PESHAWAR - The Bank of Khyber (BoK) earned Rs 1.5 billion profit after tax (PAT) for the nine months period ended September 30, showing an increase of 22% over the corresponding period of 2015.

This was informed to the Board of Directors (BOD) during presentation of 3rd quarterly accounts of the Bank for the period ended September 30, in its 140th meeting held at Islamabad.

The meeting was chaired by Ali Raza Bhutta, Finance Secretary Khyber Pakhtunkhwa. A part from other members of the board, the meeting was attended by Shams-ul-Qayyum, Managing Director, BoK.

The Board was also informed that during the period under review, Bank’s operating profit was recorded at Rs2.8 billion against Rs2.5 billion of the corresponding period of 2015. Profit before tax increased by19% to reach Rs2.4 billion as compared to Rs2.0 billion in the corresponding period.

With an increase of 24%, the Bank's total assets stood at Rs192.0 billion. Deposits witnessed an increase of 32% and reached Rs154.8 billion whereas investments recorded a significant increase of 49% and stood at Rs141.8 billion. The Board appreciated the management for the continued positive performance in almost all areas of Bank's operations and advised to work with more dedication and devotion to further improve operational achievements in the time to come.

It was observed that further branches should be opened against the SBP approved expansion plan so as to further improve operational growth across the country. The Board appreciated the efforts of branches in achieving the operational targets and advised the Management to guide & Support field staff to work with more dedication.

The Board observed that increase profitability shows the confidence of general public in BoK policies and its vital role being played for socio-economic uplift of the masses across the country. The Board showed its satisfaction over the performance and growth in all operational areas of the Bank during the period under review and approved the Accounts for the quarter ended September 30, 2016.