Karachi: Silkbank Limited's Board of Directors has disclosed the financial results for the half-year ending June 30, 2024, revealing a significant increase in net losses compared to the same period in 2023. The board meeting, held on February 26, 2025, resulted in the recommendation of no cash dividends, bonus shares, right shares, or any other entitlements.

For the quarter ending June 30, 2024, Silkbank reported a total net loss of 3.41 billion rupees, a substantial rise from the 1.20 billion rupees loss recorded in the same quarter of the previous year. The half-year figures show a total loss of 6.29 billion rupees, compared to a 1.32 billion rupees loss for the first half of 2023.

The bank's markup income for the half-year period increased slightly to 20.91 billion rupees from 20.51 billion rupees in 2023. However, the markup expense also saw a rise, reaching 28.70 billion rupees from the previous year's 23.84 billion rupees, leading to a net markup expense of 7.79 billion rupees, compared to 3.33 billion rupees in 2023.

Non-markup income for the half-year also declined, totaling 1.50 billion rupees, down from 2.00 billion rupees in the previous year. Operating expenses increased to 3.91 billion rupees from 3.75 billion rupees in 2023, contributing to the overall rise in losses.

According to information available from the Pakistan Stock Exchange (PSX), Silkbank's total loss before taxation amounted to 15.36 billion rupees for the half-year, up from 7.95 billion rupees in the corresponding period of 2023. After accounting for taxation, which stood at 5.84 billion rupees, the bank's loss after taxation was recorded at 9.52 billion rupees, compared to 4.93 billion rupees for the first half of the previous year.

Basic and diluted loss per share was reported at 1.05 rupees for the half-year, compared to 0.54 rupees in 2023. The financial results, including the detailed half-yearly report, will be transmitted through PUCARS within the specified timeframe, as stated by the bank's officials.