Performance Analysis of New Generation Banks in India: Application of CRAMEL

Model V. Annapurna

Introduction:
Banking sector in India has witnessed major changes since independence till date. There was remarkable
development in the sector in the past decades. Indian economy went through a process of economic
liberalization in 1991, followed by the initiation of fundamental reforms in the banking sector in 1992. As
the banking sector has to work in a more open and globalize environment, due to the new entrants i.e.,
new private sector banks and the foreign banks the reform process has been initiated in 1992-93 to part
with the changes. As a part of these reforms, prudential norms have been prescribed for banks which help
them not only to maintain a healthy and sound financial position, but also to bring about a qualitative
change in their approach in handling the growing competition. As per the guide lines issued by RBI
related to the prudential norms, banks in India have to migrate to Basel II norms with effect from March
31, 2009. The public sector banks, which have dominated the banking sector for decades, are facing hard-
hitting competition from private and foreign sector banks. According to the latest report on ‘Trends and
Progress of Banking in India 2010-11’ published by Reserve Bank of India, Public sector banks are in the
front with almost three fourths of the total assets of the banking sector followed by New Private sector
Banks (15 per cent). Old private sector banks had the lowest share (around four per cent) followed by
foreign banks (FBs) (around seven per cent) by the end of end-March 2011. In the above back drop, the
present study is necessitated to examine the performance of new private sector banks during the period
2007-11. The study is done by applying CRAMEL method .Twenty one ratios of the variables relating to
capital adequacy, resources raising ability, assets quality, management efficiency, earnings quality and
liquidity have been calculated and rankings are given to the banks based on the results.

Review of literature
CAMEL framework is the most widely used model for evaluating the performance of banks
recommended by Basel committee on Bank Supervision and IMF (Baral, 2005).In the light of banking
crisis and changes in banking policies in recent years worldwide, CRAMEL is considered as a useful tool
to examine the safety and soundness of banks, and help to reduce the potential risks which may lead to
bank failures. Various studies are undertaken by researchers to assess the performance of the
banks using CAMEL, CAMELS and CRAMEL methods. CRISIL analyses the entity-specific risk
through CRAMEL, a qualitative cum quantitative approach with structured methodology.

Dr. Sriharsha Reddy. K (2012), evaluated the performance of banks in India using modified CAMEL
approach. Sixteen ratios of CAMEL method have been calculated by the researcher. The composite
scores for the years 1999 and 2009 are estimated and progress ratio is calculated. The top three
performing banks are Mashreq Bank, China Trust Commercial Bank and Bank of Ceylon and the worst
three performers are American Express Bank, Development Credit Bank and Catholic Syrian Bank during
the study period in terms of capital adequacy, assets and earnings quality and management quality.

Dr.N.Kavitha (2012) examined the management of asset-liability in 56 banks comprising SBI and its
Associate Banks 8, Nationalized Banks group 19 and Private Banks group 29 for the ten years period
ratio analysis was used .The conclusion was SBI and its associate bank group were better performers as
compared to Private Banks group and Nationalized banks group.

Tobias Olweny (2011) used CAMEL framework for panel data research design. The analysis concluded
that the bank specific factors (CAMEL parameters) had a statistically significant impact on profitability.

K. V. N. Prasad , G. Ravinder , & Dr. D. Maheshwara reddy(2011) studied the performance of all public
sector banks and thirteen private sector banks. According to the importance of study each parameter of
CAMEL is given equal weights. On the basis of group averages of the sub parameters of CAMEL,
_________________________________________________________________________
V.Annapurna, Asst.Professor, Siva Sivani Institute of Management,Kompally , Secunderabad
Phone:9247131505,E-mail:annapurnavalluripalli@gmail.com
ranking of the banks has been done. Karur vysya bank was at the top most position followed by Andhra
bank. Bank of Baroda & Central Bank of India were at the bottom most position. According to the study,
the largest Public sector bank SBI is in 36th position.

Dr. Muktamani (2011) conducted a study on parameters of rating of Indian Commercial Banks. The
author has done a comparative analysis of the parameters used by different national and international
rating agencies for ranking of the commercial banks. Finally, it was concluded that, broadly the
parameters are based on CAMEL frame work.

