asset-liability management at andhra pradesh state financial ...

ASSET-LIABILITY MANAGEMENT AT

ANDHRA PRADESH STATE FINANCIAL CORPORATION,

HYDERABAD

Dr. P. Hima Jagathi, Professor, Department of MBA, Aurora’s PG College, Hyderabad.

Email: [email protected]

ABSTRACT

ALM is a portfolio management of Assets and liabilities of an organization. It is a method of

matching various Assets with liabilities based on expected maturity pattern. Generally, Banks

adopt Gap Analysis, trend Analysis and Ratio Analysis to solve the problems of Assets-Liability

Management. By determining Gap Analysis Financial Institutions can avoid risk and earn profits,

it is beneficial from rising Interest rates by having positive Gap. This study examines the concept

of Asset Liability Management, ALM process, compare and analyze the maturity gap for

measuring the liquidity risks and to study the trend analysis of 5 years (i.e. from 2014-2015 to

2018-2019) by utilizing structural liquidity statements for determining liquidity requirements and

position for maintaining optimal liquidity management at APSFC. In addition to Liquidity Gap

Analysis, financial efficiency and profitability position of APSFC is studied through selected

Ratios by comparing two years.

Keywords: Asset Liability Management, Liquidity Gap, financial efficiency, ratios.

INTRODUCTION

Asset-Liability Management refers to the process by which an institution manages its balance

sheet which provides institutions with protection that makes such risk acceptable. Its Models

enables institutions to measure and monitors risk and provide suitable strategies for their

management. It includes not only understanding but also a way to quantify and manage risks.

Further, even in the absence of a formal Asset Liability Management program, the understanding

of these concepts is of values to an institution as it provides a true picture of the risk/reward

trade-off in which institution is engaged.

Journal of Xi'an University of Architecture & Technology

Volume XI, Issue XII, 2019

Issn No : 1006-7930

Page No: 1313

mailto:[email protected]

Banks and financial institutions provide services, which involves various kinds of risk liquidity

risk, interest risk & credit risk. Failure to identify this risk leads to effect the financial position of

those institutions. Therefore, one of the strategies to access such kind of risk is ALM. It is used

to analyse the difference between assets and liabilities with respect to maturities and interest rate

sensitivity, so that the banks can minimize the risk arising from such gap mainly from interest

risk and liquidity risk. ALM involves identification of risk parameters, Risk identification, Risk

measurement and Risk management and framing of Risk policies and tolerance levels. Asset-

Liability Management is a first step in the long-term strategic planning process. Therefore, it can

be considered as a planning function for an intermediate term. The present study is undertaken to

make an analysis of Structural liquidity statements provided by the Company to find out the gap

between total assets and total liabilities which can either be negative gap or positive gap, by

measuring the gap liquidity needs and position of the firm can be determined. Thus, effective

liquidity management reduces the chances of critical risk situations and maintains optimum

liquidity position.

In addition to Liquidity Gap Analysis, financial efficiency and profitability position of Andhra

Pradesh State Financial Corporation (APSFC) is studied through selected Ratios.

NEED FOR THE STUDY

With growing competition worldwide, mismatch of assets and liabilities produced effect on the

calculation of profitability of financial institutions coupled with highly volatile interest rates and

liquidity crisis, the financial institutions face the problem of real valuation of their assets and

liabilities, these institutions have to adopt methods in order to cover the problems of liquidity

mismatch and interest rate risk and to restructure their balance sheet with the help of Asset-

Liability Management Thus, the study on Asset-Liability Management of APSFC has

tremendous importance in the present context.

SCOPE OF THE STUDY

The Scope of the study is confined to the detailed study, about the organization and identifies the

company’s position regarding Asset-Liability Management in the industry and to suggest means

of improvement in the existing system. It is limited to Andhra Pradesh State Financial

Corporation (APSFC), Hyderabad only and the data taken for the study is limited to 5 years (i.e.



Issn No : 1006-7930

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from 2014-2015 to 2018-2019) structural liquidity Statements has been taken for analysis of the

study.

