IPDC sees less bank dependency for source of fund

In 2021, customer deposit of IPDC Finance has grown by 17.3 per cent.
"The growth of customer deposit is reducing dependency on bank borrowing for fund collection. In 2018, bank dependency for source of fund was 29 per cent. It has come down to only 5.0 per cent in 2021 whereas the contribution of customer deposit as source of fund has gone up to 68 per cent", said Mominul Islam, Managing Director & CEO of IPDC Finance, while presenting the company's financial and business performance in 2021 Wednesday.
"This is a sign of sustainable development for IPDC that there is now less bank dependency for source of fund," he further added.
According to the online session, the loan portfolio of IPDC has grown by 21.9pc from the previous year. This growth has been possible due to the notable growth of SME and Emerging Corporate loan portfolio. In 2015, 79pc contribution of total loan portfolio came from corporate loan whereas SME and Emerging Corporate loan and Retail loan contributed only 11pc and 10pc respectively. In 2021, the contribution from SME and Emerging Corporate loan has risen to 31pc. For retail loan, the number is 22pc. Considering the impact of SME loan and retail loan in the socio-economic development of Bangladesh, special focus was given to these two products.
In this period, IPDC's revenue has increased by 21.7pc. Even after keeping adequate amount as provision, the company has earned a net profit of BDT 881 million which is 24.9pc more than the previous year. At the end of 2021, IPDC has ensured a contingency liquidity reserve of BDT 1,340 million.
IPDC took different initiatives as a socially responsive firm throughout 2021. 'Manobota Deposit' by IPDC got huge appreciation from all.
It was a campaign under which customers sacrificed a small amount from their interest earning from deposit and IPDC added more to that amount to distribute food help among the poverty-stricken people suffering due to covid situation.