The Board of Directors of KASB Bank on Wednesday announced its third quarter results for 2014. The Bank's operational profit as of 30th September 2014 is Rs 121 million. The overall positive outlook can be seen due to the stable performance of the bank.
Total deposits aggregated Rs 62 billion as at 30th September 2014 with current and saving accounts (CASA) constituting 77 percent of the deposits, 98 percent of which are denominated in local currency. Deposits cost has continued to be monitored well. Despite capital shortfall as fully explained below, the bank remained very liquid with a surplus liquidity of Rs 14.3 billion over and above the prescribed requirements as at 30th September 2014.
The surplus liquidity remained invested in the Government Securities. The management is focusing on its branch network and consequently the overall retail business is positively contributing towards operational results of the Bank. Fresh addition to NPLs has significantly reduced compared to prior years however, the Bank continued to manage its non-performing loans (NPLs) with the highest priority.
As at 30th September 2014, the net NPLs after provisions decreased to Rs 2.4 billion (Rs 3.2 billion at the end of 2013). KASB Bank is currently serving its customers through 105 online locations in 44 cities across Pakistan. The Bank's focus is to achieve service excellence along with providing innovative financial solutions to cater to customers banking needs.-PR