IDLC Finance Limited was awarded the “South Asian Federation of Accountants (SAFA) Award 2016” among eight SAARC countries. IDLC won the First Prize in overall category (among all Banks, Non-Banks and Multi-National Companies) as well as secured first position in Integrated Reporting and Financial Services sector.
South Asian Federation of Accountants (SAFA) evaluates and awards top performers for implementation of good Governance, Transparency and Accountability among the SAARC nations – Bangladesh, India, Sri Lanka, Pakistan, Nepal, the Maldives, Bhutan and Afghanistan - each year.
Shankar Prasad Adhikari, the Finance Secretary of Nepal, officially handed over the award to Aziz Al Mahmud, Chairman of IDLC Finance Limited and Arif Khan, CEO and Managing Director of IDLC Finance Limited at a ceremony in Kathmandu, Nepal.
First Position in Non-Banking Financial Institution Category
IDLC Finance Limited was awarded the top position among the non-banking financial institutions (NBFIs) for the “ICMAB Best Corporate Awards-2016” for an outstanding performance in corporate governance.
Finance Minister AMA Muhith handed over the award to Arif Khan, CEO & Managing Director of IDLC, at a programme held in the capital. The Chairman of Bangladesh Securities and Exchange Commission (BSEC), M. Khairul Hossain and the Chairman of Financial Reporting Council (FRC) C. Q. K. Mustaq Ahmed were present as special guests at the event.
IDLC stands with the grief-stricken this winter by donating 1200 blankets to Prothom Alo Trust. This contribution will aid the Trust to spread warmth to the most cold-struck parts of the country. Arif Khan, CEO and Managing Director and Jane Alam Romel, Group CMO, handed over the blankets to Matiur Rahman, editor of Daily Prothom Alo and Aziza Ahmed, COO of Prothom Alo Trust at a small ceremony.
The Central Bank announced the Monetary Policy Statement for the second half of FY 2017-18 on January 29, 2018 in the wake of the banking sector’s acute inquisitiveness regarding new directives for lending. As the industry experts and economists labeled the MPS aptly as “Cautionary”, it sets a lukewarm tone for private sector lending. The private sector credit growth target set for H2, FY 18 is 16.8% which is modestly higher than that of last half (16.2%) and considerably lesser than the growth achieved in December’17 (18.13%). In another bid to tighten credit supply and enable banks to continue lending appropriate sectors, the Central Bank curtailed the Advance-Deposit Ratio (ADR) of conventional banks to 83.5% from 85% (89% IDR for Shariah based Islamic banks from 90%), in a separate circular. The new directive asserts that banks must show steady growth in deposit mobilization alongside lending, unlike the scenario till date. On another note, the effort of the Central Bank to curb excessive lending may have a bright impact on the mounting NPL trend. It is the time to discern how the banks maneuver the perfect deposit-lending portfolio mix aligning with the directions by Central Bank and still maintain the thriving growth of their profitability.Download View