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| News and Updates |
| Silkbank posts Rs618m profit - Aug 27, 2010 16:20:21 |
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Silkbank posts Rs618m profit
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| Friday, August 27, 2010 |
| By our correspondent |
KARACHI: Silkbank on Thursday declared a profit-after-tax of Rs618 million for the second quarter ended on June 30.
Silkbank reflected a healthy increase in advances of Rs9.3 billion, taking the total advances to Rs50 billion.
This reflects a 23 percent growth over December 2009 figures, whereas the industry grew by around two percent for the same period, a statement said.
Silkbank also registered a growth of Rs4.4 billion in deposits during this period. It recorded a phenomenal increase of 205 percent in net interest income and non-interest income increased by an impressive 142 percent over the same period last year, it said.
Silkbank has met the State Bank of Pakistan’s (SBP) minimum capital requirement of Rs6 billion, taking the capital adequacy ratio to over 10 percent.
As a result of the impressive performance, the short-term rating of the bank has been upgraded to A 2 (A Two).
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