PESHAWAR): The profit of the Bank of Khyber (BoK) during 2006 has registered negative growth and has earned profit after-tax Rs 202 million as compared to last year's profit of Rs 219 million, said the BoK Annual Report-2006. However, it had succeeded in showing positive growth in deposits and advances.

The deposits of the bank, which were Rs 17,452 million increased to Rs 19,077 million, advances (net) Rs 10,590 million declined to Rs 9,219 million, investments rose to Rs 8,565 million, while total assets moved up from Rs 25,074 million to Rs 27,221 million.

Similarly, capital and reserves, which were Rs 2,047 million, increased to Rs 2,863 million, while profit/loss before-tax, which was Rs 234 million, registered negative growth and declined to Rs 225 million and profit after-tax declined from Rs 219 million to Rs 202 million. The return of equity, which was 11.30 percent last year, declined to 8.23 percent.

During the year, the bank had maintained its strategy of concentrating on growth while placing its customers at he centre of its activities. "This was achieved with the consistent dedication shown by our teams of committed professionals in all divisions. Long-term customer relations have been developed through enhancement in service quality," the report added.

The bank has also started reorganisation process in the existing branches and seven more additional ATMs have been deployed during the year. The bank has also strengthened its operational risk management processes and internal controls through management reviews.

To avoid any unexpected losses during the year, the bank has also set up a Risk Management Division and the integrated Risk Management Framework is in line with the evolving trends and growing avenues of businesses. The aims and objectives of the initiative were to align its system and processes with best international practices.

The BoK Islamic banking division has also showed significant improvement during the year as advances and deposits witnesses a strong growth and the trade volume increased significantly. The division made persistent efforts to do the business duly complied with Shariah a per the Bank's Shariah Supervisory Committee. The bank during last year converted one Timergarah as fifth branch to Islamic mode of banking.