Lahore: The Bank of Khyber has released its mid-year financial report for June 2024, detailing significant progress across several key performance indicators and asset growth. The financial snapshot, published on June 30, 2024, showcases the bank’s adaptability in a fluctuating economic landscape.

The Bank of Khyber's total assets rose to Rs. 391.37 billion by June 2024, marking an increase of Rs. 8.19 billion or 2% from December 2023. The substantial growth in lending to financial institutions, which saw a notable rise of 76%, and the increase in balances with other banks, which surged by 73%, were significant contributors to the asset growth. Investments also saw a modest uptick of 2%.

According to information available from the Pakistan Stock Exchange (PSX), the liabilities side of the balance sheet also expanded, with total liabilities reaching Rs. 372.78 billion, an increase of 3% over the previous six months. This rise was supported by a 33% increase in other liabilities and a 10% increase in deposits and other accounts, which now total Rs. 318.41 billion.

The performance metrics provide further insight, with the bank achieving a notable return on assets, which increased to 0.8% annually. The earnings per share also saw a healthy increase to Rs. 1.32. Moreover, the dividend payout has been robust, with the bank disbursing a cash dividend of Rs. 1.50 per share, maintaining a 47.5% payout ratio.

On the operational front, the provision coverage ratio has seen an impressive improvement, reaching 98.1%, indicating strong coverage for potential loan losses. The efficiency ratio has also improved, standing at 3.1% annually, suggesting enhanced operational efficiency.

The Bank of Khyber continues to demonstrate strong financial health and operational efficiency, navigating through economic challenges with a firm commitment to profitability and shareholder value.