Richa Kalra - Project Report( Comparative Analysis of Indian Private Banks )_2

1 | P a g e S u b m i t t e d B y : R i c h a K a l r a j s a j s

1 Comparative Analysis of Indian Private Banks

A

Research Project

ON

Comparative Analysis of Indian Private Banks (HDFC , ICICI , Axis Bank)

on the basis of Operating Profit, Profit after Tax ,EPS ,Capital Adequacy

Ratio and seeing their Impact on Stock Prices for the last 3years (2008-2010)

Submitted To

SCDL, Pune

In the partial fulfillment of the Post Graduate Diploma in Business

Administration

Under the Guidance of: Submitted by:

Mr. Tejinder Wadhera Richa Kalra

Manager, ICICI Bank Univ.Regd : 200624826



DECLARATION

I, Richa Kalra, Reg No 200624826-M.B.A. of SCDL, PUNE hereby declare that my that my project on

Comparative Analysis of Indian Private Banks (HDFC , ICICI , Axis Bank) on the Basis of

(Operating profit, Profit after Tax ,EPS ,Capital Adequacy Ratio) And seeing their Impact on

Stock Prices for the last 3years (2008-2010) for the award of degree in M.B.A. is an authentic

work. This Project report is an original work and my part of this project report has not been

submitted elsewhere for any degree elsewhere in any form.

Richa Kalra

Reg No : 200624826



ACKNOWLEDGEMENT

A Project usually falls short of its expectation unless guided by the right person at the right time.

Success of a project is an outcome of sincere efforts, channeled in the right direction, efficient

supervision and the most valuable professional guidance.

This project would not have been completed without the direct and indirect help and guidance of

such luminaries. They provided me with the necessary recourses and atmosphere conductive for

healthy learning and training.

Researcher is also thankful to the respondents, all my friends and also to various Banking

experts for their kind and valuable guidance, whom Researcher consulted for this present work.

(Richa)



EXECUTIVE SUMMARY

One of the fastest growing sectors in the country, BANKING has been zooming up the growth

curve at a feverish pace in fast few years. In fact, it is the sector that is increasingly contributing

to the high growth rate recorded in the country.

Under this project, Researcher have tried to study the Banking sector basically focusing on

financial & operating analysis of 3 banks (HDFC, AXIS, ICICI BANKS)

This project report is divided into various sections. The first section comprises of a brief

introduction of the banking industry & then getting concentrated on the five major players of

banking sector.

The second section includes Objectives of the study, Justification of the study and Literature

Review of the study. The third and most essential part comprises of Research Methodology &

Analytical tools, Sampling & sampling Design used in study regarding analytical tools.

Researcher have used analytical tools (CAMEL Model) & Statistical tools

Then it includes the sources of data collection & hypothesis testing (t-test) used in preparation of

the study. Last but not the least, Researcher have analyzed the various financial aspects of the

two companies & then came out with the findings with which Researcher then concluded the

report.



TABLE OF CONTENTS

1. Introduction

a) Profile of the Industry

b) Profile of the Organizations

c) Topic of the study

2. Research objectives

3. Theoretical framework

a) Constructs

b) Independent and Dependent variables

4. Literature Review

5. Research Methodology

a) Research design

1. Type of research design

2. Time Horizon

3. Study Setting

4. Measurement and Scaling

5. Flowchart for selection of statistical tools

b) Hypothesis Development and testing

c) Sample and Sampling Design

d) Data Collection

e) Analytical Tools

f) Statistical Tools

g) Limitations of the Study

6. Results & Findings

7. Recommendations/Suggestions

8. Bibliography

9. Annexure



INDUSTRY PROFILE

Major constituents of the Indian financial sector are banks, financial institutions, and markets,

which mobilize the resources from the surplus sector and channelize the same to the different

needy sectors in the economy. In fact, the Indian financial system is characterized by its two

major segments - an organized sector and a traditional sector that is also known as informal

credit market. Financial intermediation in the organized sector is conducted by a large number of

banks and financial institutions. Financial institutions are further classified based on their

mandate and activities, which may be term lending, specialized, and investment institutions.

Banks are further classified into public and private sector banks, cooperative banks, and regional

rural banks.

A bank is a financial intermediary that accepts deposits and channels those deposits into lending

activities, either directly or through capital markets. A bank connects customers with capital

deficits to customers with capital surpluses.

Banking is generally a highly regulated industry, and government restrictions on financial

activities by banks have varied over time and location. The current set of global bank capital

standards are called Basel II

The banking system is, by far, the most dominant segment of the financial sector, accounting for

over 60% of the funds flowing through the financial sector. The Government has also set up two

separate regulatory bodies, viz., Insurance Regulatory Development Authority (IRDA) of India

for the insurance sector, and the Securities and Exchange Board of India (SEBI) for the capital

market.

The Indian financial sector today is significantly different from what it used to be in the 1970s

and 1980s. The financial sector prior to the 1990s was characterized by segmented and

underdeveloped financial markets coupled with paucity of instruments. For maintaining spreads

of banking sector, regulation of both deposit and lending rates resulted not only in distorting the

interest rate mechanism, but also adversely affected the viability and profitability of banks. The



low level of recognition of the importance of transparency, accountability and prudential norms

in the operations of the banking system also led to a rising burden of non-performing assets.

Channels

Banks offer many different channels to access their banking and other services:

ATM is a machine that dispenses cash and sometimes takes deposits without the need for

a human bank teller. Some ATMs provide additional services.

A branch is a retail location

Call center

Mail: most banks accept check deposits via mail and use mail to communicate to their

customers, e.g. by sending out statements

Mobile banking is a method of using one's mobile phone to conduct banking

transactions

Online banking is a term used for performing transactions, payments etc. over the

Internet

Relationship Managers, mostly for private banking or business banking, often visiting

customers at their homes or businesses

Telephone banking is a service which allows its customers to perform transactions over

the telephone without speaking to a human

Video banking is a term used for performing banking transactions or professional

banking consultations via a remote video and audio connection. Video banking can be

performed via purpose built banking transaction machines (similar to an Automated teller

machine), or via a videoconference enabled bank branch.



BANKS PROFILE

HDFC BANK

ICICI BANK

AXIS BANK

HDFC BANK[34]

:

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to

receive an 'in principle' approval from the Reserve Bank of India (RBI) to set up a bank in the

private sector, as part of the RBI's liberalization of the Indian Banking Industry in 1994. The

bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its registered

office in Mumbai, India. HDFC Bank commenced operations as a Scheduled Commercial Bank

in January 1995.

