IDLC reports 28% post-tax net profit year-on-year, declares 30% cash dividend

IDLC Finance Limited has declared 30 percent cash dividend on its shares for 2017.

It has reported Tk 2.27 million net profit after tax in the year, recording a 28 percent growth on last year.

Its earnings before taxes and interest for the year also increased 22 percent to Tk 6.28 million year-on-year, the non-banking financial institution said in a media release on Thursday.

It said the board of directors approved the consolidated financial statement in its meeting held on Wednesday and proposed the 30 percent cash dividend or Tk 3 per share for the shareholders.

According to the release, IDLC Group roped in 11,295 new customers last year to take the total number to nearly 50,000.

Three subsidiaries of the company, IDLC Securities Limited, IDLC Investments limited and IDLC Asset Management Limited also posted strong performance with 267 percent, 63 percent and 275 percent growth, respectively, in profitability over the year,the release said.

“All our business divisions – SME, Consumer, Corporate - and our capital market subsidiaries delivered a strong performance throughout the year resulting in a strong financial performance on a consolidated basis,” it quoted IDLC Finance CEO and Managing Director Arif Khan as saying.

It added Arif thanked their customers, directors, colleagues and all stakeholders “for the success that we have had in 2017”, promising to work hard to exceed this performance in 2018 and beyond.