Prime Finance's loss quadruples

Prime Finance & Investment has shown losses more than four times' higher in 2022 to Tk 824 million, compared to the year before.

The NBFI has been consistently failing to publish its financial results timely due to a combination of financial distress, regulatory challenges, and internal issues.

The losses are primarily attributed to a high volume of non-performing loans, which caused lower interest income and higher deposit costs.

The Bangladesh Securities and Exchange Commission (BSEC) has opened probes into several non-bank financial institutions (NBFIs), including Prime Finance, for their failure to submit financial statements for multiple years.

Internal issues have also contributed to the delays.

The full financial statement is not yet available and so the whole picture behind the loss is not yet clear.

Meanwhile, the stock of Prime Finance & Investment plunged 4.17 per cent to Tk 4.6 per share on Wednesday on the Dhaka Stock Exchange. It went slightly up to Tk 4.70 per share on Thursday.

The company will hold an annual general meeting (AGM) on May 27. The record date is May 6.

farhan.fardaus@gmail.com