Ratios for Emirates Islamic Bank and Commercial Bank of Dubai - Case Study Example

Content Financial Analysis 2 Liquidity ratio 2 Capital Structure ratio 4 Profitability Ratios 6 Asset efficiency Ratio 10 Market Performance ratio 11 Trend analysis 13 Comparative Statement Analysis 14 Overall Analysis 14 Findings 15 Recommendations 15 References 16 Appendix 17 Financial Analysis Financial analysis is very important for all business. Analyzing the statement helps in “planning, budgeting, monitoring, forecasting and improving the financial performance by taking vital decision”. (Micro Strategy, 2010) Proper analysing helps a long way to “understand the financial health”. (Micro Strategy, 2010) It helps to identify trends and compare with competitors and industry to gain advantage. The following is the ratios for Emirates Islamic Bank and Commercial Bank of Dubai. Liquidity Ratios This ratio plays an important part and helps “to identify the firms ability to meet its short term obligations and plays a huge role in the performance”. (Financial Modelling Guide, 2010) The ratios for Emirates Islamic Bank and Commercial Bank of Dubai are Current Ratio: “It measures the ability to pay the short term liabilities out of short term assets”. (Financial Modelling Guide, 2010) This ratio helps creditors, suppliers and investor to identify the liquid position. It is calculated as “Current Assets / Current Liabilities”. The current ratio for both the companies are as (appendix) The graph looks as follows The ratio shows that Commercial Bank of Dubai has a better liquidity position as compared to Emirates Islamic Bank. Emirates Islamic Bank need to improve the ratio as it is a concern as the short term obligations are higher. This might make investors and suppliers stay away. Commercial Bank of Dubai on the other hand is in a better position but still needs to take it slightly up. When we consider the two companies together it shows that Commercial Bank of Dubai has better policies and strategies as compared to Emirates Islamic Bank. The positive for Emirates Islamic Bank and Commercial Bank of Dubai is consistency. They need to work more and ensure that it reaches around 2. Emirates Islamic Bank and Commercial Bank of Dubai on the other hand needs immediate strategy as it is showing the business in not liquid and facing obstacle. This might make investors stay away. Cash Flow Ratio: It is defined as “the ability of the firm to meet the current liabilities out of its operating activities”. (Financial Modelling Guide, 2010) It is calculated as “Net Cash from Operating Activities / Current Liabilities X 100”. The ratios for both the companies are as follows The graph looks as follows The ratio for Emirates Islamic Bank and Commercial Bank of Dubai has fallen in 2010 as compared to 2009 and 2008. It shows that the inability of Emirates Islamic Bank and Commercial Bank of Dubai to pay its current bills has decreased. Commercial Bank of Dubai on the other hand has shown improvement. It is placed better compared to Emirates Islamic Bank. Both the companies need to ensure that the operating activities contribute more as it suggests the line of business the company is in and the ability to meet its current obligations from those. Capital Structure Ratio This ratio is of prime importance and provides relevant information about the company. “It identifies how much of the firm’s assets are financed through debt and includes long term debt”. (Transtutor, 2010) The ratios which help to determine it are as Debt Ratio: “It determines the proportion of long term debt in relation to the shareholders fund and long term debt”. (Transtutor, 2010) This ratio helps to identify the financial soundness. It is calculated as “Total Liabilities / Total Assets”. The ratio for both the companies are as The graph looks as follows The ratio indicates soundness on