Karachi: Silkbank Limited has reported its financial results for the quarter ended September 30, 2024, revealing a deepening in losses. The meeting of the Board of Directors, held on February 26, 2025, concluded without any recommendations for cash dividends, bonus shares, right shares, or any other corporate actions.

For the quarter ending September 30, 2024, Silkbank recorded total mark-up and interest income of 10.33 billion rupees, compared to 12.70 billion rupees in the same quarter of the previous year. On the expense side, the mark-up and interest expensed amounted to 13.60 billion rupees, down from 15.14 billion rupees during the corresponding quarter in 2023. This resulted in a net mark-up and interest expense of 3.28 billion rupees, compared to a net expense of 2.45 billion rupees in the previous year.

Non-mark-up and interest income for the quarter was 854.09 million rupees, a decrease from 896.99 million rupees in the third quarter of 2023. The decline in non-mark-up income was noted across various categories, including fee and commission income and foreign exchange income. Total non-markup and interest expenses were reported at 2.11 billion rupees, slightly higher than the 2.04 billion rupees recorded in the previous year's quarter.

The financial report highlights a loss before provisions, extraordinary items, and taxation of 4.53 billion rupees, which marks a deeper loss compared to 3.59 billion rupees in the same quarter of the previous year. Provisions and write-offs were recorded at 503.37 million rupees, contributing to a pre-tax loss of 5.04 billion rupees, compared to 4.06 billion rupees in the third quarter of 2023.

Taxation for the quarter stood at 1.89 billion rupees, leading to a loss after taxation of 3.15 billion rupees, an increase from the loss of 2.53 billion rupees reported in the corresponding period in 2023. The basic and diluted loss per share was reported at 0.35 rupees, compared to a loss of 0.28 rupees per share in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the designated market category for Silkbank Limited remains unchanged. The comprehensive financial results reflect ongoing challenges for the bank, as indicated by the loss before taxation of 20.40 billion rupees for the nine-month period ending September 30, 2024, compared to 12.01 billion rupees in the same period of the previous year.

The Board of Directors has approved the third quarterly report, which will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the designated timeframe.