In the first three months of the current year, IFIC Bank has faced a staggering deficit of Tk500 crore, substantially attributed to a slump in the quality of assets. The bank made the announcement regarding its interim quarterly financial performance in a board assembly on May 29, according to insider reports. A contrasting picture was painted in this first quarter, with the bank’s consolidated loss per share reaching Tk2.60, a drastic shift from last year’s earning per share that was Tk0.21 for the same timeframe.
A significant depreciation was observed in the bank’s consolidated net asset value (NAV) per share, decreasing by 18% to Tk15.63. This downturn in figures predominantly reveals the negative repercussions of the escalating losses. Coinciding with these staggering figures, IFIC Bank did not endorse any dividend allocations for the preceding year since the losses took a toll on their general financial health.
The retrospection of the bank’s performance for the entire year of 2024 showcases a consolidated loss of Tk121 crore. This unexpected turn of events had a significantly contrasting disposition compared to the Tk300 crore profit the bank accomplished for the year before that. For the mentioned year, the bank’s consolidated loss for each share was marked at Tk0.63.
A pivotal juncture will be the bank’s annual general meeting (AGM), scheduled for September 11. This forum will play an integral role in the finalization of the financial statement and the future direction regarding dividends. To ascertain shareholder eligibility, the record date has been earmarked for July 17.
In a historical move to facilitate banking sector reformation and uphold ethical governance, Bangladesh Bank dissolved the board of IFIC Bank in September of the previous year. In its place, a team of six members was constituted with the responsibility to supervise the bank’s strategy formulation and operational management.
At present, the paid-up capital of IFIC Bank stands at Tk1,922 crore, with 192 crore shares still in circulation. Examining the bank’s ownership structure reveals that the government holds 32.75% of the shares, while institutional investors, foreign investors, and general shareholders possess 21.09%, 0.63% and 45.53% respectively.