Bank Alfalah has achieved the Rs. 1 trillion deposits mark in July 2021 to become the eighth Pakistani bank to have this credit on the balance sheet.
Its announcement of its official social media platform read: “Bank Alfalah has reached Rs. 1 Trillion in deposits. We take pride in announcing that Bank Alfalah has achieved a historic milestone”.
According to the financial report, the bank deposits of individual customers had surged to over Rs. 412 billion in current accounts while the customers’ money in the saving account was Rs. 265 billion and over Rs. 173 in term deposits. The institutions maintained their balances of over Rs. 30 billion in saving accounts, Rs. 5.5 billion in current accounts, and nearly Rs. 8 billion in term deposits. The deposits included over Rs. 158 billion in foreign currencies.
The bank maintains an assets base of nearly Rs. 1.4 trillion, and is operating a network of over 700 branches in more than 200 cities in Pakistan.
Rs. 1 Trillion Deposits Club
Bank Alfalah is now a member of the Rs. 1 Trillion Club. This mark was achieved by a league of banks, including:
- Habib Bank Limited, with over Rs. 2.8 trillion
- The National Bank of Pakistan, with over Rs. 2.4 trillion
- United Bank Limited, with over Rs. 1. 8 trillion
- MCB Bank, with over Rs. 1.4 trillion
- Allied Bank Limited, with over Rs. 1.21 trillion
- Meezan Bank, with over Rs. 1.25 trillion
- Bank Al-Habib, with over Rs. 1.1 trillion
The banking industry has recently touched the Rs. 18 trillion mark. The deposits of the banking industry showed gradual growths in 2019 and 2020 despite the challenges of the pandemic.
Most customers, including individuals and businessmen, prefer to keep their income and savings in banks accounts rather than investing or spending during the pandemic. Conversely, the amount through remittances, particularly after the introduction of the Roshan Digital Accounts, has also enhanced the level of the local banking industry in over a year.