Silkbank announces half-yearly profits

KARACHI: The Board of Directors of Silkbank Limited last week declared an operating profit of Rs1.729 billion, with profit after tax of Rs746 million for the half year ended June 30, 2018, reflecting an increase of 75 percent over the same period last year, a statement said on Monday.

The bank's net interest income grew by Rs711 million for the half year ended June 30, 2018 reflecting a growth of 27 percent over the corresponding period last year. Non-funded Income (NFI) for the half year showed a growth of 32 percent over the same period last year.

Gross advances have shown a growth of Rs8.19 billion, higher by nine percent versus December 2017. Deposits substantially increased by Rs15.1 billion or 13.7 percent over December 2017, taking the total deposit base to Rs125.36 billion. CASA ratio improved from 61.46 percent in December 2017 to 63.83 percent in June 2018, which contributed towards reduced cost of funds and higher profitability.