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Financial Service Industry Analysis: Microeconomics Report

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BEC 1370: Microeconomics
Group Assignment II
“INDUSTRIAL ANALYSIS”
Group No: 202
1st Year Group: B3
Industry: Financial Service Activities and Auxiliary Financial
Service
This report was submitted to the Department of Business Economics, Faculty of
Management Studies and Commerce, University of Sri Jayewardenepura, as a
partial fulfilment of the requirement of BEC 1370: Microeconomic course.
Department of Business Economics
Faculty of Management Studies ad Commerce
University of Sri Jayewardenepura
Date of Submission: 15th December 2022
1
Declaration
We certify that this report does not incorporate without acknowledgement, any material
previously submitted for a course or a degree in any university / institution, and to the best of
our acknowledge and belief it does not contain any material previously published or written by
another person, except where reference is made in the text.
Group Members
S. No.
Name
CPM
MC
1
Hettiarachchige Salani Keshala
22699
103108
2
Mayakaduwa Ge Sadeesha Nelumi
22700
103651
3
Haeshintikaa Suthagar
22701
103003
4
Wanninayaka Mudiyanselage Kavindu
22702
103341
22703
103696
Induwara Wanninayaka
5
Savinduni Hasanditha Dahanayake
2
Acknowledgement
We are extremely grateful because we managed to complete our Microeconomics assignment
within the given time by our lecturer Dr. Janaka Fernando and our tutorial lecturer Ms. S.G.U.S.
Chandrarathne. This assignment cannot be completed without the effort and cooperation from
our group members' CPM 22699, 22700, 22701, 22702 and 22703. Last but not least, we would
like to express our deepest gratitude to our friends for the support and willingness in helping
us to complete this assignment and contributing to our findings.
3
Table of Content
List of Tables ............................................................................................................................ 5
List of Figures ........................................................................................................................... 5
Chapter 1 .................................................................................................................................. 6
Introduction .............................................................................................................................. 6
Banking Sector ......................................................................................................................... 7
Chapter 2 ................................................................................................................................ 10
Market Structure .................................................................................................................... 10
Oligopoly .............................................................................................................................. 10
Differentiated Oligopoly .................................................................................................... 10
Collusive Oligopoly ........................................................................................................... 11
Chapter 3 ................................................................................................................................ 13
Pricing Strategies of An Oligopoly Based Banking Industry ................................................ 13
Pricing strategies ................................................................................................................. 13
The Future of Bank Pricing Strategies ............................................................................. 16
Value-based pricing .......................................................................................................... 16
Chapter 4 ................................................................................................................................ 18
Cost, Revenue, Profit Behaviors in Banking Industry ..................................................... 18
COST.................................................................................................................................... 18
Interest Expenses ......................................................................................................... 18
Personnel Costs ............................................................................................................ 19
Other Costs................................................................................................................... 19
Fees And Commission Expenses ................................................................................. 20
Tax Expenses ............................................................................................................... 21
REVENUE ............................................................................................................................. 21
Net interest income ...................................................................................................... 23
Non-interest income ..................................................................................................... 23
PROFIT ................................................................................................................................. 24
Chapter 5 ................................................................................................................................ 26
New Trends in Financial Services Industry...................................................................... 26
Conclusion ........................................................................................................................... 27
References ............................................................................................................................... 28
4
List of Tables
Table 1: Gross Domestic Product (GDP) at constant (2010) market prices .............................. 7
Table 2: Total assets of the financial system ............................................................................. 8
Table 3: Distribution of banks, bank branches and other banking outlets ................................. 8
Table 4: Exchange rates of Bank of Ceylon ............................................................................ 15
Table 5: Exchange rates of Sampath Bank .............................................................................. 15
Table 6: Exchange rates of People’s Bank .............................................................................. 16
Table 7: Interest expenses ........................................................................................................ 18
Table 8: Personnel Costs .......................................................................................................... 19
Table 9: Other expenses ........................................................................................................... 20
Table 10: Fees and Commission Expenses .............................................................................. 20
Table 11: Tax Expenses ........................................................................................................... 21
Table 12: Gross Income ........................................................................................................... 22
Table 13: Total Operating Income ........................................................................................... 22
Table 14: Interest Income ........................................................................................................ 23
Table 15: Non-interest income................................................................................................. 23
Table 16: Income Statement of People’s Bank ........................................................................ 24
List of Figures
Figure 1: Contribution to gross domestic................................................................................... 6
Figure 2: Contribution to Gross Value Addition ....................................................................... 6
Figure 3: Rates for fixed deposits of ........................................................................................ 14
Figure 4: Rates for fixed deposits of Seylan Bank .................................................................. 14
Figure 5: Pricing approaches .................................................................................................. 16
Figure 6: Value based pricing steps ......................................................................................... 17
Figure 7: Total operating income, net interest income, non- interest income ......................... 22
Figure 8: Profit before tax ........................................................................................................ 25
Figure 9: Rise up of search interest in blockchain in 10 years ................................................ 26
5
Chapter 1
Introduction
Sri Lanka is an emerging economy in South -East Asia with a population of 22.156 million in
2021. The service sector in Sri Lanka is the largest contribution to the Sri Lankan economy
with a contribution of 58.3 percent of the national Gross Domestic Product (GDP) in
2021(Figure 1).
