Dhanlaxmi Bank

Dhanlaxmi Bank's net profit rose 144% yoy to INR 0.198 bil in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank made a net profit of INR 0.198 bil under revenues of INR 1.06 bil in the second quarter of 2019, up 144% and 9...

Dhanlaxmi Bank's market capitalisation (end of period) fell 7.17% to USD 58.7 mil in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank stock traded at INR 16.0 per share at the end of second quarter of 2019 implying a market capitalization of USD 58.7 ...

Dhanlaxmi Bank's npls (as % of loans) rose 1.70% yoy to 7.48% in 1Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's non-performing loans reached 7.48% of total loans at the end of 2019-03-31, up from 7.35% compared to the previo...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 3.32 3.46 3.47
Fee Income (As % Of Revenues) % 1.23 1.13 1.32
Other Income INR bil 1.06 0.975 0.478
Total Revenues INR bil 4.43 4.48 4.00
Operating Profit INR bil 0.940 1.46 0.952
Provisions INR bil 0.817 1.71 0.833
Net Profit INR bil 0.124 -0.249 0.117
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 2.33 2.69 0.658
Customer Loans INR bil 64.5 61.1 62.9
Debt Securities INR bil 41.9 43.6 40.4
Total Assets INR bil 123 123 118
Shareholders' Equity INR bil 6.54 7.49 7.61
Interbank Borrowing INR bil 0.492 0.338 0.302
Customer Deposits INR bil 113 109 106
Issued Debt Securities INR bil 1.45 3.92 2.00
Ratios 2016 2017 2018
ROE % 2.13 -3.54 1.54
ROA % 0.100 -0.202 0.097
Costs (As % Of Assets) % 2.81 2.45 2.53
Costs (As % Of Income) % 78.8 67.4 76.2
Capital Adequacy Ratio % 10.3 13.9 13.8
Net Interest Margin % 2.67 2.81 2.88
Loans (As % Of Deposits) % 57.1 56.0 59.3
NPLs (As % Of Loans) % 4.79 7.35 7.48
Provisions (As % Of NPLs) % 47.1 58.4 69.3
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 91.9 85.0 62.7
Share Price (End Of Period) INR 29.8 21.4 17.3
Price/Earnings (P/E) 50.4 ... 37.5
Price/Book Value (P/BV) 0.954 0.722 0.575
Dividend Yield % 0 0 0
Earnings Per Share (EPS) INR 0.590 -0.983 0.461
Book Value Per Share INR 31.2 29.6 30.1
Dividend Per Share INR 0 0 0

