The Bank of Khyber (BoK) initial public offer (IPO) of 41 million shares would be floated through Karachi Stock Exchange (KSE) in September this year. The bank is expected to raise Rs 600 million from the IPO.
Talking to Business Recorder BoK Managing Director (MD) Qazi Munir-ul-Haq said that the bank has mandated AMZ Securities (Pvt) Limited and Pak Oman Investment Company Limited to act as Financial Advisers for the proposed public offer, which will be at a premium of Rs 5 per share, ie at Rs 15 per share.
He said that the deposits of the bank are increasing and have shown an increase of Rs 261 million during last six months of just ended financial year. Advances have gone up to Rs 8.821 billion from Rs 6.442 billion, while investment has climbed from Rs 7.999 billion to Rs 8.688 billion.
Total assets of the bank have increased in six months to Rs 22.544 billion from Rs 22.032 billion. The operating profit has improved to Rs 310 million and profit after payment of tax increased to Rs 170 million from last year's Rs 84 million.
He said that Islamic Banking Division (IBD) has also shown remarkable growth and earned Rs 15 million against Rs 2 million in June 2004.
Total assets of Islamic banking division in one year have increased from Rs 414 million to Rs 1.107 billion. Bank of Khyber was established in 1991 under NWFP Act XIV. It started commercial operations in November 1991, and became a scheduled bank with the State Bank of Pakistan in 1994.
BoK has a network of 29 branches across the country. The government of NWFP holds 87 percent shareholding in BoK. The remaining 13 percent shareholding is held by Deutsche Investitions and Entwicklungsgesellschaft mbh ('DEG').
Going forward, BoK aims to be an active player in the banking sector, with emphasis on competitiveness, quality human resources and implementation of state-of-the-art technologies. Its goal is to provide multiple commercial banking products across Pakistan to a diverse client base, while at the same time maximising shareholder value.
The Bank is fully cognisant of the potential offered by Islamic banking products. In this regard it has established five Islamic banking branches that offer Shariah-compliant banking instruments.
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