IFIC Bank reports 57% profit drop in the March quarter
The International Finance Investment and Commerce (IFIC) Bank, reported a 57% decline in its consolidated net profit in the first quarter of 2022.
During the January-March quarter, its consolidated earnings per share (EPS) declined to Tk0.19, which was Tk0.44 at the same time in 2021.
According to the bank's disclosure on the Dhaka Stock Exchange (DSE) website on Tuesday, its profit declined because of a decrease in operating profit, an increase in provisioning charge, and non-recognition of share of profit from selling the shares of Nepal Bangladesh Bank Limited - an associate of IFIC Bank.
IFIC Bank recently sold its entire promoter shares of the Nepal Bangladesh Bank at 618.7 crore Nepalese Rupee.
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Nepal Bangladesh Bank is a joint venture commercial bank between Bangladeshi IFIC Bank and Nepalese NB Group, where the IFIC Bank holds 40.91% shares.
The IFIC Bank has three subsidiaries and three joint ventures. It got listed on the DSE in 1986.
