It was a year to remember for Pakistan’s capital markets. A notable turning point was the International Monetary Fund’s $3 billion loan package in July 2023, triggering more bullish sentiment and a brighter macro outlook. The equity market responded strongly, with the KSE-100 Index surging over 60% for the year to become the best performer of Asia’s frontier markets.
Amid this resilience to headwinds from pandemic aftershocks, to record high inflation, to economic slowdown, Allied Bank Limited (ABL) played a key part in helping to rebuild confidence among investors and issuers, both at home and abroad.
The bank, Pakistan’s fifth largest with an asset size of over PKR2.33 trillion ($8.33 billion), executed benchmark transactions that contributed towards the broader economy – boosting GDP and exports, and subsequently increasing forex reserves.
The success of its deals plus other initiatives saw ABL grow its overall portfolio on a year-on-year basis by 3%, with profit after tax 92% higher than the previous year. This was based on a stable dividend stream and increasing equity, as well as one of the lowest infection ratios and highest capital adequacy ratios in the country.
These achievements shouldn’t be under-estimated. Our judges, for example, acknowledged the challenges that come with running a successful bank in a developing market such as Pakistan. By picking up five FinanceAsia awards, plus being “highly commended” for its investment banking business, ABL earned widespread praise from the judges for its achievements, especially under difficult market conditions.
ABL made impressive progress across key aspects of its offering. Digitisation was one of them, with judges praising the innovations ABL rolled out to better serve customers. Several milestones reflect an enhanced focus on tech-led transformation to set new industry standards, including: surpassing 1.7 million users of its myABL Digital Banking platform, which processed 76% more transactions during 2023; achieving 48% growth in WhatsApp banking users, to reach 1 million; and processing 81% of its total transaction volume through digital channels.
ABL can also count financial inclusion as one of its big success stories in 2023. Innovative digital products and services to increase in outreach enabled a simpler customer onboarding process, a better customer experience and, in turn, growth in customer acquisition.
Meanwhile, the bank has also been a trailblazer in its commitment to sustainability. With green banking a key pillar of the long-term strategy, ABL helped finance PKR880 million worth of environmentally friendly projects across Pakistan last year.
The judges also applauded the bank for its efforts in diversity, equity and inclusion (DEI) – which ABL considers a cornerstone of sustained success, so prides itself as a pioneer in equal-opportunity employments. A key example is the diversity of gender at all levels of leadership, from sales in retail banking, to corporate strategy, to roles in risk, audit, product development and human resources.
“These accolades are a testament to our unwavering commitment to providing state-of-the-art technology solutions and exemplary services to our customers. This recognition strengthens Allied Bank’s dedication to continuing its path towards innovation and being a socially responsible bank.”
Mr. Aizid Razzaq Gill, Chief Executive Officer
CONTACT
Website: https://www.abl.com/
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Telephone: +9242111225225
Email: [email protected]
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