• Monday, Oct 03, 2022
  • Last Update : 09:54 am

IDLC profits decline in 2018

  • Published at 04:51 pm February 18th, 2019
IDLC logo
Logo of IDLC Finance Ltd

Its earnings per share (EPS) for 2018 stood at Tk5.76 against Tk6.13 in 2017

IDLC Finance Limited's net profit after tax stood at Tk217.1 crore in 2018, which is 4.40% less than the profit in the previous year.

However, their non-performing loans accounted for 2.20% of its total outstanding loans in contrast to 2.77% a year earlier, reflecting an improvement in their portfolio quality.

A total of 5,803 new loan clients were added during the year and net interest income grew by 5.71% to Tk422 crore in last year.

Sources at IDLC said the fall in their net profit after tax was caused by lower profits from its subsidiaries.

Its earnings per share (EPS) for 2018 stood at Tk5.76 against Tk6.13 in 2017.

Arif Khan, CEO and Managing Director of IDLC Finance said given the overall economic and investment situation in 2018, IDLC did well, although it’s performance was a bit worse than a year ago.

"In spite of a 7.26% decline in operating income, mainly resulting from reduced investment income and brokerage fees, we have been able to restrict our cost to income ratio to less than 40%, thanks to numerous process efficiency measures we have been adopting proactively," he said. 

Business segment-wise, SME loan grew by 12.43% during the year to Tk3469 crore, up from Tk3085 crore in the previous year. 

The company’s corporate loan division has posted a year on year growth of 37.88% to reach a portfolio of Tk1990 crore.

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