HDFC Bank is headquartered in Mumbai. The Bank at present has network of over 531 branches

spread over 228 cities across India. All branches are linked on an online real-time basis.

Customers in over 120 locations are also serviced through Telephone Banking. The Bank's

expansion plans take into account the need to have a presence in all major industrial and

commercial centers where its corporate customers are located as well as the need to build a

strong retail customer base for both deposits and loan products. Being a clearing/settlement bank

to various leading stock exchanges, the Bank has branches in the centre where the NSE/BSE has

a strong and active member base.



Facilities Provided By the Bank

HDFC bank provides following facilities to its customer

The time norms for various banking transactions.

Interest payments

The process followed for redressed of grievance

Secrecy of customers

State deposit lockers

Account opening and operations of deposit account

Addition and deletion of the names of joint a/c holders

Pension accounts

Vision Statement

To Be a dominant Player in the Indian Mutual Fund Space Recognized for its high levels of

ethical and professional conduct and a commitment towards enhancing Investors.

Objective

To Achieve Capital Appreciation by Investing Primarily in equity oriented



ICICI BANK

Industrial Credit and Investment Corporation of India) is India's largest private sector bank by

market capitalization and second largest overall in terms of assets. total assets of Rs. 3,562.28

billion (US$ 77 billion) at December 31, 2009 and profit after tax Rs. 30.19 billion (US$ 648.8

million) for the nine months ended December 31, 2009 The Bank also has a network of 1,640+

branches (as on February 11, 2010) and about 4,721 ATMs in India and presence in 18 countries,

as well as some 24 million customers (at the end of July 2007). ICICI Bank offers a wide range

of banking products and financial services to corporate and retail customers through a variety of

delivery channels and specialized subsidiaries and affiliates in the areas of investment banking,

life and non-life insurance, venture capital and asset management. (These data are dynamic.)

Vision:

To be the leading provider of financial services in India and a major global bank.

Mission:

We will leverage our people, technology, speed and financial capital to:

be the banker of first choice for our customers by delivering high quality, world-class

products and services.

expand the frontiers of our business globally.

play a proactive role in the full realisation of Indias potential.

maintain a healthy financial profile and diversify our earnings across businesses and

geographies.



maintain high standards of governance and ethics.

contribute positively to the various countries and markets in which we operate.

create value for our stakeholders.

Code of Commitment

ICICI Bank follows a voluntary Code, which sets minimum standards of banking practices when

they are dealing with individual customer.

Code of Conduct and Business Ethics

ICICI Group expects all its employees, officers and directors to act in accordance with high

professional and ethical standards.



AXIS BANK

Axis Bank

Axis Bank, formerly UTI Bank, is a financial services firm that had begun operations in 1994,

after the Government of India allowed new private banks to be established. The Bank was

promoted jointly by the Administrator of the Specified Undertaking of the Unit Trust of India

(UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd.,

National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance

Corporation and United India Insurance Company UTI-I holds a special position in the Indian

capital markets and has promoted many leading financial institutions in the country. As on the

year ended 31 March 2009 the Bank had a total income of 13,745.04 crore (US$ 3.12 billion)

and a net profit of 1,812.93 crore (US$ 411.54 million).

Mission

Customer Service and Product Innovation tuned to diverse needs of individual and

corporate clientele.

Continuous technology up gradation while maintaining human values.

Progressive globalization and achieving international standards.

Efficiency and effectiveness built on ethical practices.

Core Values of Axis

Customer Satisfaction by providing quality service effectively and efficiently

Customer Satisfaction by Periodic Customer Service Audits



Maximizations of Stakeholder value

Success through Teamwork, Integrity and People

Growth Prospects of Axis

Over the last five years, the CAGR for loan growth for the banking industry has been

25-26 per cent; for Axis Bank it has been above 40 per cent.

Nonetheless, the bank is still expected to grow its loan portfolio at 1.5-1.7x the

industry average.

In FY09 its advances grew at the rate of 37.5 per cent.

In FY10 they are expected to grow at the rate of 27-28 per cent and in FY11 at 25 per

cent.

For the banking industry as a whole, the loan book is expected to grow at 18 per cent

in FY10 and 16 per cent in FY11.



THEORETICAL FRAMEWORK

CONSTRUCT:-

Study the Impact of Operating Profit, Profit after Tax (PAT), Earning per share (EPS) And

Capital adequacy ratio on Stock price

VARIABLE:

Dependent Variable:

Stock Price

Independent Variable:

Operating Profit

Profit after Tax

EPS

Capital adequacy ratio



LITERATURE REVIEW

BOOKS

Sekran Uma,[1] (4th edition), Business Research Methodology

(Researcher choose this book for studied, for Knowledge about research process.)

Ciaran Walsh[2], Key Management Ratios

(The book is selected to get analysis of ratio.)

Kothari C.R. [3] (2th edition), Research methodology methods & techniques,

(Knowledge about the hypothesis development like null and alternate hypothesis and

hypothesis testing)

.Cooper R. Donald[4] (Edition-8th) Business Research Methods.

(The various type of research design and the other concepts of research methodology are

studied from this book.)

Sheridan J Coakes, Lyndall Steed, Peta Dzidic[5] SPSS VERSION 13.0

forWindows

(This book has been used for applying the various statistical, tools and tests on the

study )

Gupta S.P[6] (2008) Statistical Methods.

(This book reveals information regarding the statistical tools and their limitations in

different fields the research is given in this section. This section explains the use of

regression analysis techniques.)

Beri G.C.,[7] (2nd edition), Marketing Research,

(This book will help Researcher in understanding the different research designs and sources of

data collection and methods of data collection are given in this section.)

Jain T.R. and Aggarwal S.C[8] (Edition-3rd) Statistics for MBA.

(This gives information about how to find the values of Correlations, Regression,

Hypothesis and Trend analysis.)

L.M Bhole [9] (Edition-5th) Financial Institution and Market.

(This books include the information about the banks.)



Goel D.K[10] (2008), Management Accounting And Financial Management:

(The book was selected to get the types of ratios like profitability, liquidity etc)

Kothari C.R.[11] (2th edition), Research methodology methods & techniques,

(Knowledge about the hypothesis development like null and alternate hypothesis and

hypothesis testing)

Sekran Uma[12], (Edition 4th) Research Methods for Business:

(Research Process Topic will be taken from this book.)

