BOK posts pre-tax profit of Rs.689m in 1st quarter

F.P. Report

PESHAWAR: The Board of Directors (BoD) of the Bank of Khyber (BOK) held its 149th meeting to approve the quarterly results for the 1st quarter 2018 ended March 31, 2018.

The meeting was chaired by Dr. Shahzad Khan Bangash, Additional Chief Secretary, Government of Khyber Pakhtunkhwa and Chairman BOK Board of Directors.

The meeting was attended by Muhammad Shahbaz Jameel, Acting Managing Director BOK, Shakeel Qadir khan, Finance Secretary, Government of Khyber Pakhtunkhwa, Maqsood Ismail Ahmad, Mr. Javed Akhtar, Asad Muhammad Iqbal, Rashid Ali Khan and Shaharyar Ahmad

The bank declared good financial results for the quarter. Despite challenging business environment and low interest rate regime the Bank managed to post a pre-tax profit of Rs.689 million against Rs.551 million of the corresponding period last year giving a substantial increase of 25%. Profit after tax stood at Rs.448 million.

The advances grew by 16% from Rs. 87,673 million as of 31.12.2017 to Rs. 101,783 million as of March 31, 2018.

Deposits decreased by lesser margin. However the total assets of the bank settled at Rs.221.591 million.

The board expressed satisfaction over the performance and growth in all operational areas of the bank and approved the quarterly accounts for the period ended March 31, 2018.

The Chairman emphasized the need to work with more dedication and devotion to further improve the profitability and the image of the Bank. He further said that these results show the confidence of general public in the Bank which is playing a vital role for socio-economic uplift of the province.