Announcement: Silkbank posts Rs337m gross profit

KARACHI: Silkbank announced profit before tax of Rs337 million in the first six months of 2011 compared with Rs21.5 million posted in the same period last year, according to a statement issued on Tuesday. The management is confident that strong growth in balance sheet and revenues along with recoveries of non-performing advances will continue. The bank, since the acquisition of Saudi Pak Commercial Bank, has launched several successful asset and liability products which will significantly improve future balance sheet spreads. The total deposits of the bank grew by an impressive Rs 7.9 billion to Rs 63.6 billion, reflecting a growth of 14% which outstrips the banking industry growth of 9% during the same period. PRESS RELEASE

Published in The Express Tribune, August 31^st,  2011.