Silkbank announces operating profit of Rs1.23 billion
The administrative expenses grew marginally by 4.4%
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.
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.