IPDC Finance PLC recorded an operating profit of Tk1021.9 million in January 24 to September 24, making an 18% rise on a year-on-year basis.
During this time, the investment portfolio increased significantly by 44.5%, resulting in a rise in investment income of Tk254.9 million (170% YoY Growth).
However, interest expense increased significantly by 8% in YTD on September 24, mainly due to an increase in the cost of deposit, policy rate hikes by Bangladesh Bank, and overall changes in the country's macroeconomic scenario.
The company effectively managed to reduce operating expenses by Tk26.5 million, or 7%, compared to Q3’23 through the implementation of a strategic approach. This approach ensured efficient resource utilization, allowed for team stability, and hired only for essential positions.
Operating expenses have decreased by Tk99.1mn (8.2%) YTD due to increased operational efficiency.
As a responsive Financial Institutions, IPDC believes in maintaining adequate coverage against impaired assets, resulting a13.8% rise in accumulated provision reaching Tk3,493 million in Q3’24.
Due to higher operating income, IPDC has experienced a significant rise in current tax expenses by Tk21.7 million, or 62% quarterly basis and Tk77.5mn (39.6%) on YTD basis from last year. As a result, net profit dropped to Tk150.8 million at the end of Q3’24.
