Lakshmi Vilas Bank

Lakshmi Vilas Bank's net profit fell 52.9% to INR -8.94 bil in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank made a net profit of INR -8.94 bil under revenues of INR 8.10 bil in 2018, up -52.9% and -28.8% respectively compa...

Lakshmi Vilas Bank's npls (as % of loans) rose 53.4% to 15.3% in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's non-performing loans reached 15.3% of total loans at the end of 2018, up from 10.0% compared to the previous...

Lakshmi Vilas Bank's net interest margin fell 27.1% to 1.53% in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's net interest margin amounted to 1.53% in 2018, down from 2.10% compared to the previous year. Histori...

Profit Statement 2016 2017 2018
Net Interest Income INR bil 7.86 7.94 5.62
Fee Income (As % Of Revenues) % 10.4 10.7 14.3
Other Income INR bil 3.65 2.22 1.32
Total Revenues INR bil 12.9 11.4 8.10
Operating Profit INR bil 6.34 3.56 -0.128
Provisions INR bil 2.54 13.1 12.8
Net Profit INR bil 2.56 -5.85 -8.94
Balance Sheet 2016 2017 2018
Interbank Loans INR bil 1.69 3.17 5.15
Customer Loans INR bil 237 258 201
Debt Securities INR bil 86.5 108 81.5
Total Assets INR bil 352 404 330
Shareholders' Equity INR bil 21.4 23.3 18.9
Interbank Borrowing INR bil 0.662 0.845 0.650
Customer Deposits INR bil 306 333 293
Issued Debt Securities INR bil 17.7 40.1 9.21
Ratios 2016 2017 2018
ROE % 13.1 -26.2 -42.4
ROA % 0.801 -1.55 -2.43
Costs (As % Of Assets) % 2.04 2.07 2.24
Costs (As % Of Income) % 50.7 68.7 102
Capital Adequacy Ratio % 10.4 10.4 7.72
Net Interest Margin % 2.46 2.10 1.53
Loans (As % Of Deposits) % 77.7 77.4 68.7
NPLs (As % Of Loans) % 2.68 10.0 15.3
Provisions (As % Of NPLs) % 26.6 43.4 53.1
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 469 396 325
Share Price (End Of Period) INR 161 121 87.9
Price/Earnings (P/E) 12.4 ... ...
Price/Book Value (P/BV) 1.49 1.08 1.20
Dividend Yield % 1.62 0 0
Earnings Per Share (EPS) INR 13.0 -28.1 -34.6
Book Value Per Share INR 108 112 73.2
Dividend Per Share INR 2.61 0 0

