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BoK earns Rs 753 million gross profit in 2007
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The Bank of Khyber (BoK), a provincial financial institution of the government of NWFP has earned record gross profit of Rs 753 million during the calendar year 2007, sources told Business Recorder on Tuesday. The gross profit of the bank during 2006 was Rs 230 million.

The deposits of the bank during the year have climbed to Rs 23 billion while advances have reached to Rs 12 billion in the previous calendar year. Similarly, the climbing of the bank reserves to Rs 1.3 billion during the year was another feather in the growth stories of the bank.

The bank was having a huge non-performing loan (NPLs) of Rs 3 billion and the profit was provided to adjust the loans of the bank. "In future the bank will not be required any provision in this regard," a senior official confided on the condition of anonymity, saying BoK is now a clean and neat bank.

The provision of the gross profit for clearing of the NPLs has helped the bank in getting relief from the clutches of huge non-performing loans. The senior managers of the bank is attributing the achievement to a vigorous recovery campaign launched by the bank during which the bank recovered a handsome amount of Rs 300 million from defaulters and helped increase profitability of the bank.

Meanwhile, the provincial government held interviews of the aspiring candidates for the top slot of the bank. Out of total 35 hopefuls, 8 short-listed candidates were reportedly called on for interview.

The provincial government of NWFP has constituted a five-member special committee for interviewing the candidates. The committee comprising of chief secretary, additional chief secretary, secretary finance and two members of the board of directors of the bank.

Some of the applicants for the coveted post included acting Managing Director, Qazi Munir-ul-Haq, Bilal Mustafa, Aslam Khan, Jameel Ahmad, Mushtaq Mirza and Noor-ul-Islam. The post is lying vacant since the resignation of the Syed Iqbal Ashraf, former managing director of the bank in the month of October 2007.

 
 
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