By Stephanie Gross, Prof. Dr. Andreas Hackethal
Within the German banking area, administration is constantly expanding its concentrate on shareholder pursuits. this is obvious within the formidable profitability pursuits set via administration during this quarter. a few municipalities also are placing expanding strain on Landesbanks and saving banks, as contributors of the most important German banking staff, to create better monetary price.
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Extra info for Bank and Shareholder Value: An Overview of Bank Valuation and Empirical Evidence on Shareholder Value for Banks
2. 20 How to measure the shareholder value of banks? ^^ Table II-3: Structure of the balance sheet of banks vs. vt7,v \on-hanks Liuhililies (^ shareholders' cciuily Hanks Non-hanks Banks Property, plant and equipment ZS^o \% Equity capital and reserves 18% Investments \yo 2% Provisions 20% 1% Inventories 23°o na Liabilities 62% 91% Receivables from customers 4% 33°o 74% Trade payables 12% n/a IS'-o 49% Liabilities to financial institutions 20% 29% from credit institutions na 25% Liabilities to non-banks n/a 38% Other receivables i8°o ~ O^'o Securitised loans n/a 23% Investment securities 3°o 19% Other liabilities 31% 5% Cash and cash equivalents 4'''o 1% 100%, 100%.
3 derives the institutional specifics of banks in the context of valuation based on banking See Adolf etal. (1989), p. 485; Strutz (1993), p. 102; Hohmann (1998), p. 21. See Zessin (1982), p. 61; Koch (2002), p. 55. Motivation and key research questions definitions and the structure of the financial statements of banks. 3. 5 discusses the specific adjustments that are required to customize the DCF and residual income approach for banks. 6 summarizes the results and provides an overview of the further research that will be required in the future.
See also Mercer (1992), pp. 122-140, who studies the income statement of a sample bank and its composition in detail. 22 How to measure the shareholder value of banks? whereas for banks depreciation on fixed assets is very low. Provisions on receivables and securities, on the other hand account for 5 percent. Table II-4: Structure of the income statement of banks vs. ''o na Supplies expense 61% N/a 1% na Staff expense 17% 10% Interest income l^o 83% Income from provisions na 1°a Change in inventories Other administrative expenses n/a 7% Depreciation 4% 7% Income from securities & investments na 4''o - on fixed assets & intangibles 4% 1% Net income from financing business na 1% Provisions on receivables & securities n/a 5% Other income 5''o 5°o Interest expense 2% 71% Tax charges 3% 1% 14% 4% Other expenses Total expenses Source: Buba (2003b); Buba (2003a) Banking revenues are dominated by interest income (83 percent of total revenues) and only a small portion of income comes from provisions (7 percent of total revenues).