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SUBJECT: TOPIC: PRESENTED TO:

FINANCIAL ANALYSIS RATIO ANALYSIS OF BANK ALFALAH LIMITED

MR.RANA ADEEL LUQMAN

PRESENTED BY:

MR. SOHAIB SULTAN MR. FARHAN ARSHAD MR. MUHAMMAD IKRAM MR. MOHSIN BILAL MR. SHAIRAZ ABBAS

(09) (13) (06) (40) (27)

B.COM HONS MORNING

8TH SEMESTER SESSION 2007-11
SUBMITTED DATE: Monday, June 14, 2011

DEPARTMENT OF COMMERCE
THE ISLAMIA UNIVERSITY OF BHAWALPUR
BAHAWALNAGAR CAMPUS

Preface

Financial statements are the lens on a business. Financial statement analysis calibrates the lens to bring the business into focus. Imperfections in the financial statements can dirty the lens and distort the picture. Financial statement analysis deals with the imperfections in financial statements to improve the focus.

Financial statements have many uses, but the predominant one is to provide information for investing in businesses. Every day millions of shares and corporate bonds are traded in the world's capital markets, and prices are set to value these securities. Investors want to know what firms are worth so they can ascertain at what price to trade. They turn to financial statement analysis to get an indication of the underlying value of firms. This book focuses on these investors.

Underlying value is sometimes referred to as fundamental value, and the analysis of information about fundamental value is referred to as fundamental analysis. This Report is about fundamental analysis. Financial statement analysis is central to fundamental analysis. Indeed, in this report, fundamental analysis is developed as a matter of appropriate financial statement analysis. As the lens on a business, financial statements, focused with the techniques of financial statement analysis, provide a way of interpreting the business that enables readers to understand the value it generates for shareholders.

ACKNOWLEDGEMENT In the name of Allah, the most beneficent and merciful who gave us strength and knowledge to complete this report. This report is a part of our courseFinancial Management. This has proved to be a great experience. This report is a combine effort ofMuhammad Ikram, Farhan Arshad,Mohammad Mohsin Bilal, Sohaib Sultan Chisti, Shairaz Abbas.We would like to express our gratitude to Mr. Rana AdeelLuqman; who gave us this opportunity to fulfill this report.We would also like to thank our colleagues whoparticipated in a focus group session. They gave us many helpful comments which helped us a lot in preparing our report.

Sr.no. 1 2 3 4 5 6 7 8 9 10 11 12

Contents
Introduction of Bank Alfalah Limited

Page No. 5 5 5 5 6 7 8 16 18 19 20 20

History of Bank Alfalah Limited Objectives of Bank Alfalah Limited Branches of Bank Alfalah Limited Services of Bank Summary of Directors Report Two year Ratio Analysis of Bank Alfalah Limited Income Statement Balance Sheet SWOT Analysis Credit Rating of Bank Alfalah Limited Recommendations

INTRODUCTION OF BANK ALFALAH LIMITED:

Bank Alfalah Limited is a private bank in Pakistan owned by the Abu Dhabi Group .Bank Alfalah was incorporated on June 21, 1992 as a public limited company under the Companies Ordinance 1984. Its banking operations commenced from November 1, 1992. The bank is engaged in commercial banking and related services as defined in the Banking companies ordinance, 1962.

History of bank:
Bank Alfalah Limited was launched on June 21, 1992 as a public limited company under the Companies Ordinance 1984. The bank commenced its operations on November 1, 1992. The bank introduced commercial banking and related services as defined in the Banking companies ordinance, 1962. After a few years, the bank introduced its new identity of H.C.E.B after the privatization in 1997. The management of the bank had implemented strategies and policies so the bank would become a major player in the market. With a partnership with the Abu Dhabi Group the position of the bank became stronger which allowed the bank to invest more in revolutionary technology to increase its range of products and services. On the 16th of May, 2005 Bank Alfalah formally took over the Bangladesh operations of Shamil Bank of Bahrain for US $17.88 million and renamed it to Bank Alfalah. This was the first branch of the bank outside Pakistan.

