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DBH Finance reports 16% lower profit in Q1

Staff Correspondent
12 May 2023 00:00:00 | Update: 11 May 2023 23:02:39
DBH Finance reports 16% lower profit in Q1

DBH Finance PLC reported a profit decline of 15.74 per cent year-on-year in the first quarter of 2023.

The housing finance institution posted Tk 26.12 crore in net profit in the January-March quarter this year, against the profit of Tk 31 crore in the same quarter last year, as per a filing posted on the Dhaka Stock Exchange (DSE) on Thursday.

The listed company’s earnings per share (EPS) for the first quarter of 2023 fell to Tk 1.34 from Tk 1.59 for the first quarter of 2022.

However, its net asset value (NAV) per share increased to Tk 42.34 at the end of March this year from Tk 41.00 at the end of December 2022.

The financial company’s net operating cash flow per share (NOCFPS) was Tk 8.09 for the January-March quarter of 2023 against Tk 11.19 negative for the same quarter last year.

The variation in the NOCFPS happened due to a significant increase in deposits of Tk 111.1 crore during the first quarter of 2023, whereas deposits worth Tk 182.6 crore were withdrawn in the corresponding quarter of 2022.

Additionally, clients had paid off a net loan portfolio of Tk 34.5 crore in the first quarter of 2023, whereas Tk 25.9 crore worth of loans was disbursed in the previous quarter, the company stated.

DBH Finance PLC has been providing housing loans to individuals and institutions since 1996 and has registered significant growth over the years.

The company has also received approval from the Bangladesh Bank to launch its Islamic financing wing, offering Shariah-based financial products and services through its 14 branches located in major cities across the country.

In January 2023, DBH Finance PLC signed an agreement with the finance ministry to provide home loans for government employees under the government’s employee home loan scheme.

DBH Finance PLC, which was listed in 2008, is the only AAA-rated financial institution in Bangladesh for the last 17 years.

DBH Finance shares closed at Tk 56.70 per share on the DSE trading floor on Thursday.