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2009|10 Laxmi Bank Annual Report 2009/10 at a Glance

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2009|10 Laxmi Bank Annual Report 2009/10 at a Glance LAXMI BANK ANNUAL REPORT 2009|10 EMPOWER 2009/10 AT A GLANCE • Total Revenue up by 55% to NPR 1,942 million • Operating Profi t up 60% to NPR 542 million • Loans & Advances grew by 9% to NPR 14,736 million • Non Performing Assets at 0.12% remains the best in the industry • Customer Deposits grew 13% to NPR 18,083 million • Number of Employees grew by 16% to 347 • Cost to Income Ratio improved from 37% to 32.8% • Number of Branches: 25 • Earnings per Share up 26% to NPR 20.70 CONTENTS Chairman’s Statement | p04 Cautionary Statement | p06 Board of Directors | p07 Management | p09 Profi le | p11 What We Do | p13 Directors’ Report FY 2009/10 | p21 CEO’s Perspective| p26 Financial Review | p29 Corporate Governance Report | p37 Risk Management | p45 The Caring Gen-Next Bankers | p53 Audited Financial Statements | p55 Corporate Responsibility | p105 Laxmi Capital Market Limited | p108 Prime Life Insurance Company Limited | p109 Orange Loves Green | p111 empower Laxmi Bank Limited 5 YEAR FINANCIAL HIGHLIGHTS PAID UP CAPITAL (Rs in million) TOTAL ASSETS (Rs in million) 2005/06 610 2005/06 5,205 2006/07 730 2006/07 8,583 2007/08 913 2007/08 12,695 2008/09 1,098 2008/09 18,386 2009/10 1,614 2009/10 20,952 TOTAL REVENUE (Rs in million) CUSTOMER DEPOSITS (Rs in million) 354 2005/06 4,444 2005/06 522 2006/07 7,612 2006/07 804 2007/08 10,917 2007/08 2008/09 1,251 2008/09 16,051 2009/10 18,083 2009/10 1,942 LOANS & ADVANCES (Rs in million) OPERATING PROFIT (Rs in million) 2005/06 4,280 2005/06 75 2006/07 6,529 2006/07 130 2007/08 9,794 2007/08 234 2008/09 13,463 2008/09 339 2009/10 14,736 2009/10 542 EARNINGS PER SHARE (in Rs) NUMBER OF EMPLOYEES 2005/06 5.80 2005/06 145 2006/07 10.75 2006/07 186 252 2007/08 16.45 2007/08 2008/09 20.70 2008/09 299 2009/10 24.12 2009/10 347 ANNUAL REPORT 2009/10 3 empower Laxmi Bank Limited CHAIRMAN’S STATEMENT The fi nancial year 2009/10 can be best described as a period when Nepal was overwhelmed by lower economic growth, high trade defi cit, double-digit infl ation, liquidity crunch and continued political instability resulting in reduced confi dence of the public in the fi nancial services sector. Despite the adverse business environment, Laxmi Bank has been able to achieve a growth of 70% in our operating profi ts. This has been possible due to the trust and patronage of our customers and stakeholders. I am confi dent that Laxmi Bank will continue to receive similar trust and support in the years ahead. The Bank today operates through 25 branches and 21 ATMs. We provide a wide range of services including Visa branded cards, internet banking, mobile banking and new and innovative deposit schemes to our customers. We are in the process of establishing our merchant banking subsidiary – Laxmi Capital Market Limited – which will commence operation from the fi nancial year 2010/11. Similarly we are working on establishing a second subsidiary to drive our microfi nance business which is also expected to come into operation in the running fi nancial year. We will continue to expand and increase the number of remittance service agents in order to support the growth we have envisaged on the remittance business – both international and domestic. We have proposed a cash dividend of 13% to our shareholders. I am confi dent that the Bank will be able to continue delivering sound performance in the years ahead and further enhance shareholder’s values and returns due to our risk management capabilities, trained and experienced human resources and the patronage of our growing number of customers. I take this opportunity to express my sincere gratitude to Nepal Rastra Bank and other regulatory bodies for their guidance and encouragement. Similarly I thank our shareholders for the trust and belief you have placed on Laxmi Bank and our customers for your patronage and support. I appreciate and thank the staff and management of the Bank for their hard work and unwavering commitment towards achieving our goals. Thank you. Rajendra Kumar Khetan Chairman ANNUAL REPORT 4 2009/10 empower Laxmi Bank Limited ANNUAL REPORT 2009/10 5 empower Laxmi Bank Limited CAUTIONARY STATEMENT REGARDING FORWARDLOOKING STATEMENTS This Annual Report contains certain By their nature, Forward-looking forward-looking statements with Statements involve risk and respect to Laxmi Bank’s future uncertainty because they relate to fi nancial condition, performance and future events or circumstances and businesses based on current plans, a number of factors beyond Laxmi estimates and projections. Bank’s control. In view of this, readers are cautioned that a number of factors Forward-looking Statements are could cause actual results to diff er, statements that are not