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summary Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Net Interest Income INR bil                         2.76 2.80 2.99 3.05 3.32    
Total Revenues INR bil                         3.90 3.53 3.84 3.81 4.43    
Operating Profit INR bil                         0.468 -1.08 0.491 0.004 0.940    
Net Profit INR bil                         0.026 -2.52 -2.41 -2.09 0.124    
balance sheet                                      
Interbank Loans INR bil                         4.27 10.5 6.21 2.54 2.33    
Customer Loans INR bil                         77.8 79.4 76.7 69.5 64.5    
Debt Securities INR bil                         45.1 44.8 48.5 37.9 41.9    
Total Assets INR bil                         138 147 144 125 123    
Shareholders' Equity INR bil                         7.66 7.36 7.24 5.08 6.54    
Interbank Borrowing INR bil                         0.459 1.78 0.605 0.399 0.492    
Customer Deposits INR bil                         112 121 124 114 113    
Issued Debt Securities INR bil                         15.9 13.4 9.41 2.52 1.45    
ratios                                      
ROE %                         0.351 -33.5 -33.1 -34.0 2.13    
ROA %                         0.018 -1.77 -1.66 -1.56 0.100    
Costs (As % Of Assets) %                         2.41 3.24 2.30 2.84 2.81    
Costs (As % Of Income) %                         88.0 131 87.2 99.9 78.8    
Capital Adequacy Ratio %                         11.1 8.67 9.59 7.51 10.3    
Net Interest Margin %                         1.94 1.96 2.06 2.27 2.67    
Interest Income (As % Of Revenues) %                         70.8 79.3 77.9 79.9 74.9    
Fee Income (As % Of Revenues) %                         2.27 1.88 1.56 1.56 1.23    
Equity (As % Of Assets) %                         5.54 5.01 5.04 4.08 5.31    
Loans (As % Of Deposits) %                         69.4 65.4 61.9 61.2 57.1    
Loans (As % Assets) %                         56.2 54.0 53.4 55.8 52.3    
NPLs (As % Of Loans) %                         4.82 5.98 7.01 6.37 4.79    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...           31.3 37.4 53.0 55.7 47.1    
valuation                                      
Market Capitalisation (End Of Period) USD mil                         71.1 73.5 87.0 52.4 91.9    
Number Of Shares (Average) mil                         85.1 126 177 177 210    
Share Price (End Of Period) INR                         45.8 36.1 30.9 19.6 29.8    
Earnings Per Share (EPS) INR                         0.308 -20.0 -13.6 -11.8 0.590    
Book Value Per Share INR                         90.0 58.5 40.8 28.6 31.2    
Dividend Per Share INR                         0 0 0 0 0    
Price/Earnings (P/E)         ...             ... 149 ... ... ... 50.4 ...  
Price/Book Value (P/BV)                         0.508 0.617 0.757 0.685 0.954    
Dividend Yield %                         0 0 0 0 0    
Earnings Per Share Growth % ...                       -102 -6,594 -32.0 -13.3 -105    
Book Value Per Share Growth % ...                       5.18 -35.0 -30.2 -29.8 8.95    
income statement Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                      
Interest Income INR bil                         13.1 12.9 12.8 12.0 10.9    
Interest Cost INR bil                         10.3 10.1 9.85 9.00 7.57    
Net Interest Income INR bil                         2.76 2.80 2.99 3.05 3.32    
Net Fee Income INR bil                         0.088 0.067 0.060 0.059 0.054    
Other Income INR bil                         1.05 0.667 0.787 0.707 1.06    
Total Revenues INR bil                         3.90 3.53 3.84 3.81 4.43    
Operating Cost INR bil                         3.44 4.62 3.34 3.81 3.49    
Operating Profit INR bil                         0.468 -1.08 0.491 0.004 0.940    
Provisions INR bil                         0.705 1.44 2.91 2.10 0.817    
Extra and Other Cost INR bil                         -0.004 -0.001 -0.003 < -0.001 < -0.001    
Pre-Tax Profit INR bil                         -0.233 -2.52 -2.41 -2.09 0.124    
Tax INR bil                         -0.259 < 0.001 < 0.001 0 0    
Minorities INR bil                         0 0 0 0 0    
Net Profit INR bil                         0.026 -2.52 -2.41 -2.09 0.124    
Dividends INR bil                         0 0 0 0 0    
growth rates                                      
Net Interest Income Growth % ...                       11.7 1.34 6.68 1.95 8.84    
Net Fee Income Growth % ...                       4.04 -24.7 -10.2 -0.569 -8.68    
Total Revenue Growth % ...                       0.053 -9.45 8.51 -0.563 16.1    
Operating Cost Growth % ...                       -30.8 34.4 -27.6 13.9 -8.49    
