Jan-Mar profit declines 66% for LankaBangla Finance 2023

From January to March, the non-bank financial institution’s (NBFI) consolidated net profit after taxes decreased to Tk7.90 crore from Tk23.46 crore in the same period of the previous year.

Its consolidated earnings per share (EPS) was Tk0.15, up Tk0.43 from the previous year. Its net asset value per share at the end of March this year was Tk19.41.

In its disclosure, the company stated that EPS decreased due to the interest rate limit imposed by the regulator beginning in the second half of 2022, deteriorating asset quality as a result of Covid-19, and less brokerage commission due to fewer transactions on both bourses.

LankaBangla Finance Limited’s January–March 2023 consolidated earnings fell 66%.

Deposit settlements and other asset settlements resulted in greater cash outflows, which lowered the net operating cash flow per share. Its net asset value per share decreased as a result of the sale of subsidiary stock.

The company’s board of directors has approved the issuance of the fourth zero-coupon bond with a face value of Tk200 crore in order to generate liquidity to meet ongoing financing needs, pending approval from the Regulatory Authorities.

The board of directors of LankaBangla Finance recommended a 10% cash dividend to shareholders for the prior year.

LankaBangla Securities, LankaBangla Investment, and LankaBangla Asset Management Company Limited are the company’s three subsidiaries.