The 34th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Thursday at the Radisson Blu Water Garden Hotel in the city. The AGM approved 35 percent Cash Dividend (Taka 3.50 per share) for the company`s shareholders for the year 2018, said a press release.
At the event, it was enlightened that on the back of strong governance framework and commitment towards customer-centric drive, IDLC continued to be the frontrunner in the financial market, and displayed resilient performance in 2018, despite the challenging market conditions. At the end of 2018, the IDLC Group’s total loan book increased by 17.39 percent reaching Tk.83.93 billion while NPLs reduced to 2.20 percent (2018) from 2.77 percent (2017), reflecting an improvement in portfolio quality. This succeeded in strengthening the total asset size by 14.09 percent to Tk. 109.17 billion which contributed to a 5 year Cumulative Average Growth Rate (CAGR) of 16.70 percent.
Even the 5 year CAGR of the Group’s Net Profit after Tax stood tall at 26.53 percent at the yearend, despite the decline in profitability experienced by the subsidiaries (IDLC SL, IDLCL IL and IDLC AML) during 2018.
Aziz Al Mahmood, Chairman, IDLC Finance Limited presided over the AGM, which was also attended by other Directors Atiqur Rahman (Chairman of the Executive Committee), Monower Uddin Ahmed (Independent Director and Chairman of the Audit Committee), Md. Abdul Wadud, Mahia Juned, Mohammad Mahbubur Rahman, Md. Kamrul Hassan, Mati Ul Hasan, Niaz Habib, Matiul Islam Nowshad, CEO & Managing Director, Arif Khan and the Company Secretary Mohammad Jobair Rahman Khan. A large number of shareholders were also present at the meeting.
Chairman and the CEO both welcomed the assembled shareholders and thanked them for their continued sponsorship of IDLC. They highlighted how the financial performance was attained through extreme vigilance and process efficiency that helped IDLC garner solid financial performance and outperform the peers. The prudent strategic maneuvers of 2018 and continued drive for sustainable business model have created the bedrock for strong performance in 2019 and beyond, in the fast growing Bangladesh economy. Shareholders, too, voiced their appreciation at the significant step up in the Group`s operations.
