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Annual Report 2009-10.FH10 responsible banking Laxmi Bank Limited. Annual Report 2008-2009 ~ Total Revenue Laxmi Bank completed 7 full years of up 55% to NPR 1,250 million operation in April 2009. In this short ~ Operating Profit period of existence we are proud to up 45% to NPR 338 million have raised the bar for Nepalese financial industry in many areas ~ Loans & Advances most notably corporate governance, grew by 38% to NPR 13.3 risk management, electronic billion banking and retail financial services. ~ Non Performing Assets We have grown our business and improved to 0.08% from 0.13% footprints one step at a time ensuring we do not compromise our ~ Customer Deposits standards in pursuit of quick balance grew by 47% to NPR 10.92 sheet growth and unsustainable billion profits. We strongly believe banking ~ 6 new Branches is a long term proposition and there ~ Number of Employees are no shortcuts. The theme of this grew by 19% to 299 Annual Report Responsible Banking is a reflection of our overall ~ Cost to Income Ratio approach to business and our improved from 38.7% to commitment to stay the course to 37.05% become the most proficient ~ Earnings per Share representative of the Nepalese up 26% to NPR 20.70 financial services community. con 5 years financial highlights Paid Up Capital (Rs in million) Deposit & Borrowing (Rs in million) 2008/09 1098.08 2008/09 16,501 2007/08 913.2 2007/08 11,367 2006/07 729.7 2006/07 7,611 2005/06 609.92 2005/06 4,744 2004/05 609.84 2004/05 3,070 Total Revenue (Rs in million) Number of Branches 2008/09 1,251 2008/09 19 2007/08 804 2007/08 13 2006/07 522 2006/07 10 2005/06 354 2005/06 8 2004/05 236 2004/05 5 Earning per Share (Rs) Loans & Advances (gross) (Rs in million) 2008/09 20.70 2008/09 13,463 2007/08 16.45 2007/08 9,794 2006/07 10.75 2006/07 6,529 2005/06 5.8 2005/06 4,280 2004/05 4.34 2004/05 2,726 Operating Profit (Rs in million) Number of Employees 2008/09 338.81 2008/09 299 2007/08 234 2007/08 252 2006/07 129.6 2006/07 186 2005/06 75.15 2005/06 145 2004/05 50.09 2004/05 108 Chairman's Statement 2 | Board of Directors 4 | Management 6 Corporate Profile 8 | Our Business 13 | Director's Report 20 tents CEO's Perspective 24 | Financial Review 26 | Corporate Governance Report 34 Our People 45 | Risk Management 46 | Financial Report 52 Corporate Responsibility 91 | Branches & ATM 96 1 chairmans statement Respected Shareholders, Notwithstanding the challenges that we faced, Laxmi Bank has performance in the days ahead and further increase the returns for registered a growth of 47.03% and 37.46% over the previous year in our shareholders. our deposit and lending business respectively. We were also able to increase our operating profit by 44.57%. In our short history of 7 years, I would like to express my sincere gratitude to Nepal Rastra Bank and Laxmi Bank has been able to establish itself amongst the top 10 other regulatory bodies for their support and encouragement. Similarly commercial banks in the country in terms of market share. The Bank I thank our respected shareholders for the trust they have placed in has been able to maintain and improve the quality of its risk assets Laxmi Bank. I am particularly grateful to our customers for their with Non Performing Loans of 0.08%. This in itself can be considered patronage without which we could not have reached where we are exemplary for the industry. today. I also appreciate and thank the staff and management of the Bank for their hard work and unwavering commitment towards The Bank is currently delivering services to our customers from a achieving our common goals. Thank you. network of 21 branches, 16 ATMs, Internet, Mobile etc. The first quarter results of the current financial year is encouraging and augurs well for the remaining period. We are confident our sound risk management systems, trained and experienced employees and the patronage of Rajendra Kumar Khetan our ever growing base of customers will help us deliver even better Chairman 3 Mr. Rajendra K Khetan Chairman 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 Mr. Rishi Ram Gautam Director (Representing CIT) Executive Director Citizen Investment Trust Mr. Ratan Lal Shangai Director Vice Chairman Everest Insurance Co. Ltd. Engaged in garment, textile, plastic manufacturing Mr. Bhola B. Adhikary Director (Representing the General Public) Executive Chairman, East Nepal Development Endeavor P. Ltd Mr. Gopi Krishna Sikaria Director Director, Nepal Petroleum P. Ltd. board of directors Mr. Jiban Raj Kandel Director (Representing the General Public) Director, Sansara Pvt. Ltd. Mr. C.P. Khetan Director Managing Director, Gorkha Brewery Pvt. Ltd. Honorary Consul of Turkey