Operating Profit Growth % ...                       -144 -331 -145 -99.1 20,956    
Pre-Tax Profit Growth % ...                       -79.7 983 -4.12 -13.3 -106    
Net Profit Growth % ...                       -102 -9,706 -4.15 -13.3 -106    
market share                                      
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ...   0.165 0.131 0.126 0.113 0.110   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ... ... ... 0.004 ... ... ... ... ... ...
balance sheet Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                      
Cash INR bil                         5.10 6.30 6.69 5.79 5.75    
Interbank Loans INR bil                         4.27 10.5 6.21 2.54 2.33    
Customer Loans INR bil                         77.8 79.4 76.7 69.5 64.5    
Debt Securities INR bil                         45.1 44.8 48.5 37.9 41.9    
Fixed Assets INR bil                         1.36 2.12 2.03 1.79 2.14    
Total Assets INR bil                         138 147 144 125 123    
Shareholders' Equity INR bil                         7.66 7.36 7.24 5.08 6.54    
Of Which Minority Interest INR bil                         0 0 0 0 0    
Liabilities INR bil                         131 140 136 120 117    
Interbank Borrowing INR bil                         0.459 1.78 0.605 0.399 0.492    
Customer Deposits INR bil                         112 121 124 114 113    
Sight Deposits INR bil                         9.47 9.04 10.1 7.44 7.58    
Term Deposits INR bil                         103 112 114 106 105    
Issued Debt Securities INR bil                         15.9 13.4 9.41 2.52 1.45    
Other Liabilities INR bil                         2.24 3.04 2.44 3.09 1.91    
asset quality                                      
Non-Performing Loans INR bil                         3.80 4.86 5.58 4.59 3.16    
Gross Loans INR bil                         79.0 81.2 79.7 72.1 66.0    
Total Provisions INR bil ... ... ... ... ... ... ...           1.19 1.82 2.96 2.56 1.49    
growth rates                                      
Customer Loan Growth % ...                       -11.2 2.04 -3.35 -9.35 -7.28    
Total Asset Growth % ...                       -5.77 6.20 -2.29 -13.2 -1.04    
Shareholders' Equity Growth % ...                       5.18 -3.87 -1.69 -29.8 28.8    
Customer Deposit Growth % ...                       -5.10 8.31 2.05 -8.30 -0.529    
market share                                      
Market Share in Customer Loans % ... ... ... ...                 0.141 0.123 0.108 0.087 0.078   ...
Market Share in Total Assets %                         0.159 0.145 0.129 0.099 0.087   ...
Market Share in Customer Deposits %                         0.178 0.169 0.152 0.124 0.106   ...
ratios Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                      
ROE %                         0.351 -33.5 -33.1 -34.0 2.13    
ROA %                         0.018 -1.77 -1.66 -1.56 0.100    
Costs (As % Of Assets) %                         2.41 3.24 2.30 2.84 2.81    
Costs (As % Of Income) %                         88.0 131 87.2 99.9 78.8    
Capital Adequacy Ratio %                         11.1 8.67 9.59 7.51 10.3    
Tier 1 Ratio %                         8.05 6.93 7.42 6.12 9.01    
Net Interest Margin %                         1.94 1.96 2.06 2.27 2.67    
Interest Spread % ...                       1.54 1.57 1.70 1.95 2.37    
Asset Yield %                         9.18 9.06 8.84 8.98 8.78    
Cost Of Liabilities % ...                       7.64 7.49 7.14 7.03 6.41    
Payout Ratio %                         0 0 0 0 0    
Interest Income (As % Of Revenues) %                         70.8 79.3 77.9 79.9 74.9    
Fee Income (As % Of Revenues) %                         2.27 1.88 1.56 1.56 1.23    
Other Income (As % Of Revenues) %                         26.9 18.9 20.5 18.5 23.8    
Equity (As % Of Assets) %                         5.54 5.01 5.04 4.08 5.31    
Loans (As % Of Deposits) %                         69.4 65.4 61.9 61.2 57.1    
Loans (As % Assets) %                         56.2 54.0 53.4 55.8 52.3    
NPLs (As % Of Loans) %                         4.82 5.98 7.01 6.37 4.79    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ...           31.3 37.4 53.0 55.7 47.1    
Provisions (As % Of Loans) % ... ... ... ... ... ... ...           1.53 2.29 3.85 3.68 2.31    
Cost of Provisions (As % Of Loans) %                         0.852 1.83 3.73 2.87 1.22    
other data Unit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                      
Employees ...                       2,601 2,430 2,279 2,185 2,021    
Sight (As % Of Customer Deposits) %                         8.46 7.45 8.19 6.55 6.71    

