The Bank of Khyber (BoK) is in the process of going towards private management and the provincial government has already hired a consultant. After the resolution of the matters of the rights share it would be resolved. This was stated by BoK Managing Director Bilal Mustafa while briefing media here regarding the growth and achievements of the bank during last two years.
Executive Director Javed Hashmat and other officials of the bank were also present on the occasion. The MD said that the decision of handing over the bank to private management was taken by the provincial government. According to that decision, any private shareholders, with 26 percent shares, will take over the management of the bank.
He said that after receiving of Rs 3 billion in head to meet the minimum capital requirement (MCR), the bank has achieved the required paid-up capital. The amount, he said, has been put in the advance share, and right share in this regard has already been started, whose completion will take three months.
With the receiving of the said amount, he said, the bank has not only met the MCR for calendar year 2010, but also for the current year of 2011 and next year of 2012. Presently, he said, the shares of the provincial government in the bank are 51 percent and the remaining 49 percent are of the private shareholders. In case of the decline of private shareholders the shares of the provincial government in the bank will reach to 70 percent.
The Bank of Khyber, he said, is a progressive and a looking forward financial institution, which had registered remarkable growth during 2010 as compared to 2009. He said that deposits have climbed by Rs 11 billion as compared to last years. Bilal said that during the current calendar year the bank will open 12 more branches to expand its network to 67 in the country. He said that the new branches would be opened in Punjab, Sindh and Khyber Pakhtunkhwa provinces. The 12 new branches include five Islamic and 7 conventional banking branches.
The deposits, which by the end of 2009 were Rs 26 billion, have climbed to Rs 37 billion, showing an increase by 42 percent, which is a record since the establishment of the bank. The remarkable achievement is increase in private depositors' deposits. Remittances, he said, also registered increase and climbed from Rs 6 billion to Rs 10 billion during the year, which is 67 percent more than last year. He said that during the period, the number of the branches of the bank also reached to 50.
That is another milestone of achievements. About the performance exhibited by the bank during first quarter of the calendar year 2011, the Managing Director said that deposits registered a growth of 46 percent, investment 88 percent, advances 33 percent, total assets 57 percent, capital & reserve 20 percent. Profit before taxation registered a growth by 126 percent, and remittances registered growth by 50 percent.
He said that the bank, with the approval of the State Bank of Pakistan (SBP), set up seven booths in different cities of the country for collecting remittances. Such outlets, he said, would soon become operational in Vehari, Gujar Khan and Jehlum in Punjab and Katlang (Mardan) and Tall, district Hangu.
Bilal said that the bank enjoys the mandate of opening branches in both Islamic and conventional banking and goes for the establishment of the branches while taking into consideration the demand of the people. He said that a branch of Islamic banking system has been opened in Jamrud, in Khyber Agency, and more such branches would be established in Dir, Tall, Lakki Marwat, Peshawar, and other cities.
He said that beside opening Islamic branches, Desks of Islamic banking have also been opened in all branches of the conventional branches to provide opportunities to depositors for utilisation the facility of Islamic banking in every branch of the bank.
Further, he said, a centralised system has been selected for bringing improvement in the automation of the bank. The system would be inaugurated in a function to be held soon. The automation, he said, would bring improvement in the services of the bank.
He said that for the current financial year, the bank is providing a credit of Rs 7.5 billion for the procurement of wheat to the government of Khyber Pakhtunkhwa while another amount of Rs 1 billion would be provided from the Islamic banking system to the government of Punjab for the same purpose.
Comments
Comments are closed.