BOK posts highest profit of Rs.3.8bn in 2020, registers growth

PESHAWAR: The Board of Directors of the Bank of Khyber (BOK) held their 165th meeting at Peshawar to approve financial results for the year 2020, said a press release issued here on Wednesday.

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 Mr. Atif Rahman, Finance Secretary, Government of Khyber Pakhtunkhwa, Mr. Maqsood Ismail, Mr. Javed Akhtar, Mr. Asad Muhammad Iqbal, Mr. Rashid Ali Khan, Ms Saleha Asif and Mr. Ihsan Ullah Ihsan Managing Director BOK.

The bank closed year with highest profit before tax (PBT) of Rs. 3,806 million, whereas profit after tax (PAT) with rise of 64% and stood at Rs. 2,151million as compared to Rs. 1,306 million for the same period of 2019.

The Bank maintained strong payout to shareholders declaring dividends of Rs.1.5 billion for year 2020 (Rs.1.5 per share) along with bonus shares at 5%. Earnings per share remained Rs.2.1 as compared to Rs.1.3 in 2019.

Deposits registered a growth of 11.47 % and increased to Rs. 203,071 million, advances reached Rs. 129,063 million whereas Investments closed at Rs. 113,478 million for 2020.

The Board showed its satisfaction over the historical performance and growth in all operational areas of the bank and approved the accounts for the period ended December 31, 2020.

The chairman remarked that despite the challenges brought about by the pandemic bank’s performance for the year 2020 remained sound.

A sustained and visible improvement in all facets of Bank’s operations have been achieved which greatly helped in neutralizing adverse operating environment. Our strong balance sheet gives us the foundations for future growth.

The Chairman further said that Expansion of branch network especially in remote and unbanked areas of the country, proved a landmark decision which ignited business potential of these areas and also enabled the bank in improving its spread by generating sizeable low-cost deposits. Bank’s presence in small towns and villages shall go a long way in improving financial inclusion in under privileged areas of the country.

Bank’s Raast Islamic Banking operations have also grown considerably and a network of 94 branches has been offering a range of Shariah compliant products and services to its clients.

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.