The Bank of Khyber (BoK) has earned Rs 467.822 million profit during the nine months of 2008, while the total deposits of the bank reached Rs 18, 909.222 million in the period. The bank during the period disbursed loans of Rs 121, 410 million. This was stated during a briefing at the headquarters of the Bank of Khyber here on Tuesday for NWFP Finance Minister Mohammad Hamayun Khan.
He was detailed on the Special Assets Management Division (SAMD) and the categorywise cash recovery of the segregated non-performing loans (NPLs) and the branchwise percentage. He took notice of the higher rate of default in the recovery of loans, and asked the BoK official to make a solid mechanism to streamline the recovery process.
Speaking on the occasion, NWFP Finance Minister Mohammad Humayun Khan has directed the management of the BoK to work out a solid plan and streamline the cash recovery flow of the bank in a bid to ensure greater prospects in the banking sector and for the benefit of the province. The minister was briefed in detail on the branchwise summary of total deposits in the bank, the advances so far extended to the people and the total profit made till September 2008.
The minister was also told about the impacts of the ongoing financial crisis and the strategy the bank had adopted to overcome the financial problems. Humayun Khan, who was told about the reasons for the higher rate of default, directed the BoK authorities not to repeat the same shortcomings in the future.
He also asked for discouraging the political interference in the bank's affairs, and directed the bank management to honestly tackle the financial affairs so that the bank could be converted into a better financial reserve of the province.
The finance minister said the BoK was not anyone's personal property, but it was the property of the government and any move to politicise the bank's affairs would be discouraged. The briefing was also attended by Finance Secretary Ziaur Rahman, Deputy Secretary Nazir Awan, BoK Managing Director Bilal Mustafa, member board of governors of BoK Mir Javed Hashmat, head of Treasury and Investment Masood A.S. Wahidna and other officers. Later, MPA Syed Muhammad Ali Shah Bacha also participated in the meeting.
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