IDLC declares 30% Cash Dividend in 2016 amid strong financial performance
-30% Cash Dividend proposed by the Board of Directors
-Net Profit After Tax of BDT 1,780mn, 22% Year on Year growth
-Earnings per Share (EPS) grew to Taka 7.08 from Taka 5.81 in the previous year
-Customer Assets increased by 13% (BDT 7,053 mn) to reach BDT 62,265mn
IDLC Finance Limited reported Net Profit after Tax of BDT 1,780mn in the year 2016, recording a strong 22% growth from last year. Operating Income for the year also increased by 13% year on year and stood at BDT 5,167mn. The Board of Directors approved the consolidated financial statement in its meeting held on 20th February 2017 and proposed 30% Cash Dividend.
In the reporting year IDLC group acquired 9,575 new customers to take the total number of customers to more than 45,000. Total customer loans grew by 13% (BDT 7,053mn) and stood at BDT 62,265mn at the end of the year. The SME division of the company led the growth with an increment of BDT 3,686mn (16%) in its portfolio to end the year with a BDT 26,054mn loan book. The corporate division grew its portfolio by 2,783mn (26%) to end at BDT 13,406mn while the consumer division closed the year with loans of BDT 21,415mn recording a growth of BDT 782mn (4%).
The Non-Performing Loans (NPL) of the company reduced to 2.98% at the end of 2016, compared to 3.06% in the previous year.
Two major subsidiaries of the company, IDLC Investments Limited and IDLC Securities limited also posted strong performance with 42.5% & 7.6% growth, respectively, in profitability over the preceding year, contributing to a very strong group performance.
"All our business divisions - SME, Consumer, Corporate and Deposits; and our capital market subsidiaries - delivered a very strong performance throughout the year and resultantly, we could deliver a robust financial performance. It is a very exciting time for each one of our 1,262 team members and for me, personally, to lead the IDLC group to newer heights every year" said Arif Khan, CEO & Managing Director of IDLC Finance Limited.
He added "These results would not have been possible without the support & guidance of the Board of Directors, the continued patronage of our customers and the astute supervision of our regulators. We keep our feet firmly on the ground while we pursue further growth and profitability embracing the culture of superior transparency and corporate governance standards that IDLC cultivated over the last three decades of operations".