IPDC's net profit after tax rises in the first half of the year

After setting aside adequate provisioning due to difficult times ahead, IPDC Finance registered a net profit after tax of Tk. 316 million in the first half of the year 2020, which is one per cent higher than the first half of last year.

The revenue of IPDC Finance rose 24.9 per cent in the first half of the year, as against first half of 2019 while its default loan rate remained steady at 1.59 per cent.

IPDC Finance's customer deposit has increased by 8.7% compared to December 2019, it has maintained a solid capital adequacy ratio of 17.28%. The company has also ended H1'20 with a strong liquidity cushion of Tk. 6.65 billion.

The disclosures came on Monday when the company conducted its Half Yearly Investors Meet to discuss the financial highlights, benchmarks, and key strategies ahead. The session, conducted virtually on Sunday, declared IPDC's solid performance in achieving record revenue along with strong fundamentals. The session was attended by investors, industry experts both from home and abroad, stakeholders, and a wider audience through Facebook live from the company's official page.

The session was presented live by IPDC's Managing Director and CEO, Mominul Islam, along with the Chief Financial Officer, Fahmida Khan.

Beside sharing the H1'20 financial highlights, the session also covered the company's future strategy post COVID-19. While presenting, Mominul Islam emphasized on the technology enabled and socially responsible business models focusing on cottage, micro, small and medium enterprises (CMSMEs) and women and young entrepreneurs, and lower middle income households outside Dhaka and Chittagong, which remains the cornerstone for its sustained growth and profitability even during a very difficult period.

Mr. Islam reaffirmed his commitment to remain committed to the company's social obligations by standing beside the clients who have been impacted by the pandemic as well as extend hand to the people in need.

IPDC contributed BDT 20 million to the Prime Minister's Welfare Fund and launched IPDC 'Manobota' deposit amongst many of its CSR activities during the COVID-19 period. IPDC has not laid off any of its employees or cut their salaries during this difficult period. He also shared about several technology-based platforms the company has launched with an aim to ensure access to finance for the CMSMEs and lower income families. IPDC has also digitally transformed the company internally, enabling most of its employees to work from home and ensuring their health and safety.

"IPDC is also working closely with Bangladesh Bank for the efficient implementation of the government declared stimulus packages channelling credit to the affected and vulnerable businesses for their resumption of normalcy."

"IPDC's half yearly financial highlights are a testimony of its good corporate governance, proactive planning, and taking responsibility of its customers, employees and the community. We thank all our clients and partners for keeping their faith in us. Our efforts lie in maintaining the momentum with which we are moving forward and extend our hands to help the community emerge out of this crisis together," the company MD said.