CAPITAL STRUCTURE OF KOTAK MAHINDRA BANK (VALUES IN CRORES)

Weight
Total
Period Equity Total Debt Total Capital of
FY 2020-21 63729.13 303750.7 Equity
367479.83 17.34%
FY 2019-20 49018.17 300813.83 349832 14.01%
FY 2018-19 42900.45 258128.65 301029.1 14.25%
FY 2017-18 37483.82 217797.42 255281.24 14.68%
FY 2016-17 27617.94 178521.34 206139.28 13.40%

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19 2017-18
Total Debt (a) 303750.7 300813.83 258128.65 217797.4
Interest paid on borrowing 11500.62 13429.95 12684.25 10216.81
Tax Rate 0.35 0.35 0.35 0.35
Tax Benefit 4025.217 4700.4825 4439.4875 3575.884
Interest Expense (b) 7475.403 8729.4675 8244.7625 6640.927
Cost of Debt (b/a) 2.46103235 2.9019501863 3.19405168701731 3.04913

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18
Dividend Per Share (D1) 0 0 0.8 0.7
Market Price (Po) 1,782.10 1,345.20 1,338.00 1,044.05
Retention Ratio (b)(%) 100 100 96.7 97.2
Rate of return (ROE)(%) 11.01 12.25 11.47 10.89
Growth Rate (g= b*ROE) 11.01 12.25 11.09149 10.58508
Cost of Equity (D1/Po)+g 11.01 12.25 11.09 10.59

WACC
YEAR 2020-21 2019-20 2018-19 2017-18

Wacc 3.94 4.21 4.32 4.16

 Kotak Mahindra Bank

Capital Structure of Kotak Mahindra

BANK (VALUES IN CRORES)
Debt to Equity 120.00%
Weight of Debt Ratio 100.00%
82.66% 4.77
85.99% 6.14 80.00%

85.75% 6.02 60.00% 82.66% 85.99% 85.75% 85.32% 86.

85.32% 5.81 40.00%
86.60% 6.46 20.00%
17.34% 14.01% 14.25% 14.68% 13.
0.00%
FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 20

Weight of Equity Weight of Debt

2016-17 Years 2020-21 2019-20 2018-19

178521.34 Cost of Debt 2.461032 2.90195 3.194052
9572.78 Cost of Equity 11.01 12.25 11.09149
0.35 WACC 3.94 4.21 4.32
3350.473
6222.307
3.48546958027539 WACC

2016-17

2016-17 2017-18
0.6
862.5 2018-19
99.99
12.35 2019-20
12.348765
12.35 2020-21

0 2 4 6 8 10

Cost of Debt Cost of Equity WACC

2016-17

4.67
Kotak Mahindra

75% 85.32% 86.60%

25% 14.68% 13.40%

018-19 FY 2017-18 FY 2016-17

Weight of Debt

2017-18 2016-17
3.04913 3.48547
10.5851 12.34877
4.16 4.67

8 10 12 14

Equity WACC
 CAPITAL STRUCTURE OF Induslnd BANK (VALUES IN
Period Total Equity Total Debt Total Capital
FY 2020-21 43365.41 307527.77 350893.18
FY 2019-20 34706.49 262793.36 297499.85
FY 2018-19 26685.97 242189.03 268875
FY 2017-18 23841.64 189928.25 213769.89
FY 2016-17 20646.12 149025.91 169672.03

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19
Total Debt (a) 307527.77 262793.36 242189.03
Interest paid on borrowing 15471.9 16724.09 13414.97
Tax Rate 0.35 0.35 0.35
Tax Benefit 5415.165 5853.4315 4695.2395
Interest Expense (b) 10056.735 10870.6585 8719.7305
Cost of Debt (b/a) 3.27018759964344 4.1365803534762 3.6003821064893

Cost of Equity
YEAR 2020-21 2019-20 2018-19
Dividend Per Share (D1) 5 0 7.5
Market Price (Po) 966 370 1,812.50
Retention Ratio (b)(%) 100 100 86.3
Rate of return (ROE)(%) 6.58 12.84 12.52
Growth Rate (g= b*ROE) 6.58 12.84 10.80476
Cost of Equity (D1/Po)+g 6.59 12.84 10.81

