IDLC Finance's net profit slumps 43pc in Q1

IDLC Finance's net profit dipped more than 43 per cent year-on-year in the first quarter for January-March, 2020 amid bearish stock market and Covid-19 pandemic.

The consolidated financial statements are comprised of the financials of IDLC Finance and its wholly owned subsidiaries: IDLC Securities, IDLC Investments and IDLC Asset Management.

The board of directors of the company in a virtual meeting on Thursday last approved the consolidated first quarter (Q1) un-audited financial statements of the company.

As per the official disclosure, the company's net profit after tax stood at Tk 292.63 million in Q1 for January-March, 2020, which was Tk 515.34 million in the same quarter last year.

The consolidated earnings per share (EPS) stood at Tk 0.78 for January-March 2020 which was Tk 1.37 for January-March 2019.

However, IDLC Finance's (solo) EPS rose to Tk 1.15 for January-March 2020 which was Tk 1.09 for January-March 2019.

Meanwhile, the EPS of Brac Bank Ltd slumped 31.73 per cent in the first quarter (Q1) for January-March, 2020 compared to the same quarter of the previous year.

The board of directors of the bank in a meeting held through digital platform Thursday approved the un-audited Q1 financial statements and disclosed the financial information.

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