KARACHI (PR) - Silkbank recorded an impressive 34 per cent growth in revenue at Rs6.5 billion for the year 2009 against a 2008 revenue of Rs4.8 billion. Deposits of the bank closed at Rs49.6 billion; reflecting an increase of 21pc in 2009 over the previous year. Advances grew to Rs40.5 billion, up 6pc, whereas, investments at Rs.20.1billion were up by an impressive 68pc over the preceding year. Silkbank added 20 new branches in 2009, with a total distribution spread of 85 branches in 32 cities. Silkbank continued the balance sheet clean-up process by taking net provisions against NPLs of Rs2b in 2009. The aggressive provisioning contributed to a full year loss after tax of Rs2.9b; making the bank more poised for a turnaround in 2010. The bank had earlier announced a rights issue to generate Rs7 billion in net equity. The rights subscription is in process and so far Rs.4.3 billion has been subscribed and paid. New investors are expected to take up the shares of the bank to complete the total subscription of Rs. 7b making the bank compliant with the minimum capital requirement of State Bank of Pakistan.