WACC
YEAR 2020-21 2019-20 2018-19

Wacc 3.68 5.15 4.32

 IndusInd Bank

uslnd BANK (VALUES IN CRORES) Capital Str

Weight of Equity Weight of Debt Debt to Equity Ratio 120.00%
12.36% 87.64% 7.09 100.00%
11.67% 88.33% 7.57
9.93% 90.07% 9.08 80.00%
11.15% 88.85% 7.97 60.00% 87.64% 88.3
12.17% 87.83% 7.22
40.00%

20.00%
12.36% 11.6
res) 0.00%
FY 2020-21 FY 201
2017-18 2016-17
Weigh
189928.25 149025.91
9783.3 8343.07
0.35 0.35
3424.155 2920.0745 Years
6359.145 5422.9955 Cost of Debt
3.34818280061023 3.6389615067608 Cost of Equity
WACC

2017-18 2016-17 WACC

7.5 6
1,772.15 1,401.00 2016-17
88.01 99.98
15.35 14.14 2017-18
13.509535 14.137172
13.51 14.14 2018-19

2019-20

2017-18 2016-17 2020-21

0 2 4 6 8
4.48 4.92
Cost of Debt Cost of
 Capital Structure of IndusInd Bank
120.00%

100.00%

80.00%

60.00% 87.64% 88.33% 87.83%

90.07% 88.85%
40.00%

20.00%
12.36% 11.67% 9.93% 11.15% 12.17%
0.00%
FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17

Weight of Equity Weight of Debt

2020-21 2019-20 2018-19 2017-18 2016-17

3.270188 4.13658 3.600382 3.348183 3.638962
6.59 12.84 10.80476 13.50954 14.13717
3.68 5.15 4.32 4.48 4.92

WACC

2 4 6 8 10 12 14 16

Cost of Debt Cost of Equity WACC

 CAPITAL STRUCTURE OF YES BANK (VALUES IN CRORES)
Weight of Weight of
Period Total Equity Total Debt Total Capital
Equity Debt
FY 2020-21 33196.33 226895.72 260092.05 12.76% 87.24%
FY 2019-20 21726.29 219154.44 240880.73 9.02% 90.98%
FY 2018-19 26904.2 336034.29 362938.49 7.41% 92.59%
FY 2017-18 25758.28 275631.73 301390.01 8.55% 91.45%
FY 2016-17 22054.06 181480.53 203534.59 10.84% 89.16%

Cost of Debt
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Total Debt (a) 226895.72 219154.44 336034.29 275631.73 181480.53
Interest paid on
12613.23 19261.37 19815.72 12530.36 10627.34
borrowing
Tax Rate 0.35 0.35 0.35 0.35 0.35
Tax Benefit 4414.6305 6741.4795 6935.502 4385.626 3719.569
Interest Expense (b) 8198.5995 12519.8905 12880.218 8144.734 6907.771
Cost of Debt (b/a) 3.6133778 5.712816268 3.833007042 2.9549334 3.8063428

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Dividend Per Share (D1) 0 0 2 2.7 12
Market Price (Po) 14.15 27.65 270.65 300.15 308
Retention Ratio (b)(%) 100 102.82 63.81 87 100
Rate of return (ROE)(%) -10.42 -75.56 6.39 16.4 15.09
Growth Rate (g= b*ROE) -10.42 -77.690792 4.077459 14.268 15.09
Cost of Equity (D1/Po)+g -10.42 -77.69 4.08 14.28 15.13

WACC
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17

Wacc 1.82 -1.81 3.85 3.92 5.03

 Yes Bank

RES) Capital Structure of Yes Bank

Debt to Equity
120.00%
Ratio 100.00%
6.83
80.00%
10.09 60.00% 87.24% 90.98% 92.59% 91.45% 89.16%
12.49 40.00%
20.00%
10.70 0.00% 12.76% 9.02% 7.41% 8.55% 10.84%
8.23 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17

Weight of Equity Weight of Debt

Years 2020-21 2019-20 2018-19 2017-18 2016-17

Cost of Debt 3.61 5.71 3.83 2.95 3.8
Cost of
Equity -10.42 -77.69 4.08 14.28 15.13
WACC 1.82 -1.81 3.85 3.92 5.03

WACC

2020-21

2019-20

2018-19

2017-18

2016-17

-100 -80 -60 -40 -20 0 20 40

Cost of Debt Cost of Equity WACC

 Capital Structure of Punjab National Bank (values in crores)
Total Weight of Weight of
Period Equity Total Debt Total Capital Equity Debt
FY 2020-21 90937.31 1149172.78 1240110.09 7.33% 92.67%
FY 2019-20 62357.49 754071.75 816429.24 7.64% 92.36%
FY 2018-19 44787.13 715356.05 760143.18 5.89% 94.11%
FY 2017-18 41074.31 703076.94 744151.25 5.52% 94.48%
FY 2016-17 41846.98 662467.36 704314.34 5.94% 94.06%

