IPDC Finance PLC recorded operating profit of BDT 1021.9 million in Jan’24 to Sep’24, making an 18% rise on a year-on-year basis.
During this time the investment portfolio has increased significantly by 44.5% resulting in a rise in investment income of Tk 254.9 million (170% YoY Growth).
However, interest expense has increased significantly by 24 8% in YTD Sep’24 mainly attributed by increase in cost of deposit, policy rate hike by Bangladesh Bank, and overall changes in the macroeconomic scenario of the country.
The company has effectively managed to reduce operating expenses by BDT 26.5 million, or 7%, compared to Q3’23 through the implementation of a strategic approach by ensuring efficient resource utilization, allowing for team stability while hiring only for essential positions.
On a YTD basis, the operating expenses have decreased by BDT 99.1mn (8.2%) due to increasing efficiency in operational processes.
As a responsive Financial Institutions, IPDC believes in maintaining adequate coverage against impaired assets, resulting a13.8% rise in accumulated provision reaching BDT 3,493 million in Q3’24.
Due to higher operating income, IPDC has experienced a significant rise in current tax expenses by BDT 21.7 million, or 62% quarterly basis and BDT 77.5mn (39.6%) on YTD basis from last year. As a result, net profit dropped to BDT 150.8 million at the end of Q3’24.
