Silkbank Limited has declared an Operating Profit of Rs 889 million for the half year (Jan-June CY16) ended June 30, 2016. The Bank's profit before tax of Rs 536 million for the half year reflects a significant increase of 441 percent compared to the same period last year, informed in the bank's Board Meeting held on August 26, 2016.
The bank's total assets base grew notably by Rs 11 billion in June 2016, which highlights the operational strength of the bank. Deposits for the half-year period have increased by Rs 3.8 billion - taking the total deposit base to Rs 84.88 billion - reflecting depositors' confidence in the Bank.
Silkbank is actively working towards improving the CASA share of deposits and shedding high-cost deposits - evident from the deposit mix which stands at 62 percent of CASA deposits vs. 56 percent for the same period last year. Net mark-up income of the bank grew significantly by 48 percent compared to the half year ended June 30, 2015. Having become fully Capital Compliant by end of last year, the Bank is now steadily improving its profitability through a well thought out Business strategy.-PR