a turbulent history of operating profit, the net profit has been constantly increasing. The net profit increased from Rs million in 29-1 to Rs million in This is year on year increase of 26.66%. Sharesansar.com 3. Analysis 29

41 Million Rs. Million Rs. Provision and Write Back: 6 Loan Loss Provision Loan Loss Provision Write Back Net Write Back Q3 214 The loan loss provision of the bank was Rs million. This is an increase of 91.97% compared to last year. The bank had a write back Rs million in compared to Rs million in Loan Loss Provision Loan Loss Provision Write Back Net Write Back 5 Q2 214 Q3 213 Q3 214 Comparing Q3 213 and Q3 214, the bank s loan loss provision has decreased by 18.9% and reached Rs million. The write back of provision amount however, has increased by 92.75% and reached Rs million during the same period. Sharesansar.com 3. Analysis 3

42 Million Rs. % CD Ratio: 1.% 8.% 6.% 4.% 2.%.% CD ratio CD ratio The CD ratio of the bank has been hovering around the NRB stipulated limit of 8%. The CD ratio in FY was 82.87% and as of 3 rd quarter 214 it is75.75%. Equity and Returns: 25 Share capital Vs. Net Profit Share Capital Net Profit Share capital and net profit of the bank are both increasing. The share capital has increased from Rs million to Rs million which is a year on year increase of 18.44%. The net profit too has increased from Rs million to Rs million which is a year on year increase of 26.66%. The ROE of the bank has also increase from 14.8% in 29-1 to 18.9% in As of Q3 214, the bank s ROE stands at 18.99% and its ROA stands at 1.5%. The bank had an NPL of 15.11% in Sharesansar.com 3. Analysis 31

43 2.% 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% ROE and ROA Q3 214 (annualized) Return on Equity Return on Asset Dividends: Dividend Composition Bonus Shares (%) Cash Div (%) Sharesansar.com 3. Analysis 32

44 % Dividend History 2.% 18.% 16.% 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% Dividends The bank has distributed an average of 13.11% dividend rate during our review period of FY 29-1 to FY The rate of dividends decreased from 29-1 to It fell from 12.63% to 8.42%. From however, the bank s dividends have increased and has reached 18.95% as of FY The bank has regularly distributed cash dividends at an average cash dividend rate of 9.51% but the bank has distributed bonus shares in FY and FY only. It distributed 5% bonus shares in and 13% bonus shares in NPL: NPL to Total Loans 4.% 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% Q3 214 Sharesansar.com 3. Analysis 33

45 % 3.% NPL to Total Loans 2.5% 2.% 1.5% 1.%.5%.% Q1 214 Q2 214 Q3 213 Q3 214 The NPL of the bank is at 1.79% as of the 3 rd quarter of 214. The average NPL of the bank during FY 29-1 to FY was 1.78%. The bank had an NPL of 2.39% in Q Capital to RWA ratio: Capital to RWA ratio Core Capital Supplementary Capital Tota Capital Fund The Capital to RWA ratio or Capital Adequacy Ratio (CAR) of the bank is at 12.99% as of The core capital to RWA ratio is 1.26% and the supplementary capital to RWA ratio is 2.73%. Sharesansar.com 3. Analysis 34