IDLC declares stock dividend @ 20% (one share for every five shares held) and 15% cash dividend at its 24th AGM

The 24th Annual General Meeting (AGM) of the shareholders of IDLC Finance Limited was held on Monday, March 30, 2009 at the Bangladesh China Friendship Conference Centre, Agargaon, Dhaka. Anwarul Huq, Chairman of the Company, presided over the meeting. The AGM was also attended by Shafiqul Azam, Rubel Aziz, A. K. M. Shahidul Haque, Yongbok Jo, Aziz Al Kaiser, Habibur Rahman Mollah, K. Mahmood Sattar, and Anis A. Khan, CEO & Managing Director. A large number of shareholders were present at the meeting. Anwarul Huq, Chairman of the Company presented the Directors' Report, Auditors' Report and audited Financial Statements for the year 2008 before the shareholders.

Anis A. Khan, CEO & Managing Director of the Company replied to the shareholders' queries. The shareholders approved stock dividend @ 20% and cash dividend @ Tk. 15 per share for the year 2008.

Despite the global and national economic difficulties, intense competition from other players in the field, including banks, IDLC continued to maintain its growth in terms of both business volumes and profitability. The year 2008 saw an 18% growth in disbursements over the previous year. IDLC's consolidated equity grew by a robust 29% over 2007. Total assets of the Company stood at Tk. 17.4 billion at the end of 2008, which is 16% higher than the previous year.

During the year, consolidated net profit of the Company stood at Tk.406 million, showing an impressive growth of 34% over 2007, with total equity reaching BDT 1,611 million at end 2008. Consolidated earnings per share and return on equity at the year end stood at Tk. 162.6 and 28.4% compared to previous year's Tk. 121.3 and 27.6%, respectively. The market capitalization at the end of 2008 was Tk. 5,7 billion compared to Tk. 3.0 billion at the end of 2007.

During the discussions, the IDLC CEO & Managing Director mentioned that these achievements were possible only because of the strong support of the shareholders, clients, relevant government agencies, Board members and a competent and professional work force. The shareholders appreciated the operational and financial performance during the period under review.