Silkbank declares operating profit of Rs2.7b for nine months

Board of directors of Silkbank Limited hold meeting

KARACHI: The board of directors of Silkbank Limited in their meeting held on October 25, 2018 declared an operating profit of Rs2.719 billion with profit after tax of Rs1.235 billion for the nine months ended September 30, 2018.

The profit before tax for the period reflected an impressive increase of 70% versus the same period last year. Net interest income grew by Rs913 million for the nine months ended September 30, 2018, reflecting a growth of 23%, whereas non-funded income for the same period reflected a  growth of 42% over the corresponding period last year.

Silkbank’s gross advances registered an increase of Rs14.29 billion, up 16% in comparison with year-end 2017 figures. Deposits also increased by Rs12 billion versus December 2017, taking the total deposits base to Rs122.33 billion, reflecting greater customer confidence in the bank. CASA ratio improved from 61.46% in December 2017 to 66.76% in September 2018, favourably impacting the cost of deposits.

Published in The Express Tribune, October 26^th, 2018.

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