The Board of Directors of Silkbank Limited declared pre-tax profits of Rs.4.1bn for the 2nd quarter of 2020. The strong performance continues despite the economic slowdown from the shutdown due to COVID 19 and as the bank continues to restructure for profitability, growth and improved controls. During the quarter under review, revenues were boosted by the partial sale of the PIB portfolio of the bank. The bank also declared a pre-tax profit of Rs.3.2bn for the first half ending June 30th, 2020 which is Rs.2.9bn better than the first half of 2019. Expenses were lower by 7% year on year and the bank continued with prudently providing for weak accounts. In demonstration of customer confidence, this growth is led by the bank’s consumer division with credit cards and personal loan products registering a growth of 12% profit before taxes over the same time last year. Deposits grew by Rs.8.4bn over the June 30, 2019; and in line with the bank’s strategy, total loans reduced to Rs.108bn at June 30th, 2020 from 112bn in December 2019. Mystery shopping showed that satisfaction levels increased to 91% vs 85% for the first half of 2020 over 2019.Silkbank Limited is owned by an international consortium led by senior banker Mr. Shaukat Tarin.