Machiraju H. R. [13], (Edition-3rd) Indian Financial System.

(Commercial Banking Topic will be taken from this book)

Varshaney P.N. & Mittal D.K.[14], (Revised Edition-10th) Indian Financial System.

(Securitization and Assets Reconstruction Companies Topic will be taken from this

book.)

Gupta S.P. & Gupta M.P. [15], (Edition 15th) Business Statistics.

(Correlation Topic will be taken from this book)

JOURNALS:

Usha Arora[16] (vol xxi no. 1, March 2007), Finance India.

(This article include the information about the operational and productivity efficiency of

the private sectors banks).

A. Amarender Reddy[17] (vol xix ,no3 ,September 2005), Finance India.

(The researcher would likely to take the information about the banking productivity.)

Sanjiv Joshi[18] (vol xxi no. 4,december 2007), Finance India.

(This article include the information about the central banking in a liberalising economy)

Meena Sharma[19] (vol. Xix ,No-3 ,sept. 2005), Finance India.

(This article include the information about the NPAs and Impact NPAs performance of

the banks)

Thorsten Beck, Ross Levine, Alexey Levkov[20] ( Vol lxv ,No.5 ,October 2010), The

Journal of finance .



(This article include the information about the removed restrictions on intrastate

branching and competition and improved performance.)

C.S. Balasubramaniam[21] (Vol.xix, No.4, December 2005), Finance India.

(This article include the information about the how the Indian banking system improve

due to the liberalisation.)

D.M.N. Raju [22] ( Vol xxiii, No.3, sept. 2005), Finance India.

(This article include the information about the NPAs and how these im333pact on the

performance of the sbi bank.)

Jyoti Saluja[23] (Vol 4, april 2010), Global Review. (This article include Camel approach which is helpul to be used as analytical tool)

Dr. N Bharati [24](Vol 4, march 2010), Indian journal of finance.[18]

Magazines:

P K Kulkarni [25] (SEPT.- DEC. 2007), ICFAI Reader

(This magazine include the information about the financial institutions)

G S Rathore[26] (November 2007), ICFAI Reader.

(This magazine include the information about the financial indicators that effect the

efficiency of the banks.)

V P Shetty [27](October 2006), Chartered financial Analyst

(This magazine include the information about the globalisation of the Indian banks due

to which the competition is increased and effective management in Indian banks is

necessary.)

B Sambamurthy[28] (November 2006), Chartered financial Analyst

(This magazine include the information about the Indian banking and their operations.)



Steve Payne[29] (October 2010), The analyst.

(This magazine include the information about the camel model.)

Natasha khakhar Patel[30] (jan 28- jul 11,2010), Capital Market

(This magazine include the information about the data about the NPAs of the Indian

public sector banks.)

Websites

http://www.experiment-resources.com/research-designs.html[31] - To know about the reseach design.

http://www.socialresearchmethods.net/kb/stat_t.php[32] - To know about the t test.

http://en.wikipedia.org/wiki/Bank[33] - To know about the banking sector

http://in.jobstreet.com/jobs/2008/5/h/60/1321591.htm?fr=J[34]

- To have information

about HDFC bank.

http://www.icicigroupcompanies.com/corporate_governance.html[35] - To get brief description

about ICICI bank.

http://www.axisbank.com/aboutus/ourmissionandvalues/Our-Mission-And-Values.asp[36] - To

know the mission and values of axis bank.

http://www.hsbc.com.tr/eng/about_HSBC/our_vision_and_values/ [37] - To Know about HSBC

Bank.

http://www.samples-help.org.uk/mission-statements/bank-of-america-mission-statement.htm[38] -

To get detail of core values of Bank of america

http://en.wikipedia.org/wiki/Research[39] - To know how to apply research Methodolgy.

http://www.investopedia.com/terms/r/ratioanalysis.asp[40] - To Apply Ratio analysis.



RESEARCH OBJECTIVES

Primary objectives

To make Comparative analysis of Operating profits, EPS, Profit after Tax, and Capital

adequacy ratio of Indian Banks (HDFC , ICICI , AXIS)

Secondary objectives

To Study the Impact of Operating Profit on stock price

To Study the Impact of EPS[a] on stock Price

To Study the Impact of PAT[b] on Stock Price

To Study the Impact of Capital Adequacy Ratio on Stock Price

[a] Earning Per Share

[b] Profit after Tax



RESEARCH METHODOLOGY[1] [3]

Research is a systematic and continuous method of defining a problem, collecting the facts and

analyzing them, reaching conclusion forming generalizations.

Research methodology is a way to systematically solve the problem. It may be understood as a

science of studying how research is done scientifically. In it we study the various stEPS that are

generally adopted by a researcher in studying his research problem along with the logic behind

them.

The scope of research methodology is wider than that of research method. Thus when we talk of

research methodology we not only talk of research methods but also consider the logic behind

the method we use in the context of our research study and explain why we are using a particular

method2.

So we should consider the following steps in research methodology:

Meaning of research

Problem statement

Research design

Sample design

Data collection

Analysis and Interpretation of data

Meaning of Research[4]

Research is defined as a scientific & systematic search for pertinent information on a

specific topic. Research is an art of scientific investigation. Research is a systemized effort to

gain new knowledge. It is a careful inquiry especially through search for new facts in any branch

of knowledge. The search for knowledge through objective and systematic method of finding

solution to a problem is a research.



THE RESEARCH PROCESS:

Problem Statement

The research problems, in general refers to sum difficulty with a researcher experience in the

contest of either a particular a theoretical situation and want to obtain a salutation for same.

Research Design

A research is the arrangement of the conditions for the collections and analysis of the data in a

manner that aims to combine relevance to the research purpose with economy in procedure. In

fact, the research is design is the conceptual structure within which research is conducted; it

constitutes the blue print of the collection, measurement and analysis of the data. As search the

design includes an outline of what the researcher will do from writing the hypothesis and its

operational implication to the final analysis of data11

.

