Bank of Khyber stays in green

MG News | March 05, 2025 at 02:51 PM GMT+05:00

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March 05, 2025 (MLN): The Bank of Khyber (PSX: BOK) reported a profit after tax of Rs3.61 billion for the year ended December 31, 2024, reflecting a modest increase of 3.84% compared to Rs3.48bn recorded in the previous year.

The bank has declared a final cash dividend of Rs1.7 per share (17%) for the year ended 2024.

Earnings per share (EPS) stood at Rs3.12, up from Rs3.01 in 2023, marking a 3.65% growth.

The bank's net interest income (NII) surged by 18.71% to Rs16.49bn, driven by a 10.41% rise in mark-up/return/interest earned, which reached Rs65.22bn.

Meanwhile, mark-up/return/interest expenses increased by 7.86% to Rs48.73bn.

On the non-markup income front, a notable decline of 15.69% was observed, with total non-markup income falling to Rs1.78bn from Rs2.1bn in 2023.

The drop was primarily due to a 63.69% decline in foreign exchange income and an 81.56% drop in dividend income.

However, fee and commission income saw a significant jump of 61.17%, reaching Rs941.99 million.

Operating expenses rose by 23.11% to Rs10.53bn, leading to an overall increase of 22.87% in total non-markup expenses, which amounted to Rs10.56bn.

The bank also recorded a reversal of credit loss provisions amounting to Rs425.75m, compared to a provision of Rs705.09m in the previous year.

As a result, profit before taxation surged by 21.39% to Rs8.13bn, while taxation expenses rose sharply by 40.36% to Rs4.52bn.

Financial Result For The Period Ended December 31, 2024 (Rupees in '000)
Particulars	Dec-24	Dec-23	%Change
Mark-up / return / interest earned	65,221,290	59,070,281	10.41%
Mark-up / return / interest expensed	48,729,328	45,177,649	7.86%
Net mark-up / interest income	16,491,962	13,892,632	18.71%
NON MARK-UP / INTEREST INCOME
Fee and commission income	941,990	584,472	61.17%
Dividend income	2,047	11,101	-81.56%
Share of profit of associate	11,182	9	-
Foreign exchange income	529,442	1,457,933	-63.69%
Gain / (loss) on securities	177,001	(70,591)	-350.74%
Net losses on derecognition of financial assets measured at amortised cost	(23,802)	-
Other income	140,166	126,027	11.22%
Total non-markup / interest income	1,778,026	2,108,951	-15.69%
Total income	18,269,988	16,001,583	14.18%
NON MARK-UP / INTEREST EXPENSES
Operating expenses	10,538,609	8,560,349	23.11%
Workers welfare fund	-	-
Other charges	22,058	34,562	-36.18%
Total non-markup / interest expenses	10,560,667	8,594,911	22.87%
Profit before credit loss allowance / provisions	7,709,321	7,406,672	4.09%
(Reversal) of credit loss allowance / provisions and write-offs - net	(425,754)	705,091	-160.38%
Other income / expense items	-	-
PROFIT BEFORE TAXATION	8,135,075	6,701,581	21.39%
Taxation	4,519,954	3,220,304	40.36%
PROFIT AFTER TAXATION	3,615,121	3,481,277	3.84%
Basic and diluted earnings per share	3.12	3.01	3.65%

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