KARACHI, May 7: The Allied Bank (ABL) has posted an operating profit of Rs1.705 billion in 2002, showing a rise of 103 per cent over corresponding period last year.

ABL had recorded an operating profit of Rs838 million in 2001.

The Bank made total recoveries of Rs4.3 billion in non-performing loans including cash recoveries of over Rs2 billion during 2002.

The total recoveries improved by 48 per cent and cash recoveries increased by 75 per cent over the previous year.

ABL Board of Directors has approved the audited financial statements of the bank for the year ended December 31, 2002 in its last meeting held at Karachi.

The board was informed that the on-going restructuring process in ABL, initiated in early 2001, has started paying dividends and the bank has registered a turnaround in key sectors of its performance.

The deposit base increased by 10 per cent to Rs104 billion. The better yield on performing assets and lower deposit cost enabled the Bank to register 16pc growth in net interest income.—APP