IDLC approves 65pc stock, 35pc cash dividends

FE Report The 26th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held Thursday at the Bangabandhu International Conference Centre in the city. The shareholders approved stock dividend @ 65% and cash dividend 35% per share for the year 2010 in the AGM. Anwarul Huq, Chairman of the Company, presided over the meeting. The AGM was also attended by Rubel Aziz, Md. Habibur Rahman Mollah, Aziz Al Kaiser, Meherun Haque, Md. Rezaul Karim and Golam Faruk Ahmed Directors and Selim R. F. Hussain, CEO & Managing Director. A large number of shareholders were present at the meeting. Anwarul Huq, Chairman of the Company presented the Directors' Report, Auditors' Report and audited Financial Statements for the year 2010 before the shareholders. Mr Selim R. F. Hussain replied to the shareholders' queries. Despite intense competition from other players in the field, including banks, IDLC continued to maintain its growth in terms of both business volumes and profitability. IDLC's consolidated equity grew by a robust 54% over 2009. Total assets of the Company stood at Tk. 26.93 billion at the end of 2010, which is 19% higher than the previous year. During the year, consolidated net profit of the Company stood at Tk.1,327 million, showing an impressive growth of 61.47% over 2009, with total equity reached at Tk 3,690 million at end of 2010.