Daily Times

The Board of Directors of Silkbank Limited in their November 28, 2020 meeting declared an Operating Profit of Rs. 3.4 billion for the nine months ended September 30, 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. The bank declared a pre-tax profit of Rs.601 million for the nine months ended September 30, 2020 which is Rs.4.6 billion better than the corresponding period of the last year. The Bank Net interest income grew by Rs. 416 million reflecting a growth of 27% over the corresponding period of last year. Non-Funded Income reflected a growth of Rs 5.2 billion and Expenses were lower by 6% over the corresponding period. Deposits increased by Rs. 5 billion as compared to December 2019, taking the total deposit base to Rs. 154 billion, reflecting continued customer confidence in the Bank. In line with the bank’s strategy, total Gross Loans reduced to Rs.108 billion at September 30, 2020 from Rs. 112 billion in December 2019. Silkbank also continued to maintain strong growth in its consumer lending and card divisions, which contribute significantly to its earning momentum.