Allied Bank profit jumps by 125 percent

KARACHI (July 15 2003) : Allied Bank of Pakistan has earned an operating profit of Rs 1.5 billion during first half of current year registering an increase of over 125 percent over the corresponding period of last year, said release issued by the Bank on Monday.

The Bank continued its focus on restructuring and remedial measures during this period with the result that after deducting unusual items (prior period cost) the profits have surged by over 3200 percent as compared with the last year's corresponding period.

The deposits of the Bank grew to Rs 112 billion thereby registering an increase of more than 9 percent over the comparative period of previous year.

The advances portfolio of the Bank as of June 30, 2003 stood at Rs 52 billion.

During the first six months of the year the Bank has transacted foreign exchange business of over Rs 25.3 billion.

The recovery performance of the Bank in NPLs as of June 30, 2003 has also been very outstanding.

The Bank has made total recovery of almost Rs 5 billion including cash recoveries of over Rs l.9 billion.

The total recovery performance of the Bank during the first six months of the current year is comparable with the whole year performance of 2002 when the Bank made a total recovery of Rs 4.3 billion including cash recoveries of Rs 2.0 billion.

During the first half of the current year the Bank introduced ATM services in an online network through which its customers in nine major cities have access to over 165 ATMs spread all over the country.

This number is likely to increase to over 350 ATMs by year-end.

In addition, the Bank plans to extend the coverage of this service to its customers in other cities.

The Bank has also introduced during this period online banking service to its customers initially at 65 branches located in all the major cities of the country.

Online branches also offer the facilities of cash deposit, cash withdrawal, funds transfer, statement of account and balance enquiry across the network.

The Bank plans to expand the online network to 300 branches by the end of the year.

All the branches of the Bank are computerised.

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