The Bank Of Khyber
CONDENSED INTERIM
FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED JUNE 30, 2023
CONTENTS
Corporate Information | 1 | |
Directors' Review | 3 | |
Independent Auditor's Review Report | 5 | |
Condensed Interim Statement of Financial Position | 6 | |
Condensed Interim Profit and Loss Account | 7 | |
Condensed Interim Statement of Comprehensive Income | 8 | |
Condensed Interim Statement of Changes in Equity | 9 | |
Condensed Interim Cash Flow Statement | 10 | |
Notes to the Condensed Interim Financial Statements | 11 | |
CORPORATE INFORMATION
Board of Directors
Muhammad Zubair Asghar Qureshi | 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 | 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 | Member |
Board Human Resource & Remuneration | Committee |
Dr. Aliya Hashmi | Chairman |
Tahir Jawaid | Member |
Abid Sattar | Member |
Board Risk Management Committee | |
Abid Sattar | Chairman |
Muhammad Ayaz | Member |
Dr. Aliya Hashmi | Member |
Mir Javed Hashmat | Member |
Managing Director | Member |
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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 | |
Company Secretary |
Sara Shah
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 (The Bank), I am pleased to present the condensed interim financial information of the Bank for the 2nd quarter ended June 30, 2023. The results are inclusive of Islamic Banking Operations.
Financial Highlights
The financial results of The Bank of Khyber for the 2nd quarter (Half year) ended June 30,
2023 are as under:
(Rs. in Million) | ||
June 30 | December 31 | |
2023 | 2022 | |
Total Assets | 345,763 | 344,984 |
Deposits | 274,544 | 248,906 |
Advances (Gross) | 110,986 | 134,913 |
Investments (Net) | 181,825 | 173,669 |
(Rs. in Million) | ||
Period Ended June 30 | ||
2023 | 2022 | |
Operating Profit | 3,505 | 1,102 |
Provision against non-performing advances /others | 439 | 514 |
Profit before taxation | 3,066 | 588 |
Taxation | 1,377 | 197 |
Profit after tax | 1,689 | 391 |
Performance Review
The combination of domestic political instability and global inflation in commodity prices has created a difficult economic environment in Pakistan with steep inflation, sharp devaluation in the Pak Rupee, slow down in import dependent manufacturing industries. In order to control inflation SBP has raised its policy rate to 22%, the highest on record.
Pakistan's recent agreement with the International Monetary Fund (IMF) should provide the short term macroeconomic stability necessary to pursue a comprehensive and sustainable long-term strategy to turn the economy around.
Prudent planning and repositioning of our balance sheet has helped the Bank successfully navigate these stormy conditions. We are pleased to report a sharp increase of 422% in profit before tax to Rs.3,066 million for the half year ended (HYE) June 30, 2023 from Rs. 588m for HYE 2022. Similarly net profit after tax for HYE 2023 rose 332% to Rs.1,689 million against Rs.391 million for HYE 2022.
Future Outlook
This complex economic landscape is likely to persist for some time. To address potential challenges and ensure seamless operations, The Bank is proactively implementing a series of measures to strengthen our competitive position on a sustainable basis.
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Bank of Khyber published this content on 29 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 10:08:57 UTC.