Bizdata Insights Main Logo

BizData Insights

IDLC Finance’s Witness 20% Surge in Classified Loans

Industry: Financial, NBFI
Company: IDLC Finance Limited
Company Intelligence Tag: Business Insights

IDLC Finance Limited, a publicly listed non-bank financial institution (NBFI), has experienced a 20% year-on-year increase in classified loans during the January to March quarter of 2023. Classified loans refer to loans that are at risk of being defaulted. The total amount of classified loans for IDLC Finance in the quarter was Tk524.36 crore, accounting for 4.72% of its total loan portfolio, including subsidiaries.

The company has observed a consistent rise in classified loans since 2021, as stated in its financial statements. In 2022, the non-performing loans of the company reached Tk437.41 crore, marking a 60% increase compared to the previous year. The withdrawal of the deferral facility for loan installment payments by the central bank has contributed to the increase in classified loans. Economic uncertainties, inflation, and liquidity problems have also led to a rise in new loan defaults. In the first quarter of 2023, IDLC Finance reported a nearly 28% year-on-year decrease in net profit to Tk34.40 crore, primarily due to a decline in net interest income and a sluggish stock market.

Source for more details:

Related News

Navana Pharmaceuticals to Issue Tk 150 Crore Partial Convertible Bond

March 28, 2024

Navana Pharmaceuticals has obtained BSEC approval for issuing a partial convertible bond valued at Tk 150 crore. Priced at Tk 100,000 per unit, the bond aims to refinance the company's current bank loan. This fixed-income security offers interest payments and can be converted into a predetermined number of equity shares. The BSEC's consent letter ensures full bond payment secured by a bank guarantee.

Singer Bangladesh Leads as First Manufacturer in BSEZ

March 28, 2024

Singer Bangladesh Begins Production at $78 Million Factory in BSEZ, Aims to Manufacture 90% Components Locally. The new facility plans to manufacture refrigerators initially, with capacity for up to 10 lakh units annually. It aims to employ 5,000 people and produce air conditioners, televisions, and more by the third quarter.

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

Related News

Navana Pharmaceuticals to Issue Tk 150 Crore Partial Convertible Bond

March 28, 2024

Navana Pharmaceuticals has obtained BSEC approval for issuing a partial convertible bond valued at Tk 150 crore. Priced at Tk 100,000 per unit, the bond aims to refinance the company's current bank loan. This fixed-income security offers interest payments and can be converted into a predetermined number of equity shares. The BSEC's consent letter ensures full bond payment secured by a bank guarantee.

Singer Bangladesh Leads as First Manufacturer in BSEZ

March 28, 2024

Singer Bangladesh Begins Production at $78 Million Factory in BSEZ, Aims to Manufacture 90% Components Locally. The new facility plans to manufacture refrigerators initially, with capacity for up to 10 lakh units annually. It aims to employ 5,000 people and produce air conditioners, televisions, and more by the third quarter.

National Finance Partners with Nagad for Digital Payment Solutions

March 28, 2024

National Finance recently signed a memorandum of understanding (MoU) with Nagad, allowing customers to utilize Nagad's payment services via the Nagad app. The agreement was formalized at Nagad's headquarters in Dhaka, marking a step towards enhanced digital payment accessibility.

bKash and DataSoft Host Seminar on Digital Payments in Microfinance

March 28, 2024

A seminar jointly organized by bKash and DataSoft emphasized the advantages of integrating digital payments within the microfinance sector. Experts highlighted that such integration can lead to time savings, increased productivity, and simplified installment and deposit collection processes.

Social Islami Bank Launches Seven Sub-Branches

March 28, 2024

Social Islami Bank has recently inaugurated seven new sub-branches across five districts in the country. The new locations include Birganj and Fulbari in Dinajpur, Munshibazar and Kulaura in Moulvibazar, Bhaluka in Mymensingh, Nabinagar in Brahmanbaria, and Godagari in Rajshahi.

Islami Bank Holds Shari’ah Supervisory Committee Meeting

March 28, 2024

Islami Bank Bangladesh PLC recently conducted a meeting of its Shari'ah Supervisory Committee through a virtual platform. Chaired by the committee's Chairman, the gathering included key members such as the Vice Chairman, Member Secretary, and the Managing Director & CEO of the bank.

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here