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National Housing Finance and Investments Limited (NHFIL) witnessed a slight increase in its net profit in the year 2022, thanks to lower interest income that hampered the profit growth.
The listed housing finance company posted Tk 26.33 crore in net profit in 2022, which was only 0.89 per cent higher than Tk 26.12 crore in the previous year.
Meanwhile, the company logged a net interest income of Tk 53.83 crore in 2022, which was around 16 per cent lower than the net interest income of 64.80 crore in the previous year.
The company authorities, however, said they were now working on to open a new Islamic finance window to diversify its business portfolio for the profit growth, and the issue is set to be finalised at the next annual general meeting (AGM).
Once the Islamic finance window is opened, it will significantly help the company raise its earnings, they added.
The company announced a 15 per cent cash dividend for its shareholders for the year 2022, as per a filing posted on the Dhaka Stock Exchange (DSE) website on Tuesday.
In 2020, it made a profit of Tk 32.13 crore and had paid a 15 per cent cash dividend to its shareholders.
Sarwar Kamal, company secretary of National Housing Finance and Investments Limited said their interest paid was higher in 2022 than that of the previous year. At the same time, the net interest income decreased significantly last year.
As a result, the company’s net profit witnessed a slight increase last year over the previous year, he said adding that the company was now trying to raise its earnings by increasing the number of branches and opening the Islamic finance win-dow.
In October last year, the company had announced its intention of opening the Shariah-compliant business under an Islamic finance window.
The company’s total interest income in 2021 was Tk 162 crore, which was Tk 191 crore in the previous year.
Its net operating cash flow per share (NOCFPS) was negative Tk 19.16 for the year 2022 compared to Tk 9.21 for the previ-ous year.
Its net asset value (NAV) per share was Tk 19.40 till 2022 which was Tk 18.65 as on December 31, 2021.
The company said it registered a significant deviation in its net operating cash flow per share due to an increase in loans and payment of customer deposits.
National Housing Finance and Investments Limited, a private sector housing finance company, was incorporated in August 1998.
The company obtained a license from the Bangladesh Bank under the Financial Institutions Act, 1993.
The company operates business by financing in acquisition, construction, development, and purchase of houses, plots, apartments, real estate, commercial spaces, and others with a view to providing finance for the people’s basic need for shelter, and promoting home ownerships at affordable prices.
On Tuesday, NHFIL shares closed at Tk 48.8 per share on the DSE trading floor.
The company will hold its annual general meeting through a digital platform on June 11, 2023, while its record date has been fixed for May 15 for the share splits among its shareholders.
With an authorised capital of Tk 200 crore, the company has a paid-up capital base of Tk 117 crore with Tk 11.70 crore se-curities.
Its sponsor-directors owned a 50.57 per cent stake in the company, while institutional investors held 9.64 per cent, the government 0.19 percent, and the general public 30.45 per cent till March 2023, as per the DSE data.
