IFIC Bank PLC's profit declined nearly 13 percent year-on-year to Tk 300.21 crore in the year that ended on December 31.

Despite the fall, it was the bank's second-highest profit in the last five years. The private commercial lender made a profit of Tk 344.14 crore in 2022. 

Consolidated earnings per share (EPS) slid to Tk 1.64 in 2023 from Tk 1.88 in the previous year, according to a price sensitive information disclosure. 

IFIC attributed the decline to lower operating income.

However, the net operating cash flow per share (NOCFPS) rose to Tk 3.53 last year on the back of higher deposit growth whereas it was Tk 1.25 the year before. 

The board recommended a 5 percent stock dividend and no cash dividends for 2023.

IFIC Bank was established in 1976 as a joint venture between the government of Bangladesh and sponsors in the private sector.

Currently, the government holds a 32.75 percent stake in the bank, while sponsors and directors own 4.11 percent. The rest is held by both local and foreign institutions and general shareholders.

With a paid-up capital of Tk 1,785 crore, IFIC Bank operates with 187 branches and 1,145 sub-branches across the country. 

Shares of the bank were up 2.08 percent to Tk 9.80 on the Dhaka Stock Exchange today.