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Total Debt (a) 1149172.78 754071.75 715356.05 703076.94 662467.36
Interest paid on
50272.79 36362.24 34153.94 33073.36 32282.82
borrowing
Tax Rate 0.35 0.35 0.35 0.35 0.35
Tax Benefit 17595.4765 12726.784 11953.879 11575.676 11298.987
Interest Expense (b) 32677.3135 23635.456 22200.061 21497.684 20983.833
Cost of Debt (b/a) 2.84355095 3.1343775974 3.1033582508 3.0576574 3.1675271

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Dividend Per Share (D1) 0 0 0 0 0
Market Price (Po) 36.4 33.4 93.9 97.95 149
Retention Ratio (b)(%) 100 100 100 100 100
Rate of return (ROE)(%) 2.41 0.58 -24.2 -32.85 3.47
Growth Rate (g= b*ROE) 2.41 0.58 -24.2 -32.85 3.47
Cost of Equity (D1/Po)+g 2.41 0.58 -24.20 -32.85 3.47

WACC
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17

Wacc 2.81 2.94 1.49 1.08 3.19

 Punjab National Bank

ores) Capital Structure of Punjab National Bank

Debt to Equity 150.00%
Ratio
12.64 100.00%
12.09 50.00% 92.67% 92.36% 94.11% 94.48% 94.06%
15.97 0.00% 7.33% 7.64% 5.89% 5.52% 5.94%
17.12 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17
15.83 Weight of Equity Weight of Debt

Years 2020-21 2019-20 2018-19 2017-18 2016-17

Cost of Debt 2.84 3.13 3.1 3.05 3.16
Cost of Equity 2.41 0.58 -24.2 -32.85 3.47
WACC 2.8 2.92 1.49 1.07 3.17

WACC
2020-21

2019-20

2018-19

2017-18

2016-17

-35 -30 -25 -20 -15 -10 -5 0 5 10

Cost of Debt Cost of Equity WACC

l Bank

94.06%
5.94%
8 FY 2016-17
 CAPITAL STRUCTURE OF ICICI BANK (VALUES IN CRORES)
Period Total Equity Total Debt Total Capital
FY 2020-21 147509.18 1024153.12 1171662.3
FY 2019-20 116504.41 933865.75 1050370.16
FY 2018-19 108368.04 818239.64 926607.68
FY 2017-18 105158.94 743833.83 848992.77
FY 2016-17 99951.07 637595.21 737546.28

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19
Total Debt (a) 1024153.12 933865.75 818239.64
Interest paid on borrowing 40128.84 41531.25 36386.4
Tax Rate 0.35 0.35 0.35
Tax Benefit 14045.094 14535.9375 12735.24
Interest Expense (b) 26083.746 26995.3125 23651.16
Cost of Debt (b/a) 2.55 2.89 2.89

Cost of Equity
YEAR 2020-21 2019-20 2018-19
Dividend Per Share (D1) 2 0 1
Market Price (Po) 582 330 392.75
Retention Ratio (b)(%) 100 100 71.3
Rate of return (ROE)(%) 11.21 6.99 3.19
Growth Rate (g= b*ROE) 11.21 6.99 2.27447
Cost of Equity (D1/Po)+g 11.21 6.99 2.28

WACC
YEAR 2020-21 2019-20 2018-19

Wacc 3.64 3.35 2.82

 ICICI BANK

K (VALUES IN CRORES) Capital Structure of ICICI Bank

Weight of Weight of Debt to Equity
150.00%
Equity Debt Ratio
12.59% 87.41% 6.94 100.00%
11.09% 88.91% 8.02 50.00% 87.41% 88.91% 88.30% 87.61%
0.00% 12.59% 11.09% 11.70% 12.39%
11.70% 88.30% 7.55 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18
12.39% 87.61% 7.07
Weight of Equity Weight of Debt
13.55% 86.45% 6.38

