Silkbank’s profit shoots up 304.7%

KARACHI: Net profit of Silkbank increased 304.7% to clock up at Rs201.8 million for Jan-Mar, according to its quarterly earnings report on Friday.

The expansion in the bank’s bottom line was on the back of increased net interest income (NII). It amounted to Rs934.8 million after provisions, which was up 49.2% from a year ago.

Non-interest income clocked up at Rs445.5 million, down 31.4% from a year ago. Its non-mark-up expenses also dropped 11% to Rs1 billion.

The diluted earnings per share remained Rs0.02 as opposed to EPS of Rs0.01 in the same quarter of 2015.

The bank’s total assets grew 4.3% to Rs138.8 billion in the first three months of 2016. Deposits grew 5.2% to Rs85.34 billion in Jan-Mar over the preceding quarter.

Published in The Express Tribune, April 30^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.