Silkbank Limited’s profits drop by 84%

By MG News | August 28, 2019 at 11:53 AM GMT+05:00

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August 28, 2019 (MLN): Silkbank Limited has announced Profit after Tax of Rs. 116 million (EPS: Rs. 0.01) for the half year ended June 30, 2019, signifying a decline of 84% over the same period of last year.

The Net Interest Income of the bank increased by merely 5%, owing to higher increase in interest expenses than interest returns.

On the flip side, the total expenses increased by 19.5%, on account of massive increase in non-core expenses.

Nevertheless, the bank received some breather via decline in income tax expenses by 58%.

Profit and loss account for the half year ended June 30, 2019 (Rupees'000)
	June, 2019	June, 2018	% Change
Mark-up / return / profit / interest earned	9,549,836	7,085,853	34.77%
Mark-up / return / profit / interest expensed	-6,076,277	-3,772,746	61.06%
Net Mark-up / return / profit / interest Income	3,473,559	3,313,107	4.84%
NON MARK-UP / INTEREST INCOME
Fee and commission income	1,057,416	899,930	17.50%
Dividend income	3,425
Foreign exchange (loss) / income	-741,342	144,633
Income / (loss) from derivatives	1,026,583	-10,771
(Loss) / gain on securities	-39,908	-17,367	129.79%
Other income	47,254	720,898	-93.45%
Total non-markup / Interest Income	1,353,428	1,737,323	-22.10%
Total Income	4,826,987	5,050,430	-4.42%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	-3,838,901	-3,294,786	16.51%
Workers Welfare Fund	-5,186	-21,921	-76.34%
Other charges	-125,092	-4,553
Total non-markup / interest expenses	-3,969,179	-3,321,260	19.51%
Profit before provisions, extra ordinary / unusual item and taxation	857,808	1,729,170	-50.39%
Provisions and write offs - net	-603,680	-655,951	-7.97%
PROFIT BEFORE TAXATION	254,128	1,073,219	-76.32%
Taxation	-137,297	-327,309	-58.05%
PROFIT AFTER TAXATION	116,831	745,910	-84.34%
Basic and Diluted Earnings Per Share	0.01	0.08	-87.50%

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