Years 2020-21 2019-20

Cost of
Debtof 2.55 2.89
Cost
2017-18 2016-17 Equity 11.21 6.99
743833.83 637595.21 WACC 3.64 3.35
31940.05 32418.96
0.35 0.35
11179.018 11346.636 WACC
20761.033 21072.324 2020-21
2.79 3.30 2019-20
2018-19
2017-18
2016-17
2017-18 2016-17 0 2 4 6 8 10
1.5 2.5 Cost of Debt Cost of Equity WACC
283 255.68
78.49 99.99
6.63 10.11
5.203887 10.108989
5.21 10.12

2017-18 2016-17

3.09 4.23
tal Structure of ICICI Bank

88.91% 88.30% 87.61% 86.45%

11.09% 11.70% 12.39% 13.55%
1 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17

Weight of Equity Weight of Debt

2018-19 2017-18 2016-17

2.89 2.79 3.3
2.28 5.21 10.12
2.82 3.09 4.23

WACC

6 8 10 12

t Cost of Equity WACC

 P

CAPITAL STRUCTURE OF AXIS NATIONAL BANK (VALUES IN CRORES)

Weight of
Period Total Equity Total Debt Total Capital Equity
FY 2020-21 101603.01 850179.24 951782.25 10.68%
FY 2019-20 84947.84 788059.07 873006.91 9.73%
FY 2018-19 66676.3 701247.12 767923.42 8.68%
FY 2017-18 63445.26 601638.86 665084.13 9.54%
FY 2016-17 55762.54 519409.66 575172.2 9.69%

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19 2017-18
Total Debt (a) 850179.24 788059.07 701247.12 601638.86
Interest paid on borrowing 34406.17 37428.95 33277.6 27162.58
Tax Rate 0.35 0.35 0.35 0.35
Tax Benefit 12042.1595 13100.1325 11647.16 9506.903
Interest Expense (b) 22364.0105 24328.8175 21630.44 17655.677
Cost of Debt (b/a) 2.63 3.09 3.08 2.93

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18
Dividend Per Share (D1) 0 0 1 0
Market Price (Po) 705 345 761 512.9
Retention Ratio (b)(%) 100 100 100 100
Rate of return (ROE)(%) 6.48 1.91 7.01 0.43
Growth Rate (g= b*ROE) 6.48 1.91 7.01 0.43
Cost of Equity (D1/Po)+g 6.48 1.91 7.01 0.43

WACC
YEAR 2020-21 2019-20 2018-19 2017-18

Wacc 3.04 2.97 3.43 2.70

 Punjab National Bank

ALUES IN CRORES) Capital Structure of Axis National Bank

Weight of Debt to Equity 150.00%
Debt Ratio
89.32% 8.37 100.00%
90.27% 9.28 50.00% 89.32% 90.27% 91.32% 90.46% 90.31%
91.32% 10.52 0.00% 10.68% 9.73% 8.68% 9.54% 9.69%
FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17
90.46% 9.48
90.31% 9.31 Weight of Equity Weight of Debt

Years 2020-21 2019-20 2018-19 2017-18 2016-17

Cost of
Debtof 2.63 3.09 3.08 2.93 3.31
Cost
2016-17 Equity 6.48 1.91 7.01 0.43 4.08
519409.66 WACC 3.04 2.97 3.43 2.7 3.38
26449.04
0.35
9257.164
WACC
17191.876
3.31 2020-21

2019-20

2018-19

2017-18
2016-17
2016-17
5
498.95 0 1 2 3 4 5 6 7 8

61.74 Cost of Debt Cost of Equity WACC

6.59
4.068666
4.08

2016-17

3.38
Bank

90.31%
9.69%
FY 2016-17
 CAPITAL STRUCTURE OF STATE BANK OF INDIA (VALUES IN CRORES)
Total Weight of Weight of
Period Equity Total Debt Total Capital Equity Debt
FY 2020-21 253875.19 4098574.78 4352449.97 5.83% 94.17%
FY 2019-20 232007.43 3556276.38 3788283.81 6.12% 93.88%
FY 2018-19 220913.82 3314403.13 3535316.95 6.25% 93.75%
FY 2017-18 219128.56 3068485.36 3287613.92 6.67% 93.33%
FY 2016-17 188286.06 2362445.05 2550731.11 7.38% 92.62%

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Total Debt (a) 4098574.8 3556276.38 3314403.13 3068485.4 2362445
Interest paid on 154440.63 159238.77 154519.78 145645.6 113658.5
borrowing
Tax Rate 0.35 0.35 0.35 0.35 0.35
Tax Benefit 54054.2205 55733.5695 54081.923 50975.96 39780.475
Interest Expense (b) 100386.4095 103505.2005 100437.857 94669.64 73878.025
Cost of Debt (b/a) 2.449300425 2.9104937142 3.0303452254 3.085223739 3.12718491

