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Celebrating Years of Excellence

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Celebrating Years of Excellence BOK ANNUAL REPORT 2O15 REPORT ANNUAL BOK Celebrating Years of Excellence Annual Report 2015 CELEBRATING SILVER JUBILEE Serving, Contributing, Excelling with humility Twenty-five years ago, the Bank of Khyber embarked upon the journey to fulfill the banking needs of the area and above all, with the spirit to sincerely serve the people of our country. After the initial years of learning and consolidation as a nascent Bank, today the Bank of Khyber has emerged as one of the most reputed public sector Banks. It operates in all over the Country including Gilgit Baltistan, FATA and Azad Jammu & Kashmir, and offers conventional as well as Islamic Banking services, with most modern infrastructure of online Banking. In the recent past, the Branch Network of the Bank achieved rapid growth, hence becoming one of the dynamic Banks of the country. A system has been developed that establishes objective, performance based measures, and aims to reward performance at all levels. In November 2016, the Bank completes 25 years of successful journey. The ongoing year is the year of celebrations and to mark the historic event, the Bank has introduced a Silver Jubilee Logo to celebrate the moment of festivity. The cover concept of this year’s annual report has been designed to convey the message of celebration and festivity. Alhamdulillah. THE2O15 YEAR OF CELEBRATION BOK’S CULTURE WE BOW TO ALMIGHTY ALLAH IN SHEER GRATITUDE NURTURING A CULTURE IMBUED WITH CONVICTION OF ACHIEVEMENT TO PAYBACK TO THE COUNTRY WHERE CHALLENGES ARE WHERE EXCELLENCE IS NOT AN OPPORTUNITY EXCEPTION BUT A NORM PROFESSIONALISM & EXCELLING IN DELIVERING, TEAMWORK IS THE STRENGTH CONTRIBUTING & SERVING AN ICON OF PRIDE ENTITY RATINGS JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has maintained the medium to long term and LONG short term entity ratings of the Bank at "A" (Single A) and "A-1" (A One). Outlook on the ATERM assigned rating is "Stable". The Pakistan Credit Rating Agency Limited (PACRA) has also maintained the long term and short term entity ratings of the Bank at "A" (Single A) and "A1" (A One). Rating outlook is "Stable". SHORT The ratings denote low expectation of credit risk emanating from strong capacity for timely payment of financial commitments. A1TERM BOK AT A GLANCE CELEBRATING 25 YEARS OF EXCELLENCE BOK: THE SERVING LEADER BANK THE BANK TAKES PRIDE IN STANDING SHOULDER TO SHOULDER WITH THE PEOPLE IN ALL KIND OF CHALLENGES BE IT EARTHQUAKES, FLOODS OR ANY OTHER UNFORESEEN SITUATION. SERVICES ISLAMIC & CONVENTIONAL BANKING 1991 RISING PUBLIC SECTOR BANK BOK ESTABLISHED OF THE COUNTRY INTERNATIONAL 190 CORRESPONDENTS 1,300+ OUR EMPLOYEES OF THE BANK PRESENCE KPK | PUNJAB | SINDH | BALUCHISTAN GILGIT BALTISTAN | FATA AND AZAD JAMMU & KASHMIR MCR SBP MCR COMPLIANT BANK 130 BRANCHES NETWORK & GROWING FUTURISTIC • PLANS TO OPEN BRANCHES INTERNATIONALLY • NEW HEAD OFFICE BUILDING IN PESHAWAR • STATE-OF-THE-ART TRAINING CENTRE A RATED BANK BY JCR-VIS PACRA INSIDE Milestones Achieved 13 Directors’ Report 36 Vision & Mission 16 Statement of Compliance 56 About the Company 20 Review Report to the Members 58 Products & Services 22 Statement of Internal Control 59 The