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IPDC Finance’s profit plunges

IPDC Finance Limited, one of the leading private sector financial institutions in the country, said its profit plunged by 70 percent year-on-year in the nine months to September of 2023.

The non-bank financial institution (NBFI) recorded Tk 18 crore in net profit in January-September in comparison to Tk 62 crore during the same period in 2022, according to unaudited financial statements published yesterday.

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IPDC said its net interest income dropped 15 percent to Tk 179.32 crore in the first three quarters of the year as a result of higher interest payments to depositors and lenders.

Income from investments, commission exchanges and brokerages also declined, figures showed.

The NBFI saw its operating expenses, particularly from salaries and allowances, increase 16 percent to Tk 74.4 crore.

IPDC also registered a slump in its earnings in the July-September quarter this year.

The company's earnings per share (EPS) fell by half, to Tk 0.23, in the third quarter from Tk 0.49 in the same period a year ago.

Overall, its EPS plunged to Tk 0.49 in January-September from Tk 1.67 during the same period a year ago.

IPDC said EPS declined due to a fall in profit after tax.

However, Cash flow improved thanks to a lower cash outflow in the form of loan disbursements and lower encashment of deposits.