OBJECTIVES OF THE STUDY

To study the concept of Asset Liability Management with reference to Andhra Pradesh

State Financial Corporation (APSFC)

To study ALM process practiced by Andhra Pradesh State Financial Corporation

(APSFC)

To compare and analyze the maturity gap of Andhra Pradesh State Financial Corporation

(APSFC) for measuring the liquidity risks and to find out the causes of mismatches of

assets and liabilities if any

To study the trend analysis of 5 years (i.e. from 2014-2015 to 2018-2019) by utilizing

structural liquidity statements for determining liquidity requirements and position for

maintaining optimal liquidity management.

To study the financial efficiency and profitability position of Andhra Pradesh State

Financial Corporation (APSFC) through selected Ratios.

RESEARCH METHODOLOGY

Research methodology used for the study includes primary and secondary sources of data.

Research has done by using the information collected from Purchase department and Finance &

Accounts department. The sources of primary data are interaction with the resource person of

Andhra Pradesh State Financial Corporation (APSFC). Secondary data is the data that is

available prior to the commencement of the research study. It may either be published data or

unpublished data. The sources of secondary data were Annual reports from 2014-2015 to 2018-

2019 of APSFC, RBI guidelines on ALM, Various websites pertaining to ALM,

Articles/Journals & Newspapers.

TOOLS USED FOR DATA ANALYSIS

1) Liquidity Gap Analysis:

Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (<=1year)

Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (>1 year & upto 3

years)



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Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (>3 years & upto 5

years)

Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (>5 years & upto 7

years)

Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (>7 years &

upto 10 years)

Structural Liquidity for the financial years from 2014-2015 to 2018-2019 i.e. (>10years)

2) Financial Tools:

Net Worth

Capital Adequacy Ratio

Operating Profit Ratio

Return on Total Assets

REVIEW OF THE LITERATURE

Elijah Adeyinka Adedeji (2014) , Ratio Analysis has served as a veritable means of monitoring,

measuring and improving performance in an organization. Hence the study examines a tool for

measuring organization performance using ratio analysis. It also ascertains the relevance of

internal and external financial reports during ratio analysis for the purpose of establishing key

relationships & results in order to appraise financial performance. The study confirmed that there

is significant relationship between ratio analyses and organizational performance as well as

financial ratios highlight the importance of effective management of an organization. Based on

the findings, it is recommended that financial ratios should be computed periodically to reveal

areas of strengths & weaknesses as well as ratio analysis should be used to measure performance

in terms of profitability.

Dr.R Umarani and M Jayanthi (2015), Asset Liability Management is a dynamic process of

planning, organizing, coordinating and controlling the assets and liabilities, their mixes, volumes,

maturities, yields and costs in order to achieve a specified NII.As all transactions of the banks

revolve around raising and deploying the funds, ALM gains more significance as an initiative

towards the risk management practices by the banks. Measuring and managing the liquidity risk

is an important dimension of ALM. Mismatch in the maturity profile of assets and liabilities



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exposes the balance sheet to liquidity risk. This paper is aimed at measuring the liquidity risk in

SBI & associate banks in India, by using Gap Analysis Technique (Maturity profiling), using

publicly available information, paper attempts to assess the liquidity risk carried by the sample

banks in the year 2011-2012. The findings revealed that the banks are exposed to liquidity risk.

Eugenia Ana Matis and Crenguta Alina Matis (2015), Liquidity risk management often called

“Water of Life” in the banking system needs to be addressed by banks with more rigors, given

the current financial environment. This implies a better diversification of the funding sources,

longer average debt maturities in order to reduce some gaps between assets and liabilities,

creating liquidity reserves based on immediately attainable assets. This paper focuses on stress-

testing scenarios, performing an empirical study on tracking and limiting liquidity risk in

Romania compared to the European banking system, starting from the premise that one of the

most important elements of the financial crisis is the liquidity crisis in the credit institutions. The

paper presents a selection and analysis of ,measures to improve the crisis and not least, the

implementation of liquidity scenarios, applicable to the various stages of the crisis.

