November 12, 2003	Wednesday	Ramazan 16, 1424

KARACHI, Nov 11: The Allied Bank Ltd (ABL) has made an impressive recovery of Rs6.2 billion in the classified portfolio including cash recovery of Rs2.8 billion during first three quarters ending September 2003.

This was stated at a board of directors meeting of the ABL held here on Tuesday. The meeting noted that overall performance of the bank was satisfactory and noted improvement in all key areas of the bank.

It was observed that this rise in the recovery was a result of a continued focus on remedial measures during the first three quarters of the current year.

The bank had recovered Rs3.4 billion including cash recovery of Rs1.5 billion during the corresponding period of the last year.

The Bank has posted an operating profit of Rs2.140 billion during the first three quarter ended September 30, 2003 thereby registering a very substantial growth of more than 115 per cent.

During the period under review low cost deposits increased by 23 per cent to Rs80.7 billion while the total deposits of the bank also increased to Rs107 billion, registering a growth of 6 per cent.

The intermediation cost has been also reduced to 3.5 percent from 3.9 percent.

The bank has shown a significant development in the field of information technology. The Bank has introduced ATM services and has also joined 1-link ATM sharing switch whereby the bank’s customers have access to more than 200 ATMs all over the country.

The bank has also introduced on line banking services at 250 branches spread all over the country.—APP