Business Report :
Islamic Finance and Investment Limited, a non-bank financial institution (NBFI), incurred a loss of Tk23 crore in 2023.
This marks the first time the institution has reported a financial loss. Officials attribute the primary cause of this loss to the necessity for higher provisions due to an increasing number of defaulted loans.
As a result of the loss, the NBFI was unable to recommend dividends to its shareholders for the first time since its listing on the stock exchange.
According to its financial statement for 2023, approved at a meeting on 30 June, the company reported a negative earnings per share of Tk1.64, compared to a positive Tk0.30 in the previous year.
Additionally, the downward trend persisted into the first quarter of the current year, with the NBFI reporting a loss of Tk22.76 crore.
At the end of the March quarter, its total accumulated loss stood at Tk45.78 crore. Meanwhile, its share price jumped over 8 per cent to reach Tk9 on 30 June at the Dhaka Stock Exchange (DSE).