IPDC Finance Limited has declared record revenue and highest excess liquidity of all time.
The country's first private sector non-banking financial institution (NBFI) announced the success in its quarter three (Q3) 2020 investors' meet, held virtually on Sunday, according to a press statement.
Besides sharing the Q3 financial statements, the session also covered the company's future strategies for the post-Covid period.
While presenting the third quarter highlights of the company, IPDC Managing Director and CEO Mominul Islam emphasised its technology enabled and socially responsible business models that focused on cottage, micro, small and medium enterprises (CMSMEs) as well as women.
He said IPDC has achieved these, as the company maintains good corporate governance, proactively maps out strategies, and takes responsibility of its customers, employees, and the community that it serves.
In 2020, IPDC's customer deposit has increased by 20.5 per cent compared to December 2019 due to its innovative deposit campaigns.
Besides, its revenue has grown by 29.1 per cent year-over-year, while its classified loan ratio of 1.59 per cent remains the lowest in the sector among the publicly listed diversified NBFIs.
Despite the pandemic, IPDC has outperformed its own performance compared to the same period last year. It has maintained a strong capital base with an adequacy ratio of 17.50 per cent, the statement mentioned.
After setting aside adequate provisioning (for possible difficult times ahead), the company has registered Tk 500.30 million solid net profit after tax during the period from January to September 2020, which is 13.4 per cent higher than that of last year.
The company has also ended Q3 of 2020 with a strong liquidity cushion of Tk 8.25 billion that is the highest till date, and enough to meet its short-term obligations.
Mr. Islam said IPDC launched 'SME Bondhu' to help disburse the Tk 700-million stimulus package as per instructions from the Bangladesh Bank.
The company also formed meaningful collaborations with prominent corporates like Unilever, Robi and Aarong to support its customers.
To support the community, IPDC not only started 'IPDC Manobota', a deposit product to help people save money, and at the same time provide food among underprivileged people against the deposited amount.
IPDC also donated Tk 20 million to the Prime Minister's Welfare Fund.
Amongst its digital initiatives, the NBFI launched an online show - OGROJ - to celebrate the journey of successful individuals, who have made a mark in their respective fields, creating a digital memoir on the narratives of these protagonists from post-independent Bangladesh.
On account of 100 years of Bangabandhu, IPDC took a unique approach to seed the life and legacy of Sheikh Mujibur Rahman among the youth in the form of a quiz and launched Bangabandhu Grandmaster.
The achievement of freedom for people was the Father of the Nation's lifelong work. With each level of Bangabandhu Grandmaster App, players peek into the chapters of his unshakable pursuit that created history.
Mr Islam noted that Bangladesh's remarkable economic recovery has left the world astounded with its record highest liquidity surplus.
"Like Bangladesh, IPDC has been able to achieve all-time-high liquidity due to its good corporate governance, proactive planning, and taking responsibility of its customers, employees and the community," he added.
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