KARACHI: The Board of Directors of Silkbank announced a profit before tax of Rs.172 million in the first quarter of 2012 which translates to an increase of 9.7 percent over the previous corresponding period.
An announcement here on Tuesday said that this is despite an increase in administrative cost by 13.8 percent over the previous corresponding period.
The total deposits increased by Rs.10 billion in quarter one of 2012 which reflects a growth of 17.17 percent over the same period last year.
Gross Advances also reflected a 3.19 percent growth over the corresponding period of last year, increasing by Rs.1.7 billion.
As a conscious strategy, it was further pointed out, the bank is changing the advances mix by moving into higher margin consumer and SME markets which continues to improve its balance sheet spread.
A noteworthy reduction in the non-performing loans was achieved by Silkbank in quarter one of 2012 which resulted in a provision reversal including recovery of written off loans of Rs. 508 million. This led to a reduction in non-performing loans by 6.9 percent.
The Board of Silkbank appreciated the ongoing contribution of Shaukat Tarin, as Advisor to the Chairman of the Board.
Tarin continues to be a principal shareholder of Silkbank along with Nomura Investments, Bank Muscat and International Finance Corporation (IFC).
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