Total deposits of Bank of Khyber (BoK) Islamic banking system have increased to Rs 1208 million till April 30, against Rs 659 million in December 2004, showing an overall increase of 83 percent.
Similarly, the bank's advances have increased to Rs 2179 million, against Rs 1395 million, showing an increase of 56 percent, official sources in BoK told APP here on Sunday.
Total investments during the same period were recorded at Rs 45 million, against Rs 10 million of the corresponding period of year 2004,showing an increase of 353 percent, they said.
The bank's profits, both before tax and after tax, have witnessed increase of 459 and 296 percent, respectively, which shows public confidence in BoK and interest-free banking system.
Sources said that keeping in view the interest and demand of the customers the management of the bank has decided to convert eight more conventional, branches of the bank to Islamic mode of banking.
The branches are Ashraf Road Branch, SITE Branch Karachi, Tank Branch, Charsadda Branch, Mingora Branch, Abbottabad Branch, Mansehra Branch and Hangu Branch.
The BoK is playing a vital role in the economic development of the country in general and NWFP in particular, thee said, and added that this was evident from the fact that lending of the bank is 63 percent in the NWFP, which has benefited industrialists, traders, contractors and other sectors of economy.
The bank through its special products like micro finance, consumer finance and agriculture finance has facilitated the people at grass-roots level. An overview of the bank's performance during last two years has shown that the bank has made significant improvement in all financial indicators.
Highlighting achievements made by the bank during last two years, a BoK official said the longstanding issue of the Initial Public Offering (IPO), pending since 1995, had been successfully resolved and the bank generated a handsome amount of Rs 616 million from the public issue of December 2005.