Board 26 Report of Shariah Board 60 A Word From Managing Director 28 Auditors' Report to the Members 61 Six Year Financial Highlights 30 Financial Highlights 63 Notice of 25th Annual General Meeting 34 06 | The Bank of Khyber | Annual Report 2015 The Bank of Khyber | Annual Report 2015 | 07 PESHAWAR & THE BOK THE BANK OF KHYBER STARTED ITS JOURNEY 25 YEARS AGO, FROM THE HISTORIC CITY OF PESHAWAR BY OPENING THE FIRST BRANCH. TODAY, WITH OVER 130 BRANCHES THROUGHOUT PAKISTAN, THE BANK OF KHYBER SERVES PAKISTAN WITH DISTINCTION BY EXTENDING SERVICES IN ISLAMIC AS WELL AS CONVENTIONAL BANKING. EMANATING FROM THE HISTORIC CITY OF PESHAWAR, THE PROVINCIAL CAPITAL OF KHYBER PAKHTUNKHWA, THE BANK IS GOING TO ADD FURTHER TO THE BEAUTY OF PESHAWAR BY BUILDING STATE-OF-THE-ART HEAD OFFICE, AT THE MALL ROAD OF THE CITY. KNOWN AS THE CITY OF GARDENS, PESHAWAR IS ALSO KNOWN FOR ITS RICH CULTURE, GREAT HISTORY AND HOSPITALITY OF THE PEOPLE. AFTER PASSING THROUGH THE MOST CHALLENGING TIMES IN THE RECENT PAST, NOW THE CITY IS POISED FOR GREAT BUSINESS ACTIVITY IN DIFFERENT SEGMENTS OF THE ECONOMY. THE BOND OF BANK OF KHYBER WITH PESHAWAR IS INSEPARABLE AS THE BANK TAKES GREAT PRIDE IN PROMOTING THE MUCH-CHERISHED VALUES OF KHYBER PAKHTUNKHWA AS WELL AS THE CITY OF PESHAWAR. THE EMBLEM OF THE BANK CLEARELY AND CONCISELY DEPICTS THE QUINTESSENCE AS, THE BANK OF KHYBER - CUSTODIAN OF RICH VALUES. PAKISTAN & BOK In the year 1991, our Bank made a modest beginning as a public sector Bank. In the beginning, one of the key objectives of the Bank was to fulfill the Banking needs of Khyber Pakhtunkhwa (then NWFP). Today, when we celebrate our Silver Jubilee, our Bank proudly serves and empowers Pakistan in every province of the country. The network of our branches is spread from the mountains of the Northern Areas, covering the fertile land of Punjab, the vast land of Baluchistan and out-reaching to the economic hub & the seaport of the country, Karachi. Today, Alhamdulillah, the BOK has emerged as The Bank of Pakistan. 10 | The Bank of Khyber | Annual Report 2015 25 YEARS OF EMPOWERING PAKISTAN The Bank of Khyber | Annual Report 2015 | 11 INVESTMENTS RS. BILLION 88 DEPOSITS RS. BILLION 117 ADVANCES RS. BILLION 40 MILESTONES ACHIEVED PROFIT AFTER TAX ASSETS RS. BILLION BILLION 155 1.8 The Bank of Khyber | Annual Report 2015 | 13 Team Spirit At the Bank of Khyber each team member is an integral player in maintaining the relationships and in providing the best services to our clients. The Bank focuses on building team from the top to bottom that are linked with mutual respect, understanding, compassion and commitment for translating the vision of the Bank into concrete action and success. 14 | The Bank of Khyber | Annual Report 2015 Service Spirit Clients and customers are at the center of everything done in business and, at the Bank of Khyber, we believe it is a sacred obligation of each and every employee of the Bank to be responsive and caring in rising above their expectations. The Bank of Khyber | Annual Report 2015 | 15 VISION & MISSION 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 & contributing towards an equitable socioeconomic growth. 