The Lakshmi Vilas Bank Limited (LVB) reported an operating loss of ₹11.97 crore and a net loss of ₹894.10 crore for the financial year ended 31 March 2019. Its board said it could not recommend a dividend for the year. The bank’s 92nd annual report also disclosed a qualified audit opinion concerning a disputed ₹794 crore loan adjustment and described a proposed Indiabulls transaction that was separate from LVB’s later amalgamation with DBS Bank India.
What period does the report cover?
LVB’s 92nd annual report covers the financial year ended 31 March 2019. The directors’ report is dated 28 August 2019, and the National Stock Exchange records the annual-report filing on 4 September 2019. The figures below are the amounts reported in that annual report.
Read the 2018–19 annual report copy on Scribd. NSE’s corporate filings page records the filing date.
How did LVB perform financially?
The report shows a sharp deterioration in operating result compared with the prior financial year, alongside a larger net loss.
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| Measure | FY 2018–19 | FY 2017–18 |
|---|---|---|
| Operating result | Loss of ₹11.97 crore | Profit of ₹355.38 crore |
| Net result | Loss of ₹894.10 crore | Loss of ₹584.86 crore |
These are the annual report’s reported figures; they show the year-to-year change but do not, by themselves, establish the causes of the deterioration.
Was a dividend recommended?
No. The board said that, in view of the net loss for FY 2018–19, it was unable to recommend a dividend for the year. The report therefore records no board recommendation for a dividend for that financial year; it should not be read as a dividend declaration or payment.
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What did the auditors qualify?
The statutory auditors’ qualified opinion concerned LVB’s adjustment of loans aggregating ₹794 crore against deposits of Religare Finvest. Religare Finvest contested the adjustment and had filed a suit in May 2018. The annual report described the matter as still sub judice.
The auditors said they could not comment on the adjustment’s impact on the financial statements or on its legal and regulatory consequences. That qualification describes an unresolved dispute and an audit limitation; it does not establish that the allegations were proven or determine the eventual outcome.
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What did the report say about Indiabulls?
The report described a proposal approved by LVB’s board in April 2019 and amended in May 2019 involving Indiabulls Housing Finance and its subsidiary. It remained subject to approvals from the Reserve Bank of India and other regulators. It was a proposed transaction, not the later amalgamation that took effect through a separate process.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How was LVB eventually amalgamated?
In November 2020, the Union Cabinet approved a separate scheme to amalgamate LVB with DBS Bank India Limited. The Ministry of Finance said a 30-day moratorium began on 17 November 2020; the bank’s board was superseded and an administrator appointed. The government’s announcement is available from the Press Information Bureau. These later events should not be confused with the contingent Indiabulls proposal discussed in the 2018–19 report.
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