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PESHAWAR: The Bank of Khyber (BoK) has successfully concluded its second Right Issue (R-2) amounting to Rs.3.224 billion and has attained the milestone of becoming State Bank of Pakistan (SBP) Minimum Capital Requirement (MCR) compliant bank for the year 2011.
The Bank's paid-up capital, after the right issue, stands at Rs.8.228 billion. The Right Shares were traded on the Karachi Stock Exchange during the trading period where as the Government of Khyber Pakhtunkhwa being the major shareholder has subscribed its right entitlement as well as taken up the unsubscribed portion of the Right Issue.
Apart from the above, the Bank has shown remarkable results for the half year ended June 30, 2011. The Bank has managed to register a pre-tax profit of Rs.705 million whereas after tax profit stood at Rs.460 million.
The deposits grew considerably with an increase of 23% from 36,981 million as of year end 2010 to Rs.45,384 million as of June 30, 2011. Advances also maintained growth of 16% over the year ended December 31, 2010. Investments have shown a significant rise from Rs.19,853 million to Rs.29,341 million depicting an increase of 48%.
Currently, the Bank is operating with 50 branches, 4 sub-branches and 3 booths throughout the country out of which 21 branches are functioning as dedicated Islamic Banking Branches.
In order to further strengthen its strategy of concentrating on growth and customers satisfaction, the Bank after having permission of the central bank, is in the process of opening 12 new branches in the country which will take the tally to 62 branches for the year ending 2011.
