The Financial Analysis of Askari Bank

Abstract

Askari Bank Limited was incorporated on Oct 1991 as a public limited company and is listed on Karachi, Lahore and Islamabad Stock Exchanges. It is a subsidiary of AWT (Army Welfare Trust). Askari Bank Limited started as investment bank in a small room of G.H.Q, Rawalpindi; later on its office was transferred from G.H.Q to Army Welfare Trust Plaza, the Mall Rawalpindi. It started working as a commercial bank in 1992. In a short period of Fifteen years (1992-2007) Askari Bank Limited has progressed much more than other private banks in Pakistan. At this time more than 155 branches of Askari Bank Limited are working in different cities of Pakistan. The Bank has 15 branches which are dedicated for Islamic Banking All branches of Askari Bank Limited have been computerized. Askari Bank Limited is the first bank to have established largest country wide communication network, based on satellite system (VSAT) and radio modems, in the banking sector in Pakistan. This network has enabled Askari Bank Limited to provide real time on-line banking facilities to its customers through its on line branches with a link of 2,670 online ATM’s covering all major cities in Pakistan. Askari Bank Limited maintains the facility of electronic image of account holder’s signature throughout its branch network thereby ensuring efficiency and better customer services. Further the bank has established a fully automated system for calculating profit on time deposits and interest rates which ensures efficiency and accuracy.