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Journal of Management
Vol. IV No. I. October 2006. po 01-09
Profitability of Scheduled Commercial Banks in Inida -
A Case Analysis
Dr.
A.
Ramachandran*
Dr.SSM Ismail**
N.Kavitha***
Abstract:
The banking system, which constitutes the core of the financial sector, plays a crucial
role in transmitting monetary policy impulses to the entire economic system. Its
efficiency and development, therefore, are vitalfor enhancing the growth and improving
the chancesfor price stability'. In view of the importance of improving the profitability
performance of the banking sector in recent years, a census study has been adopted by
covering all Indian scheduled commercial banks in India which have been divided
into three groups, namely, SB I group. Nationalised Banks group and Private Banks
group with two sessions viz., Period
1
and Period II by dividing the 10 years study
period into firstfive years and last five years. Hie scope of the study is wider in nature.
Vie study identified certain factors, which are prominent to hike the profitability of the
banks. The step-wise multiple regression has been adopted by the researcher. An
analysis ofthe SBIgroup reveals that in both the period ofstudy, the variable provisions
and contingencies to total expenses showed a prominent place.. The nationalized
banks group showed a position of provisions and contingencies to total expenses in
the first halfof the study period and Capital A dequacy Ratio during the second halfof
the study
period.
In relation to the Private Banks group, it has changed from Other
interest expenses ratio to Capital Adequacy ratio. The study makes emphasis with
regard to initiating monitoring and controlling mechanism on certain important ratios
which are inevitable one to enhance the profitability of scheduled commercial banks.
Keywords: Profitability, Banking Sector,Commercial Banks
Introduction
In recent years, the Profitability performance
of scheduled commercial banks in India has
become a novel topic for discussion. There is
ample evidence to show the declining
profitability of the banking industry.
In India. 73 per cent of the bank branches arc
located in rural and semi-urban areas. A
significant proportion of fund is contributed
through deposits, which account for more than
80 per cent of the liabilities of scheduled
commercial banks. Loans and advances form
around 50 per cent of aggregate deposits.
More than 75 per cent of the investments of
scheduled commercial banks are channelled
into safe and risk-free assets consisting of both
Government and other approved securities.
The introduction of virtual banking has fetched
massive developments in the banking industry
Such virtual banking services are Automated
Teller Machines (ATMs), Shared ATM
Networks, Electronic Fund Transfer at Point
of sale (EFTPos), Smart Cards, Stored-value
Cards,
Phone-banking, Internet and Intranet
banking.
Statement of The Problem
With the change in the social and economic
objectives of Commercial Banks, particularly
of the scheduled commercial banks in India,
it becomes extremely essential to assess their
profitability performance. However, inmost
of the studies covering the recent period,
"profit" has been used as one of the many
indicators of their performance appraisal. This
* Dr. A. Ramachandran,. Director. Department of Management Studies. Tamilnadu College of Kngineering,
Tamilnadu,India.
*• Dr. SIMM. Ismail. Common wealth l-'ellow. Director. LTS ( IRQUE Project). South Eastern University. Sii
Lanka
*** N. KAV IT HA, Department of Management. SSM College of Hngineenng (vomarapalavam. Tamilnadu. India
Journal of Management,
Vol
IV, No. I
dilutes the importance of profits to a large
extent. Despite the change in thrust, banks
remain commercial organizations and profit
factor cannot be ignored without endangering
viability of banks and continuity of their
operations. In fact, the approach of policy-
makers towards profitability too has changed,
with the result that low profits have become
a fact of life. Therefore, it is high time to
concentrate efforts on analyzing the profits
and profitability position of scheduled
commercial banks, so that the confidence of
the public in the soundness of the banking
system remains unimpaired and the social
objectives of banks do not necessarily dilute.
In view of the importance of improving the
profitability performance of the banking sector
in recent years, all Indian scheduled
commercial banks in India have been divided
into three groups, namely. SBI group.
