Silkbank announces Rs.398.8 million profit for Q-3 2011

Karachi: Silkbank has announced results for the period ended September 30, 2011 according to which bank’s profit before tax increased from a loss of Rs.830.8 million in September 30, 2010 to a profit of Rs.398.8 million in September 30, 2011.

The profit depicts an astounding growth over the same period last year. This reflects Silkbank’s turn around with continuous earnings for the first three quarters of 2011, a release said on Monday.

According to a statement Silkbank management is confident that strong growth in balance sheet and revenues along with recoveries of non-performing advances will continue and the Bank will close the full year 2011 on a strong footing.

Silkbank has, since the acquisition of Saudi Pak Bank, launched several successful asset and liability products which will significantly improve future balance sheet spreads.

The total deposits of the bank have increased by an impressive Rs.6.62 billion to Rs.62.3 billion thus reflecting a growth of 12% which outstrips the banking industry growth of 5.7% during the same period. Advances increased by Rs.1.0 billion. The Bank’s recovery efforts on non-performing loans resulted in reversal of provisions of Rs.1.06 billion for the nine-month period ended September 30, 2011.

The Bank’s total income after provisions increased by 146% from Rs.1,253 million in September 2010 to Rs.3,086 million in September 2011. Silkbank declared earnings of Rs.0.08 per share for Q-3 2011.

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