IPDC Finance Limited declared record revenue in the first quarter (Q1) of this year, despite the second wave of the COVID-19 pandemic, during its Q1’21 Investors Meet on Tuesday.
Q1’21 Investors Meet was held virtually on Tuesday to discuss the financial highlights, benchmarks, and key strategies ahead.
The session was attended by investors, journalists, industry experts both from home and abroad, stakeholders, and a wider audience through live streaming on Facebook from the company’s official page, according to a press release.
“As of the first quarter of 2021, IPDC’s customer deposit has increased by 9.2 times over the last five years due to its innovative deposit campaigns,” the company said in the press release.
“Quarterly Revenue has grown by 6.4 times compared to the first quarter of 2016 while its classified loan ratio of 0.95 per cent remains the lowest in the sector amongst the publicly listed diversified NBFIs,” it said.
“Despite the second wave of the pandemic, IPDC has outperformed its performance compared to the same period last year. It has maintained a strong capital base with a capital adequacy ratio of 16.78 per cent,” the company said.
“After setting aside adequate provisioning due to difficult times ahead, the company has registered a solid net profit of Tk 205 million during the first quarter of 2021, which has grown by 3.4 times since Q1 2016. The company has also ended Q1’21 with a strong liquidity cushion of Tk 1.39 billion, which is enough to meet its short-term liabilities,” the IPDC statement said.
In his address at the event, IPDC’s Managing Director and CEO Mominul Islam said the company achieved record revenue as it maintains good corporate governance and maps out its strategies proactively.
He also reaffirmed his company's commitment to keeping the focus on the cottage, micro, small and medium enterprises (CMSMEs) and women and young entrepreneurs, and lower-middle-income households outside Dhaka and Chittagong, which remains the cornerstone for its sustained growth and profitability even during a very difficult period.
“IPDC also supported its employees through free COVID testing and digitally transforming the company internally, enabling most of its employees to work from home and ensuring their health and safety by allowing them to work from home,” the press release said.
“To support the community, IPDC relaunched IPDC Manobota, a deposit product to help people save money and at the same time provide food among underprivileged people against the deposited amount,” the IPDC said.
“Along with that, IPDC started providing free life and health insurance against COVID for all their SME clients,” it added.
“IPDC also brought back Shubodh, in collaborated with rokomari.com. to help customers access the bookstore without physically having to go to the book fair and enjoy interest-free book facilities.”
“Amongst its digital initiatives, IPDC continued its online show titled OGROJ, to celebrate the journey of successful individuals who have made a mark in their respective fields and creating a digital memoir on the narratives of these protagonists from post-independent Bangladesh.”
IPDC Finance Limited created a virtual platform 'IPDC Amader Gaan' in September last year to promote Bangladeshi folk music globally.
“As a recognition to this effort, IPDC has been awarded “Intellectual Property Protection Awards 2021” by the Bangladesh Copyright office,” the company added.