ISLAMABAD: The Board of Directors of Bank of Khyber (BoK) held their 188th meeting on March 7 in Islamabad to review and approve the financial results for the year ended December 31, 2023. The meeting was chaired by Syed Imtiaz Hussain Shah, Additional Chief Secretary, Government of Khyber Pakhtunkhwa, and Chairman BOK Board of Directors.
The Bank posted historical profits during FY-2023 whereby profit before tax amounted to Rs.6,702 million as against Rs 920 million last year, while profit after tax was Rs 3,481 million as compared to Rs 455 million during FY-2022. The major components of this substantial increase in profitability were the increase registered in both Mark-up / Interest income as well as non-mark-up/interest income during the year.
The total assets of the Bank stood at Rs 383,186 million as of December 31, 2023 wherein investments (net) amounted to Rs 223,348 million and advances (net) stood at Rs 101,588 million. Deposits of the Bank registered a healthy growth of 16 percent during FY-2023 and stood at Rs 289,292 million as of December 31, 2023.
The Bank remains cognizant of the challenging business environment and stands committed to its strategy of steady growth through diversification in products, services and outreach. Moreover, due focus is being given towards continuous improvement of Bank’s digital banking platform for better customer experience.
The Board expressed its satisfaction over the performance of the Bank and recommended a cash dividend of Rupees 1.5 per share (i.e. 15%) together with the issue of bonus shares @ 5% for FY-2023.
Copyright Business Recorder, 2024
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