LAHORE: The Board of Directors of Silkbank Limited in their meeting held on August 13, 2018, declared an Operating Profit of Rs1.729 billion, with Profit after tax of Rs746 million for the half year ended June 30, 2018, reflecting a significant increase of 75 per cent over the same period last year.
Net interest income grew by Rs711 million for the half year ended June 30, 2018 reflecting a growth of 27 per cent over the corresponding period last year. Non-funded Income (NFI) for the half year showed a growth of 32 per cent over the same period last year. Gross advances have shown a growth of Rs8.19 billion, higher by 9 per cent versus December 2017. Deposits substantially increased by Rs15.1 billion or 13.7 per cent growth over December 2017, taking the total deposit base to Rs125.36 billion.
The robust deposit growth reflects increased customer confidence in the Bank. CASA ratio improved from 61.46 per cent in December 2017 to 63.83 per cent in June 2018, which contributed towards reduced cost of funds and higher profitability.
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