The parameters used for the present paper are based on this study. In addition, the parameter of resource
raising ability is also considered for the present study.

Ravi Chandran. K (2010) analyzed the efficiency and performance before and after the merger of the
selected public and private banks using CRAMEL variables. Mergers are initiated by the market forces.
The results of the study suggested that the mergers did not seem to enhance the productive efficiency of
the banks but however, it was found that the Total Advances to Deposits and profitability are the two
main parameters which are to be considered since they are very much affected by mergers.

Ravichandran .K & Khalid Abdullah Alkathlan (2010), analyzed the efficiency and performance of
merged banks in India & Saudi Arabia using CRAMEL type variables. Performance of the selected
private banks three years before and after the merger has been studied. The study suggested that the
mergers did not seem to enhance the productive efficiency of the banks and also suggested that the banks
are becoming more focused on their retail activities (intermediation).

Girish.K.Nair and Dr.R.Thirumal examined the progress and growth of Regional Rural Banks in India
with special attention to “Profit making RRBs”. Variables in CRAMEL model i.e., 33 ratios are
considered for measuring the extent of the factors influencing profitability of the banks using multivariate
analysis. Finally, concluded that amongst the RRBs the Southern region has made a remarkable
performance during the study period.

Prof Chowdari Prasad Dr K S Srinivasa Rao (2005) made an effort to analyze each of the foreign banks
and its development on various parameters/ sub-parameters under CRAMEL. The period of study
considered is five years (1997-1999 and 2000-2003).The authors identified the Foreign Banks (FBs)
which are vulnerable and the reasons therefore .The working of newly entered FBs during the study
period is studied and the levels of various parameters of the FBs have been forecasted.
Objectives of the Study
The following are the objectives of the study:
 To measure the performance of new generation private banks using CRAMEL model.
 To rank the selected banks on the basis of composite ranking
Collection of data:
Data is collected the official web sites of the selected banks, Key statistics related to private banks of
Indian Bank Association(IBA) , ‘Statistical Tables Relating to Banks ‘published by RBI(from 2007-11)
,different journals and articles.
Period of Study
The period selected for the present study is five years .i.e., from 2007-2011.
Methodology
The data related to the selected variables is collected from the sources listed above and ratios are
calculated. For ranking of the banks composite ranking method is used whereby the ratios are given
certain weights depending on the significance of the variable to the bank.
CRAMEL Model:
CRAMEL is a ratio analysis technique developed by US Federal Deposit Insurance Corporation (FDIC)
for “early identification of problems in banks operations” (Uzhegova,2010).CRAMEL stands for Capital
Adequacy, Resource raising ability, Asset quality, Management efficiency, Earnings Performance and
Liquidity. To measure the performance of the banks CRAMEL ratios were computed for the data
collected. Data set consists of seven new generation private banks. The following is the list of the selected
banks:
1. Axis Bank:
 2. Development Credit Bank (DCB)
3. Housing Development Finance Corporation Bank (HDFC)
4. Industrial Credit and Investment Corporation of India Ltd. Bank (ICICI)
5. Indus Ind Bank (IIB)
6. Kotak Mahendra Bank (KMB)
7. Yes Bank (YES)

Lessons are learnt by the world because of recession, which lead to reforms in the sector. The present
study has been taken up to measure the performance of the banks during and after the recession. Various
ratios were considered in assessing the performance of the banks by CRISIL, Business Standard, ICFAI,
Business Today – KPMG and FE – Earnst & Young. In consultation with some of the practicing bankers,
going through the related articles, discussions with academicians and based on availability of data arrived
at the following list of ratios to assess the performance of the banks. A brief discussion on the ratios
considered in the analysis is presented as follows:

CAPITAL ADEQUACY
A Capital Adequacy Ratio is a measure of a bank's capital .Capital Adequacy has emerged as one of the tool
to evaluate the financial performance of a banking entity and indicates whether the bank has enough
capital to absorb unexpected losses. A banks capital provides it with the necessary cushion to withstand
credit and other risks in its business. It reflects the overall financial condition of banks and prevents the
bank from going bankrupt. A sound capital base strengthens confidence of the depositors.
The following ratios measure Capital Adequacy:

Capital adequacy ratio (CAR): It is the ratio of Tier I and Tier II capital to the aggregate of risk
weighted assets (RWA). The higher the ratio, the more will be the protection of investors. The banks are
required to maintain the capital adequacy ratio (CAR) as specified by RBI from time to time. As per the
latest RBI norms, the banks in India should have a CAR of 9 per cent.

