First Finance PLC announcements
348 Dhaka Stock Exchange announcements for First Finance PLC (FIRSTFIN) since 2007: results, dividends, board meetings, AGMs, record dates and other price-sensitive information. Showing 2022 (35).
- Q3 Financials
(Q3 Un-audited): EPS was Tk. (1.54) for July-September 2022 as against Tk. (6.34) for July-September 2021; EPS was Tk. (5.66) for January-September 2022 as against Tk. (9.41) for January-September 2021. NOCFPS was Tk. 0.11 for January-September 2022 as against Tk. (0.36) for January-September 2021. NAV per share was Tk. (19.98) as on September 30, 2022 and Tk. (5.26) as on September 30, 2021.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on October 26, 2022 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the Third Quarter (Q3) period ended September 30, 2022.
- Appointment of the Managing Director and CEO
The Company has informed that the Board of Directors and subsequent approval from Bangladesh Bank, Mr. Gaus-ul-Wara Md. Mortaza has been appointed as the Managing Director and CEO of the Company, effective from August 31, 2022.
- Resumption after record date
Trading of the shares of the company will resume on 25.08.2022 after record date.
- Suspension for Record date
Trading of the shares of the company will remain suspended on record date i.e., 24.08.2022.
- Spot News
Trading of the shares of the company will be allowed only in the Spot Market and Block transaction will also be settled as per spot settlement cycle from 21.08.2022 to 23.08.2022 and trading of the shares will remain suspended on record date i.e., 24.08.2022.
- The auditor of the First Finance Limited has given the \"Material Uncertainty Related to Going Concern\", \"Qualified Op
The auditor of the First Finance Limited has given the \"Material Uncertainty Related to Going Concern\", \"Qualified Opinion\" and \"Emphasis of Matter\" paragraphs on the audited financial statements for the year ended December 31, 2021. Material Uncertainty Related to Going Concern: We draw attention to Note 2.02.01 in the financial statements, which indicates that the Company incurred a net loss of BDT 2,190,103,488.00 during the year ended 31st December 2021, and, as of that date, (cont.1)
- (Continuation news of FIRSTFIN): the Company\'s Retained Earnings is a negative BDT 3,253,389,181.00. As stated in Note
(Continuation news of FIRSTFIN): the Company\'s Retained Earnings is a negative BDT 3,253,389,181.00. As stated in Note 2.02.01, these events or conditions, along with other matters as set forth in Note 2.02.01, indicate that a material uncertainty exists that may cast significant doubt on the Company\'s ability to continue as a going concern. Our opinion is not modified in respect of this matter. Note 2.02.01 Going Concern: The financial statements have been prepared on a going concern basis, (cont.2)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): which contemplates the realization of assets and the satisfaction of liabilities in the
(Continuation news of FIRSTFIN): which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. In this connection, it is to be stated that, First Finance Limited has been doing business since long. Recently, our Loan, Lease, and Advances Classification Status (CL Ratio/Rate) has been calculated as 86.60\% as on December 31, 2021. So our income reduces and the Company is facing Interest Loss as well as Operating Loss. (cont.3)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): For the current year, the Company has incurred losses of BDT 2,190,103,488 and losses f
(Continuation news of FIRSTFIN): For the current year, the Company has incurred losses of BDT 2,190,103,488 and losses for the previous year worth BDT 501,341,898. The Company has a negative Retained Earnings Balance of BDT 3,253,389,181. Despite all these difficulties, First Finance Limited is trying its best to recover from the situation. To reach desired goals, we have planned to procure more New Fresh Deposit, and give emphasis on Recovery from Classified Loan, (cont.4)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): Lease and Advances. In this relation, it is to be noted that, in the year 2021, We have
(Continuation news of FIRSTFIN): Lease and Advances. In this relation, it is to be noted that, in the year 2021, We have collected Tk. 579,061,554.00 as New/Fresh Deposit, and Tk. 746,193,756.00 as Recovery from Classified Loan, Lease and Advances. In addition to the above, we want to add that in the consequent half year of 2022, we have collected Tk. 193,938,240.00 as New / Fresh Deposit and Tk. 300,213,016.00 as Recovery from Classified Loan, Lease and Advances. (cont.5)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): In addition to these, we are giving all out effort for recovery of Classified Loan, Lea
(Continuation news of FIRSTFIN): In addition to these, we are giving all out effort for recovery of Classified Loan, Lease and Advances and also taking extensive Legal action against the same. In this connection, we would like to add that in a reply to a letter issued from Bangladesh Bank, we have given a \'Time Bound Action Plan\' regarding up-gradation of the indicators of CAMELS Rating. Moreover, on the other hand, it is to be noted that Bangladesh Securities & Exchange Commission (BSEC) (cont.6)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): called us for a routine meeting with us as a regular meeting with the financially weak
(Continuation news of FIRSTFIN): called us for a routine meeting with us as a regular meeting with the financially weak NBFI and advised us for collection from Classified Loan, Lease, and Advances as well as procurement of New Deposit by introducing new Deposit products to attract new Customers/Depositors. Finally, we would like to point out that other financial institutions which have gone through distressed times have received financial support from Bangladesh Bank and based (cont.7)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): on the constant communication and guidance we have received from Bangladesh Bank, the C