the part of both the companies. It shows that the company has a scope for more investment through debts. This is a good sign and shows the company has a space for future projects. As both the companies work in a type of market where to grow large debt is needed so the ratio seems to be sound. Debt to Equity Ratio: “It determines the proportion of long term debt in relation to the shareholders fund and long term debt”. (Transtutor, 2010) This ratio helps to identify the financial soundness. It is calculated as “Long Term Debts / Equity X 100”. The ratios for both the companies are as The graph looks as follows The ratio indicates soundness on the part of Emirates Islamic Bank as compared Commercial Bank of Dubai. It shows that Emirates Islamic Bank has a scope for more investment through debts. This is a good sign and shows the company has a space for future projects. Commercial Bank of Dubai has increased its debt by borrowing and is a worry and needs to sustain or reduce it so that it can borrow in the future. Commercial Bank of Dubai hotels need to ensure that it keeps with the industry standard. Profitability Ratios Profitability ratios form a very vital part of financial analysis. This ratios help to understand the profit which can be attributed to the different factors which work in tandem to achieve the desired results. Comparing it with the previous years and the competitors’ helps to evaluate the shortcomings, and shows area which needs to be improved. The profitability ratios are as follows Net Profit Margin: “It is defined as the profit generated per dollar of sales and is calculated after all the direct and indirect expense has been considered”. (Kennon, 2010) Organisations prefer this to be high. It is calculated as “Earnings before Interest and taxes (EBIT) / Sales X 100”. The ratios for both the companies are as The graph loos as follows The ratio indicates that Emirates Islamic Bank is better placed compared to Commercial Bank of Dubai. It is seen that the net profit has decreased for Emirates Islamic Bank. This is a worrying factor and reflects inefficiency to maintain the indirect expense. It shows he amount of indirect expenses like marketing, distribution and other expenses the company incurs. The ratio for both the banking giants has not shown improvement signifying poor management and lack to control cost. When we look at the broader picture it shows that Emirates Islamic Bank despite having a higher net profit has decreased in 2010 as compared to Commercial Bank of Dubai. It signifies improper management and strategies to cut cost is required. Return on Assets: “It is defined as the amount of profit generated for per dollar of asset”. (Joseph, 2010) It helps to identify whether the assets are utilized properly or underutilized. It is calculated as “Earnings before Interest and Taxes (EBIT) / Average assets X 100). The ratios for both the companies are as The graph loos as follows Here we see that the return on assets for Commercial Bank of Dubai has increased in 2010 as compared to 2009. The worrying factor for Emirates Islamic Bank is that their assets are underutilized. This has resulted in having more assets that warranted. Commercial Bank of Dubai on the other hand has a better return showing proper utilization of assets. The other important part to note is that players in the banking industry have huge assets which results in the ratio being lower. Still, on an overall basis we see that Emirates Islamic Bank need to improve their return as it is have very heavy assets and needs to improve it as compared to the competitors. Return on Equity: “It is defined as the profit earned as compared to the equity shareholders i.e. earning per dollar of equity” (Joseph, 2010) and is calculated as “Net Profit available to ordinary shareholders / Average Equity (excluding minority interest and preference