Allied Bank Limited (ABL) has become the fifth bank in Pakistan to mobilize deposits worth Rs. 1 trillion.
ABL is one of the oldest banks in Pakistan. It has also joined the 5 biggest banks in Pakistan that have a notable influence in the financial sector and banking sector.
Previously, 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 (Rs. 13.8 trillion).
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 attractive saving rates of these banks may attract healthy deposits from the customers in a shorter time period.
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 witnessed deposit outflows this year due to depositors withdrawing their money but ABL managed to maintain inflows in the latter months that helped it reach the Rs. 1 trillion mark.
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.