The company's revenue for the period increased by 9.3 per cent from the previous year, reaching Tk 1,538 million. This growth is attributed to the improvement in rates and the removal of the cap, which benefited the financial industry by widening the gap between interest rates on loans and deposits, leading to higher net interest income.
A year-on-year comparison of 2nd quarter (Q2) of 2024 and Q2 of 2023 shows a significant revenue increase of 25.8 per cent. Another major contributor to this growth was the increase in investment income, which rose by 114.6 per cent, reaching Tk 218 million, up from Tk 101 million in H1 of 2023. This remarkable increase was primarily due to the high preceding rate of Government Treasury bills, from which IPDC Finance Limited earned approximately Tk 84 million in interest income.
Efficient management and cost optimization efforts also played a crucial role, with operating costs decreasing by 8.9 per cent in H1 of 2024. On a quarterly basis, operating costs decreased by 8.4 per cent in Q2 of 2024 from Q2 of 2023. These efforts resulted in a 34.4 per cent increase in operating profit for H1'24, ultimately leading to a significant rise in net profit for the period. IPDC Finance Limited reported a net profit of Tk 103 million for H1'24, compared to Tk 95 million in the previous year. On a quarterly basis, net profit in Q2'24 increased by 6.4 per cent compared to Q2'23.
Despite the economic turmoil and volatile market conditions, IPDC Finance Limited has successfully maintained the trust of its customers. In H1'24, the company secured Tk 10,114 million in new deposits from 2,350 customers, reflecting its best financial performance to date.
IPDC posts 9.3pc growth in H1 revenue
FE Team | Published: August 01, 2024 22:17:50
IPDC posts 9.3pc growth in H1 revenue
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