Bank of Khyber earns Rs1.79bn profit

PESHAWAR: Bank of Khyber’s after-tax profit rose 36.67 per cent to Rs1.789 billion for the year ended Dec 31, 2015 from Rs1.309bn earned last year.

The board approved payment of cash dividend of 12.5pc from reserves available for appropriation.

Operating profit increased to Rs3.538bn from Rs2.135bn last year, said an official statement on Monday.

The bank witnessed an increase of 55.68pc in profit-before-tax, which stood at Rs2.958bn as compared to Rs1.9bn last year.

Total asset base grew 23pc year-on-year to Rs155bn from Rs126bn.

Deposit base also showed consistent growth and was reported at Rs117bn in 2015, an increase of 27pc over the year 2014.

GSK demerger approved

KARACHI: GlaxoSmithKline (GSK) Pakistan informed the stock exchange on Monday that the Sindh High Court had approved the scheme of arrangement for the company’s demerger through separation of all assets and liabilities of its consumer healthcare business into GSK Consumer Healthcare Pakistan Limited.

The company stated that under the arrangement, three shares of the new entity would be issued for every 10 shares of GSK Limited. The arrangement would become effective from April 1, 2016.

Published in Dawn, March 15th, 2016