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IDLC Finance’s profit rises 8pc

businessnews24bd.com

Net profit of IDLC Finance rose 8 percent year-on-year to Tk 88.2 crore in January-June thanks to a rise in deposit and lending.

IDLC said it continues to be a strong operator in the small and medium enterprise’s segment and experienced 19 percent year-on-year growth in the sector during the period.

Corporate and consumer financing, two other major business segments of the company, also experienced notable growth.

Despite challenges, the company has been growing continuously in 2016, Arif Khan, managing director of IDLC Finance, said while announcing the half-yearly results at a press briefing in Dhaka on Sunday.

“While the SME segment posted the highest amount of growth in the loan book, all our business segments enjoyed a good half-year.”

“We continue to be very vigilant about the quality of our portfolio and have been able to moderately decrease the NPL ratio to 3.01 percent at the end of June, compared to 3.06 percent at the end of December last year,” he said.

IDLC got 3,726 new customers and the customer assets portfolio grew 10 percent year-on-year to Tk 533.6 crore in the January-June period of 2016.

Operating profit increased 14 percent year-on-year and stood at Tk 158.3 crore at the end of June.

It opened four new branches during the first half, while relocated two of its major operations to bigger and better premises — one in Gulshan and another in Dilkusha commercial area.

Khan said they started a new company named IDLC Asset Management, which is expected to further strengthen the capital market operations along with two other existing subsidiaries — IDLC Investments and IDLC Securities.

IDLC Asset Management will carry out the business of asset management, primarily through launching and managing mutual funds to cater for the diverse needs of investors.

It also aims to facilitate alternative investments in terms of private equity and venture capitals in future.

Khan said: “We remain optimistic about the macro economic outlook and want to make sure that we are well-positioned to take full advantage of the economic prosperity, especially in the SME segment.”

IDLC was listed on the stockmarket in 1992. Each IDLC share was traded between Tk 58.6 and Tk 59.7 on the Dhaka Stock Exchange yesterday before closing at Tk 59.

Sponsors own a 59.66 percent stake in IDLC, institutional investors 23.31 percent, foreign investors 3.44 percent and the general public 13.59 percent.

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