Silkbank’s losses widen to Rs13bn in 2024

MG News | February 26, 2025 at 02:25 PM GMT+05:00

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February 26, 2025 (MLN): Silkbank Limited (PSX: SILK) reported its financial results for the year ended December 31, 2024, revealing an increase in net losses to Rs13.04 billion (LPS: Rs1.44) compared to Rs12.79bn (LPS: Rs1.41) in the previous year.

The rise in losses was primarily driven by higher provisions and operating expenses.

The bank’s net markup interest expense widened by 8.51% to Rs13.07bn due to a slight increase in markup expenses.

Non-markup income declined by 7.35% to Rs3.48bn, mainly due to a 36.25% drop in foreign exchange income and a 49.15% decline in other income.

Operating expenses surged 9.90% to Rs8.55bn, while provisions and write-offs saw a sharp increase of 72.43% to Rs7.78bn.

As a result, the bank’s pre-tax loss expanded by 25.63% to Rs25.95bn.

However, a 64.02% rise in tax adjustments to Rs12.91bn provided some relief, limiting the overall increase in net losses.

Profit and Loss For The Period Ended December 31, 2024 (Rupees in '000)
	Dec-24	Dec-23	%Change
Mark-up / Return / Profit / Interest Earned	40,167,417	41,134,988	-2.35%
Mark-up / Return / Profit / Interest Expensed	(53,237,590)	(53,180,445)	0.11%
Net Mark-up / Return / Profit / Interest Expense	(13,070,173)	(12,045,457)	8.51%
NON MARK-UP / INTEREST INCOME
Fee and Commission Income	3,014,614	3,022,754	-0.27%
Dividend Income	53,733	23,881	125.00%
Foreign Exchange Income	327,780	514,204	-36.25%
Income / (Loss) from Derivatives	1	(1,820)	-100.05%
Loss on Securities	(30,098)	(23,119)	30.19%
Other Income	109,673	215,679	-49.15%
Total Non-Markup / Interest Income	3,475,703	3,751,579	-7.35%
Total Loss	(9,594,470)	(8,293,878)	15.68%
NON MARK-UP / INTEREST EXPENSES
Operating Expenses	(8,545,917)	(7,775,965)	9.90%
Workers Welfare Fund	-	-
Other Charges	(26,083)	(71,832)	-63.69%
Total Non-Markup / Interest Expenses	(8,572,000)	(7,847,797)	9.23%
Loss Before Provisions, Extra Ordinary / Unusual Items and Taxation	(18,166,470)	(16,141,675)	12.54%
Provisions and Write-offs - Net	(7,783,305)	(4,513,860)	72.43%
Extra Ordinary / Unusual Items	-	-
Loss Before Taxation	(25,949,775)	(20,655,535)	25.63%
Taxation	12,907,101	7,869,098	64.02%
Loss After Taxation	(13,042,674)	(12,786,437)	2.00%
Basic and Diluted Loss Per Share	(1.44)	(1.41)	2.13%

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