Islamic Finance’s profit dips 77%

Islamic Finance & Investment Ltd's profit plummeted to more than 77 per cent year-on-year to Tk 4.21 crore in 2022.

The non-bank financial institution made a profit of Tk 18.52 crore in 2021.

Islamic Finance, thus, reported earnings per share of Tk 0.30 for the financial year that ended on December 31, which was Tk 1.32 a year ago.

"The EPS declined due to an increase of provisioning and profit suspense against investments," said the company in a filing on the Dhaka Stock Exchange.

The net asset value per share decreased to Tk 14.56 from Tk 15.31 due to negative growth of earnings.

The net operating cash flow per share (NOCFPS) stood at a negative Tk 16.92 in 2022 against Tk 1.87, also negative, in 2021.

"The NOCFPS was negative during the period due to an outflow of deposits and a lower recovery against investments," said the filing.

The board of directors of Islamic Finance has recommended a 5 per cent cash dividend for 2022.