Bank of Khyber : Transmission of Quarterly Report for the Period Ended 30.06.2023

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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