KARACHI (Staff Reporter): Silkbank Limited held its Board
of Directors meeting here on Wednesday and declared an operating profit of
Rs1.23 billion, with a Profit After Tax of Rs739 million. The results were a
turnaround for the bank with a net profit increase of Rs2.58 billion over the
previous year’s result. The growth was driven by a formidable increase of 40.31
percent in Net Interest Income, with Non-Interest Income also reflecting a
strong growth of 16.81 percent. Despite recording the extra ordinary growth in
earnings, the administrative expenses only grew marginally by 4.4 percent.
During this period deposits grew by Rs5.69 billion and advances
by Rs2.3 billion, with Non-Performing Loans (NPL’s) reducing by Rs2.7 billion.
Silkbank is already Capital and CAR compliant as per the SBP regulations. The
growth and profit expectations for 2017 remain very strong specially driven by
the bank’s high earning consumer assets and card portfolios where the bank
maintains a leadership position in several products.
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