OBJECTIVES OF BANK ALFALAH:

Objectives are the ends towards which activities are aimed. In fact, these are the results to be achieved. The BAL has the following main objectives;

To create maximum economic value for shareholders through a constant relationship. To promote industrial agricultural and socio economic processes through the active participation of private and sound public sector in the country. Create a diversified and sound portfolio for utilization of idle funds and their investment in the existing and new venture specially in the pioneering of high tech agro based, export oriented and engineering projects to ensure maximum returns.

BRANCHES OF BANK:
The bank is currently operating through more than 362 branches domestically and an international presence in Afghanistan, Bangladesh and Bahrain, with the registered office at B.A.Building, I.I.Chundrigar, Karachi. Some of the main branches are located in all of the major cities including:

Chakwal,Hyderabad,Lahore,Kasur,Islamabad,GawaderPeshawar,Quetta,D.I.khan,Rawalp indi,Sargodha,Shekhupura,Sukkur,Sialkot,MultanMurree,AttockDistrict,Gugranwala,Pirmahal, MirpurKhas, Bahawalnagar etc.

SERVICES OF BANK:
With the mission to provide all-encompassing banking services to the customers, Bank Alfalah has a uniquely defined menu of financial products. Currently it is one of the most comprehensive portfolios of personalized financial solutions that are custom- tailored to serve the requirements not only of conventional customers but also fulfill the needs of the corporate sector: Home Financing Rupee Car Financing Travelers Cheque Debit card Online Banking Credit Cards ATMs Islamic Banking Corporate and Structured Financing

SAMMARY OF DIRECTORS REPORT (BANK ALFALAH)

According to directors view performance of bank is increasing. During 2010 the banks profit before taxation stood at Rs.1368745 million compared to Rs.1016, 316 million for the previous year. They continue to strengthen our presence in the market place and as of yearend 2010, they have a network of 386 branches. During 2010 they focused on streamlining operational platform for creating efficiencies while providing maximum level of internal and external services. They say that implementation of IT plays a major role in enhance performance

TWO YEARS RATIOS ANALYSIS OF BANK ALFALAH LIMITED

1. Would you want to make investment as an equity investor?
No. 1 2 3 4 5 6 7 8 9 10 11 Ratios Equity Capital Ratio Tier 1 Leverage Ratio Risk Based Capital ratio Net Interest Margin Ratio Return on Average Equity Return on Average Assets Return On Earning Assets Non Interest Income to Avg Assets Overhead Ratio Average Collection Of Interest Efficiency Ratio 2009 .06 .044 .057 .11 .052 .241 .14 .0122 .030 358(days) .68 2010 .056 .042 .054 .13 .049 .243 .129 .0115 .032 332(days) .69 Difference -.004 -.002 -.003 .02 -.003 .002 -.011 .0007 .02 26(days) .01

Comments on Ratios:
Equity Capital Ratio. Equity Capital Ratio .06 .056 .004 This ratio has decrease due to increase in assets in 2010as compare to 2009,like cash at Federal Reserve Bank by 15%and advances increase by10%.this shows that bank is growing by investing in securities and lending loans. It can secure bank from big loss due to portfolios of investments. Tier 1 Leverage Ratio. Tier 1 Leverage Ratio .044 .042 -.002 This ratio has decrease due to increase in assets in 2010as compare to 2009,like cash at Federal Reserve Bank by 15%and advances increase by10%.Higher proportion of loan indicates that company is utilizing more loan than equity. Per share profit/loss may be increase due to financial leverage. Risk Based Capital ratio. Risk Based Capital ratio .057 .054 -.003 This ratio has decrease due to increase in assets in 2010 as compare to 2009, like cash at Federal Reserve Bank by 15% and advances increase by 10%.This shows that bank is acquiring more secured assets due to this bank has generated realized profit on revaluation of assets which has increased by 1% as compared to previous year. Net Interest Margin Ratio. Net Interest Margin Ratio .11 .13 .02

