Bank of Khy­ber profit grows 37pc in 2015

The Pak Banker - - FRONT PAGE -

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.

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