Karachi: Silkbank Limited has announced its financial results for the year ending December 31, 2024, revealing a substantial loss. On February 26, 2025, during a board meeting held at their corporate office in Karachi, the bank's directors disclosed that no dividends, bonus shares, or rights shares would be distributed for this period. Additionally, no other corporate actions or price-sensitive information were announced.

The bank's annual general meeting is scheduled for March 26, 2025, in Islamabad. The share transfer book will be closed from March 19, 2025, to March 26, 2025, and any share transfers received by March 18, 2025, will be eligible for entitlements. The annual report will be available at least 21 days before the meeting.

For the fiscal year 2024, Silkbank Limited reported a net mark-up and interest expense of 13.07 billion rupees, compared to 12.05 billion rupees in the previous year. Non-markup and interest income declined to 3.48 billion rupees from 3.75 billion rupees in 2023. This includes a decrease in foreign exchange income from 514.20 million rupees to 327.78 million rupees. According to information available from the Pakistan Stock Exchange (PSX), the bank's total losses increased to 9.59 billion rupees from 8.29 billion rupees in the previous year.

Operating expenses rose to 8.55 billion rupees from 7.78 billion rupees. Other charges amounted to 26.08 million rupees, down from 71.83 million rupees. Overall, non-markup and interest expenses totaled 8.57 billion rupees, increasing from 7.85 billion rupees in 2023.

Loss before provisions and taxation was recorded at 18.17 billion rupees, compared to 16.14 billion rupees in the prior year. Provisions and write-offs increased significantly to 7.78 billion rupees from 4.51 billion rupees. Consequently, the bank's loss before taxation was 25.95 billion rupees, up from 20.66 billion rupees in 2023.

After accounting for taxation of 12.91 billion rupees, up from 7.87 billion rupees in the previous year, the loss after taxation stood at 13.04 billion rupees compared to 12.79 billion rupees in 2023. The basic and diluted loss per share was calculated at 1.44 rupees, slightly higher than the 1.41 rupees per share recorded in the previous year.