Peshawar: The Bank of Khyber held its 34th Annual General Meeting at its head office on March 28, 2025, where key financial figures and future strategies were presented to shareholders. Chaired by Mr. Amer Sultan Tareen, Director representing the Government of Khyber Pakhtunkhwa, the meeting was attended by various directors, shareholders, and executives, with some participating via Zoom.
The proceedings began at 10:00 AM with a recitation from the Holy Quran. The Company Secretary welcomed attendees and confirmed the nomination of Mr. Tareen as the chair, which was unanimously approved. The meeting's agenda included the confirmation of minutes from the Extraordinary General Meeting held on May 31, 2024, which was also accepted without dissent.
The financial highlights for the fiscal year 2024 were presented by Chief Financial Officer Mr. Irfan Saleem Awan. The bank reported a profit before tax of Rs. 8,135 million, marking a 21% increase from the previous year's Rs. 6,702 million. The profit after tax stood at Rs. 3,615 million, a 4% rise from Rs. 3,481 million in 2023. The Earnings Per Share (EPS) for 2024 was Rs. 3.12, up from Rs. 3.01 in the previous year. According to information available from the Pakistan Stock Exchange (PSX), the financial growth was attributed to strategic tax management and favorable market conditions.
The shareholders approved the audited accounts for the year ending December 31, 2024, along with the Directors' and Auditors' Reports. They also reappointed M/s. PwC A.F. Ferguson & Co., Chartered Accountants, as the external auditors for 2025, with an 8.4% increase in remuneration.
The AGM concluded with the approval of a final cash dividend of Rs. 1.70 per ordinary share, equating to a 17% payout for the year 2024. The Managing Director, Mr. Hassan Raza, detailed the bank's future strategies, emphasizing segment-focused banking, deposit mobilization, and the expansion of Islamic banking services. He highlighted the bank's efforts to enhance its product mix and focus on corporate and SME assets, leveraging support from the Khyber Pakhtunkhwa Government in terms of deposits.
The Managing Director also discussed the positive response to the BOK Korpay home remittance campaign and outlined plans to maintain growth momentum while improving service quality through technological advancements and targeted market strategies. Emphasis was placed on increasing advances in the economy's various sectors, particularly focusing on salary loans, SME, and agriculture sectors, to enhance the bank's Advance to Deposit Ratio (ADR) and profitability.
The meeting, which concluded at 10:45 AM, ended with a vote of thanks to the chair, marking a successful year of financial growth and strategic planning for the Bank of Khyber.