capital) X 100”. The ratios for both the companies are as follows The graph looks as follows We see that Commercial Bank of Dubai has a very high return on equity as compared to Emirates Islamic Bank. The returns for Emirates Islamic Bank have decreased. This is a worrying factor and shows the strategies and policies implemented hasn’t been successful. The return for Emirates Islamic Bank is very low as compared to Commercial Bank of Dubai which might lead to shareholders moving out to other companies or investing in risk free securities. Emirates Islamic Bank needs to take urgent steps to improve it. Asset Efficiency Ratios Operating ratios forms a very important part as it helps to “show the efficiency of the management and also indicates the company’s efficiency to manage its capital”. (Joseph, 2010) this ratios help to find the efficiency when it comes to turnover. The following ratio helps to calculate the operating efficiency. They are as Asset Turnover Ratio: It is defined as “the total sales generated per revenue of assets”. (Joseph, 2010) It is calculated as “Sales Revenue / Average Total Assets”. The ratios for both the companies are as follows The graph looks as follows The ratio indicates increase in turnover for both Emirates Islamic Bank and Commercial Bank of Dubai in 2010. Emirates Islamic Bank has been able to use its assets better in 2010 as compared to Commercial Bank of Dubai. Emirates Islamic Bank and Commercial Bank of Dubai both needs to improve their turnover. It is a concern for Emirates Islamic Bank and Commercial Bank of Dubai as their turnover ratio is low continuously over a period of time and is a concern. Market Performance Ratio This ratios help to find the shareholders confidence in the company. This ratio helps to find the prediction the shareholders have and company’s performance is also reflected here. A company having sound capital market ratios ensures that people prefer this companies and this is seen by the growth in share prices. The ratios which will help to find the capital market are as follows Earnings per Share: “It is defined as the profit attributed to the equity shareholders”. (Joseph, 2010) It is calculated as “Net profit available to ordinary shareholders / weighted number of ordinary shares on issue”. The ratios for both the companies are as follows The graph looks as follows The above ratio indicates soundness on the part of both the companies. Commercial Bank of Dubai has higher earnings per share indicating that the shareholders are getting a good return. The return for Emirates Islamic Bank and Commercial Bank of Dubai has decreased in 2010 as compared to 2009 which shows that the profit has grown. The overall result for Commercial Bank of Dubai seems sound and is a good prospect to invest. Emirates Islamic Bank needs to further improve their return so that more people invest in the company. Equity Multiplier: “It is defined as the asset which is financed through”. (Joseph, 2010) It is calculated as “Total Assets/ Total Equity”. The ratios for both the companies are as follows The graph looks as follows The above ratio indicates soundness on the part of both the companies. Emirates Islamic Bank has a higher equity multiplier indicating that the assets are financed through equity. The return for Emirates Islamic Bank has decreased in 2010 as compared to 2009 which shows that the equity has grown. The overall result for both the giants seems sound and is a good prospect to invest. Trend Analysis The trend analysis for both Islamic Bank and Commercial Bank of Dubai group of hotels shows a bright picture considering the momentum the economies around the world are gathering and also the increase in spending. This will result in profits to soar up. Islamic Bank and Commercial Bank of Dubai on the backdrop of it can benefit greatly by proper services and new schemes which