Wednesday, 22 September, 2021

IPDC Finance achieves Tk 205m net profit in Q1

  • Staff Correspondent
  • 30 June, 2021 12:00 AM
  • Print news
IPDC Finance achieves Tk 205m net profit in Q1

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IPDC Finance Limited has registered a solid net profit after tax of Tk 205 million in the first quarter of 2021 amid the second wave of the corona pandemic.

The company’s net profit has grown by 3.4 times since the first quarter of 2016, said a press release.

The company has also ended the first quarter of 2021 with a strong liquidity cushion of Tk 1.39 billion to meet its short-term liabilities.

The first quarter revenue of IPDC Finance has risen by 6.4 times compared to the first quarter of 2016 while its classified loan ratio of 0.95 per cent remains the lowest in the sector amongst the publicly listed diversified NBFIs.

IPDC’s customer deposit has increased by 9.2 times over the course of the last five years due to its innovative deposit campaigns.

The disclosures came on Tuesday when the company virtually conducted its first quarter Investors Meet to discuss the financial highlights, benchmarks, and key strategies ahead.

The session was presented live in IPDC’s official Facebook page by IPDC Managing Director and CEO Mominul Islam.

Mominul Islam emphasised on the technology enabled and socially responsible business models focusing on cottage, micro, small and medium enterprises (CMSMEs) and women and young entrepreneurs, and lower-middle income households outside Dhaka and Chittagong, which remains the cornerstone for its sustained growth and profitability even during a very difficult period.

Despite the second wave of the pandemic, IPDC has outperformed its own performance compared to the same period last year. It has maintained a strong capital base with a capital adequacy ratio of 16.78 per cent.