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
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 29th, 2016.
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 29th, 2016.