IPDC Finance’s profit falls 62% to Tk 34 crore in 2023

IPDC Finance Ltd's profit nosedived 62 percent year-on-year to Tk 34.14 crore in 2023. 

The non-bank financial institution's (NBFI) profit was Tk 90.17 crore for the year that ended on December 31, 2022. 

The decline in profit resulted in its earnings per share of Tk 0.92 in 2023, down from Tk 2.43 in the previous year, according to a filing on the Dhaka Stock Exchange. 

However, the net operating cash flow per share returned to positive in 2023 to Tk 0.60, up from the previous year's Tk 11.17 in the negative.      

IPDC's board recommended a 5 percent cash and a 5 percent stock dividend, the lowest since 2019. 

The NBFI said that lower profit, an increase in the capital base and a higher loan portfolio were the reasons for the stock dividend recommendation.

The annual general meeting will take place virtually on May 16. 

Shares of IPDC started trading at Tk 25.8 and went up 4.26 percent to Tk 26.9 as of 11:40 am today.