The amount of interest earned as compare to previous year has increase by 21%. This indicates the bank is glooming and credit management working efficiently. The assets of bank are being utilized to generate higher revenue and portion of non earning or low yielding assets is low . Bank increased the interest rate as compare to previous year. Return on Average Equity. Return on Average Equity .052 .049 -.003 This ratio shows the capitalization policy of bank. The current ratios show that capitalization has increase by 13% and return on equity decreased by 9% as compared to previous year. It indicate that bank is engage in new projects which put impact on return on equity but in future bank may earn from these projects. Return on Average Assets. Return on Average Assets .241 .243 .002 This ratio shows the relation between net operating income after taxes and total average assets, this shows how assets ate utilizing by bank. This ratio shows return on average assets is a little bit high as compare to previous year. So we will invest in this bank. Return On Earning Assets. Return On Earning Assets .14 .129 -.011 This indicates the relation between earning of bank to total assets. Higher the ratio more the efficiency of management the return on earning assets has decreased than previous year due to capitalization of assets. The increase in profit is low as compare to increase in earning assets. Non Interest Income to Avg Assets. Return On Earning Assets .14 .129 -.011 This ratio indicates the relation between non-interest earnings like consulting, advisory fees and brokerage services etc. This ratio has decrease in 2010 than previous year due to decrease in dividends and in increase in average assets. Overhead Ratio. Overhead Ratio .030 .032 .02 Overhead ratio shows the relation between non-interest expenses to total average assets. There is increase in non-interest expenses by 8.5% as compared to previous year and also increase in average total asset by 8%.it shows that bank in expanding its business and investing in other companies, which has increase its overall cost. Investment in bank is beneficial. Average Collection Of Interest. Average Collection Of Interest 358(days) 332(days) 26(days) Average collection days indicate the days in which bank collects interest. The collection days decrease in 2010 by 26 days. This ratio shows the efficiency of credit department. But on the

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other hand it shows overdue loans are increasing on which customer pay just amount of interest and get renewal of loan. Efficiency Ratio. Efficiency Ratio .68 .69 .01 This ratio show the relation between non-interest expenses and total income (interest income+non-interest income).Lower the ratio higher the efficiency of management . Higher the total income and lower the non-interest expenses are the cause of low ratio. This ratio increases in inflation. The non-interest expenses increase @14% and income increase by 4%.

Would we make investment in Bank Alfalah Limited.

We would like to invest in this bank because it has increased its secured assets by capitalization of deposits and earnings of firm. Capitalization has put impact on return on equity but it will be better in future. Profitability ratios show that the performance of management is improving with the passage of time. Company has generated higher amount of interest and dividend which shows that firm is being utilized its resources efficiently.

2. Would you like to extend short term loan to Bank Alfalah

Limited?

No. 1 2 3 4 5 6 7 8 9 10

Ratios Loan as Percentage of Deposit Liquid Assets to Total Deposits Net Interest Margin Ratio Return on Average Equity Return on Average Assets Return On Earning Assets Non Interest Income to Avg Assets Overhead Ratio Average Collection Of Interest Efficiency Ratio

2009 .63 1.15 .11 .052 .241 .14 .0122 .030 358(days) .68

2010 .60 1.12 .13 .049 .243 .129 .0115 .032 332(days) .69

Difference -.03 -..03 .02 -.003 .002 -.011 .0007 .02 26(days) .01

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Comments on Ratios:
Loan as Percentage of Deposit. Loan as Percentage of Deposit .63 .60 -.03 This ratio shows the relation between loans and deposits. The loan increased @ 5% as compare to 2009 and deposits increased by 8%.It shows bank is making investment of deposits funds in marketable securities than granting loan. So company has liquid position to pay the short term loan. That is why we will offer short term loan to bank. Liquid Assets to Total Deposits. Liquid Assets to Total Deposits 1.15 1.12 -..03 This ratio indicate liquid assets are sufficient to meet the current obligation. so short term loan to this bank is not risky This ratio match the deposits with liquid assets, and this show the percentage of liquid assets to total. Net Interest Margin Ratio. Net Interest Margin Ratio .11 .13 .02 The amount of interest earned as compare to previous year has increase by 21%. This indicates the bank is glooming and credit management working efficiently. The assets of bank are being utilized to generate higher revenue and portion of non earning or low yielding assets is low . Bank increased the interest rate as compare to previous year. So, lending short term loan to Bank Alfalah Limited is less risky. Return on Average Equity. Return on Average Equity .052 .049 -.003 This ratio shows the capitalization policy of bank. This ratio shows that capitalization has increase by 13% and return on equity decreased by 9% as compared to previous year. It indicate that bank is engage in new projects which put impact on return on equity but in future bank may earn from these projects. Return on Average Assets. Return on Average Assets .241 .243 .002 This ratio shows the relation between net operating income after taxes and total average assets, this shows how assets are utilizing by bank efficiently .This ratio shows return on average assets is a little bit high as compare to previous year. There is no any chance of loss. So, we can lend short term loan to bank Return On Earning Assets. Return On Earning Assets .14 .129 -.011 This indicates the relation between earning of bank to total assets. Higher the ratio more the efficiency of management the return on earning assets has decreased than previous year due to capitalization of assets. The increase in profit is low as compare to increase in earning assets.