Nationalised Banks group and Private Banks
group and to identify' the various factors which
significantly influence the profitability of the
banks.
Scope Of The Study
The scope of the study is wider in nature. It
covers all the Indian scheduled commercial
banks in India, which were under the control
of the Reserve Bank of India.
Period Of Study
The study covered a period of 10 financial
years from 1996-97 to 2005-2006. The
financial year starts from l51 day of April of a
year and ends on 3151 day of March of next
year.
Objective Of The Study
The main objective of the study is to identify
the crucial factors responsible for the
profitability of Indian scheduled commercial
banks in India.
Sampling Design
Keeping in view the problem and the scope
of the study, the researcher has decided to
include all Indian scheduled commercial banks
(both public and private sector banks)
functioning in India for the financial period
from 1996-97 to 2005-2006. The banks were
grouped into three categories: i.e., SBI Group
(8 Banks): Nationalised Banks Group (19
Banks) and Private Banks Group (29 Banks).
Methodology
The study is based on census method with
analytical and descriptive in nature. It
attempts to analyse the various variables,
which are expected to have influence over
the profitability of banks. For this purpose.
Step-wise Multiple Regression Analysis has
been adopted by dividing the bank groups into
two periods namely the first period consists
of 5 years from 1996-97 to 2000-2001 and
the second period consists of 2001 -02 to 2005-
06.
The following factors / variables have been
adopted in the multivariate technique:
Y - Ratio of Net Profit to Working Fund.
X, - Ratio of Priority Sector Credit to Total
bank Credit,
X, - Ratio of Non-performing Assets to
Advances.
X, - Ratio of Rural Branches to Total
Branches,
Xj - Ratio of Cost of Deposits to Total
Expenditures,
X^ - Ratio of Cost of Borrowings to Total
Expenditures,
X6
- Ratio of Other Interest Expenses to
Total Expenses.
X. - Ratio of Establishment Expenses to
Total Expenditures,
XK - Ratio of Other Operating Expenses to
Total Expenses,
X9 - Ratio of Provisions and Contingencies
to Total Expenditures.
X]0 - Ratio of Interest Earned on Advances
to Total Income.
X - Ratio of Income from Investments to
Total Income,
Xp - Ratio of Interest Income of RBI and
Inter Bank Funds to Total Income,
Xr - Ratio of Other Interest Income to Total
Income,
2
Profitability of Scheduled Commercial Banks in India
X., - Ratio ofOther Income to Total Income, Step-Wise Multiple Regression Analysis
X]:. - Ratio of Savings Deposits to Total
Deposits,
X|& - Ratio of Demand Deposits to Total
Deposits,
X[7 - Ratio of Time Deposits to Total
Deposits,
X]8 - Credit Deposit Ratio,
X[g - Ratio of Cash to Total Deposits,
X - Ratioof Fixed Assets to Working Funds
and
X - Capital Adequacy Ratio.
Out of the above-denoted factors, the variable
Y is dependent variable and the variables X,
to X2 are independent variables.
The step-wise regression technique is used
to have a better idea of the independent
contribution of each explanatory variable.
Under this technique, the researcher has
added the independent contribution of each
explanatory variable into the prediction
equation one by one, computing betas and R:
at each step. Hence, step-wise regression
anaK sis consists of procedures through which
a forward inclusion is combined with the
deletion of variables that no longer meet the
pre-established criteria at each successive
step.
Normally, the Step-Wise Multiple
regression (SWMR) analysis is considered
better than other procedures due to its inherent
advantages.
