DCB Bank

DCB Bank's net profit rose 32.6% to INR 3.25 bil in 2018

By Helgi Analytics - November 3, 2019

DCB Bank made a net profit of INR 3.25 bil under revenues of INR 15.0 bil in 2018, up 32.6% and 14.8% respectively compared to the pr...

DCB Bank's npls (as % of loans) rose 3.88% to 1.86% in 2018

By Helgi Analytics - November 3, 2019

DCB Bank's non-performing loans reached 1.86% of total loans at the end of 2018, up from 1.80% compared to the previous year. ...

DCB Bank's price/earnings (P/E) fell 4.45% to 19.4 in 2018

By Helgi Analytics - November 3, 2019

DCB Bank stock traded at INR 201 per share at the end 2018 implying a market capitalization of USD 904 mil. Since the end of 2013, the ...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 7.97 9.95 11.5
Net Fee Income INR bil 1.66 2.19 2.40
Other Income INR bil 0.840 0.915 1.10
Total Revenues INR bil 10.5 13.1 15.0
Operating Profit INR bil 4.18 5.25 6.47
Provisions INR bil 1.11 1.39 1.40
Net Profit INR bil 2.00 2.45 3.25
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 3.34 12.4 14.8
Customer Loans INR bil 158 203 236
Total Assets INR bil 240 302 358
Shareholders' Equity INR bil 22.0 28.1 31.2
Interbank Borrowing INR bil 4.87 6.18 5.43
Customer Deposits INR bil 193 240 284
Issued Debt Securities INR bil 12.8 19.3 27.2
Ratios 2016 2017 2018
ROE % 9.99 9.79 11.0
ROA % 0.925 0.904 0.986
Costs (As % Of Assets) % 2.91 2.88 2.58
Costs (As % Of Income) % 60.0 59.8 56.9
Net Interest Margin % 3.69 3.67 3.48
Loans (As % Of Deposits) % 82.0 84.7 82.9
NPLs (As % Of Loans) % 1.59 1.80 1.86
Provisions (As % Of NPLs) % 50.0 60.1 68.3
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 715 781 904
Share Price (End Of Period) INR 167 159 201
Price/Earnings (P/E) 24.3 20.3 19.4
Price/Book Value (P/BV) 2.20 1.77 2.02
Dividend Yield % 0.294 0.464 0.489
Earnings Per Share (EPS) INR 6.87 7.85 10.4
Book Value Per Share INR 75.9 89.9 99.2
Dividend Per Share INR 0.491 0.740 0.981

