Daily Times

PESHAWAR: The Bank of Khyber (BOK) earned Rs 1.5 billion profit after tax during the nine months of 2016, showing an increase of 22 percent as compared to the corresponding period of 2015.

This was informed to the BoK’s board of directors (BOD) during a presentation of 3rd quarterly accounts, for the period ended September 30, 2016, in Islamabad. The meeting was chaired by Khyber Pakhtunkhwa Finance Secretary Ali Raza Bhutta. The BOK managing director and other members of the board also attended the meeting.

The board was also informed that during the period under review, the bank’s operating profit was recorded at Rs 2.8 billion against Rs 2.5 billion of the corresponding period. The profit before tax increased by 19 percent and reached Rs 2.4 billion as compared to Rs 2 billion of the corresponding period last year.

The bank’s total assets stood at Rs 192.0 billion, with an increase of 24 percent. Deposits witnessed an increase of 32 percent and reached Rs 154.8 billion, whereas investments recorded a significant increase of 49 percent and stood at Rs 141.8 billion.

The board appreciated the management for their positive performance and advised them to work with more dedication and devotion for further improvement. It urged that further branches should be opened against the State Bank of Pakistan (SBP) approved expansion plan to enhance operational growth across the country.

The board lauded the efforts of branches in achieving the operational targets and advised the management to guide and support the field staff. It also observed that increase profitability shows the confidence of general public in the BOK policies and the role it was playing for the socio-economic uplift of the masses across the country.

The board showed its satisfaction over the performance and growth in all operational areas of the bank during the period under review and approved the accounts for the quarter ended.