The 33rd Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Thursday, March 29, 2018 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 2017.
It was further outlined how in the preceding year, IDLC reinforced its presence as a sector leader in the country and strengthened its positioning as a customer-centric non-banking financial institution. In 2017, 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 strong performance during the year. At the end of 2017, the IDLC Group`s total loans & advances stood at Taka 71.5 billion, an increase of 14.9% over last year, while deposits grew by 25.9% to Taka 62.1 billion. Simultaneously, net profit after tax rose by 27.9% to Taka 2.27 billion.
Aziz Al Mahmood, Chairman, IDLC Finance Limited presided over the AGM, which was also attended by other Directors –Mr. Monower Uddin Ahmed (Independent Director and Chairman of the Audit Committee), Mr. S. M. Mashrur Arefin, Mr. Mohammad Mahbubur Rahman FCA, Mr. Md. Kamrul Hassan FCA, Mr. Syed Shahriyar Ahsan, Mr. Atiqur Rahman, Mr. Niaz Habib, Mr. Matiul Islam Nowshad and the CEO & Managing Director, Mr. 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 2017. 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.