IDLC Finance reports 53pc net profit growth in 2024

Business Report :

IDLC Finance PLC closed 2024 with exceptional growth, recording a standalone net profit after tax of Tk1,673 million, up 53 per cent from the previous year.

On a consolidated basis, net profit after tax stood at Tk2,003 million, reflecting a 32 per cent increase year-on-year.

Earnings per share rose to Tk4.82 from Tk3.64 in 2023. Customer deposits grew steadily to Tk83.91 billion, while the group maintained a healthy loan book of Tk113.97 billion.

Return on Equity (ROE) rose to 10.33 per cent, a strong indication of enhanced profitability and effective use of shareholder capital. Return on Assets (ROA) improved to 1.35 per cent, reflecting the company’s ability to generate higher returns from its asset base.

The Non-Performing Loan (NPL) ratio was maintained at 4.45 per cent, lower than the previous year and significantly below the industry average, with a provision coverage ratio of 106.11 per cent, says a press release.