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Menzies Bank has the following information: Calculate the bank's Return on...
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Menzies Bank has the following information:
Calculate the bank's Return on Assets. (NOTE: By default, the unit of the answer is %. The answer must be input with two 2 decimal places, i.e. if the answer is 12%, please input 12.00)
| Balance Sheet (in $million) | |||
| Assets | Liabilities and Equity | ||
| Cash | 450 | Demand deposits | 5,510 |
| Receivables from other FIs | 1,350 | Small time deposits | 10,800 |
| Investments | 4,050 | Jumbo CDs | 3,200 |
| Federal funds sold | 2,025 | Federal funds purchased | 2,250 |
| Loans | 15,525 | Equity | 2,200 |
| Reserve for loan losses | (1,125) | ||
| Premises | 1,685 | ||
| Total assets | 23,960 | Total liabilities and equity | 23,960 |
| Income Statement (in $million) | |||
| Interest income | 2,600 | ||
| Interest expense | (1,650) | ||
| Provision for loan losses | (180) | ||
| Noninterest income | 140 | ||
| Noninterest expense | (420) | ||
| Taxes | (90) |