Shareholders of IPDC Finance Ltd, a leading non-bank financial institution (NBFI), have approved 10 percent cash and 5 percent stock dividends for the year 2019.
Its 38th annual general meeting (AGM) was held online on Monday at 10:30am through a videoconference.
The NBFI, listed in both stock exchanges of the country, has had a 25 percent growth in net profit for 2019,standing at Tk56.2 crore, whileits earnings per share stood at Tk1.82.
Over a tough year for the industry, IPDC's loan book has grown by 14 percent to over Tk5,000 crore, while customer deposits witnessed a 51 percent growth to cross Tk3,550 crore.
The first NBFI of the country has gone through a transformation since 2015, when Brac, Ayesha Abed Foundation local investment bank and RSA Capital entered its board.
Thanks to the five-year strategic paper that reoriented the lender to focus on underserved areas of business in alignment with sustainability objectives, its balance sheet has grown over seven times within four years, with significant improvement in profitability and asset quality.
As of December 31, 2019, IPDC's classified loan ratio came down to 1.57 percent from 2.14 percent in 2018, while its capital adequacy ratio increased to 19.3 percent from 14.01 percent.
Innovation, cross-industry collaboration and digitalisation have built the epicentre of IPDC's improved performance as a lender with impact on customers' lives, said its Managing Director and CEO Mominul Islam.
The company has initiated many products which are firsts of their kinds in the industry and each of those have helped IPDC achieve a stronger and profitable business model.
IPDC is also the fastest growing NBFI in the country now.
The last general meeting was attended by a large number of shareholders and presided by board Chairman Md Abdul Karim.
The attendees also included other directors nominated by Brac, Ayesha Abed Foundation, RSA Capital Limited, Bluechip Securities Limited and the Bangladesh government.
Alongside the CEO, Company Secretary Samiul Hashim, Chief Financial Officer Fahmida Khan and other senior officials represented the top management of the company in the meeting.