IDLC Finance's net profits soared 22 percent year-on-year to Tk 178 crore in 2016 on the back of its strong business from small and medium enterprises and corporate division.

“All our business divisions -- SME to consumer, corporate, deposits and capital market subsidiaries -- delivered a very strong performance throughout the year,” said Arif Khan, chief executive officer and managing director of IDLC Finance, yesterday.

Its two major subsidiaries -- IDLC Investments and IDLC Securities -- also posted strong growth: 42.5 percent and 7.6 percent respectively.

The company's operating income for the year also increased 13 percent from a year earlier to about Tk 517 crore.  The nonperforming loans declined to 2.98 percent in 2016 from 3.06 percent a year earlier. During the course of the year, IDLC Group acquired 9,575 new customers to take its tally to more than 45,000.

Total customer loans grew 13 percent, or Tk 705 crore, to Tk 6,226 crore at the end of 2016, led by the SME division, whose portfolio expanded by over Tk 368 crore.

The corporate division's portfolio grew by Tk 278 crore to over Tk 1,340 crore. The consumer division witnessed a 4 percent growth. The strong performance has helped IDLC offer 30 percent cash dividend to its shareholders for 2016.

Earnings per share also rose to Tk 7.08 from Tk 5.81 the previous year. Customer assets increased 13 percent to Tk 6,226 crore, according to the company.