BOK registers extraordinary growth in challenging times. profit surges three times

Islamabad : The Board of Directors of the Bank of Khyber (BOK) held their 163rd meeting on October 28, 2020 at Islamabad to approve the Quarterly results for the 3rd Quarter ended September 30, 2020. The meeting was
chaired by Shakeel Qadir Khan, Additional Chief Secretary, Government of Khyber Pakhtunkhwa and chairman BOK Board of Directors. The meeting was attended by Atif Rahman, Finance Secretary, Government of Khyber Pakhtunkhwa,  Maqsood Ismail,  Javed Akhtar, Asad Muhammad Iqbal, Rashid Ali Khan and Ihsan Ullah Ihsan.
The Bank closed the 3rd quarter with profit before tax of Rs. 2,795 million whereas profit after tax increased substantially and stood at Rs. 1,652 million as compared to Rs.598 million for the same period of 2019. The major contributors to the enhanced
profitability remained increase in Mark-up / Interest earned and Capital gains.
Further, significant amount of high cost deposits have been attrited to substantially reduce cost of funds.
The total assets stood at Rs.298,823 million. Deposits registered a growth of 6% and stood at Rs.192,999 million whereas with an increase of 11% from the year end 2019, advances reached Rs.126,167 million whereas Investments closed at Rs.145,142 million at the close of the 3rd quarter.
The Board Showed its satisfaction over the performance and growth in all
operational areas of the bank and approved the Quarterly accounts for the period ended September 30, 2020. The Chairman emphasized the need to work with same dedication and devotion as current changes in policy and exchange rates require persistent hard work on part of the bank to meet these challenges. He further said that these results show the confidence of general public in the Bank which is committed to bring about socio-economic uplift of the province.