Debt-equity ratio (D/E): This ratio indicates the degree of leverage of a bank. It indicates how much of
the bank business is financed through debt and how much through equity. It is the proportion of total
outside liability to net worth. Higher ratio indicates less protection for the creditors and depositors in the
banking system.

Advance to assets ratio (ADV/AST): This is the ratio which indicates a bank‘s aggressiveness in
lending that results in better profitability. Higher ratio of advances/ assets including receivables
(assets) is preferred to a lower one.

RESOURCE RAISING ABILITY

The resource position of the banks is assessed in terms of its ability to maintain a low-cost, stable
resource base. The following ratios are considered while analyzing the resources position of the banks:

Cost efficiency ratio(C/E): This is the ratio between the operating expenses to operating income earned
by the bank. It is useful to measure how costs are changing as compared to income. The lower the ratio
the better is the ability of the bank in raising low cost resources. There is an inverse relationship between
C/E ratio and the banks ‘profitability.

Credit-deposit ratio (CDR): It is the ratio of credit to the deposits of the bank. It indicates the ability of a
bank to convert its deposits into higher earning advances.

Cost/total assets ratio(C/TA): It is the ratio of cost incurred by the bank to total assets of the bank. The
operating expenses incurred by the bank for the raising the funds for the bank is calculated. Lower the
cost the better is the resource raising ability.

_________________________________________________________________________________
For supervisory purposes capital is split into two categories. They are Tier I and Tier II. These categories represent different
instruments’ quality as capital. Tier I capital consists mainly of share capital and disclosed reserves and it is a bank’s highest
quality capital because it is fully available to cover losses. TIER-II Capital consists of undisclosed reserves and cumulative
perpetual preference shares, revaluation reserves, general provisions and loss reserves and hybrid debt capital instruments. The
loss absorption capacity of Tier II capital is lower than that of Tier I capital. When returns of the investors of the capital issues
are counter guaranteed by the bank, such investments will not be considered as Tier I/II regulatory capital for the purpose of
capital adequacy

ASSET QUALITY
The quality of assets is an important parameter to measure the strength of bank .This ratio indicates what
types of advances the bank has made to generate interest income. The purpose of calculating the ratio is to
know the efficiency of Credit Risk Management system of the bank. The ratios measure quality of assets
of the bank. The following ratios are considered in the study to assess the assets quality:

Gross non performing assets to net advances (GNPAS/NA): It is the ratio of gross nonperforming
assets to net advances. ‘It is a measure of the quality of assets in a situation, where the management has
not provided for loss on NPAs. Net advances are arrived after deducting provisions held in case of NPA
accounts as per asset classification from Gross advances. The lower the ratio, the better is the quality of
advances.

Net NPAs to total assets (NNPAS/TA): This ratio discloses the efficiency of bank in assessing the credit
risk and, to an extent, recovering the debts. It is arrived at by dividing the net non-performing assets by
total assets.

Net NPAs to net advances (NNPAS/NA): It is the most standard measure of assets quality which
measures the net non-performing assets as a percentage to net advances. Net non-performing assets are
gross non-performing assets minus net of provisions on Non-performing assets and interest in suspense
account.

Total investments to total assets (TI/TA): It indicates the extent of use of assets in investment as against
advances. This ratio is used as a tool to measure the percentage of total assets locked up in investments,
which, by conventional definition, does not form part of the core income of a bank.

MANAGEMENT EFFICIENCY
Management efficiency is another important element of the CRAMEL Model. This ratio involves
subjective analysis to measure the efficiency and effectiveness of management. The management of bank
takes important decisions depending on its risk perception. The ratios used to evaluate management
efficiency are described as:
Total advances to total deposits (TA/TD): This ratio measures the efficiency and ability of the bank‘s
management in converting the deposits available with the bank excluding other funds like equity capital,
etc. into high earning advances. Total deposits include demand deposits, savings deposits, term deposits
and deposits of other banks, total advances include the receivables.