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summary Unit 1998 1999 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                             3.92 4.86 5.28 6.48 7.86    
Total Revenues INR bil                             5.89 6.90 8.11 9.50 12.9    
Operating Profit INR bil                             2.51 3.09 3.77 4.07 6.34    
Net Profit INR bil                             0.916 0.597 1.32 1.80 2.56    
balance sheet                                          
Interbank Loans INR bil                             1.44 1.20 1.75 0.821 1.69    
Customer Loans INR bil                             117 129 164 196 237    
Debt Securities INR bil                             43.2 56.9 61.0 65.5 86.5    
Total Assets INR bil                             177 207 247 287 352    
Shareholders' Equity INR bil                             10.1 10.5 15.6 17.6 21.4    
Interbank Borrowing INR bil                             0.622 0.708 0.677 0.779 0.662    
Customer Deposits INR bil                             156 186 220 254 306    
Issued Debt Securities INR bil                             4.80 4.58 4.58 7.23 17.7    
ratios                                          
ROE %                             9.28 5.77 10.1 10.9 13.1    
ROA %                             0.540 0.311 0.583 0.675 0.801    
Costs (As % Of Assets) %                             1.99 1.99 1.91 2.03 2.04    
Costs (As % Of Income) %                             57.4 55.2 53.5 57.1 50.7    
Capital Adequacy Ratio % ...     ... ...                   12.3 10.9 11.3 10.7 10.4    
Net Interest Margin %                             2.31 2.54 2.33 2.43 2.46    
Interest Income (As % Of Revenues) %                             66.6 70.5 65.1 68.2 61.1    
Fee Income (As % Of Revenues) %                             13.5 12.1 14.7 15.5 10.4    
Equity (As % Of Assets) %                             5.74 5.10 6.30 6.15 6.06    
Loans (As % Of Deposits) %                             74.9 69.4 74.4 77.2 77.7    
Loans (As % Assets) %                             66.2 62.4 66.2 68.5 67.3    
NPLs (As % Of Loans) % ...                           3.90 4.22 2.76 1.98 2.68    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...         21.8 9.74 25.6 29.0 26.6    
valuation                                          
Market Capitalisation (End Of Period) USD mil                             144 113 289 220 469    
Number Of Shares (Average) mil                             140 140 156 193 198    
Share Price (End Of Period) INR                             56.4 49.6 117 75.4 161    
Earnings Per Share (EPS) INR                             6.53 4.25 8.49 9.33 13.0    
Book Value Per Share INR                             72.3 75.1 99.9 91.3 108    
Dividend Per Share INR                             2.09 0.695 2.30 2.79 2.61    
Price/Earnings (P/E)                             8.64 11.7 13.8 8.08 12.4 ... ...
Price/Book Value (P/BV)                             0.780 0.661 1.17 0.826 1.49    
Dividend Yield %                             3.70 1.40 1.97 3.70 1.62    
Earnings Per Share Growth % ...                           -14.4 -34.9 99.7 9.85 38.9    
Book Value Per Share Growth % ...                           5.82 3.85 33.0 -8.62 18.4    
income statement Unit 1998 1999 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                             17.6 19.8 22.2 25.7 28.5    
Interest Cost INR bil                             13.7 15.0 16.9 19.2 20.6    
Net Interest Income INR bil                             3.92 4.86 5.28 6.48 7.86    
Net Fee Income INR bil                             0.798 0.836 1.19 1.47 1.34    
Other Income INR bil                             1.17 1.19 1.64 1.55 3.65    
Total Revenues INR bil                             5.89 6.90 8.11 9.50 12.9    
Operating Cost INR bil                             3.38 3.81 4.34 5.43 6.51    
Operating Profit INR bil                             2.51 3.09 3.77 4.07 6.34    
Provisions INR bil                             1.13 2.69 1.88 1.77 2.54    
Extra and Other Cost INR bil                             < -0.001 < -0.001 0.003 < 0.001 -0.003    
Pre-Tax Profit INR bil                             1.38 0.404 1.88 2.30 3.80    
Tax INR bil                             0.462 -0.193 0.559 0.500 1.24    
Minorities INR bil                             0 0 0 0 0    
Net Profit INR bil                             0.916 0.597 1.32 1.80 2.56    
Dividends INR bil                             0.293 0.098 0.358 0.538 0.517    
growth rates                                          
Net Interest Income Growth % ...                           5.67 24.0 8.46 22.9 21.2    
Net Fee Income Growth % ...                           19.2 4.88 42.7 23.2 -8.88    
Total Revenue Growth % ...                           11.3 17.1 17.6 17.1 35.3    
Operating Cost Growth % ...                           15.1 12.6 14.1 25.0 20.0    
Operating Profit Growth % ...                           6.64 23.0 21.9 8.08 55.6    
Pre-Tax Profit Growth % ...                           9.33 -70.7 366 22.3 65.1    
Net Profit Growth % ...                           -14.4 -34.9 122 36.2 42.1    
market share                                          
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ... ... ...   0.250 0.256 0.267 0.282 0.320   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ... ... ... ...   0.155 0.111 0.243 0.438 ... ... ...
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                          
Cash INR bil                             7.28 11.9 11.4 12.9 14.5    
Interbank Loans INR bil                             1.44 1.20 1.75 0.821 1.69    
Customer Loans INR bil                             117 129 164 196 237    
Debt Securities INR bil                             43.2 56.9 61.0 65.5 86.5    
Fixed Assets INR bil                             1.90 2.01 2.43 3.67 3.59    
Total Assets INR bil                             177 207 247 287 352    
Shareholders' Equity INR bil                             10.1 10.5 15.6 17.6 21.4    
Of Which Minority Interest INR bil                             0 0 0 0 0    
Liabilities INR bil                             167 196 231 269 331    
Interbank Borrowing INR bil                             0.622 0.708 0.677 0.779 0.662    
Customer Deposits INR bil                             156 186 220 254 306    
Sight Deposits INR bil                             7.38 9.13 15.1 16.4 18.4    
Term Deposits INR bil                             149 177 205 238 287    
Issued Debt Securities INR bil                             4.80 4.58 4.58 7.23 17.7    
Other Liabilities INR bil                             4.91 4.98 6.59 6.75 7.16    
asset quality                                          
Non-Performing Loans INR bil ...                           4.60 5.46 4.55 3.91 6.40    
Gross Loans INR bil                             118 129 165 198 239    
Total Provisions INR bil ... ... ... ... ... ... ... ... ... ...         1.00 0.532 1.16 1.13 1.70    
growth rates                                          
Customer Loan Growth % ...                           14.9 10.1 26.9 20.1 20.8    
Total Asset Growth % ...                           8.76 16.9 19.6 16.0 22.9    
Shareholders' Equity Growth % ...                           5.84 3.87 47.7 13.3 21.1    
Customer Deposit Growth % ...                           10.7 18.9 18.3 15.8 20.1    
market share                                          
Market Share in Customer Loans % ... ... ... ... ... ...                 0.212 0.201 0.230 0.246 0.287   ...
Market Share in Total Assets %                             0.203 0.204 0.222 0.227 0.248   ...
Market Share in Customer Deposits %                             0.248 0.258 0.269 0.278 0.287   ...
ratios Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                          
ROE %                             9.28 5.77 10.1 10.9 13.1    
ROA %                             0.540 0.311 0.583 0.675 0.801    
Costs (As % Of Assets) %                             1.99 1.99 1.91 2.03 2.04    
Costs (As % Of Income) %                             57.4 55.2 53.5 57.1 50.7    
Capital Adequacy Ratio % ...     ... ...                   12.3 10.9 11.3 10.7 10.4    
Tier 1 Ratio % ...                           9.15 7.87 9.33 8.69 8.75    
Net Interest Margin %                             2.31 2.54 2.33 2.43 2.46    
Interest Spread % ...                           1.82 2.09 1.87 1.95 2.04    
Asset Yield %                             10.4 10.4 9.77 9.63 8.92    
Cost Of Liabilities % ...                           8.57 8.26 7.90 7.68 6.88    
Payout Ratio %                             32.0 16.4 27.1 29.9 20.2    
Interest Income (As % Of Revenues) %                             66.6 70.5 65.1 68.2 61.1    
Fee Income (As % Of Revenues) %                             13.5 12.1 14.7 15.5 10.4    
Other Income (As % Of Revenues) %                             19.8 17.3 20.2 16.3 28.4    
Equity (As % Of Assets) %                             5.74 5.10 6.30 6.15 6.06    
Loans (As % Of Deposits) %                             74.9 69.4 74.4 77.2 77.7    
Loans (As % Assets) %                             66.2 62.4 66.2 68.5 67.3    
NPLs (As % Of Loans) % ...                           3.90 4.22 2.76 1.98 2.68    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...         21.8 9.74 25.6 29.0 26.6    
Provisions (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...         0.857 0.413 0.712 0.578 0.718    
Cost of Provisions (As % Of Loans) %                             1.04 2.18 1.29 0.983 1.17    
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                          
Employees ... ... ...                       3,149 3,292 3,459 3,565 4,043    
Sight (As % Of Customer Deposits) %                             4.73 4.91 6.87 6.43 6.04    

