Silkbank Board in its meeting held on Tuesday, approved the accounts for the third quarter ended September 30, 2014. The bank made a significant turnaround by declaring an operating profit of Rs 458 million for the nine months of 2014, reflecting an impressive increase of 182 percent over the same period last year. January-September 2014, profit after tax was recorded at Rs 101.27 million.
Earnings per share reflected a remarkable growth of 116 percent for the nine months ended September 30, 2014 compared to the same period last year. The bank's balance sheet footing also highlighted an impressive growth of Rs 7.65 billion over December 31, 2013. Over the nine months of 2014, deposits showed a significant growth of Rs 6.98 billion, whereas, gross advances reflected a growth of Rs 3.67 billion. NPL reduced by Rs 1.15 billion during the same period.
The management is confident that with the Tier 1 Capital of Rs 2.2 billion raised by the bank in 2013 and the growth in revenues and balance sheet, Silkbank will continue to reflect an improved revenue momentum and close 2014 on a stronger footing. The bank is in the process of further capitalising its balance sheet to meet the minimum capital requirements and capital adequacy ratio.-PR