The Bank of Khyber (BoK) has earned a record profit of Rs 600 million during the nine months of the current calendar year 2008, said a press release issued after the meeting of the Board of Directors held in Karachi on Wednesday.
The BoK Board of Directors in their meeting approved quarterly management accounts. The Board was apprised of that despite tough competition, domestic and global economic crises, the bank has shown a tremendous performance in all its operational indications.
Further, the Board members appreciated the efforts of the management and advised them to continue working with similar spirit in future also. According to financial highlights by the end of September 2008, the bank's deposit has registered a growth by 10.50 percent and has raised to Rs 23, 646 million as compared to Rs 21411 million by the end of the last calendar year.
The gross advances during nine months of the year 2008, had climbed to Rs 13, 714 million as compared to Rs 12, 174 million by December 2007 showing a growth of 13 percent. Further, the volume of the total assets has reached Rs 33.631 million, which was Rs 29, 712 million at the end of 2007.
Furthermore, the bank's total asset has also shown a growth of 13 percent. BoK, during the period of nine months has earned record Rs 600 million profits before taxation as compared to the profit of 91 million by December 2007, showing a growth of 559 percent. The net profit after payment of tax remained at Rs 397 million as compared to the profit earned by the bank at the end of 2007 showing a growth of 81percent.
The Board of Directors had advised the management that the bank should play a vital role in the economic development and business growth of the country with special emphasis in the North West Frontier Province (NWFP).-PR