Silkbank declares pre-tax profit of Rs4.1bn for 2nd quarter of year

LAHORE: The Board of Directors (BoD) of Silkbank Ltd. on Thursday declared pre-tax profits of Rs4.1bn for the 2nd quarter of 2020.

The strong performance continues despite the economic slowdown from the shutdown due to Covid-19 and as the bank continues to restructure for profitability, growth and improved controls. During the quarter under review, revenues were boosted by the partial sale of the PIB portfolio of the bank.

The bank also declared a pre-tax profit of Rs3.2bn for the first half ending June 30, 2020,
which is Rs2.9bn better than the first half of 2019.

Expenses were lowered by 7 per cent year on year (YoY) while the bank continued with prudently providing for weak accounts.

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In a demonstration of customer confidence, this growth is led by the bank’s consumer division with credit cards and personal loan products registering a growth of 12pc profit before taxes over the same time last year. Deposits grew by Rs8.4bn over June 30, 2019; and in line with the bank’s strategy, total loans reduced to Rs108bn at June 30, 2020 from 112bn in December 2019. Mystery shopping showed that satisfaction levels increased to 91pc vs 85pc for the first half of 2020 over 2019.

Silk Bank Limited is owned by an international consortium led by senior banker Mr Shaukat
Tarin.

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