National Housing Finance financial analysis: 9.88% NPL, 12.34% cost of fund, 18.74% CAR and a 6% smaller loan book in 2025 (Oct 2026)

Investment considerations: 9.88% classified loans, 18.74% capital adequacy and a 0.88pp derived spread in 2025

National Housing Finance PLC (NHFPLC, DSE: NHFIL) is a housing-finance company licensed by Bangladesh Bank (BB) under the Finance Company Act 2023 [1 p.119]. It lends to households against mortgages and funds itself mainly with term deposits. At 31-Dec-2025 it had loans of BDT 13,078.6m, deposits of BDT 11,585.3m, borrowings of BDT 1,246.2m and equity of BDT 2,196.1m, with no subsidiaries [1 p.125]. Its sponsors are mostly insurers, banks and listed companies; sponsor shares were 54.91% of the 128.73m shares at Dec-2025 [1 p.57].

The filings show a company whose figures have moved in one direction since 2022. Loans peaked at BDT 14,393.4m in 2022 and have fallen in each of the three years since; classified loans rose from 5.06% in 2017 to 11.46% in 2024 before easing to 9.88% in 2025; and profit after tax fell from BDT 321.4m in 2020, the highest in the series, to BDT 2.9m in 2024, the lowest [1 p.13] [3 p.32] [13]. The 2025 recovery to BDT 95.3m came from lower provisions and treasury income rather than from lending: net interest income fell 19% [1 p.127] [13]. Against that, capital adequacy rose to 18.74%, the auditor's opinion is unmodified, and the company has kept its CRISL rating at AA- [1 p.158] [1 p.119] [7].

Business model: BDT 12.5bn of mortgage loans, 78% booked in Dhaka division, funded by term deposits

NHFPLC makes three kinds of mortgage loan. Home mortgage loans to households were BDT 11,134.0m at Dec-2025, commercial mortgage loans BDT 1,218.6m and project mortgage loans BDT 190.5m [1 p.148]. Outside mortgages it holds a small SME book of BDT 335.6m, term loans of BDT 124.5m, a residual lease book of BDT 3.3m, loans against fixed deposits of BDT 41.0m and staff loans of BDT 31.1m [1 p.147]. The company also runs an Islamic finance wing set up by its board [1 p.141]. It has no subsidiaries and no off-balance-sheet guarantees; its only off-balance-sheet item is BDT 610.5m of undisbursed contracted loans [1 p.126].

The book is concentrated in Dhaka division, which held BDT 10,185.8m (77.9%) of loans at Dec-2025, up from 75.8% a year earlier as the Rajshahi and Rangpur books shrank faster [1 p.147] [13]. In 2025 the company operated in Dhaka, Gazipur, Chattogram, Bogura, Rangpur, Feni, Rajshahi and Khulna [1 p.166]. Most loans are long: BDT 9,453.0m of the book has more than five years to run [1 p.147].

Income comes from three places: interest on mortgage loans (BDT 1,659.9m in 2025), interest on deposits it places with banks and other finance companies (BDT 170.7m), and investment income from treasury bonds, corporate bonds and shares (BDT 169.8m) [1 p.159] [1 p.160]. Against that it pays interest on customer term deposits (BDT 1,247.6m), on term loans and overdrafts from banks, on zero-coupon bonds it issued and on repo borrowing [1 p.160]. As a finance company it cannot offer current or savings accounts of the bank kind; its deposits are almost entirely fixed-term [1 p.125].

Loan book: down three years running to BDT 13.08bn, with 2025 disbursements the lowest since 2017

The nine-year tables show the lending engine slowing. Housing-loan sanctions peaked at BDT 4,401.6m in 2018 and were BDT 1,868.4m in 2025, the lowest in the 2017-2025 series; disbursements followed, from BDT 3,021.2m in 2018 to BDT 1,257.9m in 2025, also the lowest in the series [3 p.32] [1 p.13]. Disbursements equalled 29.5% of the opening loan book in 2018 and 9.0% in 2025 [13]. Lease, term and SME sanctions, BDT 573.2m in 2017, were nil in 2025 [3 p.32] [1 p.13].

