Silkbank announces operating profit of Rs1.23 billion

The administrative expenses grew marginally by 4.4%

Press Release March 03, 2017

KARACHI: The Board of Directors of Silkbank Limited, in their meeting held on February 28, 2017, 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% in net interest income, with non-interest income also reflecting a strong growth of 16.81%. Despite recording the extra ordinary growth in earnings, the administrative expenses only grew marginally by 4.4%. 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.

Published in The Express Tribune, March 3rd, 2017.

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