Corporate Result: Silk Bank witnessed loss of Rs. 2.76 Bn in 3rd Quarter

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Silk Bank Limited (PSX: SILK) has announced the Financial results for the nine months ended September 30, 2019, whereby it has reported Loss After Tax of Rs. Rs.2.76 Bn showing that Silk Bank has gone into loss whereas the same period in previous year reported a profits of Rs.1.23 Bn.

The company announced the loss per share of Rs. (0.3) for the Nine months ended September 30, 2019. The company also announced the loss per share of Rs. (0.32) for the Quarter period ended September 30, 2019.

During the quarter, the bank’s Net Interest Income dropped by 128% YoY that turned into loss and the total Non-Interest Income also depicted a decrease of 35% YoY.

The mark-up income witnessed a drop of 42.7% YoY for the quarter ended September 30, 2019 and the interest expense increased by 74% during the quarter as compared to the previous year.

SILK – Quarter ended

LPS 2019 = (0.32) PKR

EPS 2018 = 0.05 PKR

Cash Dividend = NIL

Bonus Share = NIL

SILK – Nine Months ended

LPS 2019 = (0.3) PKR

EPS 2018 = 0.14 PKR