The Board of Directors of Silkbank Limited, in their meeting held on October 29, announced the third quarterly results ended September 30. The Bank declared a Profit After Tax of Rs 30 million for the July-September 2015 quarter. Silkbank's total asset base grew by an impressive 15 billion over the period, which reflects the operational strength of the bank.
Silkbank registered a deposit growth of 15.8 percent against December 2014 figures, which reflects depositor confidence in the Bank. CASA deposits increased by an impressive 16.3 percent for the January-September 2015 period, which successfully brought down the cost of funds for the bank. Non-funded income also reflected an impressive growth of 53 percent compared to the same quarter last year.
The Right Shares Issue of Rs 10 billion is now complete and the bank is awaiting regulatory approval for induction of new sponsors. 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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