With repayments and write-offs running ahead of new lending, the book has shrunk from BDT 14,393.4m (2022, the series high) to BDT 13,078.6m (2025): -0.4% in 2023, -2.9% in 2024 and -6.0% in 2025 [1 p.13] [13]. The half-year accounts show BDT 12,721.6m at Jun-2026, a further 2.7% fall [4 p.1] [13]. The company's 2026 annual business plan sets a total disbursement target of BDT 1,500.00m and describes lending as 'selective and quality-focused' [1 p.67]. Undisbursed contracted loans were BDT 610.5m at Dec-2025 [1 p.126].

Line items: net interest income down from BDT 389m to 314m in 2025; investment income 34% of operating income

Interest income was BDT 1,876.4m in 2025 against BDT 1,893.6m in 2024 [1 p.127]. Within it, interest on mortgage loans rose 2.7% to BDT 1,659.9m even though average loans fell, because the derived loan yield (interest on loans divided by average loans) rose from 11.74% to 12.55% [1 p.159] [13]. Interest on fixed deposits placed with other institutions fell from BDT 194.2m to BDT 75.7m while interest on short-term deposits rose from BDT 35.3m to BDT 95.0m [1 p.159]. In 2023 interest income had been BDT 1,454.2m [2 p.156].

Interest paid rose faster. The total was BDT 1,056.99m in 2023, BDT 1,504.2m in 2024 and BDT 1,562.4m in 2025, the highest 'financial expenses' figure in the nine-year table [2 p.124] [1 p.127] [1 p.13]. Interest on customer term deposits alone rose 14.6% to BDT 1,247.6m, while interest on bank term deposits fell from BDT 173.6m to BDT 49.3m as that funding was repaid [1 p.160]. Repo interest rose from BDT 24.8m to BDT 82.2m [1 p.160]. Interest paid took 72.7% of interest income in 2023, 79.4% in 2024 and 83.3% in 2025 [13]. Derived cost of funds (interest paid over average deposits and borrowings) was 6.14% in 2022, the lowest in the series, and 11.66% in 2025, the highest [13].

The result is the printed net interest income line: BDT 397.2m (2023), BDT 389.3m (2024) and BDT 314.1m (2025) [2 p.124] [1 p.127]. On our derived measures the spread between loan yield and cost of funds was 1.96pp in 2024 and 0.88pp in 2025 [13]. The annual report says: 'The reported rate of 11.56% at the beginning of 2025, compared with 10.15% as at 31 December 2024, appears to indicate an increase in the weighted average deposit rate at the beginning of the year' [1 p.67]. As a history-based sensitivity, each 1pp on 2025 average deposits and borrowings of BDT 13.4bn was about BDT 134m of interest expense, against profit before tax of BDT 149.9m [13].

Investment income rose from BDT 77.3m (2023) to BDT 123.4m (2024) and BDT 169.8m (2025) [2 p.124] [1 p.127]. In 2025 it consisted of BDT 117.1m of interest on treasury bonds and other bonds, a BDT 49.5m capital gain on the sale of government treasury bonds, BDT 8.4m of dividends and a BDT 5.2m loss on shares [1 p.160]. Investment income was 16.0% of total operating income in 2023 and 34.3% in 2025 [13]. Government securities fell from BDT 1,190.3m to BDT 899.8m during 2025 [1 p.125].

Operating expenses were stable: BDT 229.9m (2023), BDT 232.6m (2024) and BDT 222.9m (2025), with salaries and allowances of BDT 151.2m the largest item in 2025 [1 p.127] [2 p.124]. Because income fell, cost/income was 45.0% in 2025 against 24.3% in 2017 on the company's operational-income measure [13]. Profit before provisions was BDT 272.6m in 2025 [1 p.127].

Provisions decided the bottom line. Loan provisions were BDT 112.4m in 2023, BDT 219.4m in 2024 and BDT 108.1m in 2025; total provisions took 85.0% of profit before provisions in 2024 and 45.0% in 2025 [1 p.127] [13]. The 2025 loan charge split into BDT 31.8m for classified loans and BDT 76.3m for unclassified loans [1 p.162]. Tax was BDT 54.6m in 2025, 36.4% of profit before tax, at a 37.5% statutory rate [1 p.151] [13]. In 2024 tax of BDT 40.9m left BDT 2.9m of profit [1 p.127].

