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Financial Results

Silkbank Limited’s financial results for the 2nd quarter ended June 30. 2011

Karachi: We have to inform you that the Board of Directors of our Bank in their meeting held on August 25, 2011 at 10:00 AM at 2nd Floor, Silkbank Building, I. I. Chundrigar Road, Karachi recommended the following:

 

1. Cash Dividend Nil
2. Bonus Shares Nil
3. Right Shares Nil
4. Any Other Entitlement Nil

 

The financial results approved by the Board of Directors of the Silkbank Limited (SILK) are appended as

Annexure “A”

Silkbank Limited

Condensed Interim Statement of Financial Position as at June 30, 2011

 

Un-audiated

Audiated

June 30, 2011

December 31, 2010

Assets 4,293,159 3,414,525
Cash and balances with treasury banks 116,479 89,355
Balances with other banks 623,523 1,050,754
Lendings to financial institutions 14,504,007  13,190,048
Investments  47,021,919 44,354,406
Advances 2,353,057 2,443,805
Operating fixed assets 4,058,875 4,192,954
Deferred tax assets 6,216,642 3,933,247
Other assets 79,187,661 72,669,093
———- ———-
79,187,661 72,669,093
LIABILITIES
Bills payable 957,973 836,931
Borrowings from financial institutions 8,294,309 9,871,141
Deposits and other accounts 63,557,702 55,706,188
Liabilities against assets subject to finance lease
Deferred tax liabilities  –
Other Liabilities 1,423,781 1,420,886
———- ———-
74,233,765 67,835,146
———- ———-
4,953,896 4,833,947
———- ———-
Net Assets
Represented By
Paid up capital 26,716,048 26,716,048
Reserves 32,503
Discount on issue of right shares  (13,284,674)  (13,284,674)
Accumulated Loss  (8,482,416) (8,614,289)
———- ———-
4,981,461 4,817,085
(27,565) 16,862
———-  ———-
4,953,896 4,833,947

 

 

Surplus/ (deficit) on revaluation of assets

Contingencies and Commitments

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

Silkbank Limited

Condensed Interim Profit and Loss Account – Unaudited for The Half Year ended June 30, 2011

 

Quarter ended

Half Year ended

April 01, 2011

to June 30, 2011

April 01, 2011

to june 30, 2010

 Junauary 01, 2011

to June 30, 2011

Junauary 01, 2011

to June 30, 2010

Mark-up / return / interest earned 2,147,837  1,604,092  4,162,520 3,193,964
Mark-up / return / Interested expensed 1,597,958 1,392,815 3,137,033 2,913,755
——— ——— ——— ———
549,879 211,277 1,025,487 280,209
 ——— ———  ——— ———
(Reversal / Provision against non-performing loans
and advances  net  (473,175)  (6,926)  (743,363) 35,780
provision / (reversal) against Consumer financial 33,616 7,967 71,760 7,171
Impairment in the value of Investments  21,975 31,831
Bad debts written off directly  –
———  ——— ——— ———
(417,584) 1,041 (639,772) 42,951
——— ——— ———  ———
Net Mark-up/ Interest Income / (loss) after provisions 967,463 210,236 1,665,259 237,258
Non Mark-up / interest income
Fee, commission and brokerage Income 90,210 74,426 191,214 165,021
Dividend Income 6,453 4,708 28,821 15,986
Income from dealing in foreign currencies 41,537  38,748  71,769 68,907
Gain on sale of securities – net 1,952 19,647 51,253  28,950
Unrealized loss on sale of investments held for trading  (57)  (42) (183) (792)
Other Income  36,903 600,247 77,597 680,896
——— ———  ——— ———
Total non-markup / interest Income 176,998 737,734 420,471 958,968
——— ——— ——— ———
Non Mark-Up/ Interest Expenses
Administrative expenses 957,809  672,094 1,817,518 1,327,331
Other Reversal) / provisions / write offs 6,872  (153,142)  (68,533) (153,142)
Other charges  66 198 122  534
———  ———  ———  ———
Total non-markup / interest expenses 946,747 428,820 1,749,107 1,174,723
——— ——— ———  ———
179,714 428,820 335,623 21,503
Extraordinary / unusual items  –
——— ——— ——— ———
Profit Before Taxation 179,714 428,820 335,623 21,503
Taxation
– Current 27,274                1,129 55,655 3,431
– Prior –                  –
– Deferred  91,914 (190,000) 118,451 (190,000)
 ——— ———  ——— ———
119,188 (188,871) 174,106 (186,569)
 ———  ——— ——— ———
Profit after Taxation  60,526  617,691 162,517  208,072
——— ——— ——— ———
Rupees
Earnings per share – Basic and Diluted  0.02 0.32  0.06   0.11

For more information, contact:
Silkbank Limited,
I. I Chundrigar Road,
Karachi – Pakistan
Tel: (021) 111-00-7455
Fax: (021) 32460484

silkbank-limited%e2%80%99s-financial-results-for-the-2nd-quarter-ended-june-30-2011

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