Silk Bank has declared its operating profit as Rs. 1.32 billion. In its recent board meeting, which took place on 28th October, 2016; the Silk Bank Declared Profit for its 3 quarters “ 9 months ending on September 30th, 2016. As compared to the last year, this years profit has increased 772% which denotes the profit before tax of the bank as Rs. 783 million.
The improvement in the profitability of the bank has been because of the strategies that the business implemented on. They were based on well formulated ideas aimed to improve the profits. Over the revenue head, the bank has had contributions from high-yielding consumer assets whereas the emerging costs have been catered well due to the rise in CASA which has led to bring down the cost of funds. This is also evident because the deposit mix of CASA deposits which is 61% for the current year, was 58% for the same track the previous year.
This resulted in the mark-up of Silkbank to grow expressively, a figure of 43% as compared to the last years nine months which ended on September 30th 2015.
Silk bank is a phenomenal bank of Pakistan. It was formed on 15th September, 2001 and State Bank of Pakistan initiated its setup. At that time, the bank was known as Prudential Bank. It was then acquired by Saudi Pak Industrial and Agricultural Investment Company. It was in 2008 that the bank started by the name Silkbank having acquired by Mr. Shaukat Tarin and Mr. Sadeq Sayeed. Since then it has worked to make its operations better with each passing day.
Silkbank declared the profit to make its customers know about the structure where the bank stands to this date. We believe that the bank has a positive outlook and will serve the customers with the same pace in future too.
Author: Muneel Ali
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