Corporate Corner: Silkbank maintains growth momentum
This translates into a growth of 87% and 91%, respectively, over the same period last year
This translates into a growth of 87% and 91%, respectively, over the same period last year PHOTO: SILKBANK
KARACHI:
The board of directors of Silkbank Limited, in its meeting held on April 26, 2018, reviewed the performance of the bank and approved the financial statements for the first quarter ended March 31st, 2018. The bank has posted a profit before taxation of Rs401 million and a profit after taxation of Rs260 million. This translates into a growth of 87% and 91%, respectively, over the same period last year. This performance was driven by a formidable growth of 23% in net interest income, with non-interest income also reflecting an impressive rise of 62%. During the quarter, total deposits of the bank grew by 10%, an increase by Rs11.3 billion to Rs121.6 billion, primarily via a significant growth of 17% in CASA. This has led the CASA ratio to improve by 4% from 61% as of end December, 2017 to 65% in the quarter, 2018. Gross advances increased by Rs5.7 billion reflecting a growth of 6.3%. In order to provide a platform to cater to the unbanked population, the bank is planning to launch digital banking shortly to increase its outreach and its distribution footprint.
Published in The Express Tribune, May 4th, 2018.
The board of directors of Silkbank Limited, in its meeting held on April 26, 2018, reviewed the performance of the bank and approved the financial statements for the first quarter ended March 31st, 2018. The bank has posted a profit before taxation of Rs401 million and a profit after taxation of Rs260 million. This translates into a growth of 87% and 91%, respectively, over the same period last year. This performance was driven by a formidable growth of 23% in net interest income, with non-interest income also reflecting an impressive rise of 62%. During the quarter, total deposits of the bank grew by 10%, an increase by Rs11.3 billion to Rs121.6 billion, primarily via a significant growth of 17% in CASA. This has led the CASA ratio to improve by 4% from 61% as of end December, 2017 to 65% in the quarter, 2018. Gross advances increased by Rs5.7 billion reflecting a growth of 6.3%. In order to provide a platform to cater to the unbanked population, the bank is planning to launch digital banking shortly to increase its outreach and its distribution footprint.
Published in The Express Tribune, May 4th, 2018.