historical in some instances materially, from facts and includes the Bank’s beliefs those stated herein due to changes in and expectations. Forward-looking basic assumed conditions. Forward- statements use words like such as ‘aim’, looking Statements speak only as of ‘expect’, ‘anticipate’, ‘target’, ‘intend’, the date they are made, and it should ‘plan’, ‘believe’, ‘seek’, ‘estimate’, ‘potential’, not be assumed that they will be ‘reasonably possible’ and variations of revised or updated in the light of new these words and similar expressions. information or future events. ANNUAL REPORT 6 2009/10 BOARD OF DIRECTORS MR. JIBAN RAJ KANDEL MR C.P. KHETAN MR MADHU SUDAN AGRAWAL MR. SHAMBHU PARSAD ACHARYA MR. SUMAN JOSHI MR. GOPI KRISHNA MR. BHOLA B. ADHIKARY Director Director Advisor Professional Director Chief Executive Offi MR. RATAN LAL SHANGAI SIKARIA cer Director (Representing the General Public) Member, Constitutional Assembly Director Managing Director, MR. RISHI RAM GAUTAM Director (Representing the General Public) Chairman, SR Drugs Lab Pvt. Ltd. Director, Sansara Pvt. Ltd. Gorkha Brewery Pvt. Ltd. Executive Director, Sunrise Group Director (Represent ing CIT) Director, Everest Insurance Co. Ltd. Vice Chairman Executive Chairman, Director, Honorary Consul of Turkey MR. RAJENDRA K. KHETAN Everest Insurance Co. Ltd. Executive Member, Nepal Chamber of Executive Director East Nepal Development Endeavor Nepal Petoleum Pvt. Ltd. Chairman Engaged in garment, textile, Commerce Citizen Investment Trust Pvt. Ltd. plastic manufacturing Treasure, Nepal China Chamber of Commerce & Industry Member, Constitutional Assembly Chairman, Gorkha Brewery Pvt. Ltd. Chairman, Himalayan Snax and Noodles Pvt. Ltd. Chairman, Everest Insurance Co. Ltd. Chairman, Prime Life Insurance Ltd. Honorary Consul of Portugal with OIH Senator-Kathmandu University (Standing from left to right) Dipesh Amatya Bhuwaneshwor P. Shah Sumed Bhattarai Head – Small Business Financial Services Corporate Aff airs Director Head – Corporate Banking Bhubal Rai Nirmal Dahal (Seated from left to right) Chief Operating Offi cer Head – Credit Risk Amit Singh Karki Bharti Pande Piyush Aryal Senior Manager – Corporate Banking MANAGEMENT Head – Private Banking Head – Finance & Treasury Jiwan Limbu Ajaya B Shah Rajiv Sapkota Chief Technology Offi cer Head – Retail Financial Services Head – Business Development Amit Sharma Suman Joshi Manager – Human Resources Chief Executive Offi cer Sanjeev Raj Joshi Euden Koirala Head – Payments, Trade & Credit Operations Manager – Service Excellence Laxmi Bank Limited empower PROFILE Laxmi Bank was incorporated in April actively contributing to the 2002 as the country’s 16th Commercial betterment of the communities we Bank. In 2004 the Bank merged with operate in and the planet. HISEF Finance Limited, a fi rst generation Finance Company, marking the fi rst BRAND LAXMI BANK ever corporate merger in Nepal. Despite a relatively short history we are encouraged by the growing Laxmi Bank today is one of recognition and appreciation of our the best managed Banks Brand and what “we stand for” among all our stakeholders. We recognize in the country. With an the value and necessity of continuing asset size of NPR 21 billion, to strengthen brand Laxmi Bank as a 25 branches and 350 Bank that empowers our customers employees, we are today for their fi nancial progress and amongst the 10 top Financial prosperity. Institutions in terms of We approach banking as a long term market share and operations. proposition which is refl ected in the way we conduct ourselves in our Laxmi Bank was re-registered in 2006 as business, balance sheet management a Category ‘A’ Financial Institution under and branding. This culture is embraced the “Banks and Financial Institutions across the organization – from the Act”. The Bank’s shares are listed and Board to each and every employee. MISSION traded in the Nepal Stock Exchange. Over the last 8 years of our operations STATEMENT We are recognized for our high we have given equal importance We are committed to standards of corporate governance, to building and strengthening our excellence in delivery of risk management capabilities, operations, systems, network and entire gamut of fi nancial innovative fi nancial solutions and delivery channels as we have to services in order to achieve customer acquisition and balance technology strength which help us sound business growth and deliver our services in a convenient sheet growth. This has ensured that and effi cient manner to our customers. we maintain a steady year-on-year maximize stakeholder values growth since our inception in 2002 by embracing team spirit, Laxmi Bank is a responsible corporate without compromising the high progressive technology and citizen and a green friendly company ethical and business standards. good corporate governance
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