Under this service sector, Financial and auxiliary services industry is comprised of savings,
investing, pawning, insurance, loans, leasing and finance so on. This industry is made up of a
wide range of financial firms including banks, insurance companies, lenders, finance
companies, real estate firms etc. The financial services sector in Sri Lanka, was ranked at the
fourth place and contributed roughly 14.53 percent to the service sector’s output (in 2021). As
Table 1 shows, Financial and auxiliary services grew by 7.5 percent in 2021, compared to the
growth of 10.9 percent in 2020.
Figure 1: Contribution to gross domestic
product
Figure 2: Contribution to Gross Value Addition
Source: (Annual Report 2021 of Central Bank,2022)
Since there are many firms and institutions under the financial and auxiliary services industry,
in this report we mainly look at the Banking Sector.
6
Table 2: Gross Domestic Product (GDP) at constant (2010) market prices
Source: Annual Report – 2021 of Ministry of Finance
Banking Sector
The banking sector in Sri Lanka plays a major role in stabilizing the financial and economic
conditions of the country. According to the Central Bank of Sri Lanka, the banking sector
excluding the Central Bank, continued to dominate the financial sector accounting for 63.3 per
cent of total assets as at the end of year 2021 (Table 2).
According to the Table 3, by the end of 2021, the banking sector in Sri Lanka comprises 24
Licensed Commercial Banks including domestic and foreign banks and 06 Licensed
Specialized Banks, with a network of over 3600 bank branches and banking outlets and around
6300 Automated Teller Machines (ATMs).
7
Table 3: Total assets of the financial system
Source: Annual Report 2021 of Central Bank
Table 4: Distribution of banks, bank branches and other banking outlets
Source: Annual Report 2021 of Central Bank
8
This report is organized as follows. The next chapter presents market structure and justification
and the third chapter focuses the pricing model with illustrations. The fourth chapter presents
cost, revenue and profit behaviours of People’s Bank as a selected firm in the banking sector
and the last chapter presents future trends of the financial industry and conclusion of the
analysis.
9
Chapter 2
Market Structure
In economics, market structure refers to how various industries are classified and differentiated
based on the degree and nature of competition for goods and services. It is founded on the
characteristics that influence the behavior and outcomes of businesses operating in a particular
market. There are four distinct market structures. Perfect competition, market competition,
oligopoly, and monopoly are the four types of competition. The number of buyers and sellers,
ability to negotiate, degree of concentration, degree of product differentiation, and ease or
difficulty of entering and exiting the market are all factors that influence market structure.
Oligopoly
What is Oligopoly?
Oligopolistic markets are characterized by a small number of suppliers. They can be found in
all countries and in a wide range of industries. Some oligopoly markets are highly
competitive, while others are significantly less so, or appear to be.
Nowadays, in many countries, the banking sector is clearly an oligopoly in the sense that a
few large banks control a significant portion of the banking business.
Differentiated Oligopoly
In an oligopoly, the products sold are differentiated.
Barriers to entry, paying attention to rival firms' behavior, producing differentiated products,
and price setter are key features of an oligopoly market.
Why financial industries fall under oligopoly market structure
•
Due to economies of scale, financial services and auxiliary services fall into an
oligopoly market structure to increase production efficiency.
•
A large capital investment is required to enter the financial industry, particularly the
banking sector.
•
Patented manufacturing processes, as well as regulated standards and acts
•
Retention of existing service providers' brand loyalty
10
Collusive Oligopoly
Oligopolists agree formally or informally to limit competition among themselves in collusive
oligopoly.