2026 interims: H1 net interest income BDT 98.7m vs 151.7m; Q2 profit before provisions negative BDT 3.6m

The half-year accounts to Jun-2026 show the same pattern more sharply. Interest income fell to BDT 804.2m from BDT 909.3m in H1 2025, interest paid fell less, to BDT 705.5m, and net interest income dropped from BDT 151.7m to BDT 98.7m [4 p.3]. Investment income fell to BDT 50.5m [4 p.3]. In the second quarter alone profit before provisions was negative BDT 3.6m; a BDT 33.9m net write-back of provisions produced a quarterly profit before tax of BDT 30.4m [4 p.3]. For the half year, provisions were a net write-back of BDT 41.1m against a BDT 12.2m charge a year earlier, and profit after tax was BDT 54.9m against BDT 52.3m [4 p.3].

The balance sheet moved the other way. Deposits rose to BDT 13,130.0m at Jun-2026, of which bank term deposits were BDT 2,176.0m against BDT 176.0m at Dec-2025, and balances with banks and other financial institutions rose to BDT 4,059.0m [4 p.1]. Cash, bank balances and government securities were 27.0% of total assets at Jun-2026 against 16.3% at Dec-2025 [13]. The filing does not say why the bank term deposits were taken or on what terms. Borrowings rose to BDT 1,593.0m [4 p.1].

Third-quarter results were announced on DSE on 1-Nov-2026 after a board meeting on 29-Oct-2026; the Q3 2026 statements are not yet in our filings corpus. The company reported EPS of BDT 0.51 for July-September 2026 against BDT 0.52 (restated) a year earlier, EPS of BDT 0.94 for January-September 2026 against BDT 0.93 (restated), NOCFPS of BDT 33.49 against BDT 9.19, and NAV per share of BDT 17.00 at 30-Sep-2026 [7]. It attributed the higher operating cash flow to higher customer deposits [7]. NAV per share moved from BDT 17.49 at Jun-2026 to BDT 17.00 at Sep-2026; the BDT 1.00 cash dividend for 2025 was disbursed in October [4 p.2] [7].

Funding: deposits BDT 11.59bn at Dec-2025, of which BDT 2.0bn from director company Square Pharmaceuticals

Deposits are the funding base. Total deposits were BDT 11,585.3m at Dec-2025, of which customer fixed deposits were BDT 11,403.9m and bank term deposits BDT 176.0m [1 p.153]. Deposits fell 21.3% in 2024 and 2.5% in 2025, and the 2025 figure is the lowest in the nine-year table [1 p.13] [3 p.32] [13]. The annual report compares the 2.49% fall with an 8.59% decline for its peer group [1 p.61]. Most deposits are short: BDT 6,875.7m matured in one to six months and BDT 3,412.4m in six to twelve months, against loans of which BDT 12,731.4m had more than a year to run [1 p.153] [1 p.147].

Related-party deposits are large. Square Pharmaceuticals PLC, listed as a sponsor director, held a BDT 2,000.0m term deposit at Dec-2025; Reliance Insurance (BDT 50.0m), National Life Insurance (BDT 30.0m), Pragati Insurance (BDT 20.0m) and Eastland Insurance (BDT 10.0m) held smaller ones [1 p.168]. Together they were BDT 2,110.0m, 18.2% of deposits [13]. The company states that related-party transactions are on the same terms as with other customers [1 p.167]. It reports no loans to directors or their related concerns [1 p.167].

Borrowings fell from BDT 2,074.8m to BDT 1,246.2m in 2025. At Dec-2025 they comprised secured overdrafts of BDT 580.5m (Eastern Bank, Pubali Bank, Mutual Trust Bank), term loans of BDT 591.3m (Agrani, Woori, Pubali, Eastern) and BB refinance of BDT 74.3m; 'secured loan from others' of BDT 448.6m was repaid [1 p.152]. Interest-bearing funding (deposits plus borrowings) was 5.84 times equity at Dec-2025, the lowest in the series, against 10.09 times in 2018 [13]. Loans exceeded deposits: the BB 'credit deposit ratio' was 112.89% in 2025 and 117.09% in 2024 [1 p.166].

Ratios: reported ROE from 16.12% (2020) to 4.43% (2025); derived cost of funds at a nine-year high of 11.66%

Returns have fallen with margins. Reported ROE was 15.29% in 2017 and 16.12% in 2020, the highest in the series, then 11.82% in 2022, 5.38% in 2023, 0.14% in 2024 (the lowest) and 4.43% in 2025 [3 p.32] [1 p.13]. Derived ROA followed: 1.78% in 2020 and 0.55% in 2025 [13]. Equity grew slowly because profit fell and dividends continued, but assets shrank faster, so equity/assets rose to 12.88% in 2025, the highest in the series [13].

