International Leasing makes profit in Apr-Jun

Scam-hit International Leasing and Financial Services Limited (ILFSL) reported a profit for the April-June quarter of this year, marking its first profit since 2018.

The non-bank financial institution said in a disclosure that filing on the Dhaka Stock Exchange (DSE), its consolidated net profit was Tk7.52 crore in the second quarter of this year, a turnaround from a loss of Tk13.40 crore in the same period last year.

As the company posted profit after a long time, its share jumped over 4% to reach Tk4.60 on Sunday at the DSE.

Its consolidated net asset value per share stood at a negative Tk181.16 at the end of June 2024.

The company further said it incurred a loss in the first quarter of this year and posted a Tk41 crore loss.

At the end of the first half, its consolidated loss stood at Tk33.77 crore and loss per share of Tk1.52, according to the company's financial statement.

Meanwhile, International Leasing could not recommend any dividend for its shareholders for the year 2023 as it incurred a loss of Tk245 crore. It has not paid dividends to the shareholders since 2018.

The company has fixed its annual general meeting (AGM) on 30 September this year. The record date is 26 September.

International Leasing, allegedly looted and devastated by PK Halder and his associates, owes around Tk4,300 crore to its depositors and lenders and is struggling to pay them back.

To rescue the struggling financial institution, the court had appointed Khandaker Ibrahim Khalid, a former Bangladesh Bank governor, as its chairman. However, he subsequently resigned from the position.

After that, the central bank appointed former secretary Md Nazrul Islam Khan as the company's chairman in 2020 to recover as many company assets as possible from defaulting clients.

In September 2022, the company decided to offer ownership to its depositors and lenders against at least half of the liabilities, according to a company official.