FOR THE THREE MONTHS ENDED MARCH 31, 2023
Corporate Informaon | 1 |
Directors' Review | 3 |
Condensed Interim Statement of Financial Posion | 5 |
Condensed Interim Profit and Loss Account | 6 |
Condensed Interim Statement of Comprehensive Income | 7 |
Condensed Interim Statement of Changes in Equity | 8 |
Condensed Interim Cash Flow Statement | 9 |
Notes to the Condensed Interim Financial Statements | 10 |
CORPORATE INFORMATION | |
Board of Directors | |
Ikramullah Khan | Chairman / Non-Executive Director |
Muhammad Ayaz | Non-Executive Director |
Syed Asad Ali Shah | Independent Director |
Tahir Jawaid | Independent Director |
Mir Javed Hashmat | Independent Director |
Abid Sattar | Independent Director |
Dr. Aliya Hashmi Khan | Independent Director |
Managing Director / CEO | |
Muhammad Ali Gulfaraz | |
Shariah Board | |
Mufti Muhammad Zahid | Chairman Shariah Board |
Mufti Muhammad Arif Khan | Member Shariah Board |
Mufti Abdul Wahab | Member Shariah Board |
Qazi Abdul Samad | Resident Shariah |
Board Member (RSBM) | |
Board Audit Committee | |
Syed Asad Ali Shah | Chairman |
Muhammad Ayaz | Member |
Abid Sattar | Member |
Dr. Aliya Hashmi Khan | Member |
Board Human Resource & Remuneration Committee | |
Dr. Aliya Hashmi Khan | Chairperson |
Tahir Jawaid | Member |
Abid Sattar | Member |
Board Risk Management Committee | |
Abid Sattar | Chairman |
Muhammad Ayaz | Member |
Dr. Aliya Hashmi Khan | Member |
Mir Javed Hashmat | Member |
Managing Director | Member |
Board I.T Steering Committee | |
Abid Sattar | Chairman |
Tahir Jawaid | Member |
Managing Director | Member |
Board Compliance Committee | |
Tahir Jawaid | Chairman |
Abid Sattar | Member |
Managing Director | Member |
Chief Financial Officer
Irfan Saleem Awan
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Company Secretary
Muhammad Ali
Registered Office / Head Office
Bank of Khyber
24 - The Mall, Peshawar Cantt.
UAN# 00-92-91-111 95 95 95
URL: www.bok.com.pk
Auditors
M/s PwC A.F. Ferguson & Co.
Chartered Accountants
Legal Advisors
M/s. Mohsin Tayebaly & Co., Karachi
Registrar and Share Registration Office
THK Associates (Pvt) Ltd.
Plot # 32-C, Jami Commercial Street 2
D.H.A, Phase-VII,
Karachi-75500
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Directors' Review
On behalf of the Board of Directors of the Bank of Khyber, I am pleased to present the condensed interim financial information of the Bank for the 1st quarter ended March 31, 2023. The results are inclusive of Islamic Banking Operations.
Financial Highlights
The financial results of the Bank of Khyber for the 1st quarter ended March 31, 2023 are as under:
(Rs. in Million) | ||
March 31 | December 31 | |
2023 | 2022 | |
Total Assets | 324,652 | 344,984 |
Deposits | 252,448 | 248,906 |
Advances (Gross) | 111,917 | 134,913 |
Investments (Net) | 161,432 | 173,669 |
(Rs. in Million) | ||
Period Ended March 31 | ||
2023 | 2022 | |
Operating Profit | 1,840 | 746 |
Provision against non-performing advances/others | 193 | 99 |
Profit before taxation | 1,647 | 647 |
Taxation | 708 | 257 |
Profit after tax | 939 | 390 |
Performance Review |
In the domestic economy, political instability, high international fuel & commodity prices, significant depreciation of PKR against USD which in turn contributed towards high inflation have exerted immense pressure on the economy of the country. The State Bank of Pakistan has taken host of measures to address the complex economic situation.
Despite of the challenging economic conditions, the Bank managed to post Rs.1,647 million profit before tax whereas profit after tax for the first quarter of the year 2023 stood at Rs.939 million against Rs.390 million of the corresponding period of 2022.
The increase in profitability is mainly attributable to 1) gradual repositioning of balance sheet done in view of the market interest rates 2) continuous focus on non-markup income and 3) positive impact on the cost of deposits during Q1 of certain one-off items. These factors have resulted in increase of net interest income as well as non-markup income of the Bank on a timeline basis.
With a minor increase, the deposits stood at Rs.252,448 million from Rs.248,906 million as of year- end 2022. Due to adjustment of commodity financing during the quarter under review, advances reduced by 17% and stood at Rs.111,917 million. Investments registered a decrease of 7% and reached Rs.161,432 million from Rs.173,669 million. The balance sheet size decreased by 6% to reach at Rs.324,652 million from Rs.344,984 million as of year-end 2022.
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Bank of Khyber published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 06:25:09 UTC.