Profit per employee (PPE): This shows the profit earned per employee. It is calculated by dividing the
profit after tax earned by the bank by the total number of employees.

Business per employee (BPE): Business per employee depicts the productivity of human force of bank.
It is used as a tool to measure the efficiency of employees of a bank in creating business for the bank. It is
calculated by dividing the total business by total number of employees. Higher the ratio, the better it is for
the bank

Return on net worth (RONW): It is a measure of the profitability of a bank. Profit after tax is expressed
as a percentage of Average Net Worth

EARNING QUALITY
The quality of earnings is a very important measure that determines the ability of a bank to earn
consistently. It basically determines the profitability of bank and explains its sustainability and growth in
earnings in future. The following ratios explain the quality of income generation.
Return on assets (ROA): It is the ratio of Net profit after tax and Total assets. Higher return on asset
means greater returns earned on assets deployed by the bank. Higher ratio indicates the higher return
generation capacity of the assets.
Spread (%): Spread is the difference between Interest Income earned and Interest Expended. It is the
ratio between spread and total assets. This ratio shows how much a bank can earn for every rupee of
investments made in assets. The higher the ratio the better will be the performance of the bank .
Interest income/total income (II/TA): The interest income to total income indicates the ability of the
bank in generating income from its lending. This ratio measures the income from lending operations as a
percentage of the total income generated by the bank in a year. Interest income includes income on
advances, interest on deposits with the RBI, and dividend income.
Non interest income/total income (NII/TI): This measures the income from operations other than
lending as a percentage of the total income. A fee-based income account form a major portion of a bank’s
other incomes. The bank generates higher fee income through innovative products and adapting the
technology for sustained service levels.

LIQUIDITY
Liquidity risk is a limitation to the image of bank. Bank has to take a proper care to hedge the liquidity
risk; at the same time should ensure that good percentage of funds are invested in high return generating
securities, so that it is in a position to generate profit with provision liquidity to the depositors. The
following ratios are used to measure the liquidity:
Cash to total assets ratio (CASH/TA): Cash has the highest liquidity and safety among all assets.
This ratio measures cash as a proportion of total assets.
.
Liquid assets to total deposits (LA/TD): This ratio measures the liquidity available to the total
deposits of the bank.

Liquid assets to total assets (LA/TA): It measures the overall liquidity position of the bank. The
liquid asset includes cash in hand, balance with institutions and money at call and short notice. The
total assets include the revaluation of all the assets.

Subsequent to thorough reading of different articles ,discussions with practicing bankers and
academicians, appropriate weights are included for individual ratios as well as each group of ratios in the
present study (Table 1).

TABLE 1 : WEIGHTS OF VARIABLES CONSIDERED IN CRAMEL RANKING

Category Ratios Weight Reasons Composite Reasons
weights
Capital Adequacy CRAR 0.70 CRAR 0.15 In CRAMEL
indicates parameters
availability of Asset quality
capital for a and Earnings
given level of quality are
risk weighted considered
assets and very vital
considered as because assets
more size indicates
significant growth of the
variable bank and
indicating earnings
capital efficiency
adequacy of a ensures
bank survival of the
bank. All
other
variables like
 Capital
D/E 0.15 adequacy
Advances/Total 0.15 which ensures
Assets Ratio safety of
depositors.
and Resource
raising
ability
,Management
quality which
indicates
productivity of
the banks are
given the
weightage.
Liquidity is
given the same
weight as high
liquidity
deteriorates
profitability of
the banks and
affects the
overall
performance of
the banks.

Resource Raising Cost/Efficiency 0.40 Cost/Efficiency is given higher 0.15

Ability CDR 0.30 weightage in the group as the
Cost/Assets Ratio 0.30 bank’s ability in using the low
cost resources (deposits) is
important for understanding
resources raising ability of a
bank. Credit/Deposit ratio and
Cost/Assets ratio are given
equal weightage.