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summary Unit 2014 2015 2016 2017 2018
income statement          
Net Interest Income INR bil 5.08 6.20 7.97    
Total Revenues INR bil 6.74 8.40 10.5    
Operating Profit INR bil 2.78 3.49 4.18    
Net Profit INR bil 1.91 1.95 2.00    
balance sheet          
Interbank Loans INR bil 0.855 1.88 3.34    
Customer Loans INR bil 105 129 158    
Total Assets INR bil 161 191 240    
Shareholders' Equity INR bil 15.9 17.9 22.0    
Interbank Borrowing INR bil 0 0 4.87    
Customer Deposits INR bil 126 149 193    
Issued Debt Securities INR bil 11.6 11.5 12.8    
ratios          
ROE % 12.1 11.5 9.99    
ROA % 1.19 1.10 0.925    
Costs (As % Of Assets) % 2.46 2.79 2.91    
Costs (As % Of Income) % 58.8 58.4 60.0    
Net Interest Margin % 3.15 3.51 3.69    
Interest Income (As % Of Revenues) % 75.4 73.7 76.1    
Fee Income (As % Of Revenues) % 17.7 16.7 15.8    
Equity (As % Of Assets) % 9.83 9.37 9.17    
Loans (As % Of Deposits) % 83.0 86.6 82.0    
Loans (As % Assets) % 64.9 67.6 65.8    
NPLs (As % Of Loans) % 1.76 1.52 1.59    
Provisions (As % Of NPLs) % 41.6 49.1 50.0    
valuation          
Market Capitalisation (End Of Period) USD mil 496 340 715    
Number Of Shares (Average) mil 272 288 290    
Share Price (End Of Period) INR 115 78.4 167    
Earnings Per Share (EPS) INR 7.03 6.77 6.87    
Book Value Per Share INR 58.3 62.3 75.9    
Dividend Per Share INR 0 0 0.491    
Price/Earnings (P/E) 16.4 11.6 24.3    
Price/Book Value (P/BV) 1.97 1.26 2.20    
Dividend Yield % 0 0 0.294    
Earnings Per Share Growth % ... -3.80 1.60    
Book Value Per Share Growth % ... 6.79 21.9    
income statement Unit 2014 2015 2016 2017 2018
income statement          
Interest Income INR bil 14.2 17.0 20.8    
Interest Cost INR bil 9.14 10.8 12.8    
Net Interest Income INR bil 5.08 6.20 7.97    
Net Fee Income INR bil 1.19 1.41 1.66    
Other Income INR bil 0.466 0.804 0.840    
Total Revenues INR bil 6.74 8.40 10.5    
Operating Cost INR bil 3.96 4.91 6.28    
Operating Profit INR bil 2.78 3.49 4.18    
Provisions INR bil 0.863 1.55 1.11    
Extra and Other Cost INR bil 0.001 0.004 0.002    
Pre-Tax Profit INR bil 1.91 1.95 3.07    
Tax INR bil 0 0 1.07    
Minorities INR bil 0 0 0    
Net Profit INR bil 1.91 1.95 2.00    
Dividends INR bil 0 0 0.143    
growth rates          
Net Interest Income Growth % ... 21.9 28.7    
Net Fee Income Growth % ... 17.8 17.9    
Total Revenue Growth % ... 24.7 24.6    
Operating Cost Growth % ... 23.8 28.0    
Operating Profit Growth % ... 25.9 19.7    
Pre-Tax Profit Growth % ... 1.75 57.7    
Net Profit Growth % ... 1.75 2.65    
market share          
Market Share in Revenues % 0.222 0.249 0.260   ...
Market Share in Net Profit % 0.350 0.473 ... ... ...
balance sheet Unit 2014 2015 2016 2017 2018
balance sheet          
Cash INR bil 6.34 7.03 8.58    
Interbank Loans INR bil 0.855 1.88 3.34    
Customer Loans INR bil 105 129 158    
Fixed Assets INR bil 2.37 2.48 4.89    
Total Assets INR bil 161 191 240    
Shareholders' Equity INR bil 15.9 17.9 22.0    
Of Which Minority Interest INR bil 0 0 0    
Liabilities INR bil 145 173 218    
Interbank Borrowing INR bil 0 0 4.87    
Customer Deposits INR bil 126 149 193    
Sight Deposits INR bil 10.5 11.8 15.3    
Term Deposits INR bil 116 137 178    
Issued Debt Securities INR bil 11.6 11.5 12.8    
Other Liabilities INR bil 7.74 12.5 7.90    
asset quality          
Non-Performing Loans INR bil 1.86 1.97 2.54    
Gross Loans INR bil 105 130 159    
Total Provisions INR bil 0.774 0.969 1.27    
growth rates          
Customer Loan Growth % ... 23.5 22.4    
Total Asset Growth % ... 18.5 25.8    
Shareholders' Equity Growth % ... 12.9 23.1    
Customer Deposit Growth % ... 18.4 29.2    
market share          
Market Share in Customer Loans % 0.147 0.162 0.192   ...
Market Share in Total Assets % 0.145 0.152 0.169   ...
Market Share in Customer Deposits % 0.154 0.163 0.181   ...
ratios Unit 2014 2015 2016 2017 2018
ratios          
ROE % 12.1 11.5 9.99    
ROA % 1.19 1.10 0.925    
Costs (As % Of Assets) % 2.46 2.79 2.91    
Costs (As % Of Income) % 58.8 58.4 60.0    
Net Interest Margin % 3.15 3.51 3.69    
Interest Spread % ... 2.87 3.09    
Asset Yield % 8.82 9.64 9.62    
Cost Of Liabilities % ... 6.77 6.53    
Payout Ratio % 0 0 7.15    
Interest Income (As % Of Revenues) % 75.4 73.7 76.1    
Fee Income (As % Of Revenues) % 17.7 16.7 15.8    
Other Income (As % Of Revenues) % 6.91 9.56 8.02    
Equity (As % Of Assets) % 9.83 9.37 9.17    
Loans (As % Of Deposits) % 83.0 86.6 82.0    
Loans (As % Assets) % 64.9 67.6 65.8    
NPLs (As % Of Loans) % 1.76 1.52 1.59    
Provisions (As % Of NPLs) % 41.6 49.1 50.0    
Provisions (As % Of Loans) % 0.739 0.750 0.803    
Cost of Provisions (As % Of Loans) % 0.824 1.32 0.776    
other data Unit 2014 2015 2016 2017 2018
other data          
Employees 3,352 4,248 ... ... ...
Sight (As % Of Customer Deposits) % 8.30 7.89 7.96    

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DCB Bank's share price (end of period) rose 26.0% to INR 201 in 2018

By Helgi Analytics - November 3, 2019

DCB Bank stock traded at INR 201 per share at the end of 2018 implying a market capitalization of USD 904 mil. Since the end of 2013, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the company rose by...

DCB Bank's net interest income rose 15.5% to INR 11.5 bil in 2018

By Helgi Analytics - November 3, 2019

DCB Bank generated total banking revenues of INR 15.0 bil in 2018, up 14.8% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of INR 15.0 bil in 2018 and an all ti...

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Finance

DCB Bank has been growing its revenues and asset by 21.3% and 23.2% a year on average in the last 3 years. Its loans and deposits have grown by 22.2% and 24.0% a year during that time and loans to deposits ratio reached 82.9% at the end of 2018. The company achieved an average return on equity of 10.3% in the last three years with net profit growing 18.7% a year on average. In terms of operating efficiency, its cost to income ratio reached 56.9% in 2018, compared to 58.9% average in the last three years.

Equity represented 8.70% of total assets or 13.2% of loans at the end of 2018. DCB Bank's non-performing loans were 1.86% of total loans while provisions covered some 68.3% of NPLs at the end of 2018.

Valuation

DCB Bank stock traded at INR 201 per share at the end of 2018 resulting in a market capitalization of USD 904 mil. Over the previous five years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 10.9% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 19.4x and price to book value (PBV) of 2.02x in 2018.