Mr. Chetan Shetty and Ms. Pooja Patel (2016) , Asset liability Management is a systematic

and dynamic process of planning, organizing, coordinating and controlling the assets & liabilities

or in the sense management of balance sheet structure in such a way the net earnings from

interest are maximized within the overall risk preference of banks. This study examined the

effect of ALM on 5 private sector banks profitability in Indian financial marketsby using Gap

Analysis and Ratio Analysis. The finding from this study revealed that banks have been exposed

to liquidity risk.

Satvir Kaur (2016), This paper gives the idea that Ratio Analysis is one of the powerful tools of

the financial Analysis. It provides meaningful understanding and interpretation which absolute

Accounting data cannot provide.

Md. Khalifa Blaao (2016), Commercial Banks is one of the active institutions in the economy

and has significant role in increasing the economic activity of any state. Hence focus must be on

process of analysis in order to determine financial position. In this study financial evaluation of

commercial banks for years 2013-2015 in order to see if the profitability ratios of evaluating the

performance of banks & stand on the financial position of the banks. It highlights the importance

of profitability ratios as the performance of financial analysis and the role played in the detection



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of deviations and stand on the real situations of commercial banks & detection of strengths and

weaknesses centres.

S.P. Joshi & Dr. R. V. Sontakay (2017), Asset Liability Management (ALM) plays key role in

banking and finance industries. Any bank of financial industry will collapse without the use of

ALM tactics. Therefore to survive in the market, the ALM analysis is carried out timely by these

industries to measure the value of risk factors involved.ALM analysis not only minimizes the

risk but also it helps to achieve the financial goals of the industry. In this paper, various ALM

techniques are reported aiming to financial stability. The survey helps for emerging banks to

decide the different ALM process used by the banking industries and to select the efficient

process out of the reported techniques.

Dr.Hemant Manuj (2018), This Article indicates the importance of ALM system in financial

institutions. It refers ALM as mismatches between the profiles of Assets and Liabilities. ALM

process requires a deep understanding of the structure and behavior of all assets and liabilities in

a dynamic state of the world. In practice, Financial Institutions monitors their ALM risks on the

basis of two key ALM reports: Liquidity Report and Interest rate sensitivity Report. A sound

ALM framework is critical for the financial health of an FI. The boards and management should

review their internal ALM processes, limits, tools and techniques, models and expertise and take

appropriate corrective steps whenever required. The stakeholders like the creditor, shareholder,

analysts and even regulators need to pay closer attention to the ALM process.

Dr. K. Prince Paul Antony (2018), Asset Liability Management is one of the vital tool for risk

management in banks. The banks have to work properly with respect to ALM so as to increase

their performance. Moreover, the function of ALM is not just protection from risk. The safety

achieved ALM opens up opportunities for enhancing the net worth. To study Asset & Liabilities

in banks and evaluate the impact of ALM profitability of banks by using ratios. The analysis of

ALM in Indian Banks will be carried out for the sample period from 2014 to 2018. It provides

the necessary framework to define, measure, monitor, modify and manage this risks.

N.M Darshan and C. Yogashree (2019), Assets and Liability Management (ALM) is one of the

significant tool of risk management. Indian banking sector is exposed to various risk prevailing

in the market like liquidity risk, interest rate risk, etc. Failure to identify these risks leads to

effect the financial position of banks and financial institutions. For this reason RBI come up with



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the tool of ALM. The study found that the bank is exposed to risk, facing liquidity problems for

short term. It also find out that the quality of assets affects the financial performance the banks.

DATA ANALYSIS & INTERPRETATION

1) LIQUIDITY GAP ANALYSIS

Statement of structural liquidity showing the mismatch between assets and liabilities i.e.

(<=1year) for 5 financial years from 2014-2015 to 2018-2019.

Table no: 1 (Rupees in Lakhs)

Interpretation

The rupee assets for the year 2014-2015 are 80000.14 and the liabilities are 70534.77,

therefore there is a positive gap of 9465.37.








therefore there is a negative gap of -17388.08.