They may agree not to poach each other's market, set output quotas, fix prices, limit product
promotion or development, or agree not to set output quotas.
Cartel agreements, price leadership models, and so on.
Interbank markets are an essential component of the financial system; banks lend to one
another to allocate liquidity in the economy. Despite the interbank market's potential benefits,
we propose a novel cost. Our argument is based on the simple observation that banks
compete in one market for lending to businesses while lending to each other in another
(interbank) market. We develop a stylized model to investigate how strategic spillovers
between these two markets can result in inefficient resource allocation and provide a role for
government regulation. The model produces an unexpected result: in certain regions of the
parameter space, an interbank market can facilitate bank collusion, and regulations limiting
interbank trade can implement the planner's solution.
Collusion occurs when two competing banks have sufficient resources to make business
loans. In this state of the world, one bank (call it bank B) makes a loan to another bank (call it
bank A), and as a result, bank B lacks the funds to compete with bank A. If these two banks
are the only ones in the area, bank A effectively becomes a monopolist, reaping monopolistic
profits by rationing loan supply.
The interbank loan from bank B to bank A is a credible promise not to compete. Bank B
gains from this commitment by receiving a higher interest rate on the interbank loan, which
represents a portion of bank A's monopolistic profits.
Without an interbank market, both banks would compete and earn no profits, which is the
allocation that a social planner would prefer. If banks are permitted to trade on the interbank
market, the decentralized solution may become inefficient. The paper's main conclusion is
that interbank trading allows banks to collude. Even when there are benefits to interbank
trade because of liquidity sharing, the welfare loss from collusion can outweigh the benefit.
We extend the model to allow banks to enter the business loan market endogenously. Banks
make this strategic decision based on anticipated profits from entry. These profits are
11
determined by the other bank's decision to enter the market, liquidity shocks, and the
presence of the interbank market.
Cartel model
A cartel is a formal agreement formed by a group of producers of a good or service to
regulate supply in order to regulate or manipulate prices. In other words, a cartel is a group of
otherwise independent businesses or countries that act as if they are a single producer and
thus can set prices for the goods and services they produce and provide without competition.
Banking cartels exist in countries such as Australia, the United Kingdom, and Poland, as
examples.
12
Chapter 3
Pricing Strategies of An Oligopoly Based Banking Industry
Pricing is currently more important for all banks than ever before. It plays a central role in
customer satisfaction and profitability. Mainly due to changes in customer preferences and cost
changes pricing has taken a lot of our attention. Sometimes it acts as a challenge to the banking
industry and at the same time, it can be an opportunity.
Pricing strategies
Cost-plus pricing strategies mean adding the average total amount and adding a fixed market
to earn the desired profit. Commercial banks use a different brand as well as costing labor to
enhance profit. Internet banking facilities, ATM card charges, SMS alert charges, and cheque
return charges in banks are provided to customers at different price rates. They can’t do major
price changes in the banking industry as they are in an Oligopoly key structure but they tend to
use the tactics mentioned above.
Price skimming strategy is also seen in commercial banks when they build new products. Price
skimming strategy influences profit maximization in any industry. It helps the overall
profitability of the organization as well as the return on the individual product.
Banks do consider the level of different prices in different products of their competitors and do
relevant changes according to them. They consider their competitor’s pricing strategies as well.
Due to competitive pricing, we can see differences in share market prices in publicly listed
commercial banks.
A common example in Sri Lankan banking industry is that Bank of Ceylon has the largest
market share of foreign exchange market in the country. There is a major tendency among other
instructions banks to for central foreign exchange rates determined by Bank of Ceylon. There
can be slight differences but if they do major changes, they will lose their customer base.
Non pricing strategies mainly use in banking industries as they cannot change the prices of the
product largely as they are experiencing an oligopoly market structure. Advertising and
promotions can be used to compete with others.
13
Mainly the interest rates are being controlled by the Central Bank of Sri Lanka. Commercial
banks have to follow the instructions given by the Central Bank of Sri Lanka when determining
their interest rates.
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 05 October 2022,
decided to maintain the Standing Deposit Facility Rate (SDFR), Standing Lending Facility
Rate (SLFR) of the Central Bank at their current levels of 14.50 pent and 15.50 per cent,
respectively.