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Bank is moving towards growth because bank is making investments in different projects. So, there are chances of bright future that is why we do not hesitate before lending to bank. Non Interest Income to Avg Assets. Return On Earning Assets .14 .129 -.011
This ratio indicate the relation between non-interest earnings like consulting, advisory fees and brokerage services etc. This ratio has decreased in 2010 than previous year due to decrease in dividends and in increase in average assets. Bank is opening new branches in different cities. The assets of bank increasing .so there are very low chances of default of bank.

Overhead Ratio. Overhead Ratio .030 .032 .02 Overhead ratio shows the relation between non-interest expenses to total average assets. There is increase in non-interest expenses by 8.5% as compared to previous year and also increase in average total asset by 8%.it shows that bank in expanding its business and investing in other companies, which has increase its overall cost. Investment in bank is beneficial. Overhead expenses are lower as compare to inflation rate.So extending short term loan to bank is less risky. Average Collection Of Interest. Average Collection Of Interest 358(days) 332(days) 26(days) Average collection days indicate the days in which bank collects the amounts of interest. The collection days decrease in 2010 by 26 days. This ratio shows the efficiency of credit department. But on the other hand it shows overdue loans are increasing on which customer pay just amount of interest and get renewal of loan. Efficiency Ratio. Efficiency Ratio .68 .69 .01 This ratio show the relation between non-interest expenses and total income (interest income+non-interest income).Lower the ratio higher the efficiency of management . Higher the total income and lower the non-interest expenses are the cause of low ratio

Would we extend short term loan to Bank Alfalah Limited?

We would like to lend loan to bank because it has sufficient liquid assets. Profitability ratios also show good management of bank because it has generated higher revenues rather than previous year. Bank is increasing its assets as compare to deposits which provoke us to extend loan to Bank Alfalah Limited.

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3. Would you like to extend long term loan to Bank Alfalah Limited?
No. 1 2 3 4 5 6 7 8 9 10 11 12 Ratios Long Loss Reserve to Total Loan Coverage Ratio Overdue Loans to Total Loans 90-Days Overdue Loans to T.Loans Net Interest Margin Ratio Return on Average Equity Return on Average Assets Return On Earning Assets Non Interest Income to Avg Assets Overhead Ratio Average Collection Of Interest Efficiency Ratio 2009 .019 .14 .12 .13 .11 .052 .241 .14 .0122 .030 358(days) .68 2010 .011 .09 .15 .16 .13 .049 .243 .129 .0115 .032 332(days) .69 Difference -.008 -.05 .03 .03 .02 -.003 .002 -.011 .0007 .02 26(days) .01

COMMENTS ON RATIOS:
Long Loss Reserve to Total Loan. Long Loss Reserve to Total Loan .019 .011 -.008 This ratio has decrease in 2010 as compare to 2009.Firm long loss reserve has decreased by 40% and advances increase in 2010 by 5%.It indicates good management of the firm due to adopting good credit policies and collecting the loan on time. we will give long term loan to bank because lending of bank Is secure . Coverage Ratio. Coverage Ratio .14 .09 -.05 In 2010 companys ratio has decrease due to issuing long term loan. Long loss reserve has decreased by 40% as compared to previous year. This ratio is lower than industry average this shows the in-efficiency of management to maintains the reserves for long term lending. In long term advances reserve is necessary because there is risk in long term advances. Overdue Loans to Total Loans. Overdue Loans to Total Loans .12 .15 .03 This ratio shows the relationship between overdue loans to total loans and overdue loan has increased in 2010. Overdue loan increased @26% as compared to previous year. It shows that there are higher chances of bad debts .It shows that collection procedure of bank is inadequate. 90-Days Overdue Loans to T.Loans. 90-Days Overdue Loans to T. Loans .13 .16 .03