2

PRELIMINARY

DATA

GATHERING

Interviewing

Literature Survey

3

PROBLEM

DEFINITION

Research

Problem

Delineated

4

THEORETICAL

FRAMEWORK

Variables clearly

identified and

labelled

5

GENERATION

OF

HYPOTHESES

6

SCIENTIFI

C

RESEARCH

DESIGN

7

DATA

COLLECTION,

ANALYSIS AND

INTERPRETATION

8

DEDUCTION

Hypotheses substantiated?

Research

question

answered?

9

Report

writing

10

Report Presentat

ion

11

Manager

ial decision

making

Yes NO

1

OBSERVATION

Broad area of

research interest

identified



The design is such studies must be rigid and not flexible and most focus attention on the

following;

o What is the study about?

o Why is the study being made?

o Where will the study be carried out?

o What type of data is required?

o Where can be required data be found?

o What period of time will the study include?

o What will be sample design?

o What techniques of data collection will be used?

o How will the data be analyzed?

o In what style will the report be prepared?14



RESEARCH DESIGN[7]

Research Design can be categorized as:

EXPLORATORY RESEARCH DESIGN

Exploratory research design is termed as formulating research studies. The main purpose of

study is that of formulating a problem. The major emphasis in such study is on discovery of new

ideas and insights. As such the research design appropriate for such studies must be flexible

enough to provide opportunity for considering different aspects of problem.

DESCRIPTIVE AND DIAGNOSTIC RESEARCH DESIGN

Descriptive research design are those design which are concerned with describing the

characteristics of particular individual or of the group Whereas diagnostic research studies

determine the frequency with which something occurs or its association with some else. In



descriptive and diagnostic study the researcher must be able to define clearly what he wants to

measure and must find adequate method for measuring it.

EXPERIMENTAL RESEARCH DESIGN

These are those studies where the researcher tests the hypothesis of casual relationship between

variables. Such study requires procedure that will not only reduce biasness and increase

reliability but will permit drawing.

Research design adopted by researcher will be Descriptive because in this design all the

information gather is related to the problem which is predefined and all the data collected

is descriptive in nature.

TYPES OF INVESTIGATION

CAUSAL STUDY

CORRELATIONAL STUDY

A Researcher should determine whether a Causal & Co relational Study to find an Answer to

the issue at hand. The former is done when it is necessary to establish Cause-Effect Relationship.

However, if all that the researcher wants is mere the identification of the important factors

associated with the problem then, then Co relational study.

In this study, Co relational Study is to be done, because Researcher will be interested in

delineating the important associated variables.



TIME HORIZON4

CROSS-SECTIONAL STUDIES

LONGITUDINAL STUDIES

A study can be done in which data are gathered just once, perhaps a period of days or weeks or

month, in order to answer a research question. Such studies are called one shot or Cross-

Sectional Studies.

On the other hand, when the researcher tries to collect Data at more than one point of time it is

known as longitudinal studies.

Here, in this study Cross-Sectional Design will be used as data for study will be gathered just

once.

STUDY SETTING

CONTRIVED

NONCONTRIVED

As we know that Research can be done in the natural environment where work proceeds

normally or in artificial settings.

A Contrived Setting with researcher interference to an excessive degree.

Whereas, A Non contrived Setting with researcher interference with minimal degree or

moderate extent.

In this Study, the study setting will be Contrived Setting due to high degree of interference of

researcher & influences by a no. of variables.



FLOWCHART FOR SELECTON OF STATISTICAL TOOL



HYPOTHESIS DEVELOPMENT

There are two types of hypothesis:

Null hypothesis

Alternative hypothesis

Null hypothesis (H0): In test of hypothesis we always begin with an assumption or hypothesis

this is called null hypothesis. The null hypothesis asserts that there is no significant difference

between the sample static and the population parameter and whatever the observed difference is

there, is merely due to fluctuations in sampling from same population.

Alternative hypothesis (H1): Any hypothesis different then the null hypothesis is called an

alternative hypothesis. The two hypothesis H0 & H1 are such that if one is accepted, the other is

rejected.

HYPOTHESIS OF THE STUDY

NULL Hypothesis (H0): There is no Significant Impact of Operating Profit on Stock Price

ALTERNATE Hypothesis (H1): There is Significant Impact of Operating Profit on Stock Price

HDFC

One-Sample Statistics

N Mean Std. Deviation Std. Error Mean

OperatingProfit 3 2.1842E3 852.97573 492.46577

StockPrice 3 1.6795E3 671.69391 387.80266

One-Sample Test

Test Value = 0

T df Sig. (2-tailed) Mean Difference

95% Confidence Interval of the

Difference

Lower Upper

OperatingProfit 4.435 2 .047 2184.23333 65.3241 4303.1425

StockPrice 4.331 2 .049 1679.50000 10.9198 3348.0802

INTERPRETATION

Here T value is 4.331, which is more than significant value. So thats why alternate hypothesis

will be accepted.



ICICI




StockPrice 3 8.2223E2 352.20695 203.34678

One-Sample Test

Test Value = 0

t df Sig. (2-tailed) Mean Difference


Difference

Lower Upper


StockPrice 4.044 2 .056 822.23333 -52.6972 1697.1639

INTERPRETATION


will be accepted.



AXIS




StockPrice 3 9.4762E2 423.92070 244.75073

One-Sample Test

Test Value = 0



Difference

Lower Upper


StockPrice 3.872 2 .051 947.61667 -105.4607 2000.6941

INTERPRETATION


will be accepted



NULL Hypothesis (H0): There is no Significant Impact of EPS on Stock Price

ALTERNATE Hypothesis (H1): There is Significant Impact of EPS on Stock Price

HDFC



EPS 3 52.3100 9.56450 5.52207

StockPrice 3 1.6802E3 670.59776 387.16980

One-Sample Test

Test Value = 0



Difference

Lower Upper

EPS 9.473 2 .011 52.31000 28.5505 76.0695

StockPrice 4.340 2 .049 1680.22000 14.3628 3346.0772

INTERPRETATION

Here T value is 4.340, which is more than significant value. So thats why alternate hypothesis will be accepted.



ICICI



EPS 3 34.3533 1.83075 1.05698

StockPrice 3 8.2223E2 352.20695 203.34678

One-Sample Test

Test Value = 0



Difference

Lower Upper

EPS 32.501 2 .001 34.35333 29.8055 38.9012

StockPrice 4.044 2 .036 822.23333 -52.6972 1697.1639

INTERPRETATION




AXIS



EPS 3 34.3533 1.83075 1.05698

StockPrice 3 9.4762E2 423.92070 244.75073

One-Sample Test

Test Value = 0



Difference

Lower Upper

EPS 32.501 2 .001 34.35333 29.8055 38.9012

StockPrice 3.872 2 .041 947.61667 -105.4607 2000.6941

INTERPRETATION


will be accepted.