Recently the commercial banks in Sri Lanka have introduced special fixed deposits with special
rates to attract customers. We can see the differences in minimum payment to be deposited in
order to open the fixed deposit and also the slight differences in interest rates and maturity
period changes.
Figure 3: Rates for fixed deposits of
Commercial Bank
Figure 4: Rates for fixed deposits of Seylan Bank
Source: https://www.seylan.lk/mybrochures?category=Promotions
Source: https://anybanq.lk/bank/index/4/Commercial-Bank
14
Table 5: Exchange rates of Bank of Ceylon
Source: https://www.boc.web.lk/ExRates
Table 6: Exchange rates of Sampath Bank
Source:
https://www.sampath.lk/en/exchange-rates
15
Table 7: Exchange rates of People’s Bank
Source: https://www.peoplesbank.lk/exchange-rates/
The Future of Bank Pricing Strategies
Most banks use a cost-plus and market-based pricing strategy. These strategies have played a
great role in the banking industry. Usually, the traditional approach in banking consists of riskbased spread and assessment of the competitor product portfolio. But there are some
underestimated or fully uncounted factors such as the correct cost of servicing and customers’
value perspective regarding such products.
Figure 5: Pricing approaches
Source: (pwc "Pricing innovation in banking: The next frontier", 2019)
Value-based pricing
Banks have to move away from traditional strategies in to future based strategies. The future
banking is value driven and if they do not pay attention to these new strategy shifts, they will
16
lose their market. It shows a gradual shift from product-centric mind set to a customer-centric
approach. It should understand the factors that drive value to customers. Value-based pricing
help to increase profit margin and to increase customer loyalty. The given below factors will
help the banks to identify the value aspects of customers.
•
Customers have easy access to market information – With the development of
technology customer can access wide range of information in a short time. Data shows
banking products with complicated features are rejecting by customers even given at
discounted prices.
•
Poor marketing can lead to a dissatisfied customer – Even when the products supplied
by the bank are in good level if they didn’t market them properly the customers will
not pay attention to them. There are so many commercial banks in Sri Lanka. If we
didn’t market our products properly, they will easily shift to other competitors.
Figure 6:Value based pricing steps
Source: (Google images)
17
Chapter 4
Cost, Revenue, Profit Behaviors in Banking Industry
Since there are different banks in the banking industry, the behavior of cost, revenue and profit
vary between each bank. Because of this, one bank is taken as a sample and conclusions are
drawn about the behavior of the entire banking industry based on the information obtained
from it. People’s Bank is taken into this study.
COST
Cost means the amount of money which a company expend on the creation or production of
goods or services. In aspect of the banking side, the cost can be defined as the mean ratio of
overhead costs to total assets. It included all taxes and insurance premiums of every kind and
nature of the Borrowers paid by the Bank.
There are two major costs can be seen in a bank.
1. Interest Cost - This is the cost incurred from deposits, short-term and long- term loans
and trading account liabilities.
2. Non-interest Cost - This is the cost other than interest payment on deposits and bonds.
In 2020 and 2021 period, the cost behavior of People’s Bank can be taken as follows.
Interest Expenses
Table 8: Interest expenses
Source: (People’s Bank Annual Report 2021, 2022)
18
Total interest expenses contracted by 3.3% in 2021 relative to 2020. During these two years,
the most interest expense is incurred due to other customers. But it higher in 2021 than 2020.
Also, least interest expense is coming from interest on lease liabilities during these years.
In addition to that, deposit related expenses made up close to 84.0% of which more than 74.0%
was on account of term deposits in 2021 relative to 2020. Further there are some operating
costs such as personnel costs, other costs, fee and commission expenses, tax expenses.
Personnel Costs
Table 9: Personnel Costs
Source: (People’s Bank Annual Report 2021, 2022)
Personnel costs accounted for approximately 55.0% of total operating costs, with an increase
of 15.5% in personal costs during 2021 when compared with 2020. Each two years, highest
expense was salaries, bonus and related expenses. Further least expense was gratuity. However,
in 2021 the amount of highest expense is higher than 2020.
Other Costs
The highest expense was office administration and establishment expense in these two years.
But there is small gap between this expense and depreciation and amortization cost. However,
these costs higher in 2021 than 2020.
19
Table 10: Other expenses
Source: People’s Bank Annual Report 2021
Fee and Commission Expenses
Source: (People’s Bank Annual Report 2021, 2022)
Fees And Commission Expenses
Fees and commission expenses also higher by 22.8% in 2020 relative 2021. The highest
expense is represented by cards according to these costs.
