Business

CORPORATE CORNER: Silkbank records sharp rise in profitability

Net mark-up income of the bank grew significantly, by 43% compared to the nine months ended Sept 30 2015

Press Release October 29, 2016

KARACHI: Silkbank Limited in its board meeting held on Oct 28, 2016 declared an operating profit of Rs1.32 billion for the nine-month period ended Sept 30, 2016. The bank's profit before tax of Rs783 million reflects a notable growth of 772 % compared to the same period last year.

The steady improvement in profitability is the result of implementation of a well formulated business strategy. The on-going focus is two-fold; on the revenue side, growth is led by contributions from high-yielding consumer assets; and on the cost side, a steady rise in CASA is bringing the cost of funds down - evident from the deposit mix which stands at 61% of CASA deposits versus 58% for the same period last year.

Thus, net mark-up income of the bank grew significantly, by 43% compared to the nine months ended Sept 30 2015.

Published in The Express Tribune, October 29^th, 2016.

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