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This ratio shows the relationship of 90-days overdue loan to total loan. There is increase in it by 22% as compared to previous year .It shows that there may be chances of bad debts. It shows the inadequate collection procedure of bank. So giving long term loan may be risky. Net Interest Margin Ratio. Net Interest Margin Ratio .11 .13 .02 The amount of interest earned as compare to previous year has increase by 21%. This indicates the bank is glooming and credit management working efficiently. The assets of bank are being utilized to generate higher revenue and portion of non earning or low yielding assets is low . Bank increased the interest rate as compare to previous year. Return on Average Equity. Return on Average Equity .052 .049 -.003 This ratio shows the capitalization policy of bank. This ratio shows that captilization has increase by 13% and return on equity decreased by 9% as compared to previous year. It indicate that bank is engage in new projects which put impact on return on equity but in future bank may earn from these projects. Return on Average Assets. Return on Average Assets .241 .243 .002 This ratio shows the relation between net operating income after taxes and total average assets, this shows how assets are utilizing by bank efficiently .This ratio shows return on average assets is a little bit high as compare to previous year. There is no chances of loss Return On Earning Assets. Return On Earning Assets .14 .129 -.011 This indicates the relation between earning of bank to total assets. Higher the ratio more the efficiency of management the return on earning assets has decreased than previous year due to capitalization of assets. The increase in profit is low as compare to increase in earning assets. Bank is moving towards growth because bank is making investments in different projects. So, there are chances of bright future. Non Interest Income to Avg Assets. Return On Earning Assets .14 .129 -.011 This ratio indicates the relation between non-interest earnings like consulting, advisory fees and brokerage services etc. This ratio has decreased in 2010 than previous year due to decrease in dividends and in increase in average assets. Bank is opening new branches in different cities. The assets of bank increasing .so there are very low chances of default of bank. Overhead Ratio. Overhead Ratio .030 .032 .02

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Overhead ratio shows the relation between non-interest expenses to total average assets. There is increase in non-interest expenses by 8.5% as compared to previous year and also increase in average total asset by 8%.it shows that bank in expanding its business and investing in other companies, which has increase its overall cost. Investment in bank is beneficial. Overhead expenses are
lower as compare to inflation rate.

Average Collection Of Interest. Average Collection Of Interest 358(days) 332(days) 26(days) Average collection days indicate the days in which bank collects the amounts of interest. The collection days decrease in 2010 by 26 days. This ratio shows the efficiency of credit department. But on the other hand it shows overdue loans are increasing on which customer pay just amount of interest and get renewal of loan. Efficiency Ratio. Efficiency Ratio .68 .69 .01 This ratio show the relation between non-interest expenses and total income (interest income+non-interest income).Lower the ratio higher the efficiency of management . Higher the total income and lower the non-interest expenses are the cause of low ratio. This ratio increases due to increasing inflation. The non-interest expenses increase @14% and income increase by 4%.

Would we extend long term loan to Bank Alfalah Limited?

We would like to extend long term loan because bank is utilizing its profit and deposits in expansion of business like establishing new branches in different cities of the country. These new branches will support bank to repay long term debt by generating profit. PACRA has given it AA grade for granting long term loan.

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BANK ALFALAH LIMITED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2010. 2010 (Rupees in 000)
Particulars Mark up/return/interest earn Markup/return/interest expenses Net markup/interest income Provisions against loans and advances Provisions for diminution in value of investments Bad debts written off directly Net mark up/interest income after provision Non markup/interest income Fee, commission and brokerage income Dividend income Income from dealing in foreign currencies Gain on sale of securities-net Unrealized gain on revaluation of investments Other income Total non mark-up/interest income Non mark-up/interest expenses Administrative expenses Provisions/(Reversal of provision) Provisions against other assets Other charges Total non mark-up/interest expenses Total income before taxation 12578080 6056 93040 76665 12753841 1368745 10923507 (1419) 79454 11001542 1016316 1986470 204425 1133544 77609 3300 1302813 4708161 14122586 1913004 248217 1019732 688924 2849 1309527 5182253 12017858 Amount 37530256 23855448 13674808 2243687 1991192 25504 4260383 9414425 Amount 35561312 24654180 10907132 3694546 317164 59817 4071527 6835605

2009

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Particulars Profit before taxation: Taxation: Current Deferred Prior years

