Staff Reporter
Lahore
Declares Pre-Tax Profit of Rs.4.1bn for the quarter ended June 30, 2020 The board of Directors of Silkbank Limited declared pre-tax profits of Rs.4.1bn for the 2nd quarter of 2020.
The strong performance continues despite the economic slowdown from the shutdown due to Covid 19 and as the bank continues to restructure for profitability, growth and improved controls. During the quarter under review, revenues were boosted by the partial sale of the PIB portfolio of the bank. The bank also declared a pre-tax profit of Rs.3.2bn for the first half ending June 30th, 2020, which is Rs.2.9bn better than the first half of 2019. Expenses were lower by 7 percent year on year and the bank continued with prudently providing for weak accounts.
In demonstration of customer confidence, this growth is led by the bank’s consumer division with credit cards and personal loan products registering a growth of 12percent profit before taxes over the same time last year.
