Silk Bank Limited Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment in the Value of Investment for the Second Quarter of 2015
August 30, 2015
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Silk Bank Limited announced unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net mark-up/interest income of PKR 701,369,000 compared to PKR 859,973,000 a year ago. Loss before taxation was PKR 232,502,000 compared to profit before taxation of PKR 35,266,000 a year ago. Loss after taxation was PKR 145,496,000 or PKR 0.04 per diluted share compared to profit after taxation of PKR 5,793,000 or PKR 0.00 per basic and diluted share a year ago.
For the six months, the company reported net mark-up/interest income was PKR 1,482,945,000 compared to PKR 1,742,350,000 a year ago. Loss before taxation was PKR 157,257,000 compared to profit before taxation of PKR 77,168,000 a year ago. Loss after taxation was PKR 95,629,000 or PKR 0.03 per diluted share compared to profit after taxation of PKR 72,633,000 or PKR 0.03 per basic and diluted share a year ago. Net cash flows from operating activities was PKR 14,126,997,000 against PKR 3,336,126,000 a year ago. Net investment in operating fixed assets was PKR 277,823,000 against PKR 99,115,000 a year ago.
The bank also reported impairment in the value of investment of PKR 10,489,000 for the second quarter of 2015 compared to PKR 16,761,000 for the same period a year ago.
Silkbank Limited (the Bank) is a Pakistan-based bank, which is engaged in providing banking services. The Bank's segments include Wholesale Banking, Treasury, and Consumer/SME Banking. The Wholesale Banking segment offers deposits, trade and other lending activities for corporates and financial institutions. The Treasury segment undertakes the Bank's treasury, money market, and capital market activities. The treasury manages the asset and liability mix of the Bank and provides customers with a range of products that meet their demand for management, of liquidity, cashflow, interest rate fluctuations and foreign exchange risks. The Consumer/SME Banking segment provides wealth management, deposits, mortgages, auto finance, unsecured lending, and small and medium-sized enterprises (SME) lending, including SME trade. The Bank also offers Internet banking. It provides working capital finance, pre and post shipment export financing, import financing, and receivable discounting.
Silk Bank Limited Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reports Impairment in the Value of Investment for the Second Quarter of 2015