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Dividend Per Share (D1) 4 0 0 0 2.6
Market Price (Po) 360.1 190 270.55 266.3 270
Retention Ratio (b) 82.5 100 100 100 79.88
Rate of return (ROE) 8.86 6.95 0.39 -3.37 6.69
Growth Rate (g= b*ROE) 730.95 695 39 -337 534.3972
Cost of Equity (D1/Po)+g 730.96110803 695 39 -337 534.4068296

WACC
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17

Wacc 44.94 45.30 5.28 -19.58 42.34

 State Bank of India

N CRORES) Capital Structure of State Bank of India

120.00%
Debt to Equity 100.00%
Ratio
80.00%
16.14 60.00%
94.17% 93.88% 93.75% 93.33% 92.62%
15.33 40.00%
20.00%
15.00 5.83% 6.12% 6.25% 6.67% 7.38%
0.00%
14.00 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17

12.55 Weight of Equity Weight of Debt

Years 2020-21 2019-20 2018-19 2017-18 2016-17

Cost of Debt 2.4493 2.91 3.03 3.085 3.127
Cost of Equity 730.96 695 39 -337 534.4
WACC 44.9 45.3 5.28 -19.58 42.34

WACC
2016-17

2017-18

2018-19

2019-20

2020-21

-400 -200 0 200 400 600 800

Cost of Debt Cost of Equity WACC

 CAPITAL STRUCTURE OF HDFC BANK (VALUES IN CRORES)

Total Weight Weight of

Period Equity Total Debt Total Capital of Equity Debt

FY 2020-21 203720.83 1470547.54 1674268.37 12.17% 87.83%

FY 2019-20 170986.03 1292130.83 1463116.86 11.69% 88.31%
FY 2018-19 149206.35 2100226.08 2249432.43 6.63% 93.37%
FY 2017-18 106295.01 911875.61 1018170.62 10.44% 89.56%
FY 2016-17 89462.35 717668.53 807130.88 11.08% 88.92%

Cost of Debt (values in crores)

YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Total Debt (a) 1470547.5 1292130.83 2100226.08 911876 717668.5
Interest paid on
55978.66 58626.4 50728.83 40146.49 36166.73
borrowing
Tax Rate 0.35 0.35 0.35 0.35 0.35
Tax Benefit 19592.531 20519.24 17755.0905 14051.272 12658.3555
Interest Expense (b) 36386.129 38107.16 32973.7395 26095.219 23508.3745
Cost of Debt (b/a) 2.474325244 2.9491719503 1.5700090487 2.8617081 3.2756591

Cost of Equity
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17
Dividend Per Share (D1) 6.5 2.5 15 13 11
Market Price (Po) 80.08 37.96 57.2 48.69 37.18
Retention Ratio (b) 100 75.09 80.77 100 100
Rate of return (ROE) 15.27 15.35 14.12 16.45 16.26
Growth Rate (g= b*ROE) 1527 1152.6315 1140.4724 1645 1626
Cost of Equity (D1/Po)+g 1527.0811688 1152.6973588 1140.73463776 1645.267 1626.295858

WACC
YEAR 2020-21 2019-20 2018-19 2017-18 2016-17

Wacc 187.98 137.31 77.13 174.33 183.17

 HDFC Bank

ORES) Capital Structure of HDFC Bank

120.00%
Debt to Equity 100.00%
Ratio 80.00%
60.00% 87.83% 88.31% 89.56% 88.92%
7.22 93.37%
40.00%
7.56
20.00%
14.08 12.17% 11.69% 6.63% 10.44% 11.08%
0.00%
8.58 FY 2020-21 FY 2019-20 FY 2018-19 FY 2017-18 FY 2016-17

8.02 Weight of Equity Weight of Debt

Years 2020-21 2019-20 2018-19 2017-18 2016-17

Cost of Debt 2.474 2.949 1.57 2.861 3.276
Cost of Equity 1527.08 1152.69 1140.73 1645.267 1626.29
187.98 137.31 145.87 174.33 183.17
WACC

WACC

2016-17

2017-18

2018-19

2019-20

2020-21

0 200 400 600 800 1000 1200 1400 1600 1800

Cost of Debt Cost of Equity WACC