The Total Assets for five financial year i.e.2014-2015 to 2018-2019 are 409166.2 and the

Total Liabilities are 314851.9, therefore there is a positive gap of 94314.25.


(>1 year & upto 3 years) for 5 financial years from 2014-2015 to 2018-2019.


Particulars 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 TOTAL

Rupee Assets 80000.14 80261.52 74564.05 121111.35 53229.13 409166.2

Rupee Liabilities 70534.77 51322.96 62487.94 59889.06 70617.21 314851.9

Surplus/Deficit 9465.37 28938.56 12076.56 61222.29 -17388.08 94314.25

S/D% 56.39 13.42 19.33 102.23 -24.62



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Rupee Assets 160577.05 82996.01 96028.45 68359.7 78420.73 486382

Rupee Liabilities 65836.08 70945.74 73153.81 70275.28 70208.25 350419

Surplus/Deficit 94740.97 12050.27 22874.94 -1915.58 8212.48 135963

S/D % 143.9 16.99 31.27 -2.73 11.7

Interpretation











The Total Assets for five financial year i.e.2014-2015 to 2018-2019 are 486382 and the

Total Liabilities are 350419, therefore there is a positive gap of 135963.


(>3 years & upto 5 years) for 5 financial years from 2014-2015 to 2018-2019.


Particulars 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 Total

Rupee Assets 3339.95 66668.06 37629.23 21500.05 54605.14 183742.4

Rupee Liabilities 40228.76 45971.79 50793.77 44771.45 14720 196486

Surplus/Deficit -36888.8 20696.27 -13164.5 -23271.4 39885.14 -12743.3

S/D% -91.69 45.02 -25.92 -51.98 270.96

Interpretation





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The rupee assets for the year 2018-2019 are 54605.14 and the liabilities are 14720,



Total Liabilities are 196486, therefore there is a negative gap of -12743.3.



Table no: 4.4 (Rupees in Lakhs)


Rupee Assets 6501.69 25511.06 32661.62 18913.5 25899.43 109487.3

Rupee Liabilities 51728.73 46712.95 14720 4160 0 117321.7

Surplus/Deficit -45227 -21201.9 17941.62 14753.5 25899.43 -7834.38

S/D % -87.43 -45.39 121.89 354.65 NIL

Interpretation


therefore there is a negative gap of -45227.



The rupee assets for the year 2016-2017 are 32661.62 and the liabilities are 14720,


The rupee assets for the year 2017-2018 are 18913.5 and the liabilities are 4160, therefore

there is a positive gap of 14753.5.





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Total Liabilities are 117321.7, therefore there is a negative gap of -7834.38.





Rupee Assets 216.44 4000.09 6575.24 1369.79 3811.8 15973.36

Rupee Liabilities 15337.2 4160 0 0 0 19497.2

Surplus/Deficit -15120.8 -159.91 6575.24 1369.79 3811.8 -3523.84

S/D % -98.59 -3.84 NIL NIL NIL

Interpretation




there is a negative gap of -159.91.









6. Statement of structural liquidity showing the mismatch between assets and liabilities i.e.

(>10 years) for 5 financial years from 2014-2015 to 2018-2019.


Particulars 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019 Total

Rupee Assets 40730.24 40509.62 40548 40453.78 40877.17 203118.81

Rupee Liabilities 61143.22 61512.53 61998.49 63659.54 65775.62 314089.4



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Surplus/Deficit -20413 -21502.9 -21450.5 -23205.8 -24898.5 -110970.6

S/D % -33.39 -34.14 -34.6 -36.45 -37.85

Interpretation


therefore there is a negative gap of -20413.



The rupee assets for the year 2016-2017 are 40548 and the liabilities are 61998.49,






The Total Assets for five financial year i.e.2014-2015 to 2018-2019 are 203118.81 and

the Total Liabilities are 314089.4, therefore there is a negative gap of -110970.6.

