PESHAWAR - The Board of Directors of the Bank of Khyber (BoK) has approved the quarterly results for the 3rd quarter that ended September 30, 2018.

The meeting was chaired by Dr Shahzad Khan Bangash, additional chief secretary, Government of Khyber Pakhtunkhwa and chairman BOK Board of Directors. The meeting was attended by Muhammad Shahbaz Jameel, acting managing director BoK, Shakeel Qadir Khan, finance secretary, Government of Khyber Pakhtunkhwa, Maqsood Ismail, Javed Akhtar, Asad Muhammad Iqbal and Shaharyar Ahmad.

The bank declared after tax profit of Rs.927 million for the 3rd quarter ended September 30, 2018. The bank’s earning from core business actively increased during the period mainly due to increase in advances coupled with increase in policy rate. Thus, net interest income for the period showed increase over third quarter 2017 and was Rs3,900 million.

Advances of the bank grew significantly reaching Rs93,084 million. Deposits improved to Rs172,587 million while investment decreased to Rs87,863 due to return of borrowing from other banks and offloading of some government securities. The bank’s total assets settled at Rs.204,706.

The board showed its satisfaction over the performance and growth in all operational areas of the bank and approved the quarterly accounts for the period ended September 30, 2018. The chairman emphasized the need to work with more dedication and devotion as current changes in policy and exchange rates requires more work on part of the bank to meet these challenges.

He further said that these results show the confidence of general public in the Bank which is playing a vital role for socio-economic uplift of the province.