Silkbank continues ascending towards excellence, posts profit of Rs 370.4 million

The board of directors of Silkbank Limited in their meeting held on April 27, 2017 declared an operating profit of Rs 370.4 million, with a profit after tax of Rs136 million for the quarter ended March 31st 2017.

All income metrics reflected improvement from the same period last year. Net interest income for the quarter ending 31st March 2017 was recorded as Rs 1.26 billion a 10.5pc increase over the corresponding period last year. This is an outcome of an improved balance sheet spread which increased from 3.4 pc in 1st quarter 2016 to 3.9 pc in the corresponding period in 2017. Similarly, non-interest income grew by 18 pc as compared to the same period last year.

On the balance sheet side, the bank’s net assets grew by 1.7 pc and gross advances increased by Rs 5.8 billion, as compared to December 2016. On the liability side, deposits substantially increased by Rs 7.47 billion taking the total deposit base to Rs 94.25 billion.

Moreover, the bank continued its focus on building low cost deposits, as the CASA ratio improved from 58.79 pc in December 2016 to 62.66 pc in March 2017, a clear indication of customers’ confidence in the bank’s ability to perform up to the standards.

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