increases investment in banks. Islamic Bank and Commercial Bank of Dubai hotels can look forward towards increasing the customer base and cut down on expenses. This will act as a tool and will help to increase the profits. This has been further facilitated by the push provided by the government and measures taken to promote economies which will attract people from around the globe. The trend thus predicts a bright and prosperous time for the banking industry and Islamic Bank and Commercial Bank of Dubai by banking on it can improve its performance. There has a scope and an initiative in the right direction can go a long way in improving the performance. Comparative Statement The comparative statement of Emirates Islamic Bank and Commercial Bank of Dubai shows improvement and growth in certain quarters and decrease in others. The financial statements shows that both Emirates Islamic Bank and Commercial Bank of Dubai are showing consistency in performance and the percentage share of both the company is growing. The comparative analysis of Emirates Islamic Bank looks as follows Assets 2009 2008 2007 2009 in % 2008 in % 2007 in % cash, and balance with UAE bank 1,161,562 1,643,918 867,912 4.593035 6.226856 5.119244 due from bank 127,229 27,389 23,340 0.503087 0.103744 0.137667 due from group holding co. net 1,656,526 849,958 985,482 6.550216 3.219483 5.812713 financing receivable 16,705,800 17,855,630 10,836,828 66.05788 67.63381 63.91935 investment 3,780,070 4,120,379 39,909 14.94711 15.60723 0.235397 investment properties 3,780,070 393,847 1,187,157 14.94711 1.491819 7.002261 investment properties under development 3,780,070 859,546 1,592,993 14.94711 3.255801 9.396022 prepayment and other assets 3,780,070 593,164 606,905 14.94711 2.246795 3.579735 fixed assets 3,780,070 56,619 536,353 14.94711 0.214462 3.163595               total assets 25,289,639 26,400,450 16,953,909 100% 100% 100%               liabilities             customer account 19,418,087 19,582,652 13,909,058 76.78278 74.17545 82.04042 due to bank 1,207,526 2,099,912 158,200 4.774785 7.954077 0.933118 other liabilities 696,172 1,004,743 800,319 2.752795 3.80578 4.720557 zakat payable 13,121 17,185 13,426 0.051883 0.065094 0.079191 investment wakala 1,081,872 2,021,872 740,000 4.277926 7.658476 4.364775               total liabilities 22,416,778 24,726,364 15,621,003 88.64017 93.65887 92.13806               shareholders’ equity             share capital 2,314,688 934,375 747,500 9.152713 3.539239 4.409013 statutory reserve 200,738 187,659 147,599 0.793756 0.710817 0.87059 general reserve 106,517 93,438 74,750 0.421188 0.353926 -0.4409 cumulative changes in fair value -6,679 11,693 144,000 -0.02641 0.044291 0.849362 retained earning 165,234 354,032 6,175 0.653366 1.341007 0.036422 total shareholders’ equity 2,780,498 1,581,197 212,882 10.99461 5.98928 1.255651 non controlling interest 92,363 92,889   0.365221 0.351846                 total equity 2,872,861 1,674,086 1,332,906 11.35983 6.341127 7.861939 total liabilities and equity 25,289,639 26,400,450 16,953,909 100% 100% 1 The graph for assets looks as follows The graph for liabilities looks as follows The comparative analysis of Commercial bank of Dubai looks as follows assets 2009 2008 2007 2009 2008 2007   AED 000 AED 000 AED 000 (in %) (in %) (in%)               cash and balance with central bank 3,651,928 2,208,583 5,730,341 9.92829 6.176593 18.8275 due from bank 1,159,071 919,719 209,087 3.151101 2.572115 0.686972 loans and advances 28,376,823 28,579,258 20,777,094 77.14646 79.92566 68.26483 investment securities 1,896,575 2,233,307 2,290,410 5.156111 6.245737 7.525328 properties equipment 576,883 475,799 415,642 1.568339 1.330635 1.365625 other assets 1,121,772 1,340,635 1,013,443 3.049698 3.749262 3.329749               total assets 36,783,052 35,757,301 30,436,017 100 100 100               liabilities