Bank of Khyber Managing Director Bilal Mustafa has said that the bank has steadily gained a self-reliant financial position with growing deposits and capital over the past four years. According to him, eight billion rupees target was achieved last year to meet the State Bank of Pakistan compliance of Minimum Capital Requirements.
He expressed the hope that they would get another MCR target of nine billion rupees this fiscal year. Speaking at a Khyber Union of Journalists (KhUj) "Mulaqaat" programme here on Tuesday, he said the bank deposits increased to Rs 22.781billion as compared to previous four years. Similarly, he said the bank assets soared to Rs 68 billion in 2011 showing a growth of 35 percent against the fiscal year 2010.
Flanked by BoK Marketing Head Syed Ali Nawaz Gilani, he said the bank home remittances had also swelled to Rs 13.3 billion in 2011 against Rs 275 million in 2010. He said the bank posted Rs 1.285 billion before the tax, while Rs 873 million after the tax. KhUj President Arshad Aziz Malik, General Secretary Ali Hazrat Bacha and Peshawar Press Club President Saiful Islam Saifi were also present.
Bilal Mustafa said the sharp growth in deposits and assets of bank had made its financial position more sound and viable, adding the bank had gradually grown its network in the country as well. He said that more than 62 both conventional and Islamic banking branches had fully functional in the country. Though, he said that SBP had put restriction on issuance of further licenses to open new conventional branches to all commercial banks in the country, but he said it was quite difficult to show progress without expansion of banking network.
In 2009, he said the banks Board of Directors had proposed amendments in rules to allow for expansion both conventional and Islamic banking branch network. Following the approval by provincial government, he said the bank had rapidly expanded its banking network in the country.
He said they had planned to open 10 new Islamic banking and six conventional branches to get target of more than 78 branches by end of this financial year. There were few progressive banks in the country, in which BoK was also among them, he claimed. Bilal Mustafa said that BoK had issued 65 percent loans in Khyber Pakhtunkhwa while only 35 percent rest of the country, adding the bank had also extended services in corporative social sector. He informed that different pro-poor schemes and initiatives had been launched through bank to easily disburse loans to needy and deserving people.
Despite the financial crunch during 2009-08, he said the BoK had managed situation with all financial and other requirement without any additional burden. For the last four year, he said the bank was heading forward and stands at very sound financial position to meet all requirements of the central bank.
He informed that Khyber Pakhtunkhwa government share was about 70 percent, while private share was only 30 percent in the bank, therefore SBP had rated BoK in A+ category with showing exceptional performance over the past many years. He said BoK was premier financial institute, which had played significant role in economic development of the province.
When asked about the status of three billion rupees bailout package extended by federal government to BoK to meet SBP MCR, he replied that the bank would return the amount within next five years. He further said that KP government had reflected provision in the upcoming fiscal budget in this regard. He said that about 40 banks were installed in the country, but only 13 banks were fulfilling the federal capital requirements. About the privatisation of BoK, he said the issue was sub judice, so restricted to comment.
Comments
Comments are closed.