IDLC Finance Limited, a non-bank financial institution, has reported a consolidated profit after tax of Tk 34.4 crore in the first quarter of 2023. This is a 29% decrease compared to the same period of the previous year. The company attributed this fall in profit to the rate cap imposed by the central bank, which resulted in lower interest income and higher payments on deposits, and the challenging capital market since the second half of 2022. These factors impacted the net interest income, which fell by Tk 13.4 crore compared to the same quarter of the previous year, and the operating profit. The company declared the details of the first quarter’s financials at a board meeting.
IDLC Finance Profit Drops by 29%
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