and equity             liabilities             due to bank 766,568 2,361,169 3,241,929 2.084025 6.60332 10.65162 customer deposits 27,928,454 25,754,648 21,176,937 75.92751 72.02626 69.57854 medium term borrowing 1,469,200 1,469,200   3.994231 4.108811 0 other liabilities 1,268,870 1,469,101 1,258,253 3.449605 4.108534 4.134092               total liabilities 31,433,092 31,054,118 25,677,119 85.45537 86.84693 84.36426               equity             share capital 1,764,806 1,411,845 1,129,476 4.797878 3.94841 3.710985 legal reserve 1,379,683 1,379,679 1,257,375 3.750866 3.858454 4.131207 capital reserve 38,638 38,638 38,638 0.105043 0.108056 0.126948 general reserve 1,100,000 1,100,000 1,070,000 2.990508 3.076295 3.515572 cumulative changes in the value of AFS investment 65,511 -19,187 457,521 0.178101 -0.05366 0.001081 cumulative changes in the value of cash flow hedge instrument -29,034 -5,545   -0.07893 -0.01551 0 reserve for proposed bonus issue 176,481 352,961 282,369 0.479789 0.987102 0.927746 proposed cash dividend 264,721 211,777 338,843 0.719682 0.592262 1.113296 proposed remuneration 6,000 6,000 6,000 0.016312 0.01678 0.019713 retained earning 583,154 227,015 178,675 1.585388 0.634877 0.587051               total equity 5,349,960 4,703,183 4,758,898 14.54463 13.15307 15.63574 total liability and equity 36,783,052 35,757,301 30,436,017 100 100 100 The graph for assets over the three years looks as follows The graph for liabilities looks as follows The future based on the comparative statements shows that both Emirates Islamic Bank and Commercial Bank of Dubai the companies are posing for a growth and will result in better future. Overall Analysis The overall analysis of Emirates Islamic Bank and Commercial Bank of Dubai shows strength in the banking structure. Both the bank has ensured that they are able to convert the people deposits into loan which is reflected through their liquid ratios. The performance of the banks also shows that Commercial Bank of Dubai has been better able to manage their resources compared to Emirates Islamic Bank. The strong banking regulation has also ensured that the banks have sufficient liquid funds and is able to match the customer requirements. A look at the overall picture for Emirates Islamic Bank and Commercial Bank of Dubai suggest that strategy of the bank has been directed towards ensuring customer satisfaction by both the banks offering various products which suits the needs of the customers. Thus the future prospect looks bright and the bank will be able to grow on the basis of sound fundamentals. Findings The liquidity position especially the current ratio is sound for Commercial Bank of Dubai and Emirates Islamic Bank needs to improve it. The long term debt ratios is sound for both the companies and have the scope to take loan for further development. The companies have used their short term debt to finance long term assets is a worrying factor and steps needs to be taken. Emirates Islamic Bank and Commercial Bank of Dubai profit has decreased in 2010 as compared to 2009 and it needs to improve it so that it stays ahead competition Recommendations Emirates Islamic Bank and Commercial Bank of Dubai needs to improve its current ratio so that it reflects soundness in its policies and strategies Both the companies need to reduce the amount held in debt as it is high leading to a lot of money being invested Both the companies need to take more debt especially long term so that they are able to save on the taxes References Commercial bank of Dubai, (2010), retrieved on November 28, 2010 from http://www.cbd.ae/about_Annual.aspx Emirates Islamic bank, (2010), retrieved on November 28, 2010 from http://www.emiratesislamicbank.ae/nr/eib/aboutus/financials/annualreport.htm Financial Modelling Guide, (2010), “Liquidity ratios”, retrieved on November 28, 2010 from