ICB sees 62% profit drop in Q3 of FY21
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SUNDAY, AUGUST 07, 2022
ICB sees 62% profit drop in Q3 of FY21

Corporates

TBS Report
25 April, 2021, 09:30 pm
Last modified: 25 April, 2021, 09:37 pm

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ICB sees 62% profit drop in Q3 of FY21

The profit decline is attributed to the 6% fall of the DSEX in Q3

TBS Report
25 April, 2021, 09:30 pm
Last modified: 25 April, 2021, 09:37 pm
Photo/TBS
Photo/TBS

The Investment Corporation of Bangladesh (ICB) witnessed a 62% profit decline in the January to March quarter of the current fiscal year.

During the period, the company's net profit stood at Tk38.42 crore.

The government formed this company in order to support the capital market.

During the third quarter, DSEX, the prime index of the Dhaka Stock Exchange (DSE), decreased by 6%. As a result, ICB suffered a profit fall in the quarter since its main activities are related to making investments in the stock market.

ICB has also been doing business as a non-bank financial institution by being registered under the Bangladesh Bank.

According to the financial statement of the company, its earnings per share (EPS) stood at Tk0.48 at the end of third quarter.

In the July 2020 to March 2021 period, ICB posted a net profit of Tk100.51 crore and EPS Tk1.25.

In the last fiscal year, the company paid 5% cash and 5% stock dividends to its shareholders.

In April, ICB's share price rose by 19% to Tk95.90 per share at the DSE.

At the end of last year, the Bangladesh Securities and Exchange Commission (BSEC) decided to restructure ICB to enhance its capacity for supporting the capital market. The securities regulator has already appointed a foreign advisory institution to restructure the company.

In a meeting with the BSEC held in January this year, ICB announced its plan of issuing bonds worth $1 billion to strengthen its support to the capital market.

The state-owned investment company would mainly utilise the proceeds to lend to the market intermediaries who have been looking for low-cost funds for stronger market activities and providing margin loans.

Out of total shares of the company, sponsors and directors hold 69.81%, government 27%, institutional investors 1.67% and general investors hold the rest.

Bangladesh / Top News

ICB / profit drop

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