HDFC Bank

H0: There is no Significant Impact of Profit after Tax on Stock Price

H1: There is Significant Impact of Profit after Tax on Stock Price

INTERPRETATION


will be accepted.



PAT 3 2.2613E3 679.39739 392.25026

SharePrice 3 1.6795E3 671.69391 387.80266

One-Sample Test

Test Value = 0



Difference

Lower Upper

PAT 5.765 2 .029 2261.28000 573.5633 3948.9967

SharePrice 4.331 2 .049 1679.50000 10.9198 3348.0802



ICICI



PAT 3 3.9803E3 203.51562 117.49980

StockPrice 3 8.2223E2 352.20695 203.34678

One-Sample Test

Test Value = 0



Difference

Lower Upper

PAT 33.875 2 .001 3980.28000 3474.7192 4485.8408

StockPrice 4.044 2 .056 822.23333 -52.6972 1697.1639

INTERPRETATION


will be accepted.



AXIS



PAT 3 1.8003E3 721.86773 416.77053

StockPrice 3 9.4762E2 423.92070 244.75073

One-Sample Test

Test Value = 0



Difference

Lower Upper

PAT 4.320 2 .050 1800.30667 7.0878 3593.5255

StockPrice 3.872 2 .061 947.61667 -105.4607 2000.6941

INTERPRETATION


will be accepted.



NULL Hypothesis (H0):There is no Significant Impact of Capital Adequacy Ratio on Stock

Price

ALTERNATE Hypothesis (H1): There is Significant Impact of Capital Adequacy Ratio on

Stock Price



CapitalAdequacy 3 2.1254E4 5372.22551 3101.65584

StockPrice 3 1.6795E3 671.69391 387.80266

One-Sample Test

Test Value = 0



Difference

Lower Upper

CapitalAdequacy 6.852 2 .021 21253.79667 7908.4487 34599.1446

StockPrice 4.331 2 .049 1679.50000 10.9198 3348.0802

INTERPRETATION




SAMPLE & SAMPLING DESIGN

A sample design is a definite plan for obtaining a sample from the sampling frame. It refers to

the technique or the procedure that is adopted in selecting the sampling units from which

inferences about the population is drawn. Sampling design is determined before the collection of

the data.

Several decisions have to be taken in context to the decision about the appropriate sample

selection so that accurate data is obtained and efficient results are drawn.

Following questions have to be considered while sampling design-

What is the relevant population?

What is the parameter of interest?

What is the sampling frame?

What is the type of sample?

What sample size is needed?

How much will it cost?

The sample size of past Three years will be taken for present study.



DATA COLLECTION

After the research problem has been identified and selected the next step is to gather the requisite

data. While deciding about the method of data collection to be used for the researcher should

keep in mind two types of data VIZ. primary and secondary.

PRIMARY DATA

The primary data are those, which are collected afresh and for the first time, and thus happened

to be original in character. We can obtain primary data either through observation or through

direct communication with respondent in one form or another or through personal interview



SECONDARY DATA

The secondary data on the other hand, are those which have already been collected by someone

else and which have already been passed through the statistical processes. When the researcher

utilizes secondary data then he has to look into various sources from where he can obtain them.

For example, Books, magazines, newspapers, Internet, publications and reports etc.

In the present study Researcher will be made use of secondary data collected from their

website and from their records.

METHODS OF PRIMARY DATA

OBSERVATION

METHOD

QUESTIONNAI

RE METHOD

INTERVIEW

METHOD

SCHEDULE

METHOD



ANALYTICAL TOOLS

RATIO ANALYSIS[40]

Meaning:

Absolute figures expressed in financial statements by themselves are meaningfulness. These

figures often do not convey much meaning unless expressed in relation to other figures. Thus, it

can be said that the relationship between two figures, expressed in arithmetical terms is called a

ratio.

According to R.N. Anthony

A ratio is simply one number expressed in terms of another. It is found by dividing one

number into the other.

Objects And Advantages Or Uses Of Ratio Analysis

Helpful in analysis of financial statements.

Simplification of accounting data.

Helpful in comparative study.

Helpful in locating the weak spots of the business.

Helpful in forecasting

Estimate about the trend of the business

Fixation of ideal standards

Effective control

Study of financial soundness.



The Researcher has used following Ratios

Operating Profit Ratio

Earning Per Share

Capital adequacy ratio

Profit after Tax

Earnings Per share (EPS)

Interpretation-Both Axis and HDFC Banks have rise in their EPS in 2008-10 due to increasing

PAT more with shareholders funds.

But ICICI Bank comparatively decline in their EPS due to more variation in their PAT which is

not going in the same degree (Increasing/Decreasing).

2008 2009 2010

Axis 28.91 48.85 60.06

HDFC 43.42 51.08 62.43

ICICI 36.03 32.4 34.63



Profit after Tax (PAT)

2008 2009 2010

Axis 1071.03 1815.36 2514.53

HDFC 1590.2 2244.94 2948.7

ICICI 4157.73 3758.13 4024.98

Interpretation-Both Axis and HDFC Banks have rise in their PAT

But ICICI Bank comparatively decline in their PAT which is not going in the same degree

(Increasing/Decreasing). But ICICI Bank has the maximum PAT between all the banks.



Operating Profit Ratio

Operating Profit ratio=EBIT/Net Sales

2008 2009 2010

Axis 0.865 0.916 0.9

HDFC 0.708 0.747 0.746

ICICI 0.926 0.895 0.892

Interpretation- There is no fluctuation in operating profit ratio of the three banks in last two

years but there is fluctuation in comparison to year 2008.



Capital Adequacy Ratio

2008 2009 2010

Axis 13.73 13.69 15.8

HDFC 13.6 15.69 17.44

ICICI 13.97 15.53 19.41

Interpretation-All Banks are consistently increasing their capital adequacy which is a good sign

for these banks as they will get saved from the risk weighted assets, if any risk arise then they

have sufficient capital in their banks to get out of that.



