Allied Bank Limited (ABL) has become the fifth bank in Pakistan to mobilize deposits worth Rs. 1 trillion. ABL is one of the first banks in Pakistan. It has also joined the list of 5 biggest banks in Pakistan that have a important influence in the financial sector and banking sector.
Habib Bank Limited, National Bank of Pakistan, United Bank Limited and MCB Bank had achieved this mark with significant shares in overall deposits of the banking industry before. (Rs. 13.8 trillion).
ABL’s deposits include Rs. 954 billion from the customers and Rs. 66 billion from financial institutions. The mobilized deposits based on local currency are worth Rs. 899 billion and the deposits in foreign currency are worth the equivalent of Rs. 121 billion.
The bank was going through a phase of deposit outflows this year due to the depositors withdrawing their money. However, ABL managed to maintain inflows in the latter months that helped it reach the Rs. 1 trillion milestone. The bank’s assets are currently above Rs. 1.5 trillion. It made a profit of over Rs. 9 billion in the first three quarters of 2019.
After ABL, other banks with notable deposit values are Bank Al-Habib, Meezan Bank and Bank Alfalah. These banks may take two or more years to reach Rs. 1 trillion however the good saving rates of these banks may attract higher deposits from the customers in a shorter period of time.
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17 November, 2019
