BoK to extend operation to Middle East, Afghanistan

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PESHAWAR: The Bank of Khyber (BoK) has planned to extend its operation to Middle East and Afghanistan after meeting its target of raising the network to 100 branches.This was informed by the acting Managing Director (MD) of the BoK Mir Javed Hashmat during the media briefing on the achievements of the bank over the last five years.

 

He said major expansion in both the Islamic and conventional branch network had been increased from 34 to 77 in the last five years while another 21 branches, including eight Islamic and 13 conventional branches would be opened during the current year.Javed Hashmat said the bank had developed a variety of Islamic services for the operation of which dedicated Islamic desks had been set up at all conventional branches.

 

He said the new management, led by former managing director Bilal Mustafa, that took over in 2008, the bank made record growth of deposit mobilisation from Rs21 to Rs60 billion while its growth in advances also remained unprecedented and rose from Rs10 to Rs26 billion.

 

The acting MD said in 2008 bank’s total assets were Rs31 billion while at the end of 2012 its assets stood at Rs82 billion and in June 2013 these increased to Rs86 billion. Counting on the five-year achievements of the BoK, Javed Hashmat said the bank stood robust among its peer banks and it issued bonus shares of Rs180 billion to its shareholders by appropriation of profit over the last five years.

 

The bank succeeded to comply with the Minimum Capital Requirement (MCR) of the State Bank of Pakistan (SBP) and its paid up amount with the SBP stands at Rs9.0 billion.The official said the rate of non-performing loans (NPLs) also dropped from 15 percent in 2012 to 13 percent in June 2013, while its net profit crossed the figure of Rs1 billion with the growth of 23 percent.

 

The bank rating that was upgraded to category A in 2012, further improved to category A2 in June 2013.Javed Hashmat said the bank was catering to the needs of expatriates and its home remittances portfolio in 2012 was around Rs13 billion while its trade business portfolio was recorded at Rs29 billion. It also managed to adjust longstanding tax refund of Rs527 million pending since 1994, the acting MD said.He said successful handling of various provincial government schemes with remarkable results of 99.5 percent had earned worldwide acclamation for the bank.




Courtesy;  The News


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