IFIC Bank PLC reported a 35 percent year-on-year fall in profit for the first quarter of 2024.

The profit stood at Tk 40.27 crore in January-March this year compared to Tk 62.23 crore in the same period last year. 

Therefore, the consolidated earnings per share (EPS) decreased to Tk 0.22 from Tk 0.34, the lender said in a filing on the Dhaka Stock Exchange. 

The bank, in its unaudited financial statements, attributed the lower EPS to the reduced profit generated by its subsidiaries. 

The consolidated net operating cash flow per share (NOCFPS) saw a significant increase of 206 percent, rising to Tk 3.16 in Q1 of 2024 from Tk 2.97 in the negative in the same period in 2023. The bank credited a high increase in deposits for the NOCFPS growth. 

The consolidated net asset value per share was Tk 19.96 on March 31 this year from Tk 18.70 on the same day a year prior. 

The latest fall in earnings comes after IFIC posted a nearly 13 percent year-on-year profit decline to Tk 300.21 crore in the year that ended on December 31. Still, it was the bank's second-highest profit in the last five years. 

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 declined 2.91 percent to Tk 10 today.