CAMEL APPROACH[28]

Researcher has used camel approach .It is use for the purpose of ranking. Each Parameter of

Camel Capital adequacy , Asset Quality , Management Quality , Earning quality , Liquidity

Quality will be evaluated taking two ratios and finally composite index will be developed by the

researcher.

Capital Adequacy Ratio (C)

BANK 2008 2009 2010 CAR(Avg) RANK

AXIS 13.73 13.69 15.8 14.41 3

HDFC 13.6 15.69 17.44 15.58 2

ICICI 13.97 15.53 19.41 16.30 1

Net NPA to Net Advances Ratio (A)

BANK 2008 2009 2010 (Avg) RANK

AXIS 0.37 0.4 0.4 0.39 2

HDFC 0.47 0.63 0.31 0.47 3

ICICI 0.35 0.31 0.29 0.32 1

Return on Net worth (M)

BANK 2008 2009 2010 CAR(Avg) RANK

AXIS 13.73 13.69 15.8 14.41 3

HDFC 13.6 15.69 17.44 15.58 2

ICICI 13.97 15.53 19.41 16.30 1



Net Interest Income (E)

BANK 2008 2009 2010 (Avg) RANK

AXIS 2585.35 3686.21 5004.49 3758.68 3

HDFC 5227.9 7421.2 8386.6 7011.90 2

ICICI 7304.1 8366.61 8114.36 7928.36 1

Liquid Asset/Total Asset (L)

BANK 2008 2009 2010 (Avg) RANK

AXIS 0.11 0.1 0.08 0.10 2

HDFC 0.11 0.09 0.13 0.11 1

ICICI 0.09 0.07 0.1 0.09 3

CAMEL Model

BANK C RANK A RANK M RANK E RANK L RANK Group Avg RANK

AXIS 3 2 3 3 2 2.8 3

HDFC 2 3 2 2 1 2.4 2

ICICI 1 1 1 1 3 2.4 1

Interpretation- ICICI Bank has been given 1st Rank overall through this model. Because

ICICI Bank is having Capital Adequacy maximum In Asset Quality, ICICI have less NPA Ratio

which is a good sign. And also in Management Efficiency, Earning Quality and Liquidity, this

bank performed best out of these banks. So Rank 1 is assigned to this bank.

But HDFC and AXIS Bank could not perform well as compared to ICICI Bank so they are

Ranked 2nd

and 3rd

respectively.



STATISTICAL TOOLS[5][8]

An educated citizen needs an understanding of basic statistical tool to function in a world that is

becoming increasingly dependant on quantitative information. Statistics means numerical

description to most people. In fact the term statistics is generally used to mean numerical facts

and figures such as agriculture production during a year, rate of inflation and so on. However as

a subject of study, statistics refers to the body of principles and procedures developed for the

collection, classification, summarization and interpretation of numerical data and for the use of

such data.

MEANING:-

Broadly speaking, the term statistics has been generally used in two senses:-

Plural Sense

Singular Sense

Plural sense refers to the numerical data. Singular Sense refers to a Science in which we deals

with the techniques of collecting, classifying, presenting, analyzing and interpreting the data, the

concept in its singular sense, refers to Statistical Method.

PURPOSE: Without the assistance of Statistical Method, an organization would find it

impossible to make sense of the huge data. The purpose of statistics is to:-

Analyze

Summarize

Investigate

Record

A wide variety of statistical tools are available and any of them can be used by any businessman

depending upon the nature of his trade.

Various statistical tools are:-

Correlation

Time Series

Index Numbers



Probability Distribution

Principal Component Analysis(PCA)

Regression

Analysis of Variance(ANOVA)

Correlation

Some important definitions of correlation are given below:

Correlation analysis deals with the association between two or more variables- Simpson and

Kafka.

If two or more quantities vary in sympathy, so that movement in one tend to be accompanied by

corresponding movements in the other, then they are said to be correlated- Conner.

Correlation analysis attempts to determine the degree of relationship between variables.

Types of Correlation:-

Correlation is classified in several different ways. Three of the most important ways are:-

Positive and Negative Correlation:-

When two variable X and Y move in same direction is Positive Correlation and when both

variables move in opposite direction that is Negative Correlation.

Simple, Partial and Multiple Correlations:-

When we study the relationship between two variables only that is Simple Correlation. When

three or more variables are taken but relationship between any two of the variable is studied,

assuming other variables as constant that is Partial Correlation and when we study the

relationship among three or more variables that is Multiple Correlation.

Linear and Curvi-Linear Correlation:-



When the ratio of change of two variables X and Y remains constant throughout, then they are

said to be Linear Correlated and when the ratio of change between the two variables is not

constant but changing, then correlation is said to be Curvi-Linear.

Degree Of Correlation:-

Sr. No. Degree of correlation Positive Negative

1 Perfect correlation +1 -1

2 High Degree of

correlation

Between +.75 to+1 Between -.75 to-1

3 Moderate Degree of

Correlation

Between +.25

to+.75

Between -.25 to-.75

4 Low Degree of

Correlation

Between 0 to+.25 Between 0 to-.25

5 Absence of Correlation 0 0

Karl Pearson's coefficient of correlation method:-

Karl Pearson's coefficient of correlation method is the main important method to calculate the

correlation between two variables.



CORRELATION

HDFC

Between Operating Profit and Stock Price

Correlations

OperatingProfit StockPrice

OperatingProfit Pearson Correlation 1 .986

Sig. (1-tailed) .108

N 3 3

StockPrice Pearson Correlation .986 1


N 3 3

INTERPRETATION

There is High degree of correlation between Operating Profit and Share Price.

Between PAT and Share Price

Correlations

PAT SharePrice

PAT Pearson Correlation 1 .999*


N 3 3

SharePrice Pearson Correlation .999* 1


N 3 3

*. Correlation is significant at the 0.05 level (1-tailed).

INTERPRETATION

There is High degree of correlation between PAT and Share Price.



BETWEEN EPS and Stock Price

Correlations

EPS StockPrice

EPS Pearson Correlation 1 .991


N 3 3



N 3 3

INTERPRETATION

There is High degree of correlation between EPS and Share Price.

BETWEEN Capital Adequacy and Stock Price

Correlations

CapitalAdequacy StockPrice

CapitalAdequacy Pearson Correlation 1 .983


N 3 3



N 3 3

INTERPRETATION

There is High degree of correlation between Capital Adequacy and Share Price.



