The Bank of Khyber has disapproved extension to board members’ honors. The board has decided to maintain the honorarium at the current level, instead.

The decision was made at a meeting of the Board of Directors at The Bank of Khyber. The meeting was chaired by Additional Chief Secretary Khyber Pakhtunkhwa Shakeel Qadir Khan.

The meeting also approved the annual budget and strategy of the bank.

Over the past three years, 39 new branches of Islamic banking have been established with existing resources and workforce, according to the briefing. The meeting approved the next five-year business plan, which anticipates bank profits to increase by 300%.

The bank’s performance last year had been satisfactory, said the briefing.

The board also approved hiring an international workforce organization to determine the bank’s permanent MD.