2010 1368745 842232 (370883) (71056) 400293

2009 1016316 1066301 (767346) (179674) 119281 897035 3447767 24696 4369198 897035

Profit after taxation: Inappropriate profit brought forward Transferred from surplus on revaluation of fixed assets Profit available for appropriation Profit after taxation

968452 2690728 29695 3688875 968452

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BALANCE SHEET ALFALAH BANK LTD FOR THE YEAR ENDED ON DECEMBER 31,2010.
2010 2009

Particulars
Cash and balances with treasury banks Balances with other banks Lendings to financial institutions Investment Advances-net Fixed assets Deferred tax assets Other assets

Amount(000)
41197841 16179255 6497556 113425861 207152546 14204555 12826225

Amount(000)
35056012 22722639 14947435 99159957 188042438 14492194 14649380

Total assets Liabilities

Bills payable Borrowings Deposits and other accounts Sub-ordinated loans Liabilities against assets subject to finance lease Deferred tax liabilities Other liabilities

411483839
4521533 13700124 354015311 7567192 115919 9258216

38907005
3766144 20653921 324759752 757018 17985 1000678

Total Liabilities Net Assets Presented by:

Share capital Reserves Unappropriated profit

389178295 22305544
13491563 3819133 2415860

366936635 22133420
13491563 3587969 2690728

Totals
Surplus on revaluation of assets-net of tax

19726556
2578988

19770260
2363160

22305544

22133420

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SWOT ANALYSIS OF BANK ALFALAH CO.LTD

What is SWOT analysis?
SWOT stands for strengths, weaknesses, opportunities and threats. If change in external market is favorable for us that is opportunity for us, if external change is not favorable for organization that is threat for us. If our firm has competencies to prevail the change in external market that is strength and if our firm has not competencies to prevail the change in market that is weakness. This SWOT analysis of Bank Alfalah Limited takes into consideration the external as well as the internal environmental structure of the bank.

Strength:
Bank Alfalah is considered to be a very successful bank in the financial circles. A bank is place where the customers can safely keep their money as long as they want. Bank is financially strong and has a huge deposit reserve. Bank Alfalah has a wide network of branches at the ideal locations, catering the financial needs of its clients. Foreign Trade is the focus of bank. It has become an ideal bank for the importers and exporters. It has Highly Professional and trained employees. The bank also has Crucial Location Of Branches.

Weaknesses:
Bank Alfalah also has some weaknesses. Their number is much less than the strengths of the bank. There is Lack of advertisement through electronic media. There is also Lack of innovative marketing. Skill Set of Employees is not up to mark as there is no job rotation. Bank Alfalah Limited does not possess foreign network. Most of the employees are overloaded with work. There is uneven distribution of work and promotions are not very timely. It has only one oversea branch although it does a lot of foreign trade business.

Opportunities.
Bank Alfalah has grown up its business with a very high pace and it has got tremendous popularity, even with in a very short span of time. The Bank has extended its International network. The Bank is going to capitalize its capital on information technology. It is also introducing innovative products. Bank is also going to establish new branches in different cities. Threats. If there is change in external environment and organization do not have strengths to prevail the change. That is threat for that organization. There are following threats for Bank Alfalah Limited. Political instability is main threat for whole the industries in Pakistan. Competition in banking sector is also a threat for Bank Alfalah Limeted. The change in government

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policies is also a threat for Bank Alfalah Limited . Islamic interruption is also a threat for commercial banking.

CRADIT RATING OF BANK ALFALAH LIMITED

PACRA has rated the bank AA (double A), Entity Rating for long term and A1+ (A one plus) for the short term. These ratings denote a very low expectation of credit risk, strong capacity for timely payment of financial commitments in the long term and by highest capacity for timely repayment in the short term, respectively. The ratings of first and second and third unsecured listed and subordinated TFC issues of PKR 650 million, PKR 1,250 million and Rs.1,325 million have been maintained at AA- (Double A minus).

Recommendations
The financial position, liquidity and profitability of Bank Alfalah Limited are satisfactory. It needs to be more improved. It should expand its business online in multi countries. It should take the maximum debt so that financial leverage could be possible and resulting increase return on equity. It should assure the existing equity investor if it needs further capital in future then it will not dilute the ownership of existing share holders. Finally, it has to maintain strong relation with the customers and other stakeholders.

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