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SilkBank Limited witnesses an increase of 56% in half yearly profits

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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%

 

 

 

 

 

 

 

 

Posted on: 2018-08-13T15:55:00+05:00

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