http://www.financialmodelingguide.com/financial-ratios/liquidity-ratios/ Joseph K, (2010), “Analyzing an income statement: Return on Assets”, about.com guide, The New York Times Company Joseph K, (2010), “Analyzing an income statement: Return on Equity”, about.com guide, The New York Times Company Kennon J, (2010), “Analyzing an income statement: Net Profit Margin”, about.com guide, The New York Times Company Micro Strategy, (2010), “Financial Analysis”, retrieved on November 28, 2010 from http://www.microstrategy.com/financial-analysis/ Transtutor, (2010), “Capital Structure Ratios”, retrieved on November 28, 2010 from http://www.transtutors.com/finance-homework-help/dividend-decisions-and-tools-of-financial-planning/Capital-Structure-Ratios.aspx Appendix 1. Ratio analysis of Emirates Islamic Bank Ratios Formula 2009 2008 2007 Current Ratio Current Assets / Current Liabilities 19,651,117/20,625,613 = 0.95 20,376,895/21,682,564 = 0.93 12,713,562/14,067,258 = 0.90 Debt to Equity Ratio Long Term Debts / Equity 1,081,872/2,872,861 = 0.37 2,021,872/1,674,,086= 1.20 740,000/1,332,906 = 0.55 Net Profit Margin Net Profit / Sales * 100 (130,794/1,508,134)*100 = 8.67 (400,583/1,499,361)*100 = 26.71 (238,533/961480)*100 = 24.80 Return on Assets Net Income / Total Assets * 100 (130,794/25,289,639)*100 = 0.51 (400,583/26,400,450)*100 = 1.51 (238,533/16,953,909)*100 = 1.40 Return on Equity Net Income / Equity * 100 (130,794/2,872,861)*100 = 4.55 (400,583/1,674,086)*100 = 23.92 (238,533/1,332,906)*100 = 17.89 Asset Turnover Ratio Sales Revenue / Average Total Assets 1,508,134/25,289,639 = 0.059 1,499,361/26,400,450 = 0.056 961,480/16,953,909 = 0.056 Cash Ratio Cash / Current Liabilities 1,161,562/20,625,613 = 0.056 1,643,918/21,682,564 = 0.075 867,912/14,067,258 = 0.061 Total debt ratio Total asset - total equity / total assets (25,289,639-2,872,861)/25,289,639 = 0.88 (26,400,450-1,674,086)/26,400,450 = 0.93 (16,953,909-1,332,906)/16,953,909 = 0.921 Equity Multiplier Total Asset / Total Equity 25,289,639/2,872,861 = 8.80 26,400,450/1,674,086 = 15.77 16,953,909/1,332,906 = 12.71 Earning per Share Net Income / Outstanding shares 0.07 (given) 0.33 (given) 0.32 (given) 2. Ratio Analysis of Commercial Bank of Dubai Ratios Formula 2007 2008 2009 Current Ratio Current Assets / Current Liabilities 29,006,932/24,418,866 = 1.18 33,940,867/28,115,817 = 1.20 35,084,397/28,695,022 = 1.22 Debt to Equity Ratio Long Term Debts / Equity 4,758,898 = 4.44 27,223,848/4,703,183 = 5.78 31,433,092/5,349,960 = 5.87 Net Profit Margin Net Profit / Sales * 100 (935,917/1,342,933)*100 = 66.69 (771,381/1,258,992)*100 = 61.26 (803,345/1,317,535 ) *100 = 60.97 Return on Assets Net Income / Total Assets * 100 (871,367/30,757,301)*100 = 2.83 (1,143,977/35,757,301)*100 = 3.19 (1,317,535/36,783,052)*100 = 3.58 Return on Equity Net Income / Equity * 100 (871,736/4,758,898)*100 = 18.31 (1,143,977/4,703,183)*100 = 24.32 (1,317,535/5,349,960)*100 = 24.62 Asset Turnover Ratio Sales Revenue / Average Total Assets 1,342,933/30,436,017 = 0.044 1,258,992/35,757,301 = 0.035 1,338,642/36,783,052 = 0.036 Cash Ratio Cash / Current Liabilities 5,730,341/24,418,866 = 0.234 2,208,583/28,115,817 = 0.078 3,651,928/28,695,022 = 0.12 Total debt ratio Total asset - total equity / total assets 30,436,017-4,758,898)/30,436,017 = 0.84 (35,757,301-4,730,183)/35,757,301 = 0.86 (36,783,052-5,349,960)/36,783,052 = 0.85 Equity Multiplier Total Asset / Total Equity 30,436,017/4,758,898= 6.39 35,757,301/4,730,183 = 7.55 36,783,052/5,349,960 = 6.87 Earning per Share Net Income / Outstanding shares 0.67 (given) 0.55 (given) 0.46 (given) 3. Ratio for both banks 4. Comparative statement of Emirates Islamic Bank Assets 2009 2008 2007 2009 in % 2008 in % 2007 in % cash, and balance with UAE bank 1,161,562 1,643,918 867,912 4.593035 6.226856 5.119244 due from bank 127,229 27,389 23,340 0.503087 0.103744 0.137667 