Results: Silkbank posts Rs1.13b loss

KARACHI: Silkbank Limited released its financial statement for the year ended December 31, 2010, posting a net loss after taxation of Rs1.13 billion. This figure represents a significant improvement from the Rs2.9 billion loss after tax for 2009.

Losses fell on the back of higher interest income, with the bank earning Rs849 million in 2010, compared with Rs57 million in the preceding year. Statistics show that the bank witnessed the same trend as the rest of the industry, as bad debts dropped significantly from Rs2.17 billion to Rs151 million during the period under review.

Published in The Express Tribune, March 3^rd, 2011.