IPDC Finance’s operating profit grows 18pc

IPDC Finance PLC posted an operating profit of Tk 1021.9 million for January-September period this year, registering an 18 per cent increase year on year, says a statement.

During this period, the investment portfolio has increased by 44.5 per cent, resulting in a rise in investment income of Tk 254.9 million, representing a 170 per cent year-on-year growth.

However, interest expense has increased significantly by 24.8 per cent during the period mainly due to increase in cost of deposit, policy rate hike, and overall changes in the macroeconomic scenario of the country.

The company has effectively managed to reduce operating expenses by Tk 26.5 million or 7 per cent, compared to Q3 of 2023 through the implementation of a strategic approach by ensuring efficient resource utilisation, allowing for team stability while hiring only for essential positions.

On YTD basis, the operating expenses have decreased by Tk 99.1m (8.2 per cent) due to increasing efficiency in operational processes.

As a responsive financial institutions, IPDC believes in maintaining adequate coverage against impaired assets, resulting in a 13.8 per cent rise in accumulated provision reaching Tk 3,493 million in Q3 of 2024.

Due to higher operating income, IPDC has experienced a significant rise in current tax expenses by Tk 21.7 million or 62 per cent on quarterly basis and Tk 77.5m (39.6%) on YTD basis from last year.

As a result, net profit dropped to Tk 150.8 million at the end of Q3 of this year.