Listed non-bank financial institution Myidas Financing PLC is facing mounting financial difficulties, with 55 percent of its total leases, loans and advances turning into defaulted loans.
The company is also under severe pressure due to a capital shortfall, negative shareholders’ equity and substantial losses, according to its audited financial statements for 2025.
The findings were disclosed in the audit report signed by A.K.M. Kamrul Islam, managing partner of Islam Aftab Kamrul & Co.
According to the report, Myidas Financing had total leases, loans and advances worth Tk 788.82 crore in 2025. Of this, Tk 432.47 crore was classified as defaulted, accounting for around 55 percent of the total.
The company also had a provision shortfall of Tk 25.98 crore against 41 separate leases, loans and advances in accordance with Bangladesh Bank regulations. In addition, it faced another Tk 6 crore in other provision shortfalls.
The company’s income and expenditure figures also highlight the severity of its financial problems. In 2025, its net interest income stood at Tk 46.87 crore, while total operating income was Tk 46.36 crore. However, the company incurred a net loss of Tk 335.29 crore after tax during the year.
Meanwhile, its capital adequacy ratio (CAR) shortfall stood at Tk 350.07 crore. Shareholders’ equity also turned negative, reaching minus Tk 266.01 crore.
The auditors noted that the company was facing a liquidity crisis in meeting depositors’ demands.
Myidas Financing’s shares have remained in the ‘Z’ category after the company failed to pay any dividend for three consecutive years, increasing concerns over the risks faced by investors.
Explaining the reasons behind the financial crisis, company secretary Tanvir Hasan said the country’s financial sector had been struggling for several years.
He said confidence in the leasing sector had declined significantly, prompting many customers to withdraw their deposits rather than keep their money with financial institutions. This had created a cash shortage for the company.
He also said that following the political transition, many businesses faced difficulties in continuing their operations, resulting in a rise in loan defaults.
