BoK Board of Directors review Bank’s performance

Peshawar

The Board of Directors of the Bank of Khyber held meeting recently to review the performance of the bank for the first six months of year 2017. The board showed satisfaction over the Banks achievements and noted that the bank had performed well in comparison with other Banks.
The Board noted that as per the financial statements duly audited by the Chartered Accountant firm of Grant Thornton; the bank’s deposits had reached Rs.152 billion, Advances have shown growth of 78% reaching Rs.57 billion and Total Assets were Rs.262 billion. The Bank had earned profit after tax of Rs.939 million up toJune 2017. However, the Board showed concern that in spite of the Banks stable and growing performance, certain elements were bent upon tarnishing the image of the Bank for political point scoring.
The Board observed that the allegations being levelled against the bank, the provincial Government and the Management were far from the truth and based on mala fide intentions. The Board noted with concern that the allegations made by Mr. Zia ullah Afridi MPA in his press conference of 15th August 2017 and observed that the allegations were baseless and meant to malign the Government and the Bank. In regards to appointment of the Managing Director it was clarified that the Managing Director was selected by a selection committee under a transparent process and was not appointed by the Chief Minister. It was pointed out that appointment of the Managing director is done under section 12 of the BOK Act 1999 and neither CM nor Finance Minister has any powers in this regard.
The Board observed that upon instructions of the Government all record of appointments in the Bank for the last several years had been probed and it was found that appointments had been made according to the Banks service rules and on merit. In regards to loans outside the province it was clarified that the Bank being a commercial Bank operating all over Pakistan lends to good projects all over the country, however the preference of the Bank is to lend in the province and the majority of the bank’s branches are located in KP.
As far as sales of shares of the bank to a private party for privatization of the bank by any individual is concerned, the same is not possible without the approval of the provincial government, it was also clarified that the provincial government at present has no plan to sell shares of the bank as it is earning good dividend of over 1 billion per year from the bank.
The Board refuted all the allegations made by Mr. Zia Ullah Afridi as incorrect, malicious and based on bad intentions.
The Board of Directors therefore decided that all people spreading rumors against the Bank will be confronted and the Bank will file damages suit against Mr. Zia Ullah Afridi and any other person involved in tarnishing image of the bank.

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