Annual Report 2007 of Silkbank Limited

It is a broadly described annual report of Silkbank Limited in the year of 2007. During the financial year, The Bank’s Total assets base, which was Rs. 59.2 billion as of 31^st December 2006 reduced to Rs. 53.6 billion as of 31^st December 2007 showing a decrease of 9.5%. Deposits reduced to Rs. 42.4 billion from Rs. 49.0 billion and on advances side, the Bank witnessed a reduction of 10.8% during the period. The Bank incurred the pre-tax loss of Rs.3.3 billion for the year ended 31^st December 2007 as against the pre-tax loss of Rs. 409 million in the previous year. Net loss after tax credits amounted to Rs. 3.0 billion as against loss after tax of Rs. 304 million in the previous year.

The Board of Directors of the Bank had announced the issuance of @30% right shares on 27^th November 2006, which were exercised in March 2007.

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