IDLC's half-yearly profits rise 52pc

The net profit of IDLC Finance rose 52.84 percent year-on-year to Tk 31 crore in the January-June period on the back of growth in deposit and lending.
“Our deposit and lending businesses—corporate, small and medium enterprises and consumer division client segments—recorded good business growth in the first half of the current year,” said Selim RF Hussain, managing director of IDLC Finance.

Deposits grew by 25 percent and loans by 21 percent in the first six months of 2014, he said.
“In the first half, our structured finance department continued to grow its business and successfully raised funds from some landmark deals in the financial market of Bangladesh.”
“The non-performing loan ratio of the company as on June 30, 2014 was 1.81 percent, one of the lowest in the industry, mainly because of our focus on quality growth of assets and the continued improvements in the credit and collection function across all three client segments.”
“We continue to reduce reliance on costlier funds, such as conventional borrowing from commercial banks,” Hussain said.
As on June 30, 2014, deposits accounted for 78 percent of IDLC's funding portfolio, he said.
IDLC has regularly been utilising Bangladesh Bank's various refinancing schemes and has also begun tapping into overseas funding through multi-lateral agencies, he said.
“We continue our traditional focus on corporate governance and improved financial performance and this has again been recognised by independent bodies.”
IDLC's two capital market subsidiaries—IDLC Securities and IDLC investments—have been negatively impacted by bearish stockmarket and low turnover in the first six months to June, he said.   
“We are confident of continued quality growth in our SME and Consumer Segment businesses in the second half of 2014 and are also expecting to reverse our current losses in the capital markets.”
IDLC's earnings per shares stood at Tk 1.52 in the last six months.
Singer Bangladesh's net profits slipped 7.37 percent year-on-year to Tk 19 crore in the first half of 2014.
“Our profit fell in the six months as business in the first quarter was bad due to the country's political crisis,” said a top official of the company.  
In the second quarter that ended on June, the company's profit increased 11.74 percent to Tk 15 crore thanks to growing sales revenue, he said.
Television was the most selling product in the period because of the football world cup, he said.
“Our borrowing also increased in the period as we have gone for massive production of air conditioners and refrigerators for the upcoming Eid-ul-Azha.”
Singer's EPS stood at Tk 3.14 in the first half of the year.
HeidelbergCement's earned Tk 82 crore in the period, which is 5.29 percent lower than in the same period a year ago.
Profit fell this period due to lower sales and earnings in the first quarter of the year, according to BRAC EPL.
The cement maker reported a profit of Tk 41 crore in the second quarter that ended on June, up 5.2 percent year-on-year.
HeidelbergCement's EPS stood at Tk 14.46 for the six months period.