(Continuation news of FIRSTFIN): on the constant communication and guidance we have received from Bangladesh Bank, the Company will be able to continue as a going concern. That being said, it is Important to point out that there Is a material uncertainty related to events or conditions that may cast significant doubt on the entity\'s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. (cont.8)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): Basis for Qualified Opinion: 1. As per Labour Law 2006 (Amendment 2013) Sec-234, a comp
(Continuation news of FIRSTFIN): Basis for Qualified Opinion: 1. As per Labour Law 2006 (Amendment 2013) Sec-234, a company must maintain WPPF but the Company did not comply with said law. 2. In accordance with Section 59 of Income Tax Ordinance 1983, all sums collected or deducted as taxes should be remitted to the government within the prescribed time. The Company has recorded BDT holding tax payable worth BDT 211,179,765 as at December 31, 2021. (cont.9)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): These amounts represent unpaid taxes which have been collected and deducted by the Comp
(Continuation news of FIRSTFIN): These amounts represent unpaid taxes which have been collected and deducted by the Company. As per Section 57 of Income Tax Ordinance 1983, failure to remit collected or deducted taxes can result in additional penalty of 2\% per month. Unpaid taxes collected by the Company will result in additional penalty of BDT 75,196,706 which the Company has not recognized on the Profit & Loss Account for the year ended 31 December 2021. (cont.10)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): 3. The Company has a Non-Banking Assets worth BDT 14,908,131.00 as at 31 December 2021
(Continuation news of FIRSTFIN): 3. The Company has a Non-Banking Assets worth BDT 14,908,131.00 as at 31 December 2021 which is now under sale process BDT 11,675,000.00. The Company has not recognized this reduction in recoverable amount as an impairment loss BDT 3,233,131.00. Therefore, total asset is overstated and expense is understated for the same amount as at 31 December 2021. 4.Based on the Company\'s internal records which we audited, the total Term Deposit liability (cont.11)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): as at 31 December 2021 was BDT 6,262,537,066 while the liability presented on the Balan
(Continuation news of FIRSTFIN): as at 31 December 2021 was BDT 6,262,537,066 while the liability presented on the Balance Sheet as at 31 December 2021 is BDT 6,259,397,346. Therefore, the total liabilities for the Company present on the Balance Sheet as at 31 December 2021 is understated by BDT 3,139,720. 5. We draw your attention to Note 07 to the financial statements which describe the effect of a difference BDT 19,873,962.00 as at 31 December 2021 in the balance of leases, (cont.12)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): loans and advances between the FICL statement and the amount reported on the financial
(Continuation news of FIRSTFIN): loans and advances between the FICL statement and the amount reported on the financial statements after adjusting previous difference. The FICL Statement is a mandatory regulatory submission, and this shortfall was also identified by the respective regulatory authority (Bangladesh Bank). Due to the sheer volume of the transactions involved and lack of available information, we were unable to quantify the amount of misstatement that has (cont.13)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): occurred due to this issue. However, we have concluded, based on our audit procedures t
(Continuation news of FIRSTFIN): occurred due to this issue. However, we have concluded, based on our audit procedures that, possible effects on the financial statements of this undetected misstatement could be material. Therefore, in line with Paragraph 7 of ISA 705, we have expressed a qualified opinion. 6. We draw your attention to Note 7.08 to the financial statements which describe the effect of a provision shortfall against Leases, loans and Advances. (cont.14)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): The provision recorded by the Company as at 31 December 2021 has a shortfall of BDT 1,6
(Continuation news of FIRSTFIN): The provision recorded by the Company as at 31 December 2021 has a shortfall of BDT 1,692,113,395 which the Company has obtained permission from Bangladesh Bank (through letter no DFIM(c) 1054/31/2022-1980 dated 06 July 2022) to adjustment over a period of 7 years from 2021-2027. After making the necessary adjustments for the current year, the current provision against leases, loans and advances is understated by BDT 1,450,382,910. (cont.15)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): 7. We draw your attention to Note 10.01 to the financial statements which describe the
(Continuation news of FIRSTFIN): 7. We draw your attention to Note 10.01 to the financial statements which describe the effect of a provision shortfall against Other Assets. To comply with the DFIM no. 10 dated 03.10.2021, the provision required by the Company as at 31 December 2021 is BDT 25,885,201 which the Company has obtained permission from Bangladesh Bank (through letter no DFIM(c) 1054/31/2022-1980 dated 06 July 2022) to adjustment over a period of 7 years from 2021-2027. (cont.16)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): After making the necessary adjustments for the current year, the current provision agai
