IFIC Bank reports Tk500cr loss in Jan-Mar

Business Desk :

IFIC Bank has reported a loss of Tk500 crore in the January-March quarter of this year, primarily due to deterioration in asset quality.

According to sources, the bank disclosed its unaudited quarterly financial statement at a board meeting on 29 May. During the first quarter, its consolidated loss per share stood at Tk2.60, compared to earnings per share of Tk0.21 in the same period last year.

The bank’s consolidated net asset value (NAV) per share also declined by 18% to Tk15.63, reflecting the impact of the mounting losses. At the same board meeting, IFIC Bank was unable to recommend any dividend for the previous year due to the losses it incurred.

For the full year 2024, the bank posted a consolidated loss of Tk121 crore, a sharp reversal from the Tk300 crore profit it recorded the year before.