Table - 1 : Swmr Analysis - Sbi Group - Period - I
(In per cent)
Variables R: Increase in R-
X9 - Provisions & Contingencies to Total Expenditures 21.06 -
X, - Non Performing Assets to Advances 41.25 20.19
X, - Cost of Borrowings to Total Expenditures 50.22 8.97
It is seen from the Table-1 that the variable
X9 appeared as the first variable and
thereafter-subsequent variables were added
one by one to show the maximum fit. X9
(provisions and contingencies as percentage
of total expenditures) explains 21.06 per cent
of variations in bank profitability. With the
introduction of the next variable, i.e., X. (non-
performing assets as percentage of advances)
it is revealed that both the variables taken
together explains 41.25 percent of the
variations and the variable X_ alone have an
impact of 20.19 per cent. With the addition of
X5 (cost of borrowings to total expenditures),
the co-efficient of determination (R:) has
increased to 50.22 per cent and this variable
(X^) alone contributes to the extent of 8.97
per cent.
Table - 2: Swmr Analysis - Sbi Group - Period - li
(In per cent)
Variables R: Increase in R:
X9 - Provisions & Contingencies to Total Expenditures 78.97 -
X - Demand Deposits to Total Deposits 84.31 5.34
X, - Rural Branches to Total Branches 87.68 3.37
3
Journal of Management, Vol IV, No. 1
Table 2 explains that the variable Xy appeared
as the first variable and thereafter-subsequent
variables were added one by one to show the
maximum fit. The variable Xy (provisions and
contingencies as percentage of total
expenditures) explains 78.97 per cent of
variations in bank profitability. With the
introduction of the next variable, i.e.. X
{demand deposits as percentage of total
deposits) it is revealed that both the variables
taken together explain 84.3
1
percent of the
variations and the variable X, alone have an
impact of 5.34 per cent. With the addition of
X, (rural branches as percentage of total
branches), the co-efficient of determination
(R:) has increased to 87.68 per cent and this
variable (X,) alone contributes to the extent
of 3.37 per cent.
Table - 3: Swmr Analysis - Nb Group - Period - I
(In per cent)
Variables R: Increase in R:
X9 - Provisions & Contingencies to Total Expenditures 61.92 -
X, - Rural Branches to Total Branches 68.4 6.48
X16 - Demand Deposits to Total Deposits 75.09 6.69
X - Time Deposits to Total Deposits 78.49 3.4
Table - 3 shows that the variable X appeared
as the first variable and thereafter-subsequent
variables were added one by one to show the
maximum fit. The variable Xy (provisions and
contingencies as percentage of total
expenditures) explains 61.92 per cent of
variations in bank profitability. With the
introduction of the next variable, i.e., X (rural
branches as percentage of total branches) it
is revealed that both the variables taken
together explain 68.40 per cent of the
variations and the variable X, alone have an
impact of 6.48 per cent. With the addition of
X (demand deposits as percentage of total
deposits), the co-efficient of determination
(R:) has increased to 75.09 per cent and this
variable (X ) alone contributes to the extent
of 6.69 percent. With the introduction of the
subsequent variables, the value of R: (co-
efficient of determination) has increased to
78,49 per cent.
Table - 4: Swmr Analysis - Nb Group - Period - II
(In per cent)
Variables R: Increase in R:
X,j
- Capital Adequacy Ratio 70.42 -
Xa - Provisions & Contingencies to Total Expenditures 74.81 4.39
X. - Non Performing Assets to Advances 79.94 5.13
X_ - Establishment Expenses to Total Expenditures 82,08 2.14
X - Time Deposits to Total Deposits 86.37 4.29
X , - Other Income to Total Income 87,77 1.4
X. - Cost of Borrowings to Total Expenditures 88.49 0.72
X, - Rural Branches to Total Branches 89.51 1.02
4
Profitability of Scheduled Commercial Banks in India
A critical analysis of the Table 4 reveals that
variable appeared as the first variable and
thereafter-subsequent variables were added
one by one to show the maximum fit. The
variable X, (capital adequacy ratio) explains
70.42 per cent of variations in bank
profitability. With the introduction of the next
variable, i.e., X9 (provisions and contingencies
as percentage of total expenditures) it is
revealed that both the variables taken together
explain 74.81 percent of the variations and
the variable X9 alone has an impact of 4.39
per cent. With the addition of X^
(non-performing assets to advances), the
co-efficient of determination (R2) has
increased to 79.94 per cent and this variable
(X,) alone contributes to the extent of 5.13
percent. Similarly; by inclusion of further
variables in the order given, which have an
impact of the variable in profitability are as
follows: X. (Establishment Expenses to total
expenditures) 2.14 per cent; X17 (time deposits
to total deposits) 4.29 per cent; X,4 (other
income to total income) 1.40 per cent; Xs (cost
of borrowings to total expenditures) 0.72 per
cent; and X3 (rural branches to total branches)
1.02 per cent.
