Tareen brothers—Shaukat Tareen, ex-finance minister and advisor to chairman of Silk Bank, along with his brother, Azmat Tareen president of the bank, put in great efforts towards a durable profitable journey in quick march, reflecting the before tax profit stood at Rs. 17 Crore in the first quarter of 2012 which translates to an increase of 9.7 percent over the previous corresponding period.
The handsome profit was reported by the bank despite an increase in administrative cost by 13.8 percent in first quarter over the previous corresponding period.
The profit-making recipe was simpler, that is, a conscious strategy of the bank to change the advances mix by moving into higher margin consumers and SME markets which continues to improve its balance sheet spread.
However the deposits volume grew tremendously by 17.7 percent or Rs 10
billion in first quarter of 2012 over the same period last year. The gross Advances also reflected a 3.19 pe4rcent growth over the corresponding period of last year, increasing by Rs. 1.7 billion.
The bank’s manager kept strict policy to control non-performing loans that was evident by its noteworthy reduction in first quarter. Not only this, the loans recovery of the Silk Bank is silky and tricky as well that showe4d its recovery of written off loans of Rs 508 million and ultimately it led to a reduction in non-performing loans by 6.9 percent.
The board of Silkbank dominated by Tareen brothers appreciated the contribution of Shaukat Tareen, as advisor to the chairman, who is in real a principal shareholder of Silkbank along with Nomura Investments, Bank Muscat and International Finance Corporation (IFC).
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