Prime Finance and Investment Limited, a non-bank financial institution (NBFI) in Bangladesh, has faced another year of financial setbacks as it reported a loss of Tk34 crore during the first nine months of 2022. The decline was attributed to diminished interest income and elevated deposit costs. This comes on the heels of a Tk19 crore loss in 2021, resulting in the company refraining from recommending any dividends for that year. The firm had endured a challenging period between 2015 and 2017, grappling with a substantial loss of Tk183 crore due to an ongoing investigation by the Anti-Corruption Commission (ACC) into a loan scam. However, between 2017 and 2020, Prime Finance managed to regain its footing with consistent profitability. The organization’s financial trajectory was further hindered by a delay in preparing its 2021 financial statements and convening the annual general meeting (AGM). The High Court’s recent approval to hold the AGM on 10 September, with a record date set for 29 August, marks a pivotal development. With its shares closing at Tk11.5 each on the Dhaka Stock Exchange, the company’s ownership landscape comprises 59.14% stake held by sponsors and directors, 7.69% by institutional investors, a fractional 0.01% by foreign investors, and 33.16% by general investors. As of now, Mohammad Masudur Rahim, nominated by East Coast Shipping Lines Limited, serves as the Chairman of Prime Finance.
Prime Finance Reports Tk34 Crore Loss
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