IPDC’s profit jump 18% in Q3

IPDC, a non-bank listed financial institution, posted an 18 per cent in net profit for the third quarter (July-September) in the current year compared to the previous calendar year.

Its net profit stood at Tk 22 crore in July-September, which was Tk 18.61 crore in the same period of the last year, according to the board meeting of the company held on Sunday.

The company’s profit also jumped 25 per cent for the first nine months (January-September) of this year. Its net profit was Tk63 crore for January-September, which was Tk50 crore for the same period of last year.

The company reported earnings per share (EPS) of Tk 1.70 for January-September, which was Tk 1.35 in the same period of the previous year. Its net asset value (NAV) per share was Tk 16.48 as of September 30, 2021.

With increased interest income, as well as better returns from capital market investments and better implementation of incentive packages, the company made a good profit for the third quarter.

IPDC Managing Director Mominul Islam said, "The company’s loans and advances have increased by 17 percent and deposits by 15 percent in the last quarter. As a result, the income has increased.”

On the other hand, he said the company had made a profit by selling bonds.

"The profit that the company has made in seven months is a sustainable one as we’ve set aside the provision," he said.

“We have also been able to reduce costs during the period. Moreover, due to the company's prudent policy and business model, we are growing consistently,” said the IPDC managing director.

On Sunday, the company’s share declined 2.11 per cent to Tk 41.70 on the Dhaka Stock Exchange.