Table - 5: Swmr Analysis - Pb Group - Period - I
(In per cent)
Variables R= Increase in R2
X6 - Other Interest Expenses to Total Expenses 17.81 -
X, - Non Performing Assets to Advances 24.97 7.16
X - Total Credit to Total Deposits 37.65 12.68
X„ - Savings Deposits to total Deposits 49.07 11.42
X - Income from Investments to Total Income 54.5 5.43
X,0 - Fixed Assets to Working Funds 57.17 2.67
X]9 - Cash to Total Deposits 59.74 2.57
X9 - Provisions & Contingencies to Total Expenditures 61.63 1.89
X - Demand Deposits to Total Deposits 64.42 2.79
An observation of the Table - 5 reveals that
the variable X6 appeared as the first variable
and thereafter-subsequent variables were
added one by one to show the maximum fit
The variable X6 (other interest expenditures
to total expenditures) explains 17.81 percent
of variations in bank profitability. With the
introduction of the next variable, i.e., X, (non-
performing assets as percentage of advances)
it is revealed that both the variables taken
together explain 24.97 per cent of the
variations and the variable X., alone have an
impact of 7.16 per cent. With the addition of
X (total credit to total deposits), the co-
efficient of determination (R:) has increased
to 37.65 per cent and this variable (X]g) alone
contributes to the extent of 12.68 percent.
Similarly, by inclusion of further variables in
the order given, which have an impact of these
variables in profitability are as follows: Xj.
(savings deposits to total deposits) 11.42 per
cent: X,, (income from investments to total
income) 5.43 per cent; X,0 (fixed assets to
working funds) 2.67 per cent; X]9 (liquid assets
to total deposits) 2.57 per cent; X9 (provisions
and contingencies to total expenditures) 1.89
per cent; and X (demand deposits to total
deposits) 2.79 per cent.
5
Journal of Management. \'ol IV, No. I
(In per cent)
Variables R: Increase in R-
X,, - Capital Adequacy Ratio 40.67 -
X - Savings Deposits to total Deposits 48.29 7.62
X, j - Other Income to Total Income 52.71 4.42
X, - Non Performing Assets to Advances 56.56 3.85
X9 - Provisions & Contingencies to Total Expenditures 59.23 2.67
X6
- Other Interest Expenses to Total Expenses 59.52 0.29
X - Cash to Total Deposits 60.89 1.37
X]6 - Demand Deposits to Total Deposits 62.72 1.83
An in-depth study of the Table 6 depicts that
the variable X appeared as the first variable
and thereafter-subsequent variables were
added one by one to show the maximum fit.
The variable X,, (capital adequacy ratio)
explains 40.67 per cent of variations in bank
profitability. With the introduction of next
variable, i.e., X . (savings deposits as
percentage of total deposits) it is revealed that
both the variables taken together explain 48.29
percent of the variations and the variable X,_.
alone have an impact of 7.62 per cent. With
the addition of X (other income to total
income), the co-efficient of determination (R:)
has increased to 52.71 per cent and this
variable (Xu) alone contributes to the extent
of 4.42 percent. Similarly, by insertion of
further variables in the order given, which
have an impact of the variable in profitability
are as follows: X. (non-performing assets to
advances) 3.85 per cent; X9 (provisions and
contingencies to total expenditures) 2.67 per
cent: Xr (other interest expenses to total
expenses) 0.29 per cent: Xl9 (liquid assets to
total deposits) 1.37 per cent: and X]fi (demand
deposits to total deposits) 1.02 per cent.
