IDLC declares 37.5pc cash dividend

Anwarul Huq, chairman of IDLC of Bangladesh Ltd, presides over the 21st annual general meeting (AGM) of the company yesterday in Dhaka. Directors and other senior officials are also seen. The AGM approved 37.5 percent cash dividend for the shareholders for the year 2005. PHOTO: IDLC

IDLC of Bangladesh Ltd, a joint venture multiproduct financial institution, has declared a 37.5 percent cash dividend for its shareholders for the year 2005.

The dividend, which is the highest ever in IDLC's years of operation, was approved at the 21st annual general meeting (AGM) of the company held yesterday in Dhaka, says a press release.

Anwarul Huq, chairman of the company, presided over the AGM, which was attended, among others, by Ahmed Rajeeb Samdani, Rubel Aziz, Md Humayun Kabir, Md Habibur Rahman Mollah and Yongbok Jo, directors, and Anis A Khan, CEO and managing director of the company.

The AGM was informed that amid intense competition from existing financial institutions, IDLC continued to maintain its growth. The year 2005 saw an impressive 40 percent growth in disbursements over the previous year. IDLC's equity grew by 12.6 percent over 2004. Total asset of the company stood at Tk 8.8 billion at the end of 2005, which is 30 percent higher than that of the previous year.

During the year, net profit of the company stood at Tk 153 million, showing a growth of 14.2 percent.