Silkbank’s losses widen to Rs13bn in 2024
MG News | February 26, 2025 at 02:25 PM GMT+05:00
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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