Silkbank continues robust earnings trajectory in Q3 profit after taxes Rs751m

Staff Reporter

Karachi

The Board of Directors of Silkbank Limited in their meeting held on October 26, 2017 declared an Operating Profit of Rs1.2 billion with a Profit after Taxes of Rs751 million, reflecting a growth of 49% over the results of the same period last year, for the nine months ended on September 30, 2017. Net Interest Income grew by Rs755 million, reflecting a growth of 23% over the corresponding period last year. The increase was due to an improved balance sheet spread, resulting from lower cost of funds. No-Funded Income (NFI) for the nine months showed a growth of 17% and Cumulative Net Revenue (CNR) by 21%, whereas margin registered a growth of 33% for the same period over 2016. The Bank registered an impressive growth of 22% in its Current Account portfolio. The strong Current Account growth continues and together with a strong Savings Account momentum, the Bank deposit grew altogether by 24% over the period of December 31, 2016. With the influx of 35 new branches this year, Silkbank is expected to further build its business momentum which will further add to its profitability. On the advances side, the Bank grew by Rs17 billion.

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