SILKBANK MEETS SBP CAPITAL ADEQUACY REQUIREMENT

Silkbank injected Rs. 2 billion in capital, successfully meeting SBP Capital Adequacy Requirement of 10%. Silkbank has already received a major equity injection commitment from an international investor and has announced issuance of right shares which will take its total equity to Rs. 16 billion.

Silkbank made a significant turnaround in 2014 by declaring an operating profit of Rs. 458 million for the first nine months of the year. This reflects an impressive increase of 182% over the same period last year. During the Jan-Sep 2014 period, Profit After Tax was 113% higher whereas, Earning per Share reflected a remarkable growth of 117% against the same period last year. With enhanced capital Silkbank’s business momentum is expected to further accelerate in 2015 and beyond. Silkbank’s equity injection is a testament of Investors belief in the bank’s success and will significantly boost the depositor confidence and trust.

It may be noted that Silkbank is backed by strong international sponsors, which include IFC (World Bank Group), Nomura European Investments, Bank Muscat and Sinthos Capital.