F.P. Report
KARACHI: The Board of Directors of Silkbank Limited, in its meeting held, reviewed the performance of the Bank and approved the financial statements for the year ended December 31, 2017. The Bank has posted a Profit before Tax of Rs. 1,387 million and a Profit after Tax of Rs. 1,135 million for the year ended December 31, 2017. This translates into a growth of 54% over 2016.
This performance was driven by formidable growth of 26% in Net Interest Income, with Non-Interest Income also reflecting an impressive rise of 33%.
During the year, deposits increased from Rs. 23.5 billion to Rs. 110.3 billion. This included a significant growth of 33% in CASA of Rs. 16.8 billion. The Non-Performing Loans to Advances Ratio reduced to low of 6.5% as of December 31, 2017.
The Bank has increased its distribution footprint by opening 35 new branches both on the Islamic and conventional side, at strategic locations all over the country, which should significantly enhance the Bank’s ability to mobilize deposits.
In order to provide a platform to cater the unbanked population, the Bank has established a digital banking unit to increase its outreach in the millennials population, which is currently in its pilot stage. By introducing the “smart branch” concept, the Bank will also increase its distribution footprint and increase the number of branches at strategic locations all over the country.
The growth and profit expectations for 2018 remain very strong, driven by the Bank’s high earning consumer assets, where the Bank maintains a leadership position in several products. The Bank is committed to meet the increasing expectations of its customers and continues to build its franchise by timely investing in information technology, human resources, marketing and infrastructure.
