Silkbank releases financial results
KARACHI -Silkbank has announced September 30, 2019, December 31, 2019 and March 31, 2020 financial results. The Bank has cleaned up its balance sheet by prudently identifying weak accounts and providing for them and has shown significant improvement in its performance in the March 2020 Quarter.
The Bank also reported that in the declining discount rate scenario, it has been building a PIB portfolio which now stands at approximately Rs. 91bn. The Bank has already realized capital gains of Rs. 1.5bn for the September 2019 to March 2020 period and has booked an impressive gain of Rs. 4.4bn and Mark to Market (MTM) of approximately Rs. 1.4bn in the second quarter of 2020. This will more than mitigate the losses reported for 2019 and the first Quarter 2020. The Bank’s progress in 2019 was curtailed due to decline in real estate prices on account of the economic situation in the country. As a result, the bank had to classify lucrative real estate loans on prudent basis with a concrete recovery plan in place.