The 31st Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Wednesday, March 30, 2016 at the Radisson Blu Water Garden Hotel, Dhaka. In line with the proposal by the Board of Directors, the AGM approved 25% Cash Dividend (Taka 2.50 per share) for the company’s shareholders for the year 2015. The AGM also approved the proposal of enhancement of Authorized Capital of the Company to BDT 1,000 crore by amending of Clause V of the Memorandum and Article 7 of the Articles of Association of the Company subject to the approval by regulatory authorities.
It was also mentioned in the AGM that during 2015, IDLC reinforced its presence as a sector leader in the country and strengthened its positioning as a customer-centric non-banking financial institution. Despite several challenges on the political and economic front that led to sluggish industrial growth, IDLC reported a respectable performance during the year. At the end of 2015, the IDLC Group’s total loans & advances stood at Taka 55,212 million, an increase of 17.30% over last year, while deposits grew by 30.14% to Tk 47,624 million. Simultaneously, net profit after tax rose by 17.16% to Taka 1,459 million.
Aziz Al Mahmood, Chairman, IDLC Finance Limited presided over the AGM, which was also attended by other Directors –Faruq M. Ahmed (Chairman of the Executive Committee), Monower Uddin Ahmed (Independent Director and Chairman of the Audit Committee), Md. Kamrul Hassan FCA, Mati Ul Hasan, Atiqur Rahman and the CEO & Managing Director, Arif Khan CFA FCMA. A large number of shareholders were present at the meeting.
The Chairman and Managing Director both welcomed the assembled shareholders and thanked them for their continued sponsorship of IDLC. The Chairman said that IDLC has delivered a robust financial performance and made good strategic progress in 2015. He also opined that the company’s strong Balance Sheet and the market positions of its businesses are poised to deliver sustainable profit growth and shareholder returns over time. Shareholders, too, voiced their appreciation at the significant step up in the Group's operations.