Silkbank Losses Jump 87% to Rs. 12.3 Billion in 2021

Silkbank Limited (PSX: SILK) has finally announced its financial results for the year ended December 31, 2021, whereby the bank posted a net loss of Rs. 12.28 billion, up 87 percent compared to Rs. 6.57 billion in 2020. The bank didn’t announce any dividend payouts to its shareholders for the period in review. The bank’s Net Interest Income totaled Rs. 2.83 billion for CY21, reflecting a 65 percent YoY increase. Interest expenses clocked in at Rs. 7.6 billion, while interest income came in negative at Rs. 3.92 billion. The bank posted a 22 percent increase in foreign exchange income, which rose to Rs. 279 million from Rs. 228 million in the same period last year. Additionally, the bank recorded a loss of Rs. 1.58 billion from the sale of securities. The bank’s OPEX came down marginally to Rs. 7.45 billion from Rs. 7.57 billion in SPLY. Silkbank paid Rs. 6.35 billion in taxes in 2021 compared to Rs. 3.1 billion last year. The bank posted a loss per share of Rs. 1.35 compared to an LPS of Rs. 0.72 in 2020.