Silk Bank witnesses 16x rise in half yearly profits

News Image

MG News | September 30, 2020 at 04:38 PM GMT+05:00

0:00

September 30, 2020 (MLN):  Silk Bank Limited has witnessed a whopping 16x increased in net profits to Rs 1.88 billion for the six months ended on June 30th 2020, compared to the profits of Rs 116.8 million in the corresponding period of last year.

This reflected in bank’s earnings per share which depicted mammoth 21x increase from Rs 0.01 to Rs 0.21 per share.

A cumulative cut of 625 bps in policy rate during 2HFY20 from 13.25% to 7% has enabled the bank to earn 23% YoY higher interest income but due to rise in interest expenses by a greater margin (up by 80% YoY) its net interest income reduced by 75% YoY.

On the positive side, the bank realized a capital gain of Rs 5.5 billion which helped in lifting its non-interest income by 411% YoY.

On the expense side, the bank’s operating expenses went down by almost 6.5% and other charges declined by 86.2% YoY, as result, its non-mark-up /interest expenses shrank by 7.5% YoY.

Profit and Loss Account for the half year ended June 30, 2020 ('000 Rupees)

 

Jun-20

Jun-19

% Change

Mark-up/return/interest earned

                     11,818,352

                       9,549,836

23.75%

Mark-up/return/interest expensed

                  (10,951,324)

                     (6,076,277)

80.23%

Net mark-up/ interest income

                           867,028

                       3,473,559

-75.04%

NON-MARK-UP/INTEREST INCOME

 

 

 

Fee, commission and brokerage income

                       1,087,109

                       1,057,416

2.81%

Dividend income

                                      -  

                               3,425

-100.00%

Income from dealing in foreign currencies

                        (504,907)

                        (741,342)

-31.89%

loss/income from derivatives

                           722,819

                       1,026,583

-29.59%

Gain/ loss on securities

                       5,563,979

                           (39,908)

 

other income/ loss

                             51,622

                             47,254

9.24%

Total non-mark-up /interest income

                       6,920,622

                       1,353,428

411.34%

NON-MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

                     (3,587,288)

                     (3,838,901)

-6.55%

Workers Welfare Fund

                           (64,890)

                             (5,186)

1151.25%

Other charges

                           (17,235)

                        (125,092)

-86.22%

Total non-mark-up /interest expenses

                     (3,669,413)

                     (3,969,179)

-7.55%

Other (provisions)/(write-off)/reversal - net

                        (938,632)

                        (603,680)

55.49%

Extra-ordinary/unusual items

                                      -  

                                      -  

 

Profit before taxation

                       3,179,605

                           254,128

1151.18%

Taxation

                     (1,293,146)

                        (137,297)

841.86%

Profit after taxation

                       1,886,459

                           116,831

1514.69%

Earnings per share (basic and diluted)

                                  0.21

                                  0.01

2000.00%

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 156,226.54
223.24M
0.54%
842.03
ALLSHR 95,704.47
715.96M
0.60%
570.90
KSE30 47,737.98
111.52M
0.57%
270.98
KMI30 229,343.56
83.71M
0.75%
1698.34
KMIALLSHR 64,366.44
353.13M
0.75%
478.38
BKTi 42,131.92
64.11M
0.89%
370.14
OGTi 31,783.76
5.58M
0.52%
164.63
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 115,220.00 117,240.00
114,940.00
-2045.00
-1.74%
BRENT CRUDE 67.14 67.52
66.78
0.15
0.22%
RICHARDS BAY COAL MONTHLY 84.00 0.00
0.00
-1.20
-1.41%
ROTTERDAM COAL MONTHLY 93.00 0.00
0.00
0.05
0.05%
USD RBD PALM OLEIN 1,106.50 1,106.50
1,106.50
0.00
0.00%
CRUDE OIL - WTI 62.90 63.24
62.52
0.21
0.34%
SUGAR #11 WORLD 15.90 15.98
15.80
0.11
0.70%

Chart of the Day


Latest News
September 16, 2025 at 12:22 PM GMT+05:00

Saudi Riyal available at PKR 76 in open market


September 16, 2025 at 12:08 PM GMT+05:00

Pakistan consumer confidence falls to 37.7 points in September


September 16, 2025 at 12:07 PM GMT+05:00

PSX issues revised calendar for Government Ijarah Saukuk auction


September 16, 2025 at 11:50 AM GMT+05:00

Major Solar installation completed at Kohinoor Mills facility



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg