IDLC approves 35% cash dividend at 35th AGM
Stocks
The 35th Annual General Meeting (AGM) of IDLC Finance Limited was held on Saturday through digital platform.
Shareholders of IDLC approved 35 percent cash dividend (Tk3.50 per share) for the year 2019; a robust feat against the market trend and the prevalent pandemic adversity, said a press release.
At the event, it was enlightened that on the back of strong governance framework and commitment towards customer-centric drive, IDLC continued to be the frontrunner in the financial market, and displayed resilient performance in 2019, despite the challenging market conditions.
At the end of 2019, the IDLC Group's total loan book increased by 10 percent reaching Tk92.35bn (five-year Cumulative Average Growth Rate of 14.43%), with an NPL ratio of only 3.07% in 2019 where the market average is in double digits.
In spite of the strained market conditions faced even during 2019, IDLC attained one of the highest Return on Asset of 1.50% in the entire financial industry, the press release reads.
Md. Jobair Rahman Khan FCA, group company secretary welcomed all the shareholders and other participants. He introduced the board members.
Aziz Al Mahmood, Chairman, IDLC Finance Limited and all other directors Atiqur Rahman, Md Abdul Wadud, Mahia Juned, Mohammad Mahbubur Rahman FCA, Md. Kamrul Hassan FCA, Syed Shahriyar Ahsan, Independent Directors Niaz Habib & Matiul Islam Nowshad were present at the meeting.
The CEO & Managing Director Arif Khan CFA FCMA and the Chief Financial Officer Masud Karim Majumder FCA were also present in the meeting.
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 efficiency that helped IDLC retain its solid foothold in the industry.
They also mentioned that how IDLC has extended its CSR initiatives to the community during Covid-19 pandemic.
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