IDLC approves 35pc cash dividend

The 35th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Saturday virtually by using digital platform in compliance with the directives set by Bangladesh Securities and Exchange Commission (BSEC).

In line with the proposal by the Board of Directors, the AGM approved 35% cash dividend (Taka 3.50 per share) for the company`s shareholders for the year 2019; a robust feat against the market trend and the prevalent pandemic adversity.

"IDLC continued to be the frontrunner in the financial market, and displayed resilient performance in 2019, despite the challenging market conditions," said a statement.

At the end of 2019, the IDLC Group's total loan book increased by 10% reaching BDT 92.35bn (5 year Cumulative Average Growth Rate (CAGR) of 14.43%), with an NPL ratio of only 3.07%in 2019 where the market average is in double digits.

"Our commitment on quality portfolio growth has enabled us to achieve this.In spite of the strained market conditions faced even during 2019, we attained one of the highest Return on Asset of 1.50% in the entire financial industry," the statement added.

At the inception of the meeting, Mr. Md. Jobair Rahman Khan FCA, Group Company Secretary welcomed all the valued shareholders and other participants.

Mr. Aziz Al Mahmood, Chairman, IDLC Finance Limited and all other directors Mr. Atiqur Rahman, Mr. Md. Abdul Wadud, Ms. Mahia Juned, Mr. Mohammad Mahbubur Rahman FCA, Mr. Md. Kamrul Hassan FCA, Mr. Syed Shahriyar Ahsan, Independent Directors Mr. Niaz Habib & Mr. Matiul Islam Nowshad were present at the meeting.

In addition, the CEO & Managing Director Mr. Arif Khan CFA FCMA and the Chief Financial Officer Mr. Masud Karim Majumder FCA were also present in the meeting. A number of shareholders were virtually present.

During their speech, the Chairman and the CEO & Managing Director both welcomed the participating assembled shareholders and thanked them for their continued sponsorship of IDLC. They highlighted how the financial performance was attained through extreme vigilance and process efficiencythat helped IDLC retain its solid foothold in the industry. The prudent strategic maneuvers of 2019 and continued drive for sustainable business model have created the bedrock for strong performance in 2019 and beyond, in the fast growing Bangladesh economy.Shareholders, too, voiced their appreciation at the significant step up in the Group`s operations.