Latest news with #BoK
Business Recorder
30-04-2025
- Business
- Business Recorder
Q1FY25: BoK PAT surges 108pc YoY
PESHAWAR: The Bank of Khyber (BoK) reported an impressive performance for the first quarter of financial Year 2025 (Q1FY25), with its Profit After Tax (PAT) rising sharply by 108 percent year-on-year (YoY) to reach Rs 1.6 billion. The Bank's Net Markup/Interest Income (NII) surged by 45 percent YoY to Rs 5.1 billion, reflecting robust balance sheet management and successful reduction in funding cost achieved during the period. Non-markup/interest income also recorded significant growth, rising by 64 percent YoY to Rs 900 million, mainly driven by gain on securities amounting to Rs 521 million. Operating expenses rose by 15 percent YoY to Rs 2.7 billion, reflecting increase in employee and other administrative costs reflecting the impact of inflation and overall increase in activities of the Bank. As a result of the strenuous recovery efforts and prudent lending strategy followed by Management, the Bank achieved net reversal of provision for Rs 118 million, compared to the net provision of Rs.190 million in the same period last year. Going forward the Bank will continue its emphasis on sustainable profitability, asset quality improvement and diversification of portfolio through proactive management strategies. Copyright Business Recorder, 2025
Express Tribune
06-03-2025
- Business
- Express Tribune
Interest-free loans for skilled youth
The Technical Education and Vocational Training Authority (TEVTA) and the Bank of Khyber (BoK) on Thursday signed a memorandum of understanding (MoU) to provide interest-free business loans to skilled youth of the province under the Ehsaas Hunar Program of the Khyber-Pakhtunkhwa government. Special Assistant to the Chief Minister on Technical Education, Tufail Anjum on this occasion said that the Ehsaas Hunar Program is a flagship project of the Chief Minister of K-P for the youth of the province. Under this program, skilled youth of the province will be provided interest-free loans to start their own businesses. The Special Assistant made the announcement at the signing ceremony of the MoU. Secretary Industry Amir Afaq, Managing Director of BoK, Managing Director of TEVTA, and other officials were also present. The project will be implemented through the BoK. An amount of over Rs3 billion has been allocated for this project, while Rs200 million has been allocated for the year 2024-25. Under this project, around 35,000 skilled youth of the province will be provided business loans. Each qualified recipient will be provided an interest-free loan of up to Rs500,000, which will be repaid in 36 installments. Skilled residents of K-P between the ages of 18 and 40, possessing a skill certificate or diploma will benefit from this project. Special Assistant for Technical Education Tufail Anjum said that the provincial government has formally launched the Ehsaas Hunar Program.
