BOK posted Rs.439 million profit after tax (PAT) for the 1st quarter ended March 31st 2021. This was informed during 166th meeting of the Board of Directors of the Bank held on 26 April, 2021 in Peshawar. The meeting was presided over by Mr. Shakeel Qadir Khan, Additional Chief Secretary, Government of Khyber Pakhtunkhwa & Chairman Board of Director’s.
Due to the prevailing Pandemic COVID-19, most members attended the meeting via video link, Attendees included Mr. Atif Rehman, Finance Secretary, Government of Khyber Pakhtunkhwa, Mr. Maqsood Ismail Ahmad, Mr. Javed Akhtar, Mr. Asad Muhammad Iqbal, Mr. Rashid Ali Khan, Ms. Saleha Asif and Managing Director (A) BOK, Mr. Ihsan Ullah Ihsan.
The third wave of COVID-19 continues to take toll on economies around the world. Although worldwide vaccination is underway, the pandemic has yet to be contained. Pakistan has been hit particularly hard by the third wave and the government is taking various measures in the health sector and allowing certain incentives and relaxations to ease difficult business conditions.
Despite non conducive business environment, the Bank of Khyber has demonstrated good financial performance. An upward trajectory has been witnessed in all the major financial indicators which is the result of proactive and prudent approach in handling fallout of the pandemic.
For the quarter ended March 31, 2021, the Bank posted Rs.653 million profit before tax whereas profit after tax with decrease of 20% stood at Rs.439 million as compared to Rs.548 million for the same period of 2020.
With slight increase from the year end 2020, deposits and advances stood at Rs.214,984 million and Rs.142,888 million respectively. Investments with a minor increase stood at Rs.117,164 million.
At the end of the quarter under review, the Bank was operating with 180 branches, 11 sub-branches and 7 permanent booths throughout the country wherein 92 branches were working as dedicated Islamic Banking Branches.