BOK earns record profit of Rs.2 bn, announces 15pc cash dividend

The Bank of Khyber’s (BOK) operational performance demonstrated a record improvement in all areas for the year 2016. The bank managed to post a Profit after tax (PAT) of Rs.2.020 billion as against Rs.1.789 billion in the corresponding period last year, which translates into earnings per share of Rs.2.02 against Rs.1.79 in 2015. Deposit base of the bank witnessed consistent growth throughout the year and registered an increase of 34pc, by increasing the figure from Rs.117 billion of the previous year, to Rs.157 billion as of year-end 2016. A substantial increase of

A substantial increase of 48pc has also been witnessed in the size of investments, which showed an amount of Rs.142 billion, as compared to Rs.96 billion 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 142^nd meeting held on March 07, 2016, under the chairmanship of Chairman BoK Board of Directors (BoD) as well as Additional Chief Secretary KPK Mr Muhammad Azam Khan. The meeting included Secretary Finance of KPK Mr Ali Raza Bhutta, Managing Director Mr Shams-ul-Qayyum, Mr Maqsood Ismail Ahmad, Mr Javed Akhtar, and Mr Rashid Ali Khan approved the annual accounts for the year ended December 31, 2016, and recommended a Final Cash Dividend of Rs.1.50 per shares i.e. 15pc to the shareholders of the bank.

These encouraging results were achieved without compromising on the 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 1pc and 14pc 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 an approval from the Central Bank to open 25 new branches in the year 2017.