Silk bank conducted its Board of Directors meeting on August 13th 2018, to discuss the financial earnings for the half year ended June 30th 2018.
As per the numerations in the report, as compared to the six month period ended June 30th 2017, the bank's Mark-up/return/interest earned increased by 37% while Mark-up/return/interest expensed increased by 47%, thus Net mark-up/interest income increased by 27%.
Besides, Net mark-up/ interest income after provisions increased by 14% while Total non-mark-up /interest income increased by 31%.
Administrative expenses went up by almost 9.6%, and Total non-mark-up /interest expenses increased by 9.5% aswell.
Overall, Silk Bank's total profit for the period increased by 56%, whereas the earnings per share were reported to have increased by 60% to Rs. 0.08 per share
Profit and Loss Account for the Half Year Ended June 30th 2018 ('000 Rupees) |
|||
|
Jun-18 |
Jun-17 |
% Change |
Mark-up/return/interest earned |
7,085,853 |
5,158,004 |
37.38% |
Mark-up/return/interest expensed |
(3,772,746) |
(2,555,596) |
47.63% |
Net mark-up/ interest income |
3,313,107 |
2,602,408 |
27.31% |
Provision against non-performing loans and advances – net ( specific) |
(679,192) |
(262,079) |
159.16% |
Provision against small enterprises and consumer financing – net (general) |
(65,398) |
(27,766) |
135.53% |
Recovery against written off loans |
89,460 |
39,355 |
127.32% |
Impairment in the value of investments |
– |
(22,723) |
|
Net mark-up/ interest income after provisions |
2,657,977 |
2,329,195 |
14.12% |
NON MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income |
899,930 |
684,521 |
31.47% |
Dividend income |
– |
22,244 |
|
Income from dealing in foreign currencies |
120,817 |
72,075 |
67.63% |
Gain on sale of securities – net |
(17,771) |
48,437 |
|
Unrealized (loss)/gain on revaluation of investments- held for trading |
404 |
(652) |
|
Other income |
733,943 |
492,576 |
49.00% |
Total non-mark-up /interest income |
1,737,323 |
1,319,201 |
31.70% |
NON MARK-UP/INTEREST EXPENSES |
|
|
|
Administrative expenses |
(3,255,173) |
(2,971,107) |
9.56% |
Other (provisions)/(write-off)/reversal – net |
(821) |
(2,597) |
-68.39% |
Other charges |
(66,087) |
(60,936) |
8.45% |
Total non-mark-up /interest expenses |
(3,322,081) |
(3,034,640) |
9.47% |
Extra-ordinary/unusual items |
– |
– |
|
Profit before taxation |
1,073,219 |
613,756 |
74.86% |
Taxation |
(327,309) |
(135,496) |
141.56% |
Profit after taxation |
745,910 |
478,260 |
55.96% |
Earnings per share (basic and diluted) |
0.08 |
0.05 |
60.00% |
22616