The cost ratio rose as income fell while costs held: operational expenses were 24.3% of operational income in 2017 and 45.0% in 2025, with a series high of 47.4% in 2023 [13]. The tax charge varies widely relative to profit: tax was 93.3% of profit before tax in 2024 and 36.4% in 2025 [13]. The company's 'financial expenses coverage' fell from 1.58 times in 2017 to 1.10 times in 2025 [3 p.32] [1 p.13].

Lending relative to deposits has risen: loans/deposits was 76.6% in 2018, the lowest, and 117.1% in 2024, the highest, before 112.9% in 2025 [13]. The gap is funded by borrowings and equity. Interest received in cash was 100.3% of interest income booked in 2025 and 99.0% in 2024 [1 p.128] [13].

Asset quality: classified loans 9.88%, bad/loss 88% of the classified total, SME book 72% classified

Classified loans were BDT 1,284.3m (8.96%) at Dec-2023, BDT 1,594.4m (11.46%) at Dec-2024 and BDT 1,292.7m (9.88%) at Dec-2025 [2 p.145] [1 p.148]. The mix worsened as the total fell: sub-standard loans dropped from BDT 408.3m (2023) to BDT 9.2m and doubtful loans from BDT 541.2m (2024) to BDT 146.5m, while bad/loss rose from BDT 759.6m to BDT 1,137.1m [2 p.145] [1 p.148]. Bad/loss was 59.1% of classified loans in 2023 and 88.0% in 2025 [13]. Special mention loans rose from BDT 251.0m to BDT 487.6m in 2025 [1 p.148].

Part of the 2025 fall in the classified total came from write-offs: BDT 100.5m of loans across 60 agreements were written off in 2025, after BDT 173.0m in 2024, and the cumulative written-off balance outstanding rose to BDT 665.5m [1 p.154] [1 p.150]. Recoveries from written-off loans were BDT 19.5m [1 p.154]. The annual report notes that its peer group has cumulatively written off about BDT 1,015.6m and argues that higher write-offs lower reported NPL ratios [1 p.61].

By product, the SME book has the highest classified ratio: BDT 241.1m of the BDT 335.6m SME book was classified (71.9%), against BDT 1,021.1m of BDT 12,543.2m mortgage loans (8.1%) [1 p.148] [1 p.147] [13]. No single client exceeded 15% of total capital [1 p.148].

The specific provision is calculated on a 'base for provision' smaller than the loan balances: the base shown for BDT 1,137.1m of bad/loss loans was BDT 270.9m, and the specific provision kept against all classified loans was BDT 283.9m, 22.0% of classified loans [1 p.149] [13]. Adding the BDT 398.2m interest-suspense balance gives 52.8% [1 p.153] [13]. The residual, BDT 610.6m, equals 27.8% of Tier-1 capital [13]. Total loan provisions maintained were BDT 501.3m, which the auditor reports alongside gross loans of BDT 13,078.6m, and the 'Highlights' line reports no provision deficit [1 p.120] [1 p.166].

Balance sheet and audit: BDT 222.5m with three NBFIs in liquidation, unmodified opinion, 18.74% CAR

The balance with banks and other financial institutions of BDT 1,706.2m at Dec-2025 includes BDT 222.5m of short-term deposits with three non-bank financial institutions: International Leasing and Financial Services (BDT 150.0m), Premier Leasing & Finance (BDT 60.5m) and Fareast Finance (BDT 12.0m), unchanged from Dec-2024 [1 p.145]. These three were selected for liquidation (TBS, 1-Dec-2025 list); the governor confirmed the wind-up under the Bank Resolution Ordinance 2025 (TBS, 15-Jan-2026) [8] [9]; both sources are The Business Standard. In the 15-Jan-2026 article the governor said individual depositors of the nine would get their principal back from a government facility while institutional depositors would rely on what is recovered from the firms' assets [9]. The notes we read do not say how much of the provision on 'others' (balance BDT 142.0m at Dec-2025, from BDT 11.9m) relates to these placements [1 p.154].