Mr. Shambhu Prasad Acharya Professional Director Mr. Madhu Sudan Agrawal Advisor Member, Constitutional Assembly Chairman, SR Drugs Lab. P. Ltd. Executive Director, Sunrise Group Director, Everest Insurance Co. Ltd. Executive Member, Nepal Chamber of Commerce Treasurer, Nepal China Chamber of Commerce & Industry Mr. Suman Joshi Chief Executive Officer 5 management Suman Joshi Chief Executive Officer Sumed Bhattarai Head Corporate Banking Amit Sharma Manager Human Resource Bhuwaneshwor P. Shah Corporate Affairs Director Jiwan Limbu Chief Technology Officer Piyush Aryal Head Finance & Treasury Nirmal Dahal Head Credit Risk Bhubal Rai Chief Operating Officer Ajaya B. Shah Head Retail Financial Services Sanjeev Raj Joshi Anup Shrestha Binayak Pokhrel Manohar Uprety Sanjeev Kumar Singh Head Trade, Payments & Credit Operations Branch Manager, New Baneshwor Branch Manager, Bhairahawa Branch Manager, Narayanghat Branch Manager, Janakpur Rajiv Sapkota Babin Satyal Deepak Dhungana Pooja Shah Saroj Kumar Chaudhary Senior Relationship Manager Institutions Branch Manager, Pokhara Branch Manager, Butwal Branch Manager, Bhatbhateni Branch Manager, Nepalgunj Dipesh Amatya Bharti Pande Euden Koirala Purushottam Pudasaini Shambhu Rathi Head Retail Lending Branch Manager, Hattisar Branch Manager, Lagankhel Branch In-charge, Parsa Branch Manager, Biratnagar Amit Adhikari Bidya Basnet Junu Rai Raju Bhandari Shishu Joshi Branch Manager, Sukedhara Branch Manager, Maharajgunj Branch Manager, Damak Branch In-charge, Pokhara Industrial District Branch Manager, Pulchowk Amit Singh Karki Bikash Lal Shrestha Kshitiz Khadka Sabina Baskota Siddha Bahadur Bhandari Head - New Road Branch Manager, Banepa Branch Manager, Birgunj Branch Manager, Teku Branch Manager, Itahari Business Centre 7 corporate profile INCORPORATION OUR BRAND Laxmi Bank was incorporated in April 2002 as the 16th commercial We recognize the value and necessity of creating a strong Laxmi Bank bank in the country. With an asset size of NPR 20 billion and 22 brand that reflects our approach that banking is a long term branches across the country, we are today firmly amongst the top 10 proposition built on the trust placed on us by our customers and financial institutions in terms of market size and operations. there are no short cuts. In 2004 Laxmi Bank merged with HISEF Finance Limited, a first We believe our brand is a key competitive advantage for us and we generation finance company. This was the first merger in the Nepali are determined to further enhance and protect its integrity and value corporate history. in the market by positioning ourselves as the most proficient representative of the financial services community. Laxmi Bank is a Category Ka Financial Institution and re-registered in 2006 under the Banks and Financial Institutions Act of Nepal. The RAISING THE BAR Banks shares are listed and actively traded in the Nepal Stock Exchange (NEPSE). ~ Corporate Governance Standards Laxmi Banks award winning report in 2005 set the standards for quality, presentation and High standards of corporate governance, strong information disclosure in Annual Reports for the industry. technology credentials, prudent risk management approach and a Risk Management Approach our risk management approach nd culture of innovation are our key driving forces. systems are reflected in our business and ratings by regulators and independent auditors. OWNERSHIP STRUCTURE ~ Innovation a thought leader in the retail and e-banking domain Promoter Group representing the countrys we have pioneered a range of solutions such as Mobile Money, leading business groups - 55.42% Bancassurance,Money Market linked deposits, transaction alerts and friendly environmentally green products aimed at improving Citizen Investment Trust, a government of the customers experience and meeting the demands of changing Nepal undertaking - 9.02% times. General Public comprising of more than ~ Communication as a responsible financial institution we place 10,000 shareholders - 35.56% a high priority on effective communication related to banking, finance, economy and Laxmi Bank with all our stakeholders. "Laxmi Bank Newsletter is a trend setting monthly newsletter that started out in print form and has today migrated to an electronic 9.02% 35.56% version. The newsletter is distributed free of cost and covers business and economic briefs and financial indicators, local and international. With a number of other financial institutions now producing similar newsletters, access to financial information has improved considerably. 55.42% Laxmi Bank Treasury Bulletin is a weekly bulletin that disseminates important information related to treasury,
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