Suggestions
To improve the profits and profitability, banks
need to focus their attention on certain issues.
The suggestions may differ from bank to bank.
Hence, the following suggestions are given
with the intention of increasing the profitability
of the respective groups of
banks.
i. Minimising establishment expenses
The establishment expense constitutes the
second largest item of the total expenses of
commercial banks in India. These
establishment expenses need to be monitored
regularly by the Nationalised Banks and State
Bank of India and its associate banks by
dividing it into controllable and non-controllable
aspects. Though the staff salary structure of
banks is subject to bilateral agreements with
the trade unions, the utilization of manpower
resources to the optimum advantage is within
the control of managements. If staff
assessment is carried out on the basis of
activity analysis and productivity criteria, it
could be possible to attain higher business
volume with minimum staff and thus
establishment cost can be substantially-
reduced and bank profitability improved. If
necessary the Voluntary Retirement Scheme
can also be continued to reduce the burden of
establishment expenses to a certain extent,
taking into consideration the pros and cons of
such activity on the society.
ii.
Generating more non-interest income
The Nationalised Banks must concentrate on
increasing the non-interest income. To bring
improvement in income generation, it should
look towards diversifying into a wide range of
financial services. Since the ancillary income
constitutes quite a low proportion of total
income, it is necessary' that it should focus
6
Table - 6: Swmr Analysis - Pb Group - Period - II
Profitability of Scheduled Commercial Banks in India
greater attention on enlarging their ancillary
business both in terms of variety and coverage.
There are various ancillary services like
merchant banking services, consultancy
services, marketing services, leasing, factoring,
portfolio management and mutual funds, etc.,
which open up the newer areas into which
banks can successfully diversify. In this light
it can be said that entry into some of these
areas through fully owned subsidiaries is a step
in the right direction. To ensure maximum
profitability, banks need to adequately charge
for these services with proper cost-benefit
analysis periodically. While it is essential to
provide banking services at minimum cost,
there is. prima facie, no justification to enter
into loss-making areas.
iii. Enhancing Deposit Mobilisation
Both State Banks Group and Nationalised
banks group must concentrate on mobilization
of more deposits. Banks must put maximum
efforts to attract time deposits, which
contribute significantly towards the
enhancement of bank profitability Admittedly,
mobilizing fixed deposits is becoming difficult
due to competition from mutual funds; still,
scope for enhancement of short-term deposits
exists by improved customer service, providing
attractive gifts at a minimal cost range to their
valuable customcrs: better nomination facilities
and by the introduction of sophisticated
technology and communication systems.
iv. Improving Credit-Deposit Proportion
Utilisation of deposit amount for credit is one
of the pivotal activities of all commercial
banks.
In this regard, the Nationalised Banks
and Private Banks must concentrate more on
credit in all the regions (i.e., Northern, North
Eastern. Eastern, Central, Western and
Southern Regions). The SBI group should
concentrate more on Eastern, Western and
Central Regions. While sanctioning credit, the
national importance must be considered and
monitory mechanism should be implemented
to assess the ultimate use of credit. All such
activities must aim to boost the economic
prosperity and they should not violate the social
control over banks.
v. Introducing Innovative Branch
Administration
The poor performance of branch administration
in most of the rural areas must be noted down
by all the three groups of banks i.e.. SBI group,
Nationalised Banks group and Private Banks
group. The rural and semi-urban areas
account for 65 per cent of the total branches
of the scheduled commercial banks in India,
their combined share in aggregate deposits is
not greater than 35 per cent. This indicates
that the commercial banks have not made
adequate efforts to tap the deposit potential in
rural and semi-urban areas in the desired
manner - which is the lacuna to be removed
in future. The managers of the rural branches
should make special efforts to assess the
savings and lending potential in the rural areas
on the basis of house-to-house and field visits
from time to time.
vi. Control of NPA through the Debt-
recovery Tribunal
The mounting non-performing assets should
be noted down by all the three groups of
banks.
