Bank of Khyber (BoK) saw its earnings skyrocket to Rs3.48 billion in 2023, up nearly 665% from the profit-after-tax of Rs454.6 million in 2022.

As per a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, BoK’s earnings per share (EPS) clocked in at Rs3.16 in 2023, up from Re0.41 per share in the same period last year.

The Board of Directors (BoD) announced a final cash dividend for the year at Rs1.50 per share i.e. 15%. Moreover, the board also recommended issuing bonus shares for the year 2023, in the proportion of 5 ordinary shares for every 100 ordinary shares i.e. 5%.

The exponential gain in profit came on the back of a massive increase in interest and non-interest income earned during the period under review.

The markup/return of BoK rose from Rs40.24 billion in 2022 to Rs59.07 billion in 2023, a significant rise of nearly 47%.

Consequently, the net mark-up of the bank reached Rs13.89 billion in 2023, as compared to Rs7.15 billion in 2022, a significant increase of over 94%.

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Bank of Khyber’s foreign exchange income showed an exponential increase of 121% up from Rs660.3 million in 2022 to Rs1.46 billion in 2023.

During the year, the bank sustained losses in securities to the tune of Rs70.6 million, as compared to a gain of Rs7.5 million in the preceding year. However, despite the loss, BoK’s total income jumped to Rs16 billion in 2023, an increase of 88%.

During 2023, operating expenses of the bank amounted to Rs8.56 billion, up 29% against Rs6.65 billion in SPLY.

Consequently, Bank of Khyber’s profit before tax clocked in at Rs6.7 billion in 2023, as compared to Rs919.88 million in 2022, an increase of nearly 629%.

In 2023, BoK paid Rs3.48 billion in taxes, as compared to only Rs454.86 million in SPLY.