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Dhanlaxmi Bank's net interest margin rose 5.07% yoy to 2.94% in 1Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's net interest margin amounted to 2.94% in the first quarter of 2019, down from 3.06% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.06% in 4Q2018 and an all time low of 1...

Dhanlaxmi Bank's capital adequacy ratio rose 5.97% yoy to 13.8% in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's capital adequacy ratio reached 13.8% at the end of first quarter of 2019, up from when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 14.6% in 3Q2010 and an all time low of 7.51% in 1Q2016. T...

Dhanlaxmi Bank's price/earnings (P/E) remain unchanged yoy at 37.5 in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank stock traded at INR 16.8 per share at the end first quarter of 2019 implying a market capitalization of USD 63.3 mil. Since the end of 1Q2014, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of the ...

Dhanlaxmi Bank's net interest income rose 11.0% yoy to INR 0.870 bil in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank generated total banking revenues of INR 1.14 bil in the first quarter of 2019, down 1.13% when compared to the same period of last year and 3.53% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Dhanlaxmi Bank's share price (end of period) fell 13.0% yoy to INR 16.8 in 2Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank stock traded at INR 16.8 per share at the end of first quarter of 2019 implying a market capitalization of USD 63.3 mil. Over the last five years, the stock has appreciated by % implying an annual average growth of 0 %. In absolute terms, the value of ...

Dhanlaxmi Bank's equity (as % of assets) rose 5.75% yoy to 6.45% in 1Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's Equity reached 7.38% of total assets in the 1Q2019, down from 7.68% for the previous year. As a share of net customer loans, the ratio amounted to 19.5% at the end of the first quarter of 2019. ...

Dhanlaxmi Bank's customer loan growth rose 156% yoy to 2.93% in 1Q2019

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's customer loan growth reached 2.93% in 2019-03-31, up from -5.21% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 81.1% in 2011-03-31 and an all time low of -25.6% in 2012-09-30. In the last...

Dhanlaxmi Bank's net interest margin rose 2.51% to 2.88% in 2018

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's net interest margin amounted to 2.88% in 2018, up from 2.81% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 3.07% in 2006 and an all time low of 1.71% in 2011. The average margin ...

Dhanlaxmi Bank's capital adequacy ratio fell 0.865% to 13.8% in 2018

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank's capital adequacy ratio reached 13.8% at the end of 2018, down from 13.9% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 15.4% in 2008 and an all time low of 7.51% in 2015. The Tier 1 ratio amount...

Dhanlaxmi Bank's net profit rose 147% to INR 0.117 bil in 2018

By Helgi Analytics - November 05, 2019

Dhanlaxmi Bank made a net profit of INR 0.117 bil under revenues of INR 4.00 bil in 2018, up 147% and -10.8% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of INR 0.575 bil in 2008 and an all time low of INR -...

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Finance

Dhanlaxmi Bank has been growing its revenues and asset by 7.13% and 7.66% a year on average in the last 10 years. Its loans and deposits have grown by 7.00% and 7.87% a year during that time and loans to deposits ratio reached 59.3% at the end of 2018. The company achieved an average return on equity of -10.5% in the last decade with net profit growing -14.7% a year on average. In terms of operating efficiency, its cost to income ratio reached 76.2% in 2018, compared to 92.5% average in the last decade.

Equity represented 6.45% of total assets or 12.1% of loans at the end of 2018. Dhanlaxmi Bank's non-performing loans were 7.48% of total loans while provisions covered some 69.3% of NPLs at the end of 2018.

Valuation

Dhanlaxmi Bank stock traded at INR 17.3 per share at the end of 2018 resulting in a market capitalization of USD 62.7 mil. Over the previous five years, stock price fell by 52% or 13.7% a year on average. That’s compared to an average ROE of -13.4% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 37.5x and price to book value (PBV) of 0.575x in 2018.