It is a matter of general concern that the
quality of lending has gone down. On the one
hand, this has resulted in mounting non-
performing assets, and on the other, shaken
the viability of many branches, particularly in
rural areas. With the increase in undue
interference in the matter of credit
disbursement, the bankers' morale gets
dampened when they find that a considerable
portion of the overdues is either preplanned
or willful. The impact of the insane' political
ideology of waiving loans has greatly
hampered the loans recovery programme,
especially in the agricultural sector. Thus,
political interference in the guise of Lisocial
control" should not be permitted to play its
dissipativc role. The existing Debt Recover*
Tribunals (DRTs) can be activated to introduce
more monitoring mechanism to control the non-
performing assets to a maximum extent
possible.
vii. Rational Investment Management
The investment portfolio of commercial banks
shows the impact of seasonality i.e.,
investments rise during the slack season when
the banks have surplus funds and fall during
7
Journal of Management, \bl IV, No. I
the busy season when they are called upon to
finance the credit needs of trade and industry.
Since the slack and busy seasons are roughly
of six months duration, it is desirable to
introduce comparatively longer time Treasury
Bills of 180 days and 364 days duration to
enable the banks to invest their slack season
surplus funds in these Treasury Bills. Since
the period of maturity of these bills would be
longer compared to the 91 days period of the
existing Treasury Bills, they should bear
proportionately higher yield. Such measures
will not only enable banks to have wider scope
for short-dated securities but also will improve
their profitability.
viii. Monitoring and Controlling
Mechanism on Important Ratios
One or more of the techniques under
multivariate analyses reveals significant result
at 1% level for certain variables under two
periods of SBI group. NB group and PB
group. All the three groups should concentrate
on the following ratios: i) Non-performing
assets to advances, ii) Rural branches to total
branches, iii) Cost of deposits to total
expenses, IV) Cost of borrowings to total
expenses, v) Establishment expenses to total
expenses, vi) Other operating expenses to total
expenses, vii) Provisions and contingencies to
total expenses, viii) Interest earned on
advances to total income, ix) Income from
investments to total income, x) Demand
deposits to total deposits, xi) Tune deposits to
total deposits and xii) Credit - Deposits ratio.
ix.
Introducing Modern Marketing
Strategies
The entire bank group can adopt the new
marketing strategies to attract the proposed
customers and to retain the existing customers
with the aim of improving the profitability. A
few modern marketing strategies are: under-
writing of new issues especially preference
shares and debentures, introduction of the
credit transfer scheme on the lines of the
scheme recently introduced in U.K.. farm
financing, credit cards and virtual banking
services such as Automated Teller Machines
(ATMs), Shared ATM Networks. Electronic
Fund Transfer at Point of sale (EFTPos).
Smart Cards. Stored-value Cards, Phone-
Banking. Internet and Intranet Banking.
x. Prudential disclosure of financial
Information
The commercial banks should prepare their
financial reports to match international
accounting standards. To begin with, efforts
may be made in the following specific areas:
i) Analysis of Assets and Liabilities by
Maturities.
ii) Undisclosed Reserves,
ui) Classification of Assets and Liabilities by
Name,
iv) Disclosure as to Existence and Amount of
Irrevocable Commitments and
v) The position of Gross NPAs and Net
NPAs.
All these prudential disclosures will indirectly
help the banks to improve their profitability
position.
Conclusion
The present study entitled 'Profitability of
Commercial Banks in India' is a fact-finding
research. In the course of study, some aspects
of factors influencing total earning, total
expenditure and the profitability of Indian
scheduled commercial banks in India have
been examined. The step wise multiple
regression analysis of the profitability
undertaken in this study, discloses the
relationship among the earning factors and
expenses factors on the profitability of the
banks.
All these information will create an
opinion in the mind of management of the
bank, and they can easily assess the strength,
weakness, opportunities and threats (SWOT)
of the banks, which w ill ultimately boost the
profitability of the banks.
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