IPDC registers Tk 88 crore net profit

IPDC Finance Limited registered a net profit of Tk 88 crore last year.

Mominul Islam, managing director and chief executive officer of IPDC, revealed the information while announcing its financial and business performance in 2021 at a virtual programme, IPDC said in a press release today.

In this period, IPDC's revenue has increased by 21.7 per cent and the company has earned a net profit of Tk 88.1 crore which is 24.9 per cent more than the previous year, it said.

At the end of 2021, IPDC has ensured a contingency liquidity reserve of Tk 134 crore.

The loan portfolio of IPDC has grown by 21.9 per cent from the previous year. This growth has been possible due to the notable growth of SME and Emerging Corporate loan portfolios, it said.

According to the IPDC, 79 per cent of the contribution of the total loan portfolio came from corporate loans whereas SME and emerging corporate loans and retail loans contributed only 11 per cent and 10 per cent respectively in 2015.

In 2021, the contribution from the SME and the emerging corporate loan has risen to 31 per cent, it said.

Islam said the growth of customer deposits is reducing dependency on Bank borrowing for fund collection.

In 2018, bank dependency on the source of the fund was 29 per cent. It has come down to only 5 per cent in 2021 whereas the contribution of customer deposits as the source of the fund has gone up to 68 per cent, he said.

This is a sign of sustainable development for IPDC that there is now less bank dependency for the source of funds, he added.

Islam also discussed IPDC's success in keeping various important ratios like return on equity, return on asset, earning per share and cost to income at a satisfactory state.