2) RATIO ANALYSIS

7. Statement of Net Worth from 2017-2018 to 2018-2019

Interpretation

The net worth of the corporation improved to Rs 705.22 crores as on 31-3-2019 from Rs 628.57

crores as on 31-3-2018. The net worth registered a growth of 12.19 % due to increased profits.

8. Statement of Capital Adequacy Ratio from 2017-2018 to 2018-2019

Year Capital Adequacy Ratio

2017-2018 24.21%

2018-2019 28.52%

Year Net Worth (In Crores)

2017-2018 628.57

2018-2019 705.22



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Interpretation

The Capital Adequacy Ratio of the corporation improved to 28.52% as on 31-3-2019 from

24.21% as on 31-3-2018. The increase in net worth has lead to increase in Capital Adequacy

Ratio (CAR).

9. Statement of Operating Profit Ratio from 2017-2018 to 2018-2019

Interpretation

The above table shows the relationship between the Operating Profits and Net Income. The

operating profit ratio is showing an increasing trend over a period of time from 2017-2018 to

2018-2019.The operating profit in the year 2017-2018 is 0.21, and in the year 2018-2019 it is

increased to 0.28. It means the operating profits and net income also increased.

10 Statement of Return on Total Assets from 2017-2018 to 2018-2019

Year

Net Income

(In Crores)

Total Assets

(In Crores)

Return on Total

Assets

2017-2018 58.73 277278.48 0.0211

2018-2019 89.08 266357.21 0.0334

Interpretation

The above table shows the relationship between the Net Income and Total Assets. The Return on

Assets is showing an increasing trend over a period of time from 2017-2018 to 2018-2019. The

Return on Assets in the year 2017-2018 is 0.0211%, and in the year 2018-2019 it is increased to

0.0334%. A return of 10% is considered as the ideal ratio. But the return is less than 10%. It

indicates the lower productivity of the resources in APSFC.

Year Operating Profit (In Crores) Net Income (In Crores)

2017-2018 90.35 43856.4

2018-2019 126.35 45724.29



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FINDINGS

ALM technique is aimed to tackle the market risks and its objective is to stabilize &

improve profitability of the firm

Implementation of ALM as a Risk Management tool is done using Maturity profiles and

Liquidity Gap analysis for a period of 5 years (i.e. from 2014-2015 to 2018-2019). Gap Analysis

reveals that gap is increasing year by year, which is not a good sign for the company.


Total Liabilities are 314851.9, therefore there is a positive gap of 94314.25.

The Total Assets for five financial year i.e.2014-2015 to 2018-2019 are 486382 and the

Total Liabilities are 350419, therefore there is a positive gap of 135963.


Total Liabilities are 196486, therefore there is a negative gap of -12743.3.





The Total Assets for five financial year i.e.2014-2015 to 2018-2019 are 203118.81 and

the Total Liabilities are 314089.4, therefore there is a negative gap of -110970.6.

The Trend analysis of Structural Liquidity Statement variables of Andhra Pradesh State

Financial Corporation (APSFC) shows Increasing trend for the initial two years and it is

depicting Decreasing trend from 2016-2017 to 2018-2019

ALM presents a disciplined decision-making framework for a while at the same time

guarding the risk levels.

The net worth of the corporation improved to Rs 705.22 crores as on 31-3-2019 from Rs

628.57 crores as on 31-3-2018. The net worth registered a growth of 12.19 % due to increased

profits.

The Capital Adequacy Ratio of the corporation improved to 28.52% as on 31-3-2019

from 24.21% as on 31-3-2018. The increase in net worth has lead to increase in Capital

Adequacy Ratio (CAR).



Issn No : 1006-7930

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The operating profit ratio is showing an increasing trend over a period of time from 2017-

2018 to 2018-2019. The operating profit in the year 2017-2018 is 0.21, and in the year 2018-

2019 it is increased to 0.28. It means the operating profits and net income also increased.

The Return on Assets is showing an increasing trend over a period of time from 2017-

2018 to 2018-2019.The Return on Assets in the year 2017-2018 is 0.0211%, and in the year

2018-2019 it is increased to 0.0334%. A return of 10% is considered as the ideal ratio. But the

return is less than 10%. It indicates the lower productivity of the resources in APSFC.

