Silkbank declares operating profit of Rs.3.146b

Silkbank declares operating profit of Rs.3.146b

F.P. Report

KARACHI: The Board of Directors of Silkbank Limited in their February 28, 2019 meeting declared an Operating Profit of Rs. 3.146 billion, with a Profit After Tax of Rs. 1.330 billion for the year ended December 31, 2018, reflecting a growth of 17% over the previous year.

Net interest income grew by Rs. 1.119 billion reflecting a growth of 20% whereas Non Funded Income increased by 16% over the corresponding period last year. Gross advances increased by Rs. 13.43 billion reflecting a 15% growth for the year.

Deposits substantially increased by Rs. 22.39 billion versus last year, taking the total deposit base to Rs. 132.66 billion. CASA deposits significantly improved from 61.5% in Dec 2017 to 67.3% in Dec 2018, reflecting continued customer confidence in the Bank.

Silkbank maintains an upward trajectory in its growth and profitability and the Board is optimistic that Silkbank will maintain a strong growth momentum going forward.

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