KARACHI: Silkbank has posted significant growth of 18 per cent in 2015 over the previous year, taking the bank’s total deposits to Rs 81 billion.
The board of directors of Silkbank Limited, during their meeting, announced the annual results for the year ended December 31, 2015.
The key achievements of 2015 includes the successful raising of Rs10 billion in capital through a rights issue, making the bank compliant on the Capital Adequacy Ratio (CAR) and the Minimum Capital Requirement (MCR) of the State Bank of Pakistan.
Silkbank’s overall deposits reflected a significant growth of 18% in 2015 over the previous year, taking the bank’s total deposits to Rs 81 billion. CASA deposits were at Rs 54 billion at year end, a 14.8% increase over the previous year. Silkbank’s balance sheet grew by 30% at the year end, taking the balance sheet footing to Rs 133 billion.
Given the bank’s overall capital position, the management deemed it prudent to be aggressive in its provisioning, even in cases where settlement had reached final stages and the reversal of the said provision was imminent. The bank therefore declared an after-tax loss of Rs 1.71 billion.
