PESHAWAR - Khyber Pakhtunkhwa Assembly Speaker Kiramatullah Khan Chagharmati inaugurated a special sub-branch of the Bank of Khyber (BoK) to facilitate the members of provincial assembly and staff in getting facilities inside the assembly building.

Managing Director BoK Bilal Mustafa, officials of the Assembly secretariat and BoK were present in a ceremony at the lawn of Assembly building.

Bilal Mustafa said that due to the confidence of the people and patronizing of the provincial government the bank has registered remarkable growth in all financial heads. He attributed the growth of the bank to amendment made in the Bank of Khyber Act in 2009 by the present provincial assembly, which once again allowed the bank to open conventional banking branches.

The MD BoK highlighted the growth of the bank during last four years, saying in March 2008 the total deposits of the BoK were Rs.23 billion, which have now reached Rs.58 billion, loan disbursement from Rs.1 billion to Rs.26 billion and the annual profit of the bank has climbed to Rs.1.10 billion. He said that the paid up capital of the bank is Rs.8.2 billion while the target by the end of the current year was Rs.9 billion. He said that a lot of other commercial banks have failed in the achievement of this standard set by the State of Pakistan (SBP).

Bilal Mustafa said that the provincial government is fully patronizing the bank and is carrying its welfare programs through it. In this connection, he especially mentioned the Rs.3 billion Bacha Khan Khpal Rozgar Scheme, under which the bank has disbursed Rs.1.6 billion against the record recovery of 99.9 per cent. He said that the government of Punjab has also recently contacted Khyber Pakhtunkhwa to seek guidance for initiating such schemes in their own province. Similarly, he said federal government has also hinted to start such a program.

However, he said that Khyber Pakhtunkhwa has taken lead in this regard.

Regarding the opening of branch, he said it will be provincial assembly specific and will provide better banking services, adding latest ATM machine has been installed and linked with 5000 ATMs network of all commercial banks in the country.