Bank of Khyber stays in green
MG News | March 05, 2025 at 02:51 PM GMT+05:00
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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