IDLC Finance PLC closed 2024 with exceptional growth, recording a standalone net profit after tax of BDT 1,673 million, up 53% from the previous year.
On a consolidated basis, net profit after tax stood at BDT 2,003 million, reflecting a 32% increase year-on-year. Earnings per share rose to BDT 4.82 from BDT 3.64 in 2023. Customer deposits grew steadily to BDT 83.91 billion, while the group maintained a healthy loan book of BDT 113.97 billion.
The Board of Directors approved the financial statements for the year 2024 in the company's 351st board meeting held at IDLC's Corporate Head Office in Gulshan, Dhaka, on Thursday, says a press release.
Alongside the disclosure of detailed financial information, the Board proposed a total year-end dividend of 20% for IDLC shareholders, comprising a 15% cash dividend and a 5% stock dividend. The stock dividend has been declared to further strengthen IDLC's capital base.
Return on Equity (ROE) rose to 10.33%, a strong indication of enhanced profitability and effective use of shareholder capital. Return on Assets (ROA) improved to 1.35%, reflecting the company's ability to generate higher returns from its asset base.
The Non-Performing Loan (NPL) ratio was maintained at 4.45%, lower than the previous year and significantly below the industry average, with a provision coverage ratio of 106.11%. This demonstrates IDLC's disciplined credit risk management practices and proves IDLC's commitment to protecting its balance sheet and maintaining long-term financial resilience.
IDLC's subsidiaries-IDLC Securities Limited, IDLC Investments Limited, and IDLC Asset Management Limited-continued their positive momentum in 2024, contributing to the group's robust financial outcomes and reinforcing its diversified business model.
