IDLC’s profit down 23% in past 9 months

IDLC Finance saw a decline in profits in the first nine months of the current calendar year due to a drop in interest and investment incomes as well as low income from commissions. 

The non-bank financial institution disclosed its quarterly report on the website of Dhaka Stock Exchange (DSE) yesterday.

Its profits dropped 23 percent year-on-year to Tk 100 crore in the January-September period of 2023. Subsequently, earnings per share declined to Tk 2.41 in the nine month-period compared to the previous year's Tk 3.15.

The primary reason behind the decline is the decrease in net interest income (down Tk 20 crore), the fall in investment income (down Tk 4.3 crore) and the reduction in commissions from brokerage services (down Tk 16.8 crore), IDLC said in a disclosure.

On the other hand, other operating incomes increased by Tk 10.9 crore.

In the third quarter of 2023, its profit was Tk 27 crore whereas it was Tk 39 crore in the same period of the previous year.

The blue-chip stock traded at Tk 46.5 on the DSE yesterday, unchanged from a session earlier.