SUGGESTIONS

APSFC is facing mismatch year by year which is why it is facing high liquidity risk

exposure; It must focus on short term mismatches & monitor their cumulative mismatches across

all time buckets by establishing internal prudential limits with the approval of the board.

The liquidity position of the concern is not good & it can be improved by reducing Bad

debts, switching to short term loans, control overhead Expenses and speedup of the recovery

process on loans.

For Effective Asset Liability Management its policies & practises can be revised by

regular assessment of risk activities, Monitoring exposures, policy should state ALM objectives

for managing the risk associated with balance sheet, maintaining appropriate risk limits, policy

should provide clear lines of authority, responsibility, and accountability regarding risk

management activities.

They should strengthen its management information systems (MIS) and computer

processing capabilities for accurate measurement of liquidity in their Books

It is essential to remain vigilant to the events that effect its operating environment & react

accordingly in order to avoid any undesirable risks.

APSFC should concentrate on the management of Total assets and its returns.

It has been recommended that the company needs to maintain the same level of net

worth, Capital Adequacy ratio and operating profit in the future for the beneficiary of APSFC.



Issn No : 1006-7930

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CONCLUSION

Asset Liability management plays a vital role in all banks and financial institutions.

Matching & Managing the assets and liabilities is crucial for every firm. Managing gap and

maintaining liquidity improves the overall performance and profitability of the firm. ALM

policies and practices must be revised and implemented at regular intervals so that the Risk is

managed efficiently and effectively. For Effective Asset Liability Management policies &

practises suggestive measures can be implemented as per the requirements of APSFC.

With the onset of liberalisation in India since 1991, Financial Institutions facing high

competition and exposed to more uncertainty & Risk. It makes an impact to make proper Asset

Liability Management in place. Effective Liquidity Management helps in avoiding deficiency in

liquidity and reduces liquidity risk. In this project Structural Liquidity Statements are analysed

for analysing gap between Assets & Liabilities. Liquidity Gap Analysis brings to notice that firm

is facing liquidity risk and it should implement provided suggestions to improve its liquidity

position.

In addition to ALM, selected ratios are calculated to know the profitability & efficiency;

Ratios serve as financial analyst in evaluating the performance & efficiency for proper

implementation of financial decisions. Overall financial health of APSFC is satisfactory.



Issn No : 1006-7930

Page No: 1327

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Management, Deep and Deep publication private ltd, New Delhi.

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Shashi K Gupta, R.K.Sharma and Anuj Gupta (2014), Management Accounting (2nd

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Dr.R Umarani and M Jayanthi (2015) ‘An analysis of ALM in Indian banks’,

International Journal of Business & Administration Research Review,Vol.1 Issue.11,pages 179-

183,September. Source: https://www.researchgate.net

Eugenia Ana Matis and Crenguta Alina Matis (2015) ‘Liquidity Risk Management in

Post-Crisis Conditions’, Journal of Procedia Economics and Finance, Vol. 32,pages 1188-1198.

Source: https://www.sciencedirect.com

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https://www.ripublication.com

N.M Darshan and C. Yogashree (2019) ‘A study on effect of Asset Liability Management

on financial performance’, International Journal of Research in Engineering, Science and

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Source: https://www.ijresm.com



Issn No : 1006-7930

Page No: 1328

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Websites

https://www.apsfc.com

https://m.rbi.org.in

https://en.wikipedia.org.com

https://www.investopedia.com

https://www.businessmanagementideas.com

https://www.findevgateway.org

Newspapers:

Business Standard

Business Line

Economic Times



Issn No : 1006-7930

Page No: 1329

https://www.iiste.org/

https://www.onlinejournal.com/

https://www.iosrjournals.org/

https://www.apsfc.com/

https://m.rbi.org.in/

https://en.wikipedia.org.com/

https://www.investopedia.com/

https://www.businessmanagementideas.com/

https://www.findevgateway.org/

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