The provision notes do not fully reconcile. Note 14.04 shows BDT 130.9m of 'provision on others' made in 2025, while the profit and loss account shows BDT 16.1m under 'Others', which note 31.02 breaks into legal charges, salary charges and cheque-dishonour charges [1 p.154] [1 p.163] [1 p.127]. We report both figures and do not adjust either. Fixed deposits placed of BDT 970.0m include BDT 200.0m each with Mercantile Bank and Modhumoti Bank, BDT 180.0m with Dhaka Bank, BDT 150.0m with Southeast Bank, BDT 110.0m with Standard Bank and BDT 100.0m with Alliance Finance [1 p.145]. Other investments include a BDT 176.0m IPDC subordinated bond and a BDT 50.0m EBL subordinated bond [1 p.145].

The auditor, Zoha Zaman Kabir Rashid & Co., gave an unmodified opinion on the 2025 accounts. Its words are: 'In our opinion, the accompanying financial statements present fairly, in the material respects, financial position of National Housing Finance PLC as at 31 December 2025 and of its financial performance for the year then ended' [1 p.119]. The single key audit matter was the measurement of the provision for loans, advances and leases [1 p.120]. The auditor's report contains no emphasis-of-matter paragraph [1 p.119]. Other liabilities include BDT 228.8m of current tax provision, BDT 588.0m of interest payable and an unresolved Workers' Profit Participation Fund question, which the company says it can cover from retained earnings pending a ruling from the Ministry of Labour [1 p.153] [1 p.167].

Capital is above the minimum. Total capital of BDT 2,338.8m against risk-weighted assets of BDT 12,478.2m gave 18.74%, up from 17.53% in 2024 and 16.37% in 2023, as risk-weighted assets fell [1 p.158] [2 p.155]. Statutory liquidity reserves held were BDT 1,194.2m against BDT 609.7m required [1 p.144]. There was neither any outstanding contract nor any board authorisation for capital expenditure at Dec-2025 [1 p.166]; the 24-month DSE news sweep shows no board approval of capital expenditure or expansion [7].

Peers: 'Cost of fund' 12.34% vs 10.60% at DBH and 10.12% at IDLC; classified loans 9.88% vs 0.84% and 4.43%

The peer table uses the 'Highlights' annexure that Bangladesh Bank requires finance companies to publish, so the labels match: '% of classified loans', 'Cost of fund' and 'Return on assets'. DBH Finance is the other listed housing specialist; IDLC Finance is the largest listed finance company. All three are 2025 figures, solo basis [1 p.166] [5 p.312] [6 p.163]. LankaBangla's 2025 annual report is not in our corpus, so it is excluded.

Among these three, NHFPLC reports the highest 'Cost of fund', 12.34%, which is 1.74pp above DBH (10.60%) and 2.22pp above IDLC (10.12%) [13]. Its classified-loan ratio of 9.88% is 9.04pp above DBH (0.84%) and 5.45pp above IDLC (4.43%), and its ROA of 0.55% is the lowest of the three [13]. Its capital adequacy ratio, 18.74%, is above IDLC's solo 17.82% and below DBH's 30.73% [1 p.158] [6 p.170] [5 p.299]. In its own peer review the company cites a peer-group NPL average of 5.54% and ROE average of 4.58% without naming the group [1 p.61].

Governance: sponsors 54.91%, UCB fully exited and Shaw Wallace sold 800,000 shares since July 2025

The shareholder register is dominated by institutions. At Dec-2025 sponsors held 54.91%, other companies 13.27% and the general public 30.56% [1 p.57]. The largest named holders were National Bank, National Life Insurance, Reliance Insurance, Bangladesh Lamps and Sadharan Bima Corporation with 4.82% each, Square Pharmaceuticals 4.72%, Pragati Insurance 4.55% and IFIC Bank and Jiban Bima Corporation 4.52% each [1 p.57]. Directors represent institutional holders; for example the chairman, Dr. Khondaker Showkat Hossain, represents Borak Travels (Pvt.) Ltd. [1 p.167]. The board elected him chairman on 1-Sep-2025 [7]. The managing director is Mohammad Shamsul Islam [1 p.126].

Two corporate sponsors have sold down in the last 24 months. United Commercial Bank declared on 24-Jul-2025 its intention to sell its entire holding of 5,635,624 shares and confirmed the sale on 26-Aug-2025; after the bonus issue it declared on 18-Aug-2026 the sale of its remaining 563,562 shares and confirmed completion on 30-Aug-2026 [7]. Shaw Wallace Bangladesh sold 800,000 of its 2,588,910 shares, confirmed on 21-Sep-2025 [7]. CRISL rated the company AA- long term and ST-2 short term with a stable outlook on 2-Sep-2025 and again on 1-Sep-2026 [7].