ICICI

BETWEEN Operating and Stock Price

Correlations


OperatingProfit Pearson Correlation 1 .705


N 3 3



N 3 3

INTERPRETATION

There is Moderate degree of correlation between Operating Profit and Share Price.

BETWEEN PAT and Stock Price

Correlations

PAT StockPrice

PAT Pearson Correlation 1 .448


N 3 3



N 3 3

INTERPRETATION

There is Moderate degree of correlation between PAT and Share Price.




Correlations

EPS StockPrice



N 3 3



N 3 3

INTERPRETATION

There is Moderate degree of correlation between EPS and Share Price.

AXIS BANK

BETWEEN Operating Profit and Stock Price

Correlations


OperatingProfit Pearson Correlation 1 .990**


N 3 3

StockPrice Pearson Correlation .990** 1


N 3 3

**. Correlation is significant at the 0.01 level (1-tailed).

INTERPRETATION

There is High degree of correlation between Operating Profit and Share Price.




Correlations

PAT StockPrice

PAT Pearson Correlation 1 .998*


N 3 3

StockPrice Pearson Correlation .998* 1


N 3 3

*. Correlation is significant at the 0.05 level (1-tailed).

INTERPRETATION

There is High degree of correlation between PAT and Share Price.


Correlations

EPS StockPrice



N 3 3



N 3 3

INTERPRETATION

There is Moderate degree of correlation between Operating Profit and Share Price.



Regression Analysis6

Regression is the study of the nature of relationship between the variables so that one may be

able to predict the unknown value of one variable for a known value of another value.

It is the measure of average relationship between two or more variables.

Types of regression analysis:-

Simple and multiple regression:- incase of simple regression, we study only tewo variables i.e.

one dependent and one independent. But in case of multiple regression we take more than two

variables i.e. one dependent and other independent.

Linear and Non-linear regression :- when one variable changes with another variable in some

fixed ratio, it is called as linear regression. But if this ratio is not constant, it is known as Non-

linear regression.

Partial and Total regression:- If from more than two variabless only two two variables are

taken into consideration. It is called as partial regression. But all variables are taken into

consideration at a single slank. It is called as total regression.



HDFC


Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .986a .972 .943 160.15318

a. Predictors: (Constant), OperatingProfit

INTERPRETATION

There is high Impact of Operating Profit on Share Price i.e by 98.6%


Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .999a .998 .995 45.36985

a. Predictors: (Constant), PAT

INTERPRETATION

There is high Impact of PAT on Share Price i.e by 99.9%




Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .991a .981 .962 130.14677

a. Predictors: (Constant), EPS

I

NTERPRETATION

There is high Impact of EPS on Share Price i.e by 99.1%

BETWEEN Capital Adequacy and Stock Price

Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .983a .967 .934 172.02715

a. Predictors: (Constant), CapitalAdequacy

INTERPRETATION

There is high Impact of Capital Adequacy on Share Price i.e by 98.3%

ICICI

BETWEEN Operating and Stock Price

Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .705a .498 -.005 353.07945


INTERPRETATION

There is Moderate Impact of Operating Profit on Share Price i.e by 70.5%




Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .448a .200 -.599 445.41679


INTERPRETATION

There is Low Impact of PAT on Share Price i.e by 44.8%


Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .448a .200 -.599 445.41679


INTERPRETATION

There is Low Impact of PAT on Share Price i.e by 44.8%

AXIS BANK


Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .990a .990 .999 9.73358


INTERPRETATION

There is high Impact of Operating Profit on Share Price i.e by 99.0%




Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .998a .996 .991 39.51967


INTERPRETATION

There is high Impact of PAT on Share Price i.e by 99.8%


Model Summary

Model R R Square

Adjusted R

Square

Std. Error of the

Estimate

1 .459a .210 -.579 532.76650

a. Predictors: (Constant), EPS

INTERPRETATION

There is Low Impact of EPS on Share Price i.e by 45.9%



LIMITATION OF THE STUDY

In spite of best efforts of the investigator the study was subjected to following limitations:-

Less Time Period: The time period given to me for the completion of the project was

short in such a short span of time it is difficult to complete any project in detail.

Unavailability of primary data: Manager some time denied disclosing some important

financial matters, which can be helpful in this study.

Limited Area of Study: Researcher have studied only a single firm of the industry. So,

Researcher got knowledge about just a minor player in the team.

Some information related to the study, which had been collected from the company was rounded

off because of some influence.

Some data like Bank Statements were to be called from distant units and it was too bulk that

units refuse to deliver it and if deliver after delaying too much.



RESULTS AND FINDINGS

Both Axis and HDFC Banks have rise in their EPS in 2008-10 due to increasing PAT

more with shareholders funds. But ICICI Bank comparatively decline in their EPS due to

more variation in their PAT which is not going in the same degree

Both Axis and HDFC Banks have rise in their PAT But ICICI Bank comparatively

decline in their PAT which is not going in the same degree (Increasing/Decreasing). But

ICICI Bank has the maximum PAT between all the banks.

All Banks are consistently increasing their capital adequacy which is a good sign for

these banks as they will get saved from the risk weighted assets, if any risk arise then

they have sufficient capital in their banks to get out of that.

ICICI Bank has been given 1st Rank overall through this model. Because ICICI Bank is

having Capital Adequacy maximum. In Asset Quality, ICICI have less NPA Ratio which

is a good sign. And also in Management Efficiency, Earning Quality and Liquidity, this

bank performed best out of these banks. So Rank 1 is assigned to this bank. But HDFC

and AXIS Bank could not perform well as compared to ICICI Bank so they are Ranked

2nd

and 3rd

respectively.

There is High degree Positive correlation & High Degree Impact of Operating Profit,

EPS, PAT, Capital Adequacy ratio on stock Price of HDFC Bank

There is Moderate degree Positive correlation& High Degree Impact of Operating

Profit, EPS, PAT, Capital Adequacy ratio on stock Price of Axis Bank

There is High degree Positive correlation& High Degree Impact of Operating Profit,

EPS, PAT, Capital Adequacy ratio on stock Price of ICICI Bank



RECOMMENDATIONS

Banks should focus on their NPA which is a major factor for checking the banks credit

quality. If NPA increases that means loan amount as well as interest amount is not

coming on time so banks have to take proper measures to decrease the NPA ratio.

Increases of NPA decreases the Net Interest Income as Interest received amount get less

from increasing of NPAs. So focus should be to decrease the NPA ratio to total assets.

