IPDC’s profit plunges 62.70% in Q2

IPDC Finance Limited's profit slumped 62.70 percent year-on-year to Tk 8.16 crore in the second quarter of 2023 owing to a rise in interest expenses, salary and allowances and provision for loans and investments.

The non-bank financial institution made a profit of Tk 21.89 crore in the April-June quarter of 2022.

Thus, the earnings per share slipped to Tk 0.22 in April-June of 2023 against Tk 0.59 in the identical quarter of 2022.

The EPS declined due to a rise in interest expenses, salary and allowances and provision for loans and investments, according to a filing on the Dhaka Stock Exchange.

The profit stood at Tk 9.65 crore in the first half of 2023, which was Tk 44.16 crore in the identical period of 2022, a decrease of 78 percent year-on-year. So, the EPS slipped to Tk 0.26 from Tk 1.19 during the period.

The net operating cash flow per share, however, narrowed to Tk 4.62 negative in January-June of 2023 from Tk 13.29 negative during the same period last year.

The NOCFPS increased due to a decrease in loan disbursement and negative cash flow from deposits, the filing said.

The net asset value per share fell to Tk 17.51 on June 30 from Tk 18.33 on December 31.

Shares of IPDC Finance closed unchanged at Tk 57.60 on the DSE today.