Silk Bank on Thursday announced Rs 2 billion injection into the capital, successfully meeting SBP Capital Adequacy Requirement (CAR) of 10 percent. According to a statement issued by the bank, Silk Bank has already received a major equity injection commitment from an international investor and has announced issuance of right shares which will take its total equity to Rs 16 billion.
Silk Bank made a significant turnaround in 2014 by declaring an operating profit of Rs 458 million for the first nine months of the year. This reflects an impressive increase of 182 percent over the same period last year. During the January-September 2014 period, profit after tax stood at 113 percent higher whereas, earning per share reflected a remarkable growth of 117 percent against the same period last year.
With enhanced capital, Silk Bank's business momentum is expected to further accelerate in 2015 and beyond. Silk Bank's equity injection is a testament of investors belief in the bank's success and will significantly boost the depositor confidence and trust. Silk Bank is backed by strong international sponsors, which include IFC (World Bank Group), Nomura European Investments, Bank Muscat and Sinthos Capital.
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