Bank of Khyber Profits Dip as Expenses Rise

Aziz Buneri

PESHAWAR – The Bank of Khyber (BoK) reported a decline in profits for the first quarter of 2024, ending March 31st. This decrease is attributed to a surge in operational expenses.

Bank documents reveal a significant rise in operational expenditures, which squeezed profits and earnings per share (EPS). Compared to the same period last year, BoK’s net profit fell by Rs 132 million, landing at Rs 1.514 billion for Q1 2024. Profit after tax also saw a drop, going from Rs 938.664 million in Q1 2023 to Rs 772.232 million this quarter.

The bank’s EPS suffered as well, declining from Rs 0.81 to Rs 0.67. Foreign exchange income also dipped slightly, reaching Rs 227.268 million compared to Rs 242.671 million last year.

These combined factors – rising operational costs and declining income – impacted the bank’s financial performance. To improve profitability in the coming quarters, BoK’s management will need to address these issues.