IPDC Finance Limited’s profits experienced a sharp decline of 62.70% year-on-year, amounting to Tk 8.16 crore in the second quarter of 2023. 

The company attributed this substantial drop to increased expenses in interest, salary and allowances, as well as provisions for loans and investments. 

In contrast, during the April-June quarter of 2022, the non-bank financial institution had recorded a profit of Tk 21.89 crore.

The earnings per share (EPS) for April-June 2023 fell to Tk 0.22, down from Tk 0.59 during the same quarter in the previous year. 

The company disclosed these financial details through a filing on the Dhaka Stock Exchange.

Looking at the first half of 2023, IPDC Finance’s profit amounted to Tk 9.65 crore, marking a significant decrease from Tk 44.16 crore in the same period of 2022, representing a year-on-year decrease of 78%. As a result, the EPS for the aforementioned period also saw a decline from Tk 1.19 to Tk 0.26.

There was a notable shift in the net operating cash flow per share (NOCFPS) in January-June 2023, which narrowed to Tk 4.62 negative compared to Tk 13.29 negative during the corresponding period last year. 

The company attributed this improvement to reduced loan disbursement and negative cash flow from deposits.

Adding to the challenges, the net asset value per share also experienced a decline, falling from Tk 18.33 on December 31 to Tk 17.51 on June 30.

Despite these financial setbacks, IPDC Finance’s shares managed to remain steady, closing unchanged at Tk 57.60 on the DSE yesterday.