ICB posts 25% profit growth in FY22
Yet the company declared less dividend for the fiscal, compared to FY21
The Investment Corporation of Bangladesh (ICB) has reported a 25% growth in its net profit in the 2021-22 fiscal year, compared to the previous fiscal.
The state-owned investment bank's consolidated net profit stood at Tk144.58 crore in FY22, which was Tk115.33 crore in FY21.
Its profit on a solo basis also increased by 18% to Tk113.26 crore in FY22, from Tk95.27 crore in the previous fiscal.
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However, despite such impressive growths, the company declared less dividend – 5% cash and 5% stock – for FY22, compared to 11% cash for FY21.
The company said it declared bonus shares out of its FY22 profit to use its retained earnings for business expansion.
Its net asset value (NAV) per share increased to Tk55.59. But its net operating cash flow per share stood at a negative Tk0.9 because of an increase in payments against deposits, the company said.
The annual general meeting (AGM) will be held on 28 December through a digital platform. The record date, to identify shareholders entitled for the dividend, has been fixed at 1 December.
ICB got listed on the stock exchanges in 1977.
Its main business is to invest in the stock market, provide loans and advances, and act as manager, trustee, and custodian of mutual funds.
A majority portion of its income comes from capital gains and dividend incomes from the stock market.
As of October 2022, sponsors and directors held 69.49%, the government 27%, institutional investors 1.92% and general investors 1.59% shares in the company.
