Bank of Khyber earns record profit

Bank of Khyber earns record profit

PESHAWAR: (APP) The Bank of Khyber (BOK) operational performance demonstrated record improvement in all areas during the year 2016, said a press release of the bank issued here Wednesday.

The Bank managed to post Profit after tax of Rs.2.020billion as against Rs.1.789billion in the corresponding period last year which translates into earnings per share of Rs.2.02against Rs.1.79in 2015.Deposit base of the Bank witnessed consistent growth throughout the year and registered an increase of 34% by increasing the figure from Rs.117billion of the previous year to Rs.157billion as of year-end 2016.

A substantial increase of48% has been witnessed in the size of investments which showed an amount of Rs.142billion as compared to Rs.96billion of the last year.

The gross advances of the Bank stood at Rs.36 billion. A healthy increase of 33% has been reflected in the overall balance sheet size which stood at Rs.206 billion in comparison to Rs.155 billion of the year 2015.

The Board in its 142ndmeeting held on March 07, 2016 under theBoK Chairman Board of Directors (BoD) Chairmanship of Mr. Muhammad Azam Khan, Additional Chief Secretary, Government of KP and participated by Mr. Ali Raza Bhutta, Secretary Finance, Government of KP, Mr. Shams-ul-Qayyum, Managing Director, Mr. Maqsood Ismail Ahmad, Mr. Javed Akhtar and Mr. Rashid Ali Khan, approved Annual Accounts for the year ended December 31, 2016 and recommended Final Cash Dividend of Rs.1.50per shares i.e. 15% to the shareholders of the Bank.

These encouraging results were achieved without making compromise on growth of the balance sheet size, management of cost of deposits, improvement in operational efficiencies and without ignoring the asset quality.

The Return on Assets (ROA) and Return on Equity (ROE) stood at 1% and 14% respectively. The Bank is operating with 150 branches throughout the country out of which 77 branches are functioning as dedicated Islamic Banking Branches. For the current year, the Bank has also received approval from the Central Bank to open 25 new branches in the year 2017.