ISLAMABAD: Silkbank Limited has reported its financial results for the year ending December 31, 2021, revealing a significant rise in net losses. The bank recorded a net loss of Rs. 12.28 billion, marking an 87 percent increase from the Rs. 6.57 billion losses in 2020. No dividends were announced for shareholders for this period.
The bank’s net interest income showed a 65 percent year-on-year increase, totaling Rs. 2.83 billion for 2021. However, the financial burden was evident as interest expenses reached Rs. 7.6 billion, and interest income turned negative at Rs. 3.92 billion.
Foreign exchange income provided a modest boost, rising by 22 percent to Rs. 279 million from Rs. 228 million in the previous year. However, Silkbank faced a loss of Rs. 1.58 billion from the sale of securities, adding further pressure on its earnings.
Operational expenses saw a slight decrease, dropping to Rs. 7.45 billion from Rs. 7.57 billion in the same period last year. The bank’s tax payments also rose sharply, with Rs. 6.35 billion paid in 2021 compared to Rs. 3.1 billion the previous year.
The bank reported a loss per share of Rs. 1.35, compared to a loss per share of Rs. 0.72 in 2020, reflecting the overall challenging year for Silkbank.
