BOK earns Rs 1.5 billion profit for 3rd quarter

ISLAMABAD, Oct 25 (APP): The Bank of Khyber (BoK) earned Rs 1.5 billion Profit after Tax (PAT) for the nine months period ended September 30, 2016 showing an increase of 22% over the corresponding period of 2015.
This was informed to the Board of Directors during presentation of 3rd quarterly accounts of the Bank for the period ended September 30, 2016 in its 140th meeting held here on Tuesday.
The meeting was chaired by Finance Secretary Government of Khyber
Pakhtunkhwa, Ali Raza Bhutta.
Apart from other members of the board, the meeting was attended by Managing Director, BOK, Shams-ul-Qayyum.
The Board was also informed that during the period under review, Bank’s operating profit was recorded at Rs 2.8 billion against Rs 2.5 billion of the corresponding period of 2015.
Profit Before Tax increased by 19% to reach Rs 2.4 billion as compared to Rs 2.0 billion in the corresponding period.
With an increase of 24%, the Bank’s total assets stood at Rs 192 billion.
Deposits witnessed an increase of 32% and reached Rs 154.8 billion whereas investments recorded a significant increase of 49% and stood at Rs 141.8 billion.
The Board appreciated the Management for the continued positive performance in almost all areas of Bank’s operations and advised to work with more dedication and devotion to further improve operational achievements in the time to come.
It was observed that further branches should be opened against the SBP approved expansion plan so as to further improve operational growth across the country.
The Board appreciated the efforts of branches in achieving the operational targets and advised the Management to guide & Support field staff to work with more dedication.
The Board observed that increase profitability shows 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 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 September 30, 2016.