32nd Annual General Meeting

IDLC declares 30% cash dividend at its 32nd AGM

The 32nd Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Thursday, March 30, 2017 at the Radisson Blu Water Garden Hotel, Dhaka. In line with the proposal by the Board of Directors, the AGM approved 30% Cash Dividend (Taka 3.00 per share) for the company`s shareholders for the year 2016.

It was also mentioned in the AGM that during 2016, IDLC reinforced its presence as a sector leader in the country and strengthened its positioning as a customer-centric non-banking financial institution. In 2016 political stability has also fostered an environment that has encouraged investments under the Government’s annual development programme, resulting in a conducive business environment. IDLC reported a respectable performance during the year. At the end of 2016, the IDLC Group`s total loans & advances stood at Taka 62,265 million, an increase of 13% over last year, while deposits grew by 4% to Taka 49,324 million. Simultaneously, net profit after tax rose by 22% to Taka 1,780 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), Meherun Haque, S. M. Mashrur Arefin, Mohammad Mahbubur Rahman FCA, Md. Kamrul Hassan FCA, Syed Shahriyar Ahsan, Mati Ul Hasan, Atiqur Rahman, Niaz Habib, Matiul Islam Nowshad 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 2016. 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.