IFIC Bank's Q3 profit plummets 63% amid subsidiary struggles

IFIC Bank PLC's profit for the third quarter of 2024 dropped 63 percent year-on-year to Tk 7.68 crore.

The bank's earnings per share (EPS) fell to Tk 0.04 in this year's third quarter from Tk 0.11 in Q3 of the previous year, according to a disclosure on the Dhaka Stock Exchange (DSE) website.

The bank attributed the EPS decline to weaker subsidiary performance compared to the previous year. 

The commercial lender's profit for the first nine months of 2024 stood at Tk 69.19 crore.

Cash flow pressures intensified for the bank, as it posted a consolidated net operating cash flow per share (NOCFPS) of Tk 2.42 in the negative in the January-September period, compared to Tk 3 in the positive in the same period the previous year. 

IFIC Bank cited the decline in NOCFPS due to lower deposit growth relative to loans and advances as the primary factor impacting cash flow. 

'Share price of the bank fell 1.33 percent to Tk 7.6 today at the DSE.