Bank of Khyber : Transmission of Quarterly Report for the period ended March 31, 2023

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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