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What makes a bank efficient? – A look at financial characteristics and bank management and ownership structure

Banks thus planned to meet their shortfalls predominantly through capital measures, and some made progress in spite of unfavourable market conditions. Low share prices, as at present, cause a strong dilution effect, drawing resistance from incumbent shareholders and management. 4 The experience of UniCredit, whose deeply discounted €7.5 billion rights issue led to a 45% (albeit transient) plunge in its share price, deterred other banks from following suit. Capital can also be built through retained earnings, debt-to- equity conversion or redemption below par. Some banks opted to convert outstanding bonds, notably Santander for €6.83 billion. Overall, banks plan to rely substantially. | What makes a bank efficient - A look at financial characteristics and bank management and ownership structure Kenneth Spong Richard J. Sullivan and Robert DeYoung Kenneth Spong and Ri chard J. Sullivan are economists in the Division of Bank Supervision and Structure at the Federal Reserve Bank of Kansas City. Robert DeYoung is a senior financial economist at the Office of the Comptroller of the Currency. 1 Most of these studies in fact suggest that the average bank may be incurring expenses that are 20 to 25 percent higher than the most efficient banks. For a review of these studies see Allen Berger William Hunter and Stephen Timme The Efficiency of Financial Institutions A Review and Preview of Research Past Present and Future Journal of Banking and Finance 1 7 April 1993 221-249. Efficient and effective utilization of resources are key objectives of every banker. These topics have always been important in banking but a number of recent events are helping to bring even greater emphasis to banking efficiency. Increasing competition for financial services technological innovation and banking consolidation for example are all focusing more attention on controlling costs in banking and providing services and products efficiently. Increasing competition from nonbank institutions and from banks expanding into new markets is putting strong pressure on banks to improv e their earnings and to control costs. Efficiency is clearly a critical factor in remaining competitive and a number of recent statistical studies have shown that the most efficient banks have substantial cost and competitive advantages over those with average or below average efficiency.1 Technological innovation in the form of improvements in communications and data processing is also bringing added emphasis to efficiency. Such improvements are giving banks and other financial institutions opportunities to dramatically raise productivity and begin delivering many services through electronic means. Even the