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New Delhi, June 27 After a gap of little over a decade, the country’s oldest term lending institution, IFCI Ltd has returned to the dividend list, aided by better operational performance.

The board of directors of IFCI on Saturday recommended a dividend of 8 per cent, that is, Rs 0.80 per equity share of Rs 10 each, for 2008-09, amounting to Rs 71.36 crore. The previous occasion IFCI declared a dividend was for the financial year 1998-99, a company official said.

Meanwhile, IFCI has reported a net profit of Rs 142.54 crore on an ‘income from operations’ of Rs 356.26 crore during the fourth quarter of 2008-09.

In the corresponding three months of the previous year, IFCI had recorded net loss of Rs 42.52 crore on income of about Rs 451 crore (including profit on sale of shares amounting to Rs 195.79 crore).

Besides reduced employee cost and tax expense, the quarter under review saw a substantial decline in write-off/provision for bad debts of Rs 137.18 crore (Rs 378.85 crore). An IFCI release highlighted that there was “significant growth” in sanctions and disbursements during fiscal 2008-09 at Rs 4,105 crore and Rs 3,351 crore, respectively.

More Stories on : Dividend Announcement | Financial Institutions

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