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IDLC declares 30% stock dividend at its 28th AGM

The 28th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Monday, March 25, 2013 at the Bashundhara Convention Center, Dhaka. The Company has approved 30 percent stock dividend (Bonus shares) for its shareholders for the year 2012.

Amid intense competition among the banks and financial institutions IDLC continued to maintain its growth both in terms of business volume and profitability. The Company saw an impressive growth in Net Profit by about 213 million taka or 42% higher over last year. At the end of 2012, the IDLC Group’s customer loans & advances were Tk 32,595 million, a 24% year-over-year increase, while customer deposits grew by 31% to Tk 22,008 million. Non-performing-loans had dropped from 2.32% in 2011 to 2.09% in 2012.

Anwarul Huq, Chairman, IDLC Finance Limited presided over the AGM, which was also attended by other Directors – Rubel Aziz, Md. Habibur Rahman Mollah, K. Mahmood Sattar, Farooq Sobhan, M. Amanullah and the CEO & Managing Director, Selim R. F. Hussain. A large number of shareholders were present at the meeting.

The Chairman and Managing Director both welcomed the assembled shareholders and thanked them for their continued sponsorship of IDLC Finance. The Chairman said that 2012 had been a landmark year for IDLC because of the major investments in Branding, Core Technology Platform and Process Re-engineering. The group’s infra-structure had been significantly enhanced and Business Growth had accelerated despite the challenges in the business environment. Shareholders, too, voiced their appreciation at the significant step up in the Group’s operations.

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