PESHAWAR: The Bank of Khyber (BoK) posted Rs 1.789 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.
Shams-ul-Qayyum, Managing Director, BOK and the Secretary Finance, KPK were also present in the meeting. The private sector was represented by Maqsood Ismail Ahmad and 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 Rs.117 billion showing healthy increase of 27% over the year 2014.
The Chairman, Muhammad Azam Khan pointed out that the Bank should be mindful of its role as the Bank of the Province endeavour to fulfil 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 banks strategy for growth, Shams-ul-Qayyum, Managing Director informed that the Banks focus was on economic development of the Province through Islamic Banking and almost all new branches would be opened in KP including hard to access and under-developed areas.
The Managing Director explained that initiatives undertaken during thepast year resulted in improved financial position of the bank. The banks performance during 2015 demonstrated resilience in a persistently challenging environment. Sustained focus on serving customers through integrated banking solutions, better risk management framework and investment in technology has helped deliver another year of consistent performance.