The audit committee in 2024 was chaired by an independent director, Abdul-Muyeed Chowdhury, and met twice that year [2 p.162]. The FY2025 accounts were approved by the board on 23-Jun-2026 and the FY2024 accounts on 29-Jun-2025 [7], 174 and 180 days after the year ends. The 2025 annual report shows a different DVC number on the profit and loss account (2506300312AS726726, the same as on the 2024 report) than on the balance sheet (2606240312AS257431) [1 p.126] [1 p.127] [2 p.124].

Dividends: 10% cash for FY2025 equals 135% of the year's profit; FY2024 paid in stock after BB review

The dividend record printed by the company is 19% (2017), 20% (2018), 10% (2019), 15% for 2020 to 2022, and 10% for 2023 to 2025 [3 p.32] [1 p.13]. The 2021 figure is printed as 16% in the 2021 report and 15% in the 2025 report [3 p.32] [1 p.13]. For FY2024 the board recommended 10% cash subject to BB's no-objection; BB allowed a 10% stock dividend instead, and the company said the stock dividend was 'to continue the Tier-1 capital and to reinvest in the business operation' [7]. Paid-up capital rose from BDT 1,170.3m to BDT 1,287.3m [1 p.166].

For FY2025 the board recommended a 10% cash dividend (BDT 128.4m) subject to BB approval [1 p.166]. The AGM was on 15-Sep-2026 and the dividend was disbursed by 19-Oct-2026 [7]. It is 135% of FY2025 profit of BDT 95.3m and was paid out of retained earnings of BDT 181.9m at Dec-2025 [1 p.159] [13]. The annual report describes payouts of about 50% to 84% over the past five years [1 p.67]. A 20% statutory reserve transfer applies while the sum of share premium and statutory reserve is below paid-up capital [1 p.158].

At BDT 24.7 on 29-Oct-2026 the shares trade at 1.45 times the Sep-2026 NAV of BDT 17.00 and 32.9 times trailing EPS of BDT 0.75, with a 4.0% yield on the FY2025 dividend [12] [13]. The year-end 2025 price was BDT 26.60 and the 2025 annual report prints a price-earnings ratio of 36.49 [1 p.167] [1 p.166]. These are statements of the multiples only.

Bangladesh Bank rules: 10% CAR, 1.5% CRR, 5% SLR, BB approval of dividends and the 2025 NBFI wind-up decision

BB regulates the company through its Department of Financial Institutions and Markets. The rules that move its numbers are: the minimum capital of BDT 100 crore and the 10% capital adequacy ratio under Basel II [1 p.157] [1 p.158]; the cash reserve requirement of 1.5% of term deposits and statutory liquidity reserve of 5% of liabilities [1 p.144]; loan classification and provisioning (1% general provision on unclassified loans, 5% on SMA, 20%, 50% and 100% on sub-standard, doubtful and bad/loss) [1 p.149]; the 20% statutory reserve transfer, required while share premium plus statutory reserve is below paid-up capital [1 p.158]; and BB approval of dividends, which turned the FY2024 cash recommendation into a stock dividend [7]. Tax for the company is 37.5% [1 p.151].

The sector backdrop is BB's wind-up of nine NBFIs, approved by its board in late 2025 under the Bank Resolution Ordinance 2025 [8] [9]. NHFPLC had BDT 222.5m placed with three of them at Dec-2025 [1 p.145]. Bangladesh's LDC graduation was moved from 24-Nov-2026 to 24-Nov-2029 by a UN General Assembly decision adopted on 29-Oct-2026 in New York [10] [11]. The filings read do not link that date to any NHFPLC line item.

What's next: FY2026 results expected late June 2027 (inferred), CRISL renewal and LDC graduation on 24-Nov-2029

No board-meeting date for the next results has been notified on DSE [7]. The dates below are inferred from the two most recent precedents, using board-meeting dates rather than DSE post dates.