Asset Quality NNPA/NADV 0.60 Net NPAs/Net advances is the 0.20

most standard measure of
assets quality and so it has been
given the higher weight Next
significant ratio in the group is
net NPAs/TA and is has been
NNPA/TA 0.20 given the next higher weight.
GNPA/NADV 0.10 Remaining ratios in the group
TI/TA 0.10 have been given equal weights.
Management Total advances 0.25 Managerial performance is 0.15
Quality /Total Assets 0.25 depicted in all the ratios in the
Profit/Employee 0.25 group. So all ratios are given
Business/Employee 0.25 equal weightage.
Earnings Quality ROA (%) 0.25 All the four variables explain 0.20
Spread(%) 0.25 the earnings quality from
II/TI 0.25 various viewpoints such as
NII/TI 0.25 earnings from interest and non
interest ,so equal weightage is
given.
Liquidity LA/TD 0.50 Liquid assets to total deposits 0.15
LA/TA 0.25 ratio is considered more
CASH/TA 0.25 important as it ensures higher
credibility in the minds of
depositors.

Table NO.2:Composite Ranking- Overall Performance of Banks in selected CRAMEL Parameters

S.No. Name of the C R A M E L TOTAL RANK
Bank
1 YES 2.0331 3.4501 0.0215 10.6448 0.1133 0.0497 16.3125 1
2 Axis Bank 1.6974 3.1634 0.0603 9.7212 0.1376 0.0542 14.8341 2
3 ICICI 1.9374 4.1818 0.1973 7.2439 0.1157 0.0589 13.7349 3
4 IIB 1.7535 3.2060 0.1667 6.9761 0.1096 0.0556 12.2674 4
5 KMB 2.0994 4.4120 0.2146 5.2241 0.2329 0.0426 12.2256 5
6 HDFC 1.8735 3.1978 0.0553 6.7914 0.2065 0.0678 12.1924 6
7 DCB 1.6894 3.1410 0.2554 0.3081 0.1415 0.0488 5.5842 7

ANALYSIS OF THE CRAMEL RATIOS FROM 2007-2011:

OVERALL RANK OF EACH BANK:
The overall rank of each bank for the years 2007-2001 is computed using the above model and
variables (Table 2). During the years2007-11 the top three performing banks in overall performance
of the parameters of CRAMEL are YES bank, AXIS Banks and ICICI Bank respectively.
Development Credit Bank, HDFC and Kotak Mahendra Bank are the worst three performers. During
2007-2011, KMB topped in three out of the six CRAMEL ratios (Capital Adequacy, Resources
raising Ability, and Earnings efficiency). But it has lowest managerial efficiency. The management
can focus on this parameter and can become topper in the new generation private banks in the overall
performance. DCB is lagging in both Capital Adequacy and Resource raising ability among the
variables studied. This resulted in overall poor performance of the bank, though it is leading in asset
quality. It can be clearly understood from this that the banks performance is dependent mainly on the
ability of raising low cost resources and size of the capital available for the security of the depositors.
Axis Bank with its top managerial efficiency is able to utilize the resources and thus able to generate
high productivity during the years 2007-2011.Though ,YES bank secured top position among the
CRAMEL parameters considered ,the asset quality is poor amongst the banks considered for the
study. The efficiency of Credit Risk Management system of the bank has to be improved. The
performance of HDFC and IIB is moderate during the study period. Moreover besides the above
CRAMEL parameters, size of the bank operations, growth of the bank and many other factors are
considered by the regulators and rating agencies in evaluating the performance of the banks.

