SBP grants extension to Silk Bank for publishing Half Yearly Accounts till Sept 30

MG News | August 31, 2020 at 02:08 PM GMT+05:00

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August 31, 2020 (MLN): The State Bank of Pakistan (SBP) has granted an extension to the Silk Bank Limited for finalizing and publishing its Half Yearly Accounts for the period ended June 30, 2020, till September 30, 2020.

The notification issued to PSX said, ‘this is on account of expected recoveries/regularization in a major classified portfolio of the Bank, for which proposals are pending approval with SBP / regulatory authorities. The Bank expects to receive the required approvals for regularization of these loans shortly, which would make these accounts regular and improve the bottom line and CAR of the Bank.’

In view of the foregoing, the Board meeting of the Bank scheduled to be held on September 02, 2020, has been postponed. The Bank shall announce the new date & time of the Board meeting to the PSX accordingly.

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