IDLC Finance PLC reported a consolidated net profit after tax of Tk 125.4 crore for the first three quarters of 2024, reflecting significant growth of 25.30 percent compared to the same period last year.

Earnings per share also witnessed a notable increase of 25.30 percent, reaching Tk 3.02 for the period. It was Tk 2.41 in the same period the preceding year.

These were revealed at the 344th board meeting of the non-bank financial institution (NBFI) at its head office in the capital today, according to a press release.

During the January-September period this year, customer deposits grew by 2.30 percent compared to 2023, totalling Tk 82.32 billion.

Aziz Al Mahmood, chairman of the NBFI, attended the meeting.

The organisation strategically focused on optimising portfolio quality to emphasise sustainable growth by ensuring optimal loan book size. As of the end of September, the portfolio stood at Tk 111.7 billion.

Expressing satisfaction with the financial performance, M Jamal Uddin, managing director and CEO of IDLC Finance PLC, said, "Our nine-month financial results continue to demonstrate our ability to execute effectively, even in a challenging and volatile macroeconomic backdrop."

"Our agile fund management enabled us to optimise returns across our core lending and capital markets businesses. Operating income increased by 11.32 percent to Tk 526.3 crore, while operating expenses grew by only 2.18 percent."

"We remain committed to sustaining this momentum and delivering exceptional value for our shareholders in the future," he added.

Despite recent economic and political challenges, both at home and abroad, IDLC managed to maintain an annualised return on equity (ROE) of 1.14 percent and a ROE of 8.65 percent compared to 0.88 percent and 7.29 percent respectively, booked for the same period last year, demonstrating improved efficiency compared to the previous year.

The non-performing loan ratio, while slightly higher at 4.98 percent, remains well below the industry average, with a coverage ratio of 100.72 percent.

The coverage ratio indicates the extent to which the non-performing loans are covered by provisions, reflecting the group's ability to manage potential credit losses effectively.

IDLC's subsidiaries -- DLC Securities Limited, IDLC Investments Limited, and IDLC Asset Management Limited -- all delivered robust performances by the end of the quarter, contributing to the group's positive results.

Outlining the key strategies for continued success, the IDLC chairman said, "With deposit-advances margins under pressure and competition intensifying, success for financial institutions in the coming years will hinge on improving customer service, portfolio quality and operating efficiency."

"At IDLC, we are continuously enhancing our initiatives to achieve these goals, setting us apart in the competitive landscape," he added.