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The following Rating of the IIDFC has published by National Credit Rating Limited (ncr), followed Financial Institutions Rating Methodology (Bank & NBFI) of NCR and published in the website:www.ncrbd.com

Ratings are based on Audited Financial Statement up to 31st December 2015 along with the other relevant Quantitative as well as Qualitative information provided by the Client up to date of Rating Declaration.
SURVEILLANCE ENTITY RATING - 2016
Date of Rating Declaration Long Term Short Term
29.06.2016 AA (Double A) ST-2
Validity 28.06.2017 28.12.2016
Outlook Stable
SURVEILLANCE ENTITY RATING - 2015
Date of Rating Declaration Long Term Short Term
30.06.2015 AA (Double A) ST-2
RATING RATIONALE
NCR has reaffirmed the above ratings of IIDFCL based upon the qualitative factors such as track record of governing body and management team with affluent experience and rich educational background and adequacy of framework, policies and guidelines for risk management, internal control, credit approval, maintenance of regulatory requirements etc. The ratings also favorably consider the increase in gross loan and advances and net interest based income, enhanced spread due to decline in cost of funds, decline in non-performing loan and properly maintained provisions for nonperforming loans. The ratings are, however, constrained by decline in profitability ratios like asset yield, NIM, ROE, ROA, moderate liquidity position indicated by negative liquidity gap under 3-12 months maturity bucket, decrease in total net revenue due to the fall of investment income. The ratings also take into consideration low interest rate environment and economic expansionary policies taken by the government. NCR, in the view of the company’s recent operational performance and current economic position, considers the outlook of the company as ‘Stable’ indicating that the existing fundamentals may remain unchanged in near future.
ASSESSMENT
The total eligible capital was reported TK 1,656.79 million that included Core Capital (Tier-I) of TK 1,564.40 million and Supplementary Capital (Tier-II) of TK 92.39 million in 2015, representing a capital surplus of TK 347.70 million. Finally the CAR was posted 12.66% which was composed of Core Capital (Tier-I) of 11.95% and Supplementary Capital (Tier-II) of 0.71%.

The consolidated gross lease and advances of IIDFCL increased to TK 12,966.39 million in 2015 from TK 12,218.86 million in 2014, registering a growth of 6.12%. The non-performing lease and advances of IIDFCL declined to TK 521.43 million in 2015 from TK 526.92 million in 2014, recording a fall of 1.04%, implies the quality of lease assets slightly improved in 2015. IIDFCL on solo basis maintained provision of TK 415.54 million against TK 386.38 million in 2015, showing excess provisions of TK 29.16 million (TK 0.14 million in 2014) in 2015. The gross NPL coverage on consolidated basis increased to 111.75% in 2015 from 103.84% in 2014. The gross NPL coverage on solo basis slightly declined to 33.33% in 2015 from 33.91% in 2014.

The Net Interest Income on consolidated basis increased to TK 442.79 million in 2015 from TK 403.14 million in 2014, showing a growth of 9.84%. The other operating income declined by 42.74% and stood at TK 90.52 million in 2015 against TK 158.09 million in 2014. The total net revenue decreased to TK 533.30 million in 2015 from TK 561.23 million in 2014, registering a fall of 4.98%. IIDFCL evidenced net profit of TK 119.67 million in 2015 against TK 175.70 million in 2014, registering a fall of 31.89%. ROE and ROA went down to 7.91% and 0.72% in 2015 respectively from 12.41% and 1.29% in 2014 respectively.

The intermediation efficiency slightly impaired during the year 2015 as the net interest margins (NIM) declined to 3.03% in 2015 from 3.20% in 2014. The yield on assets kept declining over the last two years and stood at 11.51% in 2015 against 13.43% in 2014. The cost of funds also moved downward and stood at 9.41% in 2015 against 12.41% in 2014. As a consequence, the spreads became wider and stood at 2.10% in 2015 against 1.02% in 2014.

The company maintained TK 165.78 million of Cash Reserve Requirement (CRR) against the required reserve of TK 140.27 million in 2015, having a surplus of TK 25.51 million in 2015. IIDFCL also maintained Statutory Liquidity Reserve (SLR) of TK 414.12 million against the required reserve of TK 306.25 million in 2015, having a surplus of TK 107.88 million in 2015. The borrowing went up to TK 3,538.38 million in 2015 from TK 3,496.39 in 2014. The deposit increased to TK 9,320.70 million in 2015 from TK 7,090.86 million in 2014.
PROFILE
Industrial and Infrastructure Development Finance Company Limited (hereinafter called as 'IIDFC' or 'The Company') was incorporated on December 19, 2000 as a Public Limited Company and commenced commercial operation on April 1, 2001. IIDFC offers various products and services namely Finance and Investment product, Deposit Schemes, Advisory Services, Carbon Finance, Brokerage Services and Merchant Banking.

The Registered and Corporate Head Office is located at Chamber Building (6th & 7th floor), 122-124 Motijheel C/A, Dhaka - 1000. IIDFCL operates with three Branch Offices located at Dhaka and Chittagong. IIDFCL has two subsidiary companies namely IIDFC Securities Limited and IIDFC Capital Limited.
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