Amidst economic challenges and high inflation, IPDC Finance Limited has reported impressive profits for the first half of 2024. The company's revenue for H1'24 increased by 9.3% from the previous year, reaching 1,538 million.
This growth is attributed to the improvement in rates and the removal of the cap, which benefited the financial industry by widening the gap between interest rates on loans and deposits, leading to higher net interest income.
A year-over-year comparison of Q2'24 and Q2'23 shows a significant revenue increase of 25.8%. Another major contributor to this growth was the increase in investment income, which rose by 114.6%, reaching 218 million, up from 101 million in H1'23.
This remarkable increase was primarily due to the high preceding rate of Government Treasury bills, from which IPDC Finance Limited earned approximately 84 million in interest income.
Efficient management and cost optimization efforts also played a crucial role, with operating costs decreasing by 8.9% in H1'24. On a quarterly basis, operating costs decreased by 8.4% when comparing Q2'24 to Q2'23.
These efforts resulted in a 34.4% increase in operating profit for H1'24, ultimately leading to a significant rise in net profit for the period. IPDC Finance Limited reported a net profit of 103 million for H1'24, compared to 95 million in the previous year. On a quarterly basis, net profit in Q2'24 increased by 6.4% compared to Q2'23.
Despite the economic turmoil and volatile market conditions, IPDC Finance Limited has successfully maintained the trust of its customers. In H1'24, the company secured 10,114 million in new deposits from 2,350 customers, reflecting its strongest financial performance to date.
