Bank of Khyber profit grows 37pc in 2015
KARACHI: The Bank of Khyber (BoK) posted Rs1.789 billion profit after tax (PAT) for the period ended December 31, 2015 showing increase of 37% over the corresponding period of 2014 which was Rs 1.309 billion.
The Board of Directors approved payment of cash dividend of 12.5% from reserves available for appropriation in the 136th meeting of the Board of Directors, presided over by Muhammad Azam Khan, Additional Chief Secretary, Government of Khyber Pakhtunkhwa & Chairman BOK Board of Directors.Mr. Shams-ul-Qayyum, Managing Director, BOK, and the Secretary Finance, KPK were also present in the meeting. The private sector was represented by Mr. Maqsood Ismail Ahmad and Mr. Javed Akhtar.The year 2015 has witnessed improvements in all areas of banking operations.
The Bank posted a record operating profit of Rs.3.538 billion as against Rs.2.135 billion in the corresponding period last year. An impressive increase of 56% has been witnessed in profit before tax which stood at Rs.2.958 billion as compared to Rs.1.900 billion of the corresponding period.
The total asset base of the Bank grew up to Rs.155 billion from Rs.126 billion registering healthy growth of 23%. Deposit base of the Bank witnessed consistent growth throughout the financial year 2015 and was reported at Rs117 billion showing healthy increase of 27% over the year 2014.The Chairman Mr. Muhammad Azam Khan pointed out that the Bank should be mindful of its role as the Bank of the Province and endeavor to fulfill the objectives outlined in the BOK Act.
The Chairman also advised that the Bank should lead financing of Hydel Power Projects in the Province and other investments in the energy sector.Explaining the Bank's strategy for growth Mr. Shams-ul-Qayyum, Managing Director informed that the Bank's focus was on economic development of the Province through Islamic Banking and almost all new branches would be opened in KPK including hard to access and underdeveloped areas. The Managing Director explained that initiatives undertaken during the past year resulted in improved financial position of the Bank.