Major focus should be to increase the PAT as shareholder funds are increasing, so PAT should be

increasing more in proportion of shareholders funds because it contributes to Return on Net

worth.

Liquidity is also the major issue that to be considered and to increase so that liquidity risk will not

arise in future.

Capital Adequacy plays an important role, the more the capital adequacy, more will be the

goodwill of Bank as this symbolizes that bank have adequate capital to meet out from risk

weighted assets. If some of the loans gets into NPAs then Bank have sufficient or have the

maximum capital with compared to all the banks that Customers will be more coming to banks.



POLICY IMPLICATIONS

The researcher suggested various policies to organisation which he thinks that if they

implemented in the right manner can increase the earnings of the firm which in turn increase the

goodwill of the firm.

Implementation of policy on the related issues depends upon the result of discussion among the

top executives of an organisation for the flowing policies.

The various policies that should be applied in an organisation on the basis of the study of

financial analysis of organisation are as follows:-

Monitor your accounts receivable on an ongoing basis.

More investment in fixed assets.

Maintenance of Proper Records of those agents wherever it has been shown

as Old Outstanding/Closed Outstanding.



BIBLIOGRAPHY

BOOKS

1. Sekran Uma, (4th edition), Business Research Methodology (Researcher choose this

book for studied, for Knowledge about research process.)

2. Ciaran Walsh, Key Management Ratios (The book is selected to get analysis of ratio.)

3. Kothari C.R. (2th edition), Research methodology methods & techniques, (Knowledge

about the hypothesis development like null and alternate hypothesis and hypothesis

testing)

4. .Cooper R. Donald (Edition-8th) Business Research Methods.- (The various type of

research design and the other concepts of research methodology are studied from this

book.)

5. Sheridan J Coakes, Lyndall Steed, Peta Dzidic SPSS VERSION 13.0 forWindows-

(This book has been used for applying the various statistical, tools and tests on the

study )

6. Gupta S.P (2008) Statistical Methods.- (This book reveals information regarding the

statistical tools and their limitations in different fields the research is given in this section.

This section explains the use of regression analysis techniques.)

7. Beri G.C., (2nd edition), Marketing Research,- (This book will help Researcher in

understanding the different research designs and sources of data collection and methods

of data collection are given in this section.)

8. Jain T.R. and Aggarwal S.C (Edition-3rd) Statistics for MBA.- (This gives

information about how to find the values of Correlations, Regression, Hypothesis and

Trend analysis.)

9. L.M Bhole (Edition-5th) Financial Institution and Market.- (This books include the

information about the banks.)

10. Goel D.K (2008), Management Accounting And Financial Management:- (The book

was selected to get the types of ratios like profitability, liquidity etc)



11. Kothari C.R. (2th edition), Research methodology methods & techniques, - (Knowledge

about the hypothesis development like null and alternate hypothesis and hypothesis

testing)

12. P.N Varshaney (Edition-3rd) Indian Financial System.

(This books include the information about the commercial banks and their roles.)

13. Gupta.k.Shashi (Edition-13th) Financial Institution and Market.

(This book include the information about the history of bank industry.)

14. Varshaney P.N. & Mittal D.K.[14], (Revised Edition-10th) Indian Financial System.

(Information about Indian financial system has taken)

15. Gupta S.P. & Gupta M.P. [15], (Edition 15th) Business Statistics.

(Correlation Topic will be taken from this book)

JOURNALS:

16. Usha Arora (vol xxi no. 1, March 2007), An analysis of operational and productivity

efficiency of public sector banks, Finance India pp no. 167-176.

17. A. Amarender Reddy (vol xix ,no3 ,September 2005), Banking sector deregulation and

productivity change decomposition of Indian banks, Finance India. Pp no. 983-1001

18. Sanjiv Joshi (vol xxi no. 4,december 2007), Central banking in a liberalising

economy:Autonomy of the reserve bank of india, Finance India pp no. 1405-1442.

19. Meena Sharma (vol. Xix ,No-3 ,sept. 2005), problems of NPAs and its impact on

strategic banking variables, Finance India pp no. 953-967.

20. Thorsten Beck, Ross Levine, Alexey Levkov ( Vol lxv ,No.5 ,October 2010), Big bad

banks? The winners and looser from bank deregulation in the united states,The Journal

of finance pp no. 1637-1667.



21. C.S. Balasubramaniam (Vol.xix, No.4, december 2005), Corporate governance and its

role in banking sector, Finance India pp no. 1393-1404.

22. D.M.N. Raju ( Vol xxiii, No.3, sept. 2005), Evaluation of the performance of the state

bank of india with special reference to the non performing assets, Finance India pp no.

985-989.

23. Jyoti Saluja (Vol 4, april 2010), Indian journal of finance.

24. Dr. N Bharati (Vol 4, march 2010), Indian journal of finance.

Magazine:

25. P K Kulkarni (SEPT.- DEC. 2007), ICFAI Reader

26. G S Rathore (November 2007), Impact of financial sector reforms on banking sector in

india, ICFAI Reader.

27. V P Shetty (October 2006), The changing Paradigm, Chartered financial Analyst

28. B Sambamurthy (November 2006), Indian banking future perfect, Chartered

financial Analyst

29. Steve Payne (October 2010), The analyst.

30. Natasha khakhar Patel (jan 28- jul 11,2010), Capital Market

31. Kaushik Chakaraborty (January 2007), Chartered financial Analyst



Websites

32. http://www.experiment-resources.com/research-designs.html

33. http://www.socialresearchmethods.net/kb/stat_t.php

34. http://en.wikipedia.org/wiki/Bank

35. http://in.jobstreet.com/jobs/2008/5/h/60/1321591.htm?fr=J

36. http://www.icicigroupcompanies.com/corporate_governance.html

37. http://www.axisbank.com/aboutus/ourmissionandvalues/Our-Mission-And-Values.asp

38. http://www.hsbc.com.tr/eng/about_HSBC/our_vision_and_values/

39. http://www.samples-help.org.uk/mission-statements/bank-of-america-mission-statement.htm

40. http://en.wikipedia.org/wiki/Research

41. http://www.investopedia.com/terms/r/ratioanalysis.asp

42. http://en.wikipedia.org/wiki/eps

Richa Kalra - Project Report( Comparative Analysis of Indian Private Banks )_2

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