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IDLC Finance's Q1 profit rises 43%


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  The NBFI's consolidated profit hit Tk 50.71 crore in Jan-Mar period

IDLC Finance's profit after tax surged by 43% year-on-year to Tk 430 million in the first quarter of 2024, driven by a significant increase in interest income and a decrease in operating expenses. The company's interest income rose by 27% to Tk 3.4 billion, while operating expenses dropped by 11% to Tk 710 million. Additionally, IDLC's consolidated loan portfolio expanded by 15% to Tk 103 billion, and deposits grew by 13% to Tk 74 billion. The company also reported a 22% increase in net interest income to Tk 1.9 billion and a 25% rise in non-interest income to Tk 640 million. Despite these gains, IDLC's provision for loans and advances increased by 19% to Tk 350 million.

Read the Full The Daily Star Article at:
[ https://www.thedailystar.net/business/news/idlc-finances-q1-profit-rises-43-3892946 ]