Silkbank earns record profit

KARACHI: Silkbank on Wednesday posted the highest-ever operating profit of Rs308 million for the first half (January-June) of this calendar year, an increase of 173.6 per cent over the corresponding period of last year.

According to a press release the bank’s net interest income posted 77pc increase and profit-after-tax was recorded at Rs72.63m for the period under review.

Earnings per share rose by 119pc compared to the same period last year. Its balance sheet footing improved by Rs5.4 billion and the deposits showed a robust growth of Rs9.5bn.—Staff Reporter

Trading in SITL shares from next month

LAHORE: Trading in the shares of Service Industries Textiles Ltd (SITL) will resume from Sept 3, 2014, the Lahore Stock Exchange announced on Wednesday.

The ordinary shares of the company have been declared eligible for book entry transactions by the Central Depository Company of Pakistan Ltd effective July 18, 2014. All transactions taking place in the shares of the company would be settled through National Clearing Company of Pakistan Limited (NCCPL).Trading in the shares of Service Industries Textiles Ltd was suspended from August 1, 2012.—Staff Reporter

Alibaba revenue soars ahead of IPO

HONG KONG: China’s Alibaba Group Holding Ltd, which is expected to go public in New York as early as next month, reported a 46 per cent jump in quarterly revenue as growth in the world’s largest e-commerce market showed no signs of slowing.

Revenue from Alibaba’s China commerce business increased about 46pc to $2.15bn, accounting for most of the total revenue of $2.54bn in the first quarter ended June. Net income attributable to ordinary shareholders nearly tripled to $1.99bn, or 84 cents per share.

Published in Dawn, August 28th, 2014