The Board of Directors of Silkbank Limited, in their meeting held on August 28, 2015, announced the half-yearly results ended June 30, 2015. Silkbank's total asset base grew by an impressive 16 billion over the period, which reflects the operational strength of the Bank. Silkbank's deposits for the period increased by Rs 13.8 billion, taking the June 30, 2015 total deposit base to Rs 82.5 billion.
This remarkable growth reflects depositor's confidence in the Bank. Silkbank continued to improve the CASA share of deposits and successfully brought down its cost of funds. Non-funded income also reflected an impressive growth of 36 percent. The Bank took aggressive provisioning to further clean the balance sheet. Post this one-off provisioning, Silkbank posted an after tax loss of Rs 95.629 million for the period ended June 30, 2015. In 2014, Silkbank announced the issuance of Right Shares worth Rs 10 billion and the process will be completed by September, 2015. Silkbank is backed by strong international sponsors, which include IFC (World Bank Group), Nomura European Investments, Bank Muscat and Sinthos Capital led by Shaukat Tarin.-PR
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