Askari Bank

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Askari Bank Limited
Type Public Limited Company
Traded as KSEAKBL
Industry Money Center Banks
Founded October 9, 1991 (1991-10-09)
Headquarters Rawalpindi, Pakistan
Key people President & CE
Syed M. Husaini
Products Banking
Revenue Unknown as of June 30,2013
Net income DecreaseRs 4.10 billion PKR (June 30, 2013)
Total assets Rs. 254,32 billion PKR (2009)[1]
Website www.askaribank.com.pk

Askari Bank Ltd (Urdu: عسكری بينك‎) (formerly Askari Commercial Bank) was incorporated in Pakistan on October 9, 1991, as a Public Limited Company.The acquisition of Askari Bank's shareholding stands completed and w.e.f June 21,2013 the Banks major shareholding has been acquired by Fauji Consortium; collectively holding 71.91 percent shares of the Bank. The change of sponsors has added further strength to the Askari Brand and under the umbrella of The Fauji Group. LtGen Muhammad Mustafa Khan,HI(M) (Retd) is the Chairman of the Board of Directors. Askari Bank commenced operations on April 1, 1992.[2] The bank principally deals with banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on the Karachi, Lahore & Islamabad Stock Exchanges.

Askari Bank has expanded into a network of 265 branches, including 31 dedicated Islamic banking branches, and a wholesale bank branch in Bahrain. A shared network of 4,173 online ATMs covering all major cities in Pakistan supports the delivery channels for customer service. Askari Bank achieved planned growth in business and operations during 2009. The total assets of the Bank amounted to Rs.254 billion as at December 31, 2009, registering an increase of 23 percent over December 31, 2008.Customer deposits reached Rs.206 billion by December 31, 2009, an increase of 23 percent over December 31, 2008.

Profit after taxation showed an increase of 187% at Rs.1.11 billion, when compared with last year’s Rs.386 million. The banking spread registered slight improvement over last year, despite absorbing the adverse impact on net mark-up income due to increased nonperforming advances. The Bank’s NPLs stood at Rs.17.73 billion as of December 31, 2009 compared to Rs.11.69 billion at the end of previous year, an increase of 52 percent.[citation needed]

Awards and recognitions[edit]

  • The Asian Banker awarded twice as “Best Retail Bank in Pakistan” in 2004 and 2005.[3]
  • Askari Bank also has been given the “Best Consumer Internet Bank” award by Global Finance magazine for the years 2002 and 2003.[4]

Products and services[edit]

Locations of Askari Bank Ltd branches in Pakistan

Consumer banking

  • ASK 4 CAR
  • ASKCARD (Askari debit card)
  • Master card
  • Mortgage finance
  • Personal finance

Islamic banking

  • Declared weight ages
  • Deposit schemes
  • Home Musharakah
  • Ijarah Bi Sayyarah
  • Profit rates

Branch banking

  • Deposit multiplier account
  • Investment certificates
  • Mahana bachat account
  • Paishgi munafa account
  • Roshan mustaqbil deposit
  • Rupee traveler cheques
  • Value plus deposits

Agriculture banking

  • Kissan aabpashi finance
  • Kissan evergreen finance
  • Kissan farm mechanization finance
  • Kissan tractor finance
  • Kissan livestock development finance

Corporate & investment banking

  • Bill discounting
  • Export financing
  • Fund transfers/remittances
  • Letters of credit
  • Letters of guarantee
  • Receivable discounting
  • Structured trade finance facilities
  • Term loans
  • Working capital facilities

Alternate Delivery Channels

  • ATM
  • Call center
  • I-Net banking

References[edit]