Table 11: Fees and Commission Expenses
Source: (People’s Bank Annual Report 2021, 2022)
20
Tax Expenses
Total tax expense is decreased in 2021 than 2020. Therefore, it showed positive cost behavior.
Also, effective tax rate was reduced to 21.9% in this time period.
Table 12: Tax Expenses
Source: (People’s Bank Annual Report 2021, 2022)
REVENUE
Simply, revenue refers to the total earnings a company generates through its core operations.
The main source of revenue for banks are client’s loan and deposit operations. They deposit
money at the bank but they receive a relatively small amount of interest. Then the bank lends
funds out at a much higher rate, profiting from the difference in interest rates. This is the normal
way of generate their income.
Mainly, banks are making their revenue in two ways.
1. Net Interest Income - It is the difference between the revenue generated from a bank's
interest-bearing assets and expenses obtained while paying its interest-bearing
liabilities.
2. Non-interest income - It is the revenue made through fees other than interest income on
loans. As an example, monthly maintenance fees, deposit and transaction fees,
insufficient funds fees, annual fees, monthly account service charges, etc... can be taken
as non-interest income
In 2020 and 2021 period, the revenue behavior of People’s Bank can be taken as follows.
21
Figure 7: Total operating income, net interest income, non- interest income
According to this graph, the year
2021
saw
a
year-on-year
increase of 5.8% in the Group’s
gross income, reaching LKR
236.8 Bn. Also, interest income,
fee and commission income as
well other non-funded income
continuing to remain its main
sources of revenue.
Source: (People’s Bank Annual Report 2021, 2022)
Table 13: Gross Income
Source: (People’s Bank Annual Report 2021, 2022)
The highest percentage of income was from interest income. Also, it higher in 2021 relation to
2020. Further, these four main revenues are contributed different way for gross income.
Unfortunately, net gain from trading is become a loss in 2021 than 2020.
Table 14: Total Operating Income
Source: (People’s Bank Annual Report 2021, 2022)
22
Net interest income
It is representing core operations of the Group accounted for 87.5% of total operating income,
increasing by 30.2% year-on-year to LKR 96.9 Bn. in 2021 from LKR 74.4 Bn. in 2020. Given
above is an analysis of the constituents of net interest income.
Total interest income higher in 2021 relation to 2020. However, that difference was a smaller
amount. The highest interest income generated through the Loans and receivable to other
customers. But the least interest income generated from Cash and cash equivalents.
Table 15: Interest Income
Source: (People’s Bank Annual Report 2021, 2022)
Non-interest income
Non-interest income consisted of fee and commission income, trading income and other
operating income. According to the above analysis, net non-interest income decreased by
15.7% to LKR 13.8 Bn. from LKR 16.4 Bn.
Table 16: Non-interest income
Source: (People’s Bank Annual Report 2021,2022)
23
Fee and commission income gave a highest contribution to the non-interest income and it
amount also increased in 2021 than 2020. Although, the net trading amount changed as a loss
in 2021. It was a negative affect for the non-interest income.
PROFIT
Actually, bank profitability is the measurement that can be used for measure bank's
performance. They can make profit by earning a lot of money than what they are paying in
expenses. Mainly, banks collect profit from the service fees (charged for their services) and
earned interests from their assets.
There are three major types of profits in the banking industry. These profits can be found from
each banks’ income statement.
1. Gross profit - It is the value of a business has earned minus the direct costs of
manufacturing or the cost of goods sold.
2. Operating profit - It is the value of the gross profit minus operational costs.
3. Net profit - It is the total value left over after the business has accounted for all
deductions, including interest and taxes.
Table 17: Income Statement of People’s Bank
Source: (People’s Bank Annual Report 2021, 2022)
In 2020 and 2021 period, the profit behavior of People’s Bank can be taken as follows.
24
Figure 8: Profit before tax
According to this graph, the
bank’s pre-tax profit increased by
51.1% to LKR 37.2 Bn. in 2021
from LKR 24.6 Bn. in 2020. The
total operating income of the bank
reached LKR 110.7 Bn. and total
operating expenses amounting to
LKR 50.5 Bn., either of which up
21.9% and 14.9% respectively
over 2020.
