Silkbank reports Rs30 million profit

Silkbank has declared a profit-after-tax of Rs30 million during the first quarter of the current calendar year as compared to Rs28 million in the corresponding quarter last year, the bank said in a statement on Thursday.
The total asset base grew by an impressive Rs15 billion over the period, which reflects the operational strength of the bank. Silkbank registered a deposit growth of 15.8 percent against December 2014 figures.
The current and saving deposits increased by 16.3 percent for the January-September 2015 period, which successfully brought down the cost of funds for the bank.
Non-funded income also reflected a growth of 53 percent as compared to the same quarter last year.
The right shares issue of Rs10 billion is now complete and the bank is awaiting regulatory approval for induction of new sponsors.