BOK earns record Rs2b in 2016

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Staff Reporter

Islamabad

The Bank of Khyber (BOK) operational performance demonstrated record improvement in all areas for the year 2016. The Bank managed to post Profit after tax of Rs2.020billion as against Rs1.789billion in the corresponding period last year which translates into earnings per share of Rs2.02 against Rs1.79in 2015.
Deposit base of the Bank witnessed consistent growth throughout the year and registered an increase of 34 per cent by increasing the figure from Rs.117billion of the previous year to Rs157billion as of year-end 2016. A substantial increase of48 per cent has been witnessed in the size of investments which showed an amount of Rs142billion as compared to Rs96billion of the last year. The gross advances of the Bank stood at Rs36 billion. A healthy increase of 33 per cent has been reflected in the overall balance sheet size which stood at Rs206 billion in comparison to Rs155 billion of the year 2015.
The Board in its 142nd meeting held on March 07, 2016 under the BoK Chairman Board of Directors (BoD) Chairmanship of Muhammad Azam Khan, Additional Chief Secretary, Government of KPK and participated by Ali Raza Bhutta, Secretary Finance, Government of KP, Shams-ul-Qayyum, Managing Director, Maqsood Ismail Ahmad, Javed Akhtar and Rashid Ali Khan, approved Annual Accounts for the year ended December 31, 2016 and recommended Final Cash Dividend of Rs1.50per shares i.e. 15 per cent 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 per cent and 14 per cent 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.