due from group holding co. net 1,656,526 849,958 985,482 6.550216 3.219483 5.812713 financing receivable 16,705,800 17,855,630 10,836,828 66.05788 67.63381 63.91935 investment 3,780,070 4,120,379 39,909 14.94711 15.60723 0.235397 investment properties 3,780,070 393,847 1,187,157 14.94711 1.491819 7.002261 investment properties under development 3,780,070 859,546 1,592,993 14.94711 3.255801 9.396022 prepayment and other assets 3,780,070 593,164 606,905 14.94711 2.246795 3.579735 fixed assets 3,780,070 56,619 536,353 14.94711 0.214462 3.163595               total assets 25,289,639 26,400,450 16,953,909 100% 100% 100%               liabilities             customer account 19,418,087 19,582,652 13,909,058 76.78278 74.17545 82.04042 due to bank 1,207,526 2,099,912 158,200 4.774785 7.954077 0.933118 other liabilities 696,172 1,004,743 800,319 2.752795 3.80578 4.720557 zakat payable 13,121 17,185 13,426 0.051883 0.065094 0.079191 investment wakala 1,081,872 2,021,872 740,000 4.277926 7.658476 4.364775               total liabilities 22,416,778 24,726,364 15,621,003 88.64017 93.65887 92.13806               shareholders’ equity             share capital 2,314,688 934,375 747,500 9.152713 3.539239 4.409013 statutory reserve 200,738 187,659 147,599 0.793756 0.710817 0.87059 general reserve 106,517 93,438 74,750 0.421188 0.353926 -0.4409 cumulative changes in fair value -6,679 11,693 144,000 -0.02641 0.044291 0.849362 retained earning 165,234 354,032 6,175 0.653366 1.341007 0.036422 total shareholders’ equity 2,780,498 1,581,197 212,882 10.99461 5.98928 1.255651 non controlling interest 92,363 92,889   0.365221 0.351846                 total equity 2,872,861 1,674,086 1,332,906 11.35983 6.341127 7.861939 total liabilities and equity 25,289,639 26,400,450 16,953,909 100% 100% 1 5. Comparative Statement of Commercial bank of Dubai assets 2009 2008 2007 2009 2008 2007   AED 000 AED 000 AED 000 (in %) (in %) (in%)               cash and balance with central bank 3,651,928 2,208,583 5,730,341 9.92829 6.176593 18.8275 due from bank 1,159,071 919,719 209,087 3.151101 2.572115 0.686972 loans and advances 28,376,823 28,579,258 20,777,094 77.14646 79.92566 68.26483 investment securities 1,896,575 2,233,307 2,290,410 5.156111 6.245737 7.525328 properties equipment 576,883 475,799 415,642 1.568339 1.330635 1.365625 other assets 1,121,772 1,340,635 1,013,443 3.049698 3.749262 3.329749               total assets 36,783,052 35,757,301 30,436,017 100 100 100               liabilities and equity             liabilities             due to bank 766,568 2,361,169 3,241,929 2.084025 6.60332 10.65162 customer deposits 27,928,454 25,754,648 21,176,937 75.92751 72.02626 69.57854 medium term borrowing 1,469,200 1,469,200   3.994231 4.108811 0 other liabilities 1,268,870 1,469,101 1,258,253 3.449605 4.108534 4.134092               total liabilities 31,433,092 31,054,118 25,677,119 85.45537 86.84693 84.36426               equity             share capital 1,764,806 1,411,845 1,129,476 4.797878 3.94841 3.710985 legal reserve 1,379,683 1,379,679 1,257,375 3.750866 3.858454 4.131207 capital reserve 38,638 38,638 38,638 0.105043 0.108056 0.126948 general reserve 1,100,000 1,100,000 1,070,000 2.990508 3.076295 3.515572 cumulative changes in the value of AFS investment 65,511 -19,187 457,521 0.178101 -0.05366 0.001081 cumulative changes in the value of cash flow hedge instrument -29,034 -5,545   -0.07893 -0.01551 0 reserve for proposed bonus issue 176,481 352,961 282,369 0.479789 0.987102 0.927746 proposed cash dividend 264,721 211,777 338,843 0.719682 0.592262 1.113296 proposed remuneration 6,000 6,000 6,000 0.016312 0.01678 0.019713 retained earning 583,154 227,015 178,675 1.585388 0.634877 0.587051               total equity 5,349,960 4,703,183 4,758,898 14.54463 13.15307 15.63574 total liability and equity 36,783,052 35,757,301 30,436,017 100 100 100 Read More