IDLC’s performance shows resilience in 2018

Business Desk

21 February, 2019 12:00 AM printer

IDLC’s performance 
shows resilience 
in 2018

IDLC Finance’s total loan book increased by 17.39 percent and now stands at Tk 83.9 billion in 2018.

NPLs reduced to 2.20 percent from 2.77 percent in the previous year, reflecting an improvement in portfolio quality. A total of 5,803 new loan clients were booked during the year and Net Interest Income grew by 5.71 percent to Tk 4.22 billion, said a press release.

Business segment-wise, SME loan book grew by 12.43 percent during the year to Tk 34.69bn, up from Tk 30.85 billion in the previous year.

SME now comprises of 42.09 percent of the company’s total standalone loan book. The consumer portfolio - which comprises of home loans, car loans and personal loans - grew by 15.20 percent during 2018 to reach Tk 27.82 billion. It now contributes 33.76 percent of the lending basket.

The company’s corporate loan division has posted a year on year growth of 37.88 percent to reach a portfolio of Tk 19.90 billion.

On a standalone basis, IDLC Finance Limited maintained its prior level of Net Profit after Tax with a small growth rate of 1 percent. However, on a consolidated basis, the company posted a 5 percent decline in NPAT over the previous year, reporting an amount of Tk 2,171 million.

Arif Khan, CEO and Managing Director of IDLC Finance Limited said, "IDLC’s standalone net profit grew very marginally by 1 percent. However, given the market conditions, it is noteworthy to mention a few takeaways from our group's overall performance this year.