IDLC posts lower profit in Q2

IDLC Finance Ltd posted 13 per cent lower profit year-on-year to Tk 37.83 crore in the April-June quarter of 2023 owing to a fall in net interest income, investment income and other earnings.    

The profit of the non-bank financial institution stood at Tk 43.65 crore in the identical quarter of 2022.  

Thus, the consolidated earnings per share slipped to Tk 0.91 in the second quarter of 2023 from Tk 1.05 in April-June of 2022, according to the unaudited financial statements.

The profit also fell to Tk 72.33 crore in the first half of the year from Tk 91.87 crore a year ago, a decrease of more than 21 per cent. So, the consolidated EPS slipped to Tk 1.74 from Tk 2.21 during the period.

The EPS decreased due to a fall in net interest income, investment income, commission exchange and brokerage and other operating incomes, said IDLC in a filing on the Dhaka Stock Exchange. 

The consolidated net operating cash flow per share narrowed to a negative Tk 2.40 in January-June of 2023 against Tk 25.43 negative in the same half of 2022.

The NOCFPS increased due to a hike in cash generation from terms and other deposits, loans and bank borrowing, the filing said. 

The consolidated net asset value per share rose to Tk 43.80 on June 30 this year from Tk 43.56 on December 31 last year.

Shares of IDLC closed at Tk 46.50 on the DSE, unchanged from a day earlier.