Annexure No.1:CRAMEL RATINGS (2007-11) : Capital Adequacy

S.No Name of the Bank CAR*0. D/E*0.15 Adv/TA*0.15 Total CAR
7
1 Axis Bank 9.7342 1.4970 0.0845 11.3157
2 Development Credit Bank 9.8266 1.3536 0.0824 11.2626
3 HDFC 11.1258 1.2825 0.0818 12.4901
4 ICICI 12.1758 0.6579 0.0822 12.9159
5 Indus Ind Bank 9.7034 1.9017 0.0848 11.6899
6 Kotak Mahendra Bank 13.2230 0.6885 0.0846 13.9961
7 Yes Bank 11.9280 1.5393 0.0868 13.5541
AnnexureNo.2:CRAMEL RATINGS (2007-11) : Resource Raising Ability
S.N Name of the Bank CE*0.4 C-Dratio*0.30 C/TA*0.3 Total RRA
o. 0 0
1 Axis Bank 9.7342 1.4970 0.0845 11.3157
2 Development Credit Bank 9.8266 1.3536 0.0824 11.2626
3 HDFC 11.1258 1.2825 0.0818 12.4901
4 ICICI 12.1758 0.6579 0.0822 12.9159
5 Indus Ind Bank 9.7034 1.9017 0.0848 11.6899
6 Kotak Mahendra Bank 13.2230 0.6885 0.0846 13.9961
7 Yes Bank 11.928 1.5393 0.0868 13.5541

AnnexureNo.3:CRAMEL RATINGS (2007-11) : Asset Quality

S.N Name of the Bank Net Net GNPAs/NA TI/TA* Total
o. NPA/NA*0. NPAs/TA*0. *0.1 0.10 AQ
6 2
1 Axis Bank 0.2676 0.0004 0.0022 0.0312 0.3014
2 Development Credit Bank 1.2312 0.0021 0.0129 0.0307 1.2770
3 HDFC 0.2436 0.0004 0.0030 0.0296 0.2766
4 ICICI 0.9468 0.0017 0.0081 0.0296 0.9863
5 Indus Ind Bank 0.7992 0.0012 0.0041 0.0292 0.8336
6 Kotak Mahendra Bank 1.0320 0.0018 0.0063 0.0331 1.0732
7 Yes Bank 0.0765 0.0001 0.0005 0.0303 0.1074

AnnexureNo.4:CRAMEL RATINGS (2007-11) : Managerial Effeciency

S.N Name of the Bank Tadv/Td* Bus/Emp* Pro/Emp* RONW* Total ME
o. 0.25 0.25 0.25 0.25
1 Axis Bank 0.1787 2.8390 2.6000 4.1035 9.7212085
87
2 Development Credit Bank 0.1736 1.1225 -0.2800 -0.7080 0.3081114
21
3 HDFC 0.1799 1.4010 1.4315 3.7790 6.7914281
61
4 ICICI 0.2314 2.3445 2.4500 2.2180 7.2438669
47
5 Indus Ind Bank 0.1801 2.3099 1.1735 3.3125 6.9760680
82
6 Kotak Mahendra Bank 0.2422 1.0685 1.2565 2.6570 5.2241361
22
7 YES Bank 0.1918 3.0230 2.9615 4.4685 10.644791
12

AnnexureNo.5:CRAMEL RATINGS (2007-11) : Earnings Quality

S.No. Name of the Bank ROA Spread% II/TI NII/TI Total
1 Axis Bank 0.0026 2.4667 0.0651 0.2174 4.0000
2 Development Credit Bank 0.0052 2.5528 0.0790 0.1931 2.8300
3 HDFC 0.0020 3.8696 0.0762 0.1828 4.1306
4 ICICI 0.0012 2.0242 0.0716 0.2175 2.3145
5 Indus Ind Bank 0.0022 1.9549 0.0784 0.1554 2.1910
6 Kotak Mahendra Bank 0.0033 4.4219 0.0876 0.1442 4.6571
7 YES Bank 0.0030 1.9985 0.0704 0.1947 2.2666

AnnexureNo.6:CRAMEL RATINGS (2007-11) : Liquidity

S.No Name of the Bank LA/TD*0.50 CA/TA*0.25 LA/TA*0.25 Total
.
1 Axis Bank 0.0657 0.0168 0.0259 0.1084
2 Development Credit Bank 0.0586 0.0159 0.0232 0.0976
3 HDFC 0.0820 0.0225 0.0311 0.1356
4 ICICI 0.0790 0.0153 0.0234 0.1177
5 Indus Ind Bank 0.0679 0.0166 0.0266 0.1111
6 Kotak Mahendra Bank 0.0556 0.0135 0.0162 0.0853
7 YES Bank 0.0603 0.0165 0.0227 0.0994

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Indian Banks Association-Key statistics related to private Sector Banks
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