BoK earns Rs1.5b profit for 3rd quarter

PESHAWAR:  The Bank of Khyber (BoK) has earned Rs1.5 billion profit after tax for the nine months period which ended on September 30, showing an increase of 22 per cent over the corresponding period last year.

The Board of Directors (BOD) was informed at the 140th meeting held in Islamabad during a presentation of the 3rd quarterly accounts of the bank for the period which ended on September 30, this year.

The meeting was chaired by Ali Raza Bhutta, Finance Secretary Government of Khyber Pakhtunkhwa.A part from other members of the board, the meeting was attended by Shamsul Qayyum, Managing Director of the BoK.

The board was also informed that during the period under review, bank’s operating profit was recorded at Rs2.8 billion against Rs2.5 billion of the corresponding period of 2015.The Profit Before Tax (PBT) increased by19 per cent to reach Rs2.4 billion compared to Rs2.0 billion in the corresponding period.

With an increase of 24 per cent the, the bank’s total assets stood at Rs192.0 billion.Deposits witnessed an increase of 32 per cent and reached Rs.154.8 billion whereas investments recorded a significant increase of 49 per cent and stood at Rs141.8 billion.

The board appreciated the management for the continued positive performance in almost all areas of the bank’s operations. It was observed that further branches should be opened in line with the State Bank of Pakistan’s approved expansion plan to improve operational growth across the country.

The board appreciated the efforts of branches in achieving the operational targets and advised the management to guide and support field staff to work with more dedication.The board observed that increase profitability showed.

the confidence of general public in BoK policies and its vital role being played for socio-economic uplift of the masses across the country. The board showed satisfaction at the performance and growth in all operational areas of the bank during the period under review and approved the accounts for the quarter ending on September 30.