Prime Finance incurs losses again

Prime Finance and Investment Limited has turned a loss of Tk34 crore in the first nine months of 2022 because of lower interest income and higher deposit cost.

In 2021, it incurred a loss of Tk19 crore and hence, did not recommend any dividend for that year.

The non-bank financial institution (NBFI) has published its financials for 2021 and un-audited financials for January to September period of 2022 on the Dhaka Stock Exchange (DSE) website on Wednesday.

From 2015 to 2017, the company suffered a total loss of Tk183 crore because of a loan scam which the Anti-Corruption Commission (ACC) has been investigating.

But from 2017 to 2020, Prime Finance made consistent profits. But then it failed to timely prepare the financial statements for 2021 and hold the annual general meeting (AGM).

Now, it has got the High Court's permission to hold its AGM for 2021 which has been scheduled on 10 September. The record date is 29 August.

Its shares closed at the floor price of Tk11.5 each on Wednesday at the DSE.

Sponsors and directors jointly have 59.14% stake in the company, institutional investors 7.69%, foreign investors 0.01%, and general investors 33.16%.

Currently, Mohammad Masudur Rahim, nominated by East Coast Shipping Lines Limited, is the chairman of Prime Finance.