IPDC Finance definitely not pandemic blues
IPDC Finance logged Tk 50.3 crore in profits for the January-September this year, a 13 percent increase year-on-year, relating to a news release.
The country's first private sector non-bank lender (NBFI) ended the third quarter of 2020 with all-time huge liquidity of Tk 825.9 crore, which it conditions "enough to meet its short-term obligations".
"The IPDC could achieve this feat because of very good corporate governance, proactive setting up and by taking responsibility of consumers, employees and the community," said Managing Director and CEO Mominul Islam.
Islam was speaking in IPDC's "Investors Meet up with", held almost on November 15 to discuss financial highlights, benchmarks and the NBFI's key strategies for the future.
The IPDC maintained good capital amid the ongoing Covid-19 pandemic and also registered expansion with net gain setting aside enough provisioning in anticipation of challenging times ahead.
Regardless of the Covid-19 fallouts, the IPDC has outperformed itself in comparison to that in the same period this past year, Islam said.
In 2020, the business's customer deposits increased by 20.5 % to Tk 4,278 crore from that towards the end of December this past year, the company said in its news release.
Its loans, advances and leases increased by nearly 1 % to Tk 5,105 by the end of September this season from that of December 2019.
The NBFI's classified loan ratio was 1.59 %, the lowest amongst posted diversified NBFIs in the sector, it added.
Meanwhile, its revenue grew 29 % year-over-year to Tk 1,987 crore in the January-September period compared to a year ago.
Islam emphasized on his company's technology-enabled, socially responsible organization models that focus on cottage, micro, little and medium enterprises (CMSMEs), women and young business owners and lower middle-salary households outdoors Dhaka and Chattogram.
Islam also said the IPDC would continue steadily to support businesses in have, especially the CMSMEs, given that they comprised the greatest segment of the market when it comes to employment opportunities they produced and their contribution towards the GDP.
The IPDC released an SME Bondhu package to help disburse Tk 70 crore from the government's stimulus bundle as per instructions from Bangladesh Lender, he added.