16 | The Bank of Khyber | Annual Report 2015 Core Values Highest quality of service Professionalism Integrity Team Work Innovation and utilization of latest technology Risk Mitigation Corporate Social Responsibility The Bank of Khyber | Annual Report 2015 | 17 18 | The Bank of Khyber | Annual Report 2015 The management of the Bank of Khyber is taking every measure to transform the Bank through technology, innovation and best business practices The Bank of Khyber | Annual Report 2015 | 19 ABOUT THE COMPANY 20 | The Bank of Khyber | Annual Report 2015 Board of Directors Chief Financial Officer Muhammad Azam Khan Rahat Gul Chairman Ali Raza Bhutta Company Secretary Maqsood Ismail Ahmad Zahid Sahibzada Asad Muhammad Iqbal Javed Akhtar Registered Office / Head Office Rashid Ali Khan 24 - The Mall, Peshawar Cantt. Managing Director / CEO 1st Floor, State Life Building Shams-ul-Qayyum 34 - The Mall, Peshawar Cantt. UAN: 00 92 91 111 95 95 95 Board Audit Committee URL: www.bok.com.pk Asad Muhammad Iqbal Chairman Ali Raza Bhutta Auditors Javed Akhtar Grant Thornton Anjum Rahman Rashid Ali Khan Chartered Accountants Board HR&R Committee Legal Advisors Rashid Ali Khan Mr. Nisar Ahmed Khan Chairman Advocate, Peshawar. Maqsood Ismail Ahmad M/s. Mohsin Tayebaly & Company, Asad Muhammad Iqbal Karachi. Managing Director Registrar and Share Board Risk Management Registration Office Committee THK Associates (Pvt) Ltd. Maqsood Ismail Ahmad 2nd Floor, State Life Building No. 3 Chairman Dr. Ziauddin Ahmed Road Rashid Ali Khan Karachi - 75530. Managing Director The Bank of Khyber | Annual Report 2015 | 21 PRODUCTS & SERVICES 22 | The Bank of Khyber | Annual Report 2015 Deposit Schemes Agriculture Credit Schemes Khyber Friendly Munafa Scheme Sada Bahar Zarai Loan Scheme Current Benefit Account Agriculture Refinance Loan Scheme Be-Baha Mahana Amadani Livestock Loan Scheme Foriegn Currency Deposit Dairy Storage Loan Scheme Dairy Marketing Loan Scheme Tractor Loan Scheme Advances Farm Machinery Loan Scheme Financing Options Tube Well Loan Scheme Corporate Financing Commercial Financing Islamic Banking SME Financing Murabaha Consumer Financing Musharaka Micro Financing Ijara wa Iqtana Agriculture Financing Istisna Project Financing Salam Deposit Schemes Products Bill collection under Wakala Cash Finance Running Finance Consumer Retail Banking Demand Finance House Loan (Suhana Ghar) Trade Finance Car Loan (Foree Car) Export Refinance Salary Loan (Salary Sahara) House / Auto / Salary Loans Letter of Credit Online Banking Letter of Guarantee The Bank of Khyber offers Online Banking FIM Facility to its customers at branches all over FATR Pakistan. The Bank of Khyber | Annual Report 2015 | 23 Celebrating Years of Excellence 1991-2015 Daunting Challenges have made us Stronger: The last ten years or so have been most challenging in the history of our Bank due to security & the fight against terroism. Khyber Paktunkhwa, where we are based, was the worst hit. Alhamdulillah, during these years, despite all odds, our bank performed exceptionally well. Indeed, all these challenges helped us become stronger & resilient. THE BOARD MUHAMMAD AZAM KHAN SHAMS UL QAYYUM ALI RAZA BHUTTA CHAIRMAN / NON-EXECUTIVE DIRECTOR MANAGING DIRECTOR & CEO NON-EXECUTIVE DIRECTOR Mr. Muhammad Azam Khan is a senior civil Mr. Shams-ul-Qayyum has been associated with Mr. Ali Raza Bhutta is a civil servant having servant. He has diverse management banking profession for the last 40 years.
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