The Board of Directors of Silkbank Limited, in their meeting held on February 25, 2015, announced the annual results of the Bank for the year ended December 31, 2014. The Bank declared an Operating Profit of Rs 499 million in 2014 vs. an operating loss of Rs. 894.6 million reflected in the previous year. The total earnings of Silkbank increased by 49% over last year, with net mark-up income higher by 60% over the previous year. Despite the significant increase in revenue and profitability of the Bank, the administrative expenses were kept under tight control and reflected an increase of only 6.9% over last year, which was even lower than the average inflation rate for 2014. Silkbank was also successful in reducing its non-performing loans portfolio by Rs. 1.6 billion from the previous year-end figures. Silkbank’s deposit mix showed a positive improvement with CASA deposits increasing to 57.4% from 54.9% in the previous year. Also, the Bank’s balance sheet spread improved from 2.24% in 2013 to 3.42% in 2014.
