Karachi June 9 2022: Silk Bank equity reduced to Rs 4.869 billion after the bank reported loss of Rs 6.5 billion in 2020, according to banks filling to the exchange.
The amount of loss is 66.6% higher when compared with loss of Rs 3.9 billion in 2019.
The main reason for increase in loss is substantial amount of provisioning booked by the Bank. Silk Bank booked provisioning of Rs 9.8 billion when compared with provisioning of Rs 3.9 billion.
The bank borrowed an amount of ~ Rs 57 billion in 2020 to grow its total Assets. Deposits of the Bank grew by Rs 11.5 billion during that year to Rs 160.2 billion.
