IPDC achieves record revenue and highest liquidity
IPDC Finance Limited, the first private sector non-banking financial institution of Bangladesh, has achieved record revenue and highest ever liquidity this time.
The disclosure was made at a virtual Q3'20 Investors Meet session on Sunday, organized to discuss the financial highlights, benchmarks, and key strategies ahead, said a press release.
The session was attended by investors, journalists, industry experts both from home and abroad, stakeholders, and a wider audience through Facebook live from the company's official page.
Aside from sharing the Q3'20 financial highlights, the session also covered the company's future strategy in the post COVID-19 period.
Mominul Islam, managing director and CEO of the IPDC, emphasized on the technology enabled and socially responsible business models focusing on cottage, micro, small and medium enterprises (CMSMEs) and women and young entrepreneurs, and lower middle income households outside Dhaka and Chittagong, which remains the cornerstone for its sustained growth and profitability even during a very difficult period.
IPDC has achieved such triumphs as it maintains good corporate governance, proactively maps out its strategies, and takes responsibility of its customers, employees, and the community which it serves, he added.
During the year 2020, IPDC's customer deposit has increased by 20.5% compared to December 2019 due to its innovative deposit campaigns, revenue has grown by 29.1% year-over-year while its classified loan ratio of 1.59% remains the lowest in the sector amongst the publicly listed diversified NBFIs.
Despite the pandemic, IPDC has outperformed its own performance compared to the same period last year. It has maintained a strong capital base with an adequacy ratio of 17.50%.
After setting aside adequate provisioning due to difficult times ahead, the company has registered solid net profit after tax of Tk50.3 crore during the period of January to September 2020, which is 13.4% higher than that of last year. The company has also ended Q3'20 with a strong liquidity cushion of BDT 825.9 crore – enough to meet its short-term obligations and all time highest till date.
He reaffirmed his commitment to help those in need, especially the cottage, micro, small, and medium sized enterprises (CMSMEs) since it's the largest segment of the economy in terms of the number of employment it generates and its contribution towards the GDP, IPDC launched SME Bondhu to help disburse the Tk70 crore Stimulus Package as per instructions from Bangladesh Bank, and formed meaningful collaborations with prominent corporates like Unilever, Robi and Aarong to support its customers.
IPDC also supported its employees through free COVID testing and digitally transforming the company internally, enabling most of its employees to work from home and ensuring their health and safety by allowing them to work from home. Measures were taken to assure the safety of the employees attending the office and during the lockdown period, IPDC launched Stay Home Stay Fit campaign to increase employee engagement and motivation despite the social distancing.
To support the community, IPDC not only started IPDC Manobota, a deposit product, to help people save money and at the same time provide food among underprivileged people against the deposited amount, IPDC also donated Tk2 crore to the Prime Minister's Welfare Fund.
Other notable efforts to support the community include donations to Auction 4 Action and Chittagong Field Hospital.
Amongst its digital initiatives, IPDC launched an online show titled OGROJ, to celebrate the journey of successful individuals who have made a mark in their respective fields and creating a digital memoir on the narratives of these protagonists from post-independent Bangladesh.
On account of 100 years of Bangabandhu, IPDC took a unique approach to seed the life and legacy of Sheikh Mujibur Rahman among the youth in the form of a quiz and launched Bangabandhu Grandmaster.
The achievement of freedom for his people was the Father of the Nation Bangabandhu Sheikh Mujibur Rahman's lifelong work. With each level of Bangabandhu Grandmaster App, players peek into the chapters of his unshakable pursuit that created history.
Mominul Islam also stated, "Bangladesh's remarkable economic recovery has left the world astounded with its record highest liquidity surplus. Like Bangladesh, IPDC has been able to achieve its all-time highest liquidity due to its good corporate governance, proactive planning, and taking responsibility of its customers, employees and the community."
