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Bank of Khyber 2016 (Starting Pages).FH10 The Bank of Khyber Contents Vision ....................................................................................................................................................02 Mission.................................................................................................................................................02 Core Values .........................................................................................................................................02 Corporate Information ...................................................................................................................03 Notice of Twenty Sixth Annual General Meeting ................................................................ 04 Directors Report to the Shareholders ..................................................................................... 06 Six Years Financial Highlights.......................................................................................................12 Statement of Compliance .............................................................................................................13 Review Report to the Members ..................................................................................................15 Statement of Internal Control......................................................................................................16 Report of Shariah Board.................................................................................................................17 Auditors Report to the Members...............................................................................................18 Financial Statements l Statement of Financial Position ....................................................................................... 20 l Profit and Loss Account ...................................................................................................... 21 l Statement of Comprehensive Income........................................................................... 22 l Statement of Changes in Equity ...................................................................................... 23 l Cash Flow Statement........................................................................................................... 24 l Notes to the Financial Statements.................................................................................. 25 Pattern of Shareholding............................................................................................................. 104 Branch Network..............................................................................................................................106 Foreign Correspondent Banks ................................................................................................. 111 Form of Proxy ANNUAL REPORT 2016 The Bank of Khyber Vision To become a Leading Bank providing efficient and dynamic services in both Islamic and Conventional banking through expanded nationwide network. Mission To increase shareholders' value and provide excellent service and innovative products to customers through effective corporate governance, friendly work environment and contributing towards an equitable socioeconomic growth. Core Values Highest quality of service Professionalism Integrity Team Work Innovation and utilization of latest technology Risk Mitigation Corporate Social Responsibility 02 ANNUAL REPORT 2016 The Bank of Khyber CORPORATE INFORMATION Board of Directors Registered Office / Head Office Muhammad Azam Khan Chairman 24 - The Mall, Peshawar Cantt. Ali Raza Bhutta Pakistan. Maqsood Ismail Ahmad Asad Muhammad Iqbal 1st Floor, State Life Building Javed Akhtar 34 - The Mall, Peshawar Cantt. Rashid Ali Khan Pakistan. UAN # 00-92-91-111 95 95 95 Managing Director / CEO URL : www.bok.com.pk Shams-ul-Qayyum Auditors Board Audit Committee Grant Thornton Anjum Rahman Asad Muhammad Iqbal Chairman Chartered Accountants Ali Raza Bhutta Javed Akhtar Legal Advisors Rashid Ali Khan Mr. Nisar Ahmed Khan, Advocate Board Human Resource & Remuneration Committee Peshawar. Rashid Ali Khan Chairman M/s. Mohsin Tayebaly & Co. Karachi. Maqsood Ismail Ahmad Asad Muhammad Iqbal Managing Director Registrar and Share Registration Office Board Risk Management Committee THK Associates (Pvt) Ltd 1st Floor, 40-C, Block-6, P.E.C.H.S. Maqsood Ismail Ahmad Chairman Karachi - 75400 Rashid Ali Khan Pakistan. Managing Director Chief Financial Officer Rahat Gul Company Secretary Zahid Sahibzada ANNUAL REPORT 2016 03 The Bank of Khyber NOTICE OF TWENTY SIXTH ANNUAL GENERAL MEETING Notice is hereby given that the Twenty Sixth Annual General Meeting of the Shareholders of The Bank of Khyber will be held on Thursday, March 30, 2017 at 10:30 a.m. at Pearl Continental Hotel, Peshawar Cantt. to transact the following business: Ordinary Business 1. To confirm the minutes of the Twenty Fifth Annual General Meeting (AGM) held on April 5, 2016. 2. To receive, consider and adopt the Audited Accounts of the Bank for the year ended December 31, 2016, together with the Directors' and Auditors' Reports thereon. 3. To appoint auditors for the year ending December 31, 2017 and fix their remuneration. The present auditors, Messrs. Grant Thornton Anjum Rahman, Chartered Accountants, retire and being eligible, offer themselves for re-appointment. 4. To consider, and if thought fit, approve as recommended by the Board of Directors, final cash dividend for the year 2016 @Rupees 1.50 per share i.e. 15% to the shareholders of the Bank. Other Business 5. Any other business with the permission of the Chair. By Order of the Board Zahid Sahibzada Peshawar: March 9, 2017 Company Secretary 04 ANNUAL REPORT 2016 The Bank of Khyber Notes: (i) Share Transfer Books of the Bank will remain closed from Thursday, March 23, 2017 to Thursday, March 30, 2017 (both days inclusive) to determine the names of members entitled to receive the 15% Cash Dividend and attend and vote in the meeting. (ii) All members are entitled to attend and vote at the meeting. (iii) A member entitled to attend and vote at the Meeting, is entitled to appoint another member as a proxy to attend, speak and vote for him/her. (iv) An instrument of proxy applicable for the meeting is being provided with the notice sent to members. Further copies of the instrument of proxy, if required, may be obtained from the Registered Office of the Bank during normal office hours. (v) An instrument of proxy and a Power of Attorney or other authority (if any) under which it is signed, or notarized copy of such Power of Attorney must be valid and deposited at the Registered Office of the Bank not less than 48 hours before the time of the meeting. (vi) In case of Proxy for an individual beneficial owner of CDC, attested copies of beneficial owner's NIC or passport, Account and Participant's I.D. numbers must be deposited along with the Form of Proxy. In case of Proxy for corporate members, he/she should bring the usual documents required for such purpose. (vii) Shareholders are requested to notify immediately for any change in their addresses. (viii) Form of Proxy, if required, should be signed on Rs.5/- Revenue Stamp. ANNUAL REPORT 2016 05 The Bank of Khyber Directors' Report to the Shareholders Dear Shareholders On behalf of the Board of Directors, I am pleased to present the 26th Annual Report of the Bank of Khyber along with audited financial statements and auditors' report for the financial year ended December 31, 2016. On the landmark occasion of completion of 25 years of successful operations, we bow before the Almighty Allah with all humility and gratitude for His blessings. The Bank is all set to embark upon a journey to explore new vistas and excel in services so as to achieve its objectives of growth and profitability. Financial Highlights The operating results and appropriations, as recommended by the Board, are placed as under: (Rs. in millions) Operating Profit 3,868 Provision against non-performing advances, investments & others (628) Profit before taxation 3,240 Taxation (1,220) Profit after tax 2,020 Total Assets 206,400 Advances (Gross) 36,054 Investments (Net) 141,602 Deposits 157,020 Performance Review Notwithstanding the challenging economic and business environment, the Bank performed well in the year under review. The focus remains on strengthening the Bank's balance sheet by managing risk, diversifying business and extending geographic outreach so as to maintain quality growth momentum. The Bank was not only able to prudently manage the assets side but also maintained low cost funds to achieve a better level of profitability. This year has been another year of success for the Bank with an operating profit of Rs.3,868 million against Rs.3,559 million last year. Profit before tax was recorded at Rs.3,240 million as against Rs.2,958 million of the previous year giving increase of 10%. Profit after tax for the same year grew by 13% to reach at Rs.2,020 million over Rs.1,789 million of the last year that translates into earnings per share of Rs.2.02 against Rs.1.79 in 2015. The Net Mark-up / Interest Income after provisions stood at Rs.3,776 million as compared to Rs.3,847 million in the corresponding period of 2015. Non-Markup / Interest Income increased by 49% to reach at Rs.2,673 million as compared to Rs.1,799 million of the previous year. The increase was mainly attributed to rise in capital gains. Administrative Expenses increased by 14% mostly due to startup expenses of new branches added to branch
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