LETTER: That the country's banks have done really well despite economic slowdown exacerbated by the coronavirus pandemic there is no doubt about it. Allied Bank Limited (ABL), for example, while announcing its half year performance, has said that it recorded 35 percent growth in its profit after tax to Rs8.4 billion.
According to it, amidst the novel Covid-19 outbreak, the new era of enforcing confinement measures through 'SMART' lockdowns and mandating social distancing practices has accelerated the pace to offer digital banking services to satisfy increasing customers' retail banking needs and at the same time use of information technology to interact with various stakeholders including regulators.
Another major bank, MCB too, has posted an impressive growth during the similar period. MCB's profit was up by 24 percent to Rs13.2 billion in 1st half of 2020. Pakistani banks that generally enjoy higher credit ratings therefore deserve lavish praise.
KHANUM EJAZ (KARACHI)
Copyright Business Recorder, 2020
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