IDLC Finance Reports 21% Decline in Profits for 20231 min read

IDLC Finance PLC, one of Bangladesh’s leading non-banking financial institutions (NBFIs), reported a 21% decrease in profits for the fiscal year 2023. As reported, according to financial filings on the Dhaka Stock Exchange (DSE), the company’s profit dipped to Tk 151.31 crore from Tk 191.63 crore in the previous year. The decline in profits resulted in a reduction in the consolidated earnings per share, which dropped to Tk 3.64 from Tk 4.61 in 2022. Despite this decrease, the NBFI’s consolidated net asset value per share saw an uptick, rising to Tk 45.71 from Tk 43.56.

In line with its financial performance, the board of directors recommended a 15% cash dividend, consistent with the dividend payout of the previous year. Shareholders will have the opportunity to vote on this proposal at the upcoming annual general meeting scheduled for April 29. Established in 1985, IDLC Finance has cemented its position as one of Bangladesh’s largest NBFIs. With a presence in 20 districts and a network of 40 branches and booths, the institution serves a wide customer base. IDLC employs over 1,700 individuals, contributing significantly to the country’s financial sector.

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