Home ›› 16 May 2023 ›› Stock
IDLC Finance, the country’s leading non-bank financial institution (NBFI), posted a 29 per cent year-on-year plummet in profit in the January-March quarter in the year of 2023, thanks to a decrease in net interest income.
As per its unaudited financial report, the publicly traded company’s consolidated net profit slumped to Tk 34.40 crore in Q1 this year from Tk 48.27 crore in the same quarter last year, sources at the company said.
The company’s first quarterly profit dipped due to a decrease in net interest income, investment income, commission exchange, brokerage, and an increase in incremental provision, officials familiar with the matter remarked.
As per its unaudited financial statements, IDLC’s consolidated earnings per share (EPS) was Tk 0.83 for first quarter of 2023, against Tk 1.16 for the same period last year.
Its net operating cash flow per share (NOCFPS) was Tk 6.69 negative for the January–March quarter this year, against Tk 24.64 negative for the January-March quarter of 2022.
The listed NBFI’s net asset value (NAV) per share was Tk 44.39 as on March 31, 2023, which was Tk 43.56 till March 31 last year.
IDLC Finance had reported a 9.5 per cent year-on-year fall in net profit in 2022, as the NBFI’s earnings from its subsidiaries got shrunk due mainly to their lower returns from the capital market.
The publicly traded financial institution’s consolidated net profit dropped by Tk 20.15 crore or 9.5 per cent to Tk 191.45 crore in 2022, against the profit of Tk 211.60 crore in the previous year.
The NBFI’s three subsidiaries—IDLC Securities, IDLC Investments, and IDLC Asset Management— jointly saw their profits falling by 46 per cent in 2022 over the previous year.
Their profits stood at Tk 29 crore in 2022, down from Tk 54 crore in the previous year.
However, IDLC Finance alone made a net profit of Tk 161.96 crore in 2022, up from Tk 157.62 crore in the previous year.
Its consolidated earnings per share (EPS) dropped to Tk 4.61 for the year ended December 31, 2022, from Tk 5.09 the year before.
The company announced a 15 per cent cash dividend for its shareholders for the year ended on December 31, 2022.
