IDLC sees 17pc net profit in Q3

Dhaka,  Fri,  22 September 2017
Published : 18 Oct 2016, 21:38:46

IDLC sees 17pc net profit in Q3

FE Report

IDLC Finance Limited has registered robust growth in terms of net profit, operating income and customer assets over the last nine months of the calendar year, officials said.

According to the disclosed earning report for Q3 (July to September), 2016 released by the company at its Motijheel office in the city Tuesday, the net profit after paying tax stood at Tk 1,343 million  in the first 9 months of the year, recording a 17 per cent growth from the same period of last year.

While operating profit for the period increased 7 per cent year on year basis and stood at Tk 2,332 million. In these 9 months, the IDLC acquired 6,277 new customers and posted a 10 per cent customer assets portfolio growth (Tk 5,418 million), compared to 31st December 2015.

CEO & Managing Director of IDLC Finance Limited Arif Khan said this growth in customer assets was driven primarily by the SME Loan Book, which experienced a healthy 17 per cent growth in this period.

"We gained over 8.0 per cent growth in net profit throughout 2015 but we've already registered 17 per cent growth in just nine months of the year. It's a robust growth," he said.

But portfolio quality experienced a minor dent in the last quarter with a slightly increased NPL (non-performing loan) ratio of 3.22 per cent compared to 3.06 per cent at the end of December 2015.

"Ramadan and increased number of holidays in the wake of Eid made an impact over the increase of NPL but we will focus more on asset growth, NPL and cost managements in the remaining quarter," the IDLC CEO said.
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