BOK declares 10 per cent cash dividend

The Bank of Khyber (BOK) operational performance demonstrated record improvement in all areas for the year 2014. This year has been exceptional for the Bank as it has created history by posted an operating profit of Rs.2,135 million as against Rs.1,756 million in the corresponding period last year. The Bank managed to post Profit before tax of Rs.1,900 million as against Rs.1,669 million in the corresponding period giving increase of 14%. Profit after tax has recorded an increase of 13% over the corresponding period and reached at Rs.1,309 million from Rs.1,154 million which translates into earnings per share of Rs.1.31 against Rs.1.15 in 2013.

Deposit base of the Bank witnessed consistent growth throughout the year and registered an increase of 19% by increasing the figure from Rs.77,218 million of the previous year to Rs.92,264 million as of year end 2014. The gross advances of the Bank also showed an increase of 13% and stood at Rs.43,243 million from Rs.38,339 million of the year 2013. A commendable increase of 36% has been witnessed in the size of investments which showed an amount of Rs.72,431 million as compared to Rs.53,363 million of the last year.Net markup based income of the Bank grew by 15% whereas total non-markup/interest income registered an increase of 54%. The Board in its 130th meeting held on March 12, 2015 under the Chairmanship of Dr. Hammad Owais Agha, Additional Chief Secretary, Government of KPK and participated by Syed Said Badshah Bukhari, Secretary Finance, Government of KPK, Mr. Shams-ul-Qayyum, Managing Director and other members, approved Annual Accounts for the year ended December 31, 2014 and payment of Final Cash Dividend of Rs.1/- per shares i.e. 10% to the shareholders of the Bank. These encouraging results were achieved without making compromise on growth of the balance sheet size, management of cost of deposits, improvement in operational efficiencies and without ignoring the asset quality. The Return on Assets (ROA) and Return on Equity (ROE) stood at 1.04% and 10% respectively. The Bank of Khyber is fully compliant with the Minimum Capital Requirement of the State Bank of Pakistan and the paid-up capital stood at Rs.10.00 billion.

The Bank is operating with 116 branches, 2 sub-branches and 2 booths throughout the country out of which 54 branches are functioning as dedicated Islamic Banking Branches. For the current year, the Bank has also received approval from the Central Bank to open 14 new branches in the country.