The Allied Bank has announced 11 percent increase in the Bank's deposits and 12 percent increase in profit before tax and provisions for the year ended December 31, 2004. This was stated in the 59th Annual General Meeting of the Allied Bank held on Monday. The meeting was presided over by Chairman Naeem Mukhtar. According to the annual accounts, the deposits of the Bank increased by 11 percent from Rs.114.219 billion to Rs.126.392 billion during the year with a major upsurge of more than 22 percent in low cost deposits.
The performing advances portfolio of the bank substantially increased by 67 percent from Rs.32.154 billion in 2003 to Rs.53.83 billion in 2004.
The foreign trade handled by the Bank increased by 28 percent. Net interest income increased from Rs.3.830 billion in 2003 to Rs.4.407 billion in 2004, which was 15 percent increase.
Profit before tax and provisions increased from Rs.1.824 billion in 2003 to Rs.2.05 billion, which is 12 percent increase.
The Bank has decided to shortly acquire state-of-the-art world class core banking solutions. This will further strengthen the Bank's online real-time transaction processing capability and provide interface to multiple technology driven delivery channels. The meeting approved the scheme of merger, amalgamation of Ibrahim Leasing Ltd with and into Allied Bank, 'subject to any modification by State Bank'.
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