LankaBangla Finance Limited, a non-bank financial institution (NBFI), has reported a 66% decrease in its consolidated profits for the January to March quarter of 2023. The company’s consolidated net profit after taxes stood at Tk7.90 crore, compared to Tk23.46 crore in the same period of the previous year. Its consolidated earnings per share (EPS) decreased from Tk0.43 to Tk0.15, and its net asset value per share was Tk19.41 as of March 2023. The company cited several reasons for the decline, including the interest rate cap imposed by the regulator, deteriorated asset quality due to Covid-19, and fewer turnovers in both bourses leading to less brokerage commission. The company has approved the issuance of the 4th zero-coupon bond amounting to Tk200 crore in face value to generate liquidity to meet ongoing financing requirements.
LankaBangla’s profit drops by 66%
Industry: Financial, NBFI
Company: Lanka Bangla Finance Limited
Company Intelligence Tag: Business Insights
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