KARACHI - Silk Bank Limited posted earnings of Rs1.524 billion, up 112 per cent YoY in 2010 against Rs719 million during 2009, the Silk Bank reported on Wednesday. The Board of the Silk Bank Limited held its annual meeting on Wednesday to review and approve the financial performance and accounts of the bank for the year ended December 31, 201. According to the financial results, bank deposits grew from Rs49.6 billion in 2009 to Rs55.7 billion in 2010. Current and Saving Accounts (CASA) increased by Rs5.5 billion (90pc of the total growth in deposits). Performing advances increased from Rs28.7 billion to Rs40.5 billion recording a growth of 41 per cent. The bank made a significant reduction in net credit losses which decreased from Rs2.3 billion in 2009 to Rs228 million in 2010 as most of the credit losses have already been accounted for in the previous years. Cost of funds recorded a reduction and the overall yield on earning advances increased, resulting in an improved net balance sheet spread during the year. Silk Bank has made a remarkable turnaround by more than doubling its revenue numbers. This achievement was attributed to the launch of new products, increase in business volumes and growth in non-fund based income. The Bank is now actively engaged with new investors for subscription to the unpaid balance of the rights issue which it expects to successfully accomplish by the end of the first Quarter 2011 to meet the SBPs Minimum Capital Requirement (MCR). The bank successfully maintained its short and long-term Ratings.