IPDC Finance registers 18% growth in operating profit
IPDC Finance PLC reported an operating profit of BDT 1,021.9 million for January to September 2024, marking an 18% year-on-year increase. The company's investment portfolio rose by 44.5%, driving a BDT 254.9 million (170% YoY) growth in investment income. However, interest expenses increased by 24.8% due to higher deposit costs, policy rate hikes, and macroeconomic changes.
IPDC reduced operating expenses by BDT 26.5 million (7%) compared to Q3 2023, achieving a YTD decrease of BDT 99.1 million (8.2%) through efficient resource utilization and strategic hiring. The company's accumulated provisions rose by 13.8% to BDT 3,493 million in Q3 2024, reflecting its commitment to maintaining adequate coverage against impaired assets.
Higher operating income led to increased tax expenses, with a rise of BDT 21.7 million (62%) quarterly and BDT 77.5 million (39.6%) YTD. Consequently, net profit dropped to BDT 150.8 million at the end of Q3 2024.
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