Phoenix Finance and Investments Limited
Phoenix Finance & Investments Limited is a major non-bank financial institution head office in Dhaka, Bangladesh.
History
Phoenix Finance and Investments Limited was incorporated on 19 April 1995 as Phoenix Leasing Company Limited and received its non-bank financial institution license from Bangladesh Bank on 9 May 1995. In February 2007, the company was renamed Phoenix Finance & Investments Limited to reflect its expanded financial services offerings. It was listed on the Dhaka Stock Exchange and Chittagong Stock Exchange in September 2007 following an initial public offering.Founding chairperson Deen Mohammad died in 2021 from COVID-19 infection during the COVID-19 pandemic in Bangladesh. The company made a loss for the first time in 2021. The company did not publish financial statements as required for listed companies. In December 2023, the Bangladesh Bank suspended Managing Director S. M. Intekhab Alam due to loan irregularities, including unsecured disbursements and documentation lapses.
Governance
The company’s board of directors includes independent and sponsor directors, and its shareholding structure comprises institutional investors, sponsors, and general shareholders. Md Mamunur Rashid Molla serves as Managing Director.Financial performance
Phoenix Finance has experienced sustained financial losses since 2021 due to high loan provisioning and regulatory pressure:- 2021: Loss of BDT 350 million.
- 2022: Loss rose to BDT 1.39 billion.
- 2023: Loss reached BDT 7.05 billion.
- 2024: Record loss of BDT 8.08 billion; EPS fell to BDT -48.73 and no dividend was declared.