Source: (People’s Bank Annual Report 2021, 2022)
In summary, operating cost before including VAT or after including VAT, it was higher in
2021 than 2020. Also, the profit for the year is increased. Therefore, it showed a positive profit
behavior for sustain in future.
25
Chapter 5
New Trends in Financial Services Industry
The Sri Lankan economy is currently undergoing a distressed situation, in a level never
experienced in Sri Lankan history. Currently, Sri Lanka face problems such as Critically low
official reserves, Accelerated Inflation, Overshot Exchange rate, Power crises and Social and
political unrest.
Therefore, the financial services industry is turning its focus toward innovations to ready the
future. There are key trends in the financial services such as,
•
Artificial Intelligence
•
Automation
•
FinTech
•
Blockchain
The financial industry focuses on digitization to enhance operational efficiency and speed.
Banks are cutting down spends on their branches and invest in self-service digital channels;
mobile and online banking. For examples, People’s Wave, Smart Pay, Com bank digital etc.
FinTech combines financial services with information technology. The development of
FinTech using smartphones has become the global attention as the trend shift from payment
cards to mobile- based applications such as e-money, near field communication (NFC), QR
code-based payments etc.
A growing technology change affecting the financial services industry is blockchains. HSBC
bank already use blockchain technology to settle forex trades. PayPal, Mastercard allow users
to make payments using blockchain currencies.
Figure 9: Rise up of search interest in blockchain in 10 years
Source: (Howarth, explodingtopics.com, 2022)
26
Conclusion
27
References
− Banton, C. (2021, June 13). Investopedia. Retrieved from www.investopedia.com:
https://www.investopedia.com/terms/n/noninterest-expense.asp
− Central Bank of Sri Lanka. (2022). Annual Report for the year 2021. Colombo:
Central Bank of Sri Lanka.
− Central Bank of Sri Lanka. (2022, April 16). FINANCIAL SECTOR
PERFORMANCE AND SYSTEM STABILITY.
− Dr.P.K.G.Harischandra. (2022). The State of the Sri Lankan Economy,Challenges and
Outlook. Central Bank of Sri Lanka . Retrieved May 23, 2022
− EIU. (n.d.). Retrieved from eiu.com: https://www.eiu.com/n/global-themes/financialindustry-hub/
− Howarth, J. (2022, October 05). Exploding Topics . Retrieved from
explodingtopics.com: https://explodingtopics.com/blog/financialtrends#:~:text=More%20banks%20are%20transition%20to,their%20networks%20usi
ng%20blockchain%20currencies
− Law Insider . (n.d.). Retrieved from www.lawinsider.com:
https://www.lawinsider.com/dictionary/bank-costs
− Ministry of Finance, E. S. (2022). Annual Report. Colombo: Ministry of Finance.
− People's Bank . (2022). Annual Report-2021.
− Phaneuf, A. (2022, January 06). Insider Intelligence . Retrieved from
insiderintelligence.com: https://www.insiderintelligence.com/insights/financialservices-industry/
− pwc. (2019). "Pricing innovation in banking: The next frontier". Pricing innovation in
banking: The next frontier.
− Team, C. (2020, December 29). CFI. Retrieved from corporatefinanceinstitute.com:
https://corporatefinanceinstitute.com/resources/accounting/non-interest-expense/
− Team, C. (2022, December 6). CFI. Retrieved from corporatefinanceinstitute.com:
https://corporatefinanceinstitute.com/resources/accounting/financial-statements-forbanks/
− Vishnava. (2022, December 07). cleartax. Retrieved from cleartax.in:
https://cleartax.in/g/terms/net-interest-income-nii
− Wagner, H. (2021, September 13). Investopedia. Retrieved from
www.investopedia.com:
https://www.investopedia.com/articles/stocks/07/bankfinancials.asp
28
− Ziad Kubursi, H. S. (2022, March 05). The Hartford. Retrieved from thehartford.com:
https://www.thehartford.com/insights/home-workplace-safety/financial-servicestrends
Contribution of group members
Student Name
CPM
Contribution
H.Salani Keshala
CPM 22699
Conclusion of the analysis
M.G. Sadeesha Nelumi
CPM 22700
Introduction, future trends, overall
report merge
S. Haeshintikaa
CPM 22701
Market structure and justification
W.M. Kavindu Induwara Wanninayaka
CPM 22702
Cost, revenue and profit behaviour and
illustrations
S. Hasanditha Dahanayake
CPM 22703
29
Pricing model and justification
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