The FY2026 accounts will show four things the interims leave open: whether net interest income recovered after H1 2026 fell to BDT 98.7m; whether the BDT 2,176.0m of bank term deposits taken in H1 2026 was still on the balance sheet at year end; how the BDT 222.5m placed with NBFIs in liquidation is carried and provided for; and whether disbursements reached the BDT 1,500m plan [4 p.1] [4 p.3] [1 p.145] [1 p.67]. They will also show whether the BDT 487.6m of special-mention loans moved into the classified categories [1 p.148]. The FY2026 dividend will again need BB approval [1 p.166].

Rates move the margin directly. In 2025, interest paid was 83.3% of interest income; on 2025 average deposits and borrowings, each 1pp change in the cost of funds was about BDT 134m of interest expense before tax [13].

Risks: funding cost, SMA migration, NBFI placements and deposit concentration, each tied to a line

Each risk is tied to the line it moves. For scale, 2025 profit before provisions was of BDT 272.6m and Tier-1 capital BDT 2,196.1m [1 p.127] [1 p.158].

Key questions: net interest income, SMA loans, NBFI placements, deposit concentration and lending volumes

FAQ

What is National Housing Finance's NPL ratio?

Classified loans were 9.88% of loans at 31-Dec-2025 (BDT 1,292.7m of BDT 13,078.6m), down from 11.46% at Dec-2024 [1 p.166] [1 p.148].

What is NHFIL's capital adequacy ratio?

18.74% at Dec-2025 against a 10% minimum, with BDT 1,091.0m of capital above the requirement [1 p.158].

How much did National Housing Finance earn in 2025?

Profit after tax was BDT 95.3m (EPS BDT 0.74), up from BDT 2.9m in 2024; net interest income fell to BDT 314.1m [1 p.127].

What dividend did NHFIL pay for 2025?

10% cash, BDT 1.00 a share (BDT 128.4m), disbursed in October 2026; for 2024 Bangladesh Bank allowed a 10% stock dividend instead of cash [1 p.166] [7].

Does National Housing Finance have money in failed finance companies?

Yes. BDT 222.5m is on deposit with International Leasing, Premier Leasing and Fareast Finance, which were selected for liquidation (TBS, 1-Dec-2025 list); the governor confirmed the wind-up under the Bank Resolution Ordinance 2025 (TBS, 15-Jan-2026) [1 p.145] [8] [9]; both sources are The Business Standard.

Who owns National Housing Finance?

Sponsors held 54.91% at Dec-2025, mostly insurers, banks and listed companies such as National Bank, National Life, Reliance Insurance, Bangladesh Lamps, Sadharan Bima and Square Pharmaceuticals; the general public held 30.56% [1 p.57].

Which results does this report use?

Audited 2025 statements with 2024 comparatives, the 2024 report for 2023, five- and six-year tables back to 2017, the unaudited H1 2026 statements, and the Q1 and Q3 2026 figures announced on DSE.

Sources

1. National Housing Finance PLC Annual Report 2025 (audited statements, year to 31-Dec-2025) · link · accessed 2026-11-01
2. National Housing Finance PLC Annual Report 2024 (incl. 2023 comparatives) · link · accessed 2026-11-01
3. National Housing Finance and Investments Annual Report 2021 (five-year highlights 2017-2021) · link · accessed 2026-11-01
4. National Housing Finance PLC unaudited financial statements, half year to 30-Jun-2026 · link · accessed 2026-11-01
5. DBH Finance PLC Annual Integrated Report 2025 (peer) · link · accessed 2026-11-01
6. IDLC Finance PLC Integrated Annual Report 2025 (peer) · link · accessed 2026-11-01
7. DSE news archive for NHFIL, 31-Oct-2024 to 1-Nov-2026 (results, dividends, board meetings, sponsor sales, credit rating, chairman election) · link · accessed 2026-11-01
8. The Business Standard, 'BB board clears path for NBFI liquidation, process begins in 2 weeks' (1-Dec-2025) · link · accessed 2026-11-01
9. The Business Standard, 'Individual depositors of 9 NBFIs to get full principal, no interest, after liquidation' (15-Jan-2026) · link · accessed 2026-11-01
10. The Daily Star, 'Bangladesh gets 3 more years for LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
11. The Business Standard, 'Bangladesh gets 3 more years before LDC graduation' (30-Oct-2026) · link · accessed 2026-11-01
12. AnalystBro price data (TradingView feed): DSE:NHFIL daily and monthly bars to 29-Oct-2026 · link · accessed 2026-11-01
13. AnalystBro model for this report (workbook tabs below) · link · accessed 2026-11-01