ICB incurs Tk267cr loss in Jul-Mar
During the period, its consolidated negative earnings per share stood at Tk3.08 at the end of the first three quarters of the current fiscal year.
Investment Corporation of Bangladesh (ICB) has incurred a loss of Tk267 crore in the July-March period of the fiscal year 2023-24.
During the period, its consolidated negative earnings per share stood at Tk3.08 at the end of the first three quarters of the current fiscal year.
Its shares closed at Tk49.60 each on Monday (29 April), dropping 1.38% from the previous session at the Dhaka Stock Exchange.
Talking to the TBS, Md Abul Hossain, the managing director of ICB, attributed the company's losses primarily to two factors. He said, "Firstly, as interest rates increased, the ICB found itself obligated to pay higher interest to its depositors."
"Secondly, ICB faced difficulties in selling shares due to the imposed floor price. Despite the regulator lifting this restriction, the company continued to encounter challenges in selling shares. However, as a market maker, ICB remains committed to providing liquidity support to the market," he added.
In the July to March period, the interest income of the company stood at Tk136.71 crore. However, the company has to pay about Tk675 crore in interest to its depositors and lenders, bringing down its net interest income to around negative Tk539 crore.
During the period, its capital gain dropped by 60% to Tk105 crore from Tk261 crore compared to the same period of the previous year.
Its dividend income also decreased by 10% to Tk284 crore from Tk316 crore compared to a year ago.