IFIC Bank slipped into losses in 2024

IFIC Bank PLC reported losses in 2024 compared to a profit in the previous year, due to lower interest spreads and deteriorating asset quality, according to a price-sensitive information disclosure by the bank.

The bank reported a consolidated net loss of Tk 121 crore in 2024.

Its consolidated loss per share stood at Tk 0.63 in 2024, a sharp reversal from earnings per share (EPS) of Tk 1.56 in 2023.

It also reported a consolidated net operating cash flow per share (NOCFPS) of Tk 3.48 for the year that ended on December 31, 2024, slightly up from Tk 3.36 in 2023.

However, the net asset value declined due to the annual loss.

The board of directors has recommended no dividend for 2024, while the bank declared a 5 percent stock dividend in the previous year.

In a separate disclosure, IFIC Bank posted a consolidated loss per share of Tk 2.60 for the first quarter of 2025, down from a restated EPS of Tk 0.21 for the same period of the previous year.

The bank attributed the loss to continued asset quality deterioration.

Its consolidated NOCFPS stood at negative Tk 0.04 for the January-March period of 2025, compared to Tk 3.01 (restated) in the same period of 2024.

The bank said the decline was due to operating losses, which also impacted its net asset value for the quarter.

As of April 30, 2025, the shareholding structure of IFIC Bank was: government 32.75 percent, institutions 21.09 percent, foreign investors 0.63 percent, and general public 45.53 percent, according to data from the Dhaka Stock Exchange.