Silkbank declares Rs 739 million profit after tax

The Board of Directors of Silkbank Limited, in their meeting held recently, declared an operating profit of Rs 1.23 billion, with a profit after tax of Rs 739 million. The results were a turnaround for the bank with a net profit increase of Rs 2.58 billion over the previous year's result.
The growth was driven by a formidable increase of 40.31 percent in net interest income, with non-interest income also reflecting a strong growth of 16.81 percent. Despite recording the extraordinary growth in earnings, the administrative expenses only grew marginally by 4.4 percent. During this period deposits grew by Rs 5.69 billion and advances by Rs 2.3 billion, with Non-Performing Loans (NPL's) reducing by Rs 2.7 billion.-PR