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Lakshmi Vilas Bank's capital adequacy ratio fell 25.6% to 7.72% in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's capital adequacy ratio reached 7.72% at the end of 2018, down from 10.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 14.2% in 2009 and an all time low of 7.72% in 2018. The Tier 1 ratio am...

Lakshmi Vilas Bank's customer loan growth fell 356% to -22.0% in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's customer loan growth reached -22.0% in 2018, down from 8.59% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 35.7% in 2008 and an all time low of -22.0% in 2018. In the last decade, the...

Lakshmi Vilas Bank's net interest income fell 29.2% to INR 5.62 bil in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank generated total banking revenues of INR 8.10 bil in 2018, down 28.8% 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 12.9 bil in 2016 a...

Lakshmi Vilas Bank's total revenues fell 28.8% to INR 11.4 bil in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank generated total banking revenues of INR 11.4 bil in 2017, down 11.5% compared to the previous year. Indian banking sector banking sector generated total revenues of INR 4,320,359 mil in 2017, up 7.41% when compared to the last year....

Lakshmi Vilas Bank's customer deposits fell 12.1% to INR 333 bil in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's customer deposits reached INR 333 bil in 2017, up 9.02% compared to the previous year. Indian banking sector accepted customer deposits of INR 110,303 bil in 2017, up 3.61% when compared to the last year. Lakshmi Vilas Bank accounted ...

Lakshmi Vilas Bank's customer loans fell 22.0% to INR 258 bil in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank's customer loans reached INR 258 bil in 2017, up 8.59% compared to the previous year. Indian banking sector provided customer loans of INR 88,362 bil in 2017, up 7.04% when compared to the last year. Lakshmi Vilas Bank accounted for 0.2...

Lakshmi Vilas Bank's price/earnings (P/E) rose 54.0% to 12.4 in 2016

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank stock traded at INR 161 per share at the end 2016 implying a market capitalization of USD 469 mil. Since the end of 2011, the stock has appreciated by 173 % implying an annual average growth of 22.2 %. In absolute terms, the value of the company ...

Lakshmi Vilas Bank's share price (end of period) fell 27.5% to INR 161 in 2018

By Helgi Analytics - November 05, 2019

Lakshmi Vilas Bank stock traded at INR 161 per share at the end of 2016 implying a market capitalization of USD 469 mil. Since the end of 2011, the stock has appreciated by 173 % implying an annual average growth of 22.2 %. In absolute terms, the value of the company ...

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Finance

Lakshmi Vilas Bank has been growing its revenues and asset by 12.1% and 14.8% a year on average in the last 10 years. Its loans and deposits have grown by 14.4% and 14.8% a year during that time and loans to deposits ratio reached 68.7% at the end of 2018. The company achieved an average return on equity of 0.971% in the last decade with net profit growing nan% a year on average. In terms of operating efficiency, its cost to income ratio reached 102% in 2018, compared to 59.8% average in the last decade.

Equity represented 5.73% of total assets or 9.41% of loans at the end of 2018. Lakshmi Vilas Bank's non-performing loans were 15.3% of total loans while provisions covered some 53.1% of NPLs at the end of 2018.

Valuation

Lakshmi Vilas Bank stock traded at INR 87.9 per share at the end of 2018 resulting in a market capitalization of USD 325 mil. Over the previous five years, stock price rose by 77.2% or 12.1% a year on average. That’s compared to an average ROE of -6.89% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of x and price to book value (PBV) of 1.20x in 2018.