(Continuation news of FIRSTFIN): After making the necessary adjustments for the current year, the current provision against Other Assets is understated by BDT 19,746,387. 8. The Company has a Capital Adequacy Ratio of (18.73) \% which is below the minimum 10\% threshold as set by Bangladesh Bank. Details of the calculations are provided in Note 15.06 to the Financial Statements. 9. We draw your attention to BB Circular DFIM no. 08 dated 17.08.2021, (cont.17)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): which states that the Financial Institution should collect updated DVC enclosed Statuto
(Continuation news of FIRSTFIN): which states that the Financial Institution should collect updated DVC enclosed Statutory Audit Report from the clients and preserve in loan file. As per our audit procedures, we have noted that the Company has not been able to maintain the requirements of this circular. Emphasis of Matter: 1. We draw your attention to Note 4.01 which lists the Company\'s investment in Fixed Deposits with People\'s Leasing and Financial Services Limited and (cont.18)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): International Leasing and Financial Services Limited. The Company has obtained permissi
(Continuation news of FIRSTFIN): International Leasing and Financial Services Limited. The Company has obtained permission from Bangladesh Bank to record no provision against these investments up to the year ended 31 December 2021. Our audit opinion is not qualified on this matter. 2. We draw your attention to Note 2.01 which states the difference between IFRS and accounting guidelines set out by Bangladesh Bank. Our audit opinion is not qualified on this matter. (cont.19)
The first part of this announcement is missing from the archive. - (Continuation news of FIRSTFIN): 3. We draw attention to Note 14 which states that the Company has transferred BDT 594,5
(Continuation news of FIRSTFIN): 3. We draw attention to Note 14 which states that the Company has transferred BDT 594,530 to the designated dividend accounts in order to remain complaint with the said BSEC Directive BSEC/CMRRCD/2021-386/03 Dated 14.01.21 and subsequently on 12 June 2022 Company transfer the amount to Capital Market Stabilization Fund of Bangladesh Securities & Exchange Commission. 4. As per FRC Circular no-146/FRC/2020101 dated 11-02-2020, (cont.20)
The first part of this announcement is missing from the archive. - Material Uncertainty Related to Going Concern, QO and EoM
(Continuation news of FIRSTFIN): any amount received as share money deposit must be converted to share capital within 6 months from the receiving date. The Company had received amount to BDT 159,916 which was not converted to shares within the stipulated six months. Subsequent to year-end, but before the finalization of the financial statements, the Company has transferred the outstanding amount to Capital Market Stabilization Fund of Bangladesh Securities & Exchange Commission. (end)
The first part of this announcement is missing from the archive. - The Board of Directors has recommended No dividend for the year ended December 31, 2021. Date of AGM: 22.09.2022, Time:
The Board of Directors has recommended No dividend for the year ended December 31, 2021. Date of AGM: 22.09.2022, Time: 3:00 PM, Venue: Digital Platform. The link to join the meeting through Digital Platform will be notified later on. Record Date: 24.08.2022.(cont.)
- Dividend Declaration
(Continuation news of FIRSTFIN): The Company has also reported EPS of Tk. (18.47), NAV per share of Tk. (14.32) and NOCFPS of Tk. 0.23 for the year ended December 31, 2021 as against Tk. (4.31), Tk. 4.23 and Tk. (0.99) respectively for the year ended December 31, 2020.(end)
The first part of this announcement is missing from the archive. - Q1 Financials
(Q1 Un-audited): EPS was Tk. (2.02) for January-March 2022 as against Tk. (1.42) for January-March 2021. NOCFPS was Tk. 0.07 for January-March 2022 as against Tk. 0.05 for January-March 2021. NAV per share was Tk. (16.35) as on March 31, 2022 and Tk. 2.82 as on March 31, 2021.
- Q2 Financials
(Q2 Un-audited): EPS was Tk. (2.10) for April-June 2022 as against Tk. (1.65) for April-June 2021; EPS was Tk. (4.12) for January-June 2022 as against Tk. (3.07) for January-June 2021. NOCFPS was Tk. 0.42 for January-June 2022 as against Tk. (0.01) for January-June 2021. NAV per share was Tk. (18.44) as on June 30, 2022 and Tk. 1.08 as on June 30, 2021.
- Price Limit Open
There will be no price limit on the trading of the shares of the Company today (28.07.2022) following its corporate declaration.
- Board Meeting schedule under LR 16(1)
As per Regulation 16(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on July 27, 2022 at 4:00 PM to consider, among others, un-audited financial statements of the Company for the First Quarter (Q1) period ended March 31, 2022 and Second Quarter (Q2) period ended June 30, 2022.
- Board Meeting schedule under LR 19(1)
As per Regulation 19(1) of the Dhaka Stock Exchange (Listing) Regulations, 2015, the Company has informed that a meeting of the Board of Directors will be held on July 27, 2022 at 4:00 PM to consider, among others, audited financial statements of the Company for the year ended December 31, 2021.
- WASO Credit Rating Company (BD) Ltd. (WCRCL) has announced the entity rating of the Company as \"BBB2\" in the long term
WASO Credit Rating Company (BD) Ltd. (WCRCL) has announced the entity rating of the Company as \"BBB2\" in the long term and \"ST-3\" in the short term along with a Stable outlook based on audited financial statement of December 31, 2020 and other relevant quantitative and qualitative information up to the date of rating issuance.
Source: Dhaka Stock Exchange announcements. Some posts before 2014 have no title, and 2014–2020 coverage is incomplete.