Latest news with #AlliedBank
Business Recorder
18 hours ago
- Business
- Business Recorder
Allied Bank partners with CeDAR, LUMS
LAHORE: Allied Bank, one of Pakistan's leading commercial banks, has signed a Memorandum of Understanding (MoU) at Lahore University of Management Sciences (LUMS) with the Center for Digital Asset Research (CeDAR). This strategic partnership aims to drive innovation in blockchain technologies, explore digital asset use cases, and foster talent development in Pakistan. The MoU was formalized in the presence of senior leadership from both institutions. Representing Allied Bank were Mr. Mujahid Ali – Chief Technology & Digital Transformation, Mohsin Mithani – Chief Digital Officer, and Muhammad Zaman – Group Head, Digital Transformation & Innovation. From LUMS, attendees included Dr. Tariq Jadoon – Provost, Dr. Zartash Afzal Uzmi – Principal Investigator, Dr. Basit Shafia – Co-Principal Investigator, and Mr. Ali Khawaja – Director. Through this collaboration, Allied Bank and CeDAR will jointly pursue cutting-edge research, launch blockchain-based pilot initiatives, and co-develop tailored training programs to equip the next generation with expertise in emerging technologies. This initiative aims to bridge the gap between academia and industry, accelerating Pakistan's digital transformation in the financial sector. Copyright Business Recorder, 2025
Business Recorder
04-08-2025
- Business
- Business Recorder
ABL unveils next-generation metaverse banking experience
LAHORE: Allied Bank has officially launched its upgraded immersive banking experience in the Metaverse, marking a bold new chapter in the evolution of digital banking in Pakistan and the wider region. Building on its 2022 debut as the first Pakistani bank to enter the Metaverse, Allied Bank's enhanced platform delivers a visually richer, feature-packed, and more intuitive experience. The new environment offers customers an interactive 3D virtual space to explore banking services like never before, combining convenience, personalization, and immersive engagement. The solution is built on Orion, the enterprise-grade Metaverse platform developed by Avanza Innovations, and seamlessly extends Allied Bank's digital ecosystem into a next-gen virtual realm. This initiative underscores the Bank's commitment to emerging technologies, customer-centric innovation, and future-proof infrastructure. Mohsin Mithani, Chief Digital Officer at Allied Bank, commented, 'We continue to explore emerging technologies that redefine how customers experience banking, especially the younger, digitally native generation who expect immersive, gamified, and always-on engagement. By bridging financial services with cutting-edge virtual environments, we are shaping a future-ready ecosystem that speaks the language of tomorrow's customers.' Copyright Business Recorder, 2025
Business Recorder
29-07-2025
- Business
- Business Recorder
ABL partners with Befiler to launch seamless tax filing services
KARACHI: Allied Bank, one of Pakistan's leading commercial banks, has announced a strategic partnership with Befiler, a premier digital tax filing platform, to provide customers with secure, convenient, and integrated tax management solutions. The partnership was formally unveiled during a signing ceremony held at Allied Bank's Clifton office in Karachi. The event was attended by senior leadership from both organizations, including Akbar Tejani, CEO of Befiler, and Allied Bank executives Mujahid Ali – Chief Technology & Digital Transformation, Mohsin Mithani – Chief Digital Officer, and Muhammad Zaman – Group Head Digital Transformation & Innovation. 'This collaboration with Befiler marks another milestone in our journey to deliver meaningful digital services. Together, we're enabling customers to manage their taxes effortlessly through the myABL app—saving time, reducing stress, and adding value to their everyday banking,' said Mr. Mohsin Mithani, Chief Digital Officer at Allied Bank. Akbar Tejani, CEO of Befiler, added, 'At Befiler, we believe that simplifying tax compliance is not just a convenience — it's a national imperative. Our partnership with Allied Bank reflects a shared commitment to financial inclusion and transparency.' Copyright Business Recorder, 2025
Business Recorder
03-06-2025
- Business
- Business Recorder
Cross-border payments: Allied Bank partners with Paysys Labs to pilot ILP
KARACHI: Allied Bank, one of Pakistan's leading commercial institutions, has partnered with Paysys Labs, a pioneer in next-generation payment technologies, to pilot the Interledger Protocol (ILP) for cross-border transactions. As part of this strategic collaboration, Paysys Labs has also secured the prestigious Digital Financial Services Grant from the Interledger Foundation (ILF). Embracing ILF's vision to 'send a payment as easily as an email.' Paysys Labs, in partnership with Allied Bank, will develop a Proof of Concept (PoC) to implement a node on the ILP Test Network. This initiative will enable Allied Bank's customer accounts to function as wallets on the global ILP network, allowing seamless cross-border payments from other registered and regulated financial institutions. The pilot underscores both institutions' commitment to harness and test the emerging technologies in a secure, compliant, and innovation-driven environment, paving the way for the next generation of digital financial services. Copyright Business Recorder, 2025
Business Recorder
30-04-2025
- Business
- Business Recorder
Quarter ended Mar 31st: Allied Bank posts Rs17.315bn PBT
LAHORE: Allied Bank posted markup income of Rs. 71,647 million for the quarter ended March 31, 2025. This represents a 24% decrease from Rs. 94,312 million for the quarter ended March 31, 2024. Mark-up/Interest expense for the quarter ended March 31, 2025, declined to Rs. 46,283 million, representing a 29% decrease from Rs. 65,165 million recorded in the corresponding period last year. This decline is primarily attributable to a reduction in the cost of deposits and borrowing expenses, supported by a decrease in the benchmark policy rate. Consequently, net markup/interest income stood at Rs. 25,364 million for the quarter under review, down by 13% from Rs. 29,147 million in the same period last year. Fee income increased by 5%, reaching Rs. 3,723 million as of March 31, 2025, compared to Rs. 3,549 million as of March 31, 2024. This growth was primarily driven by higher card- related fees, branch banking customer fees, and the card acquiring business. Capital gain increased by 146% to Rs. 745 million for the quarter ended March 31, 2025, compared to Rs. 303 million for the corresponding quarter last year, due to gain on Euro Bonds and federal government securities. Dividend income for the quarter under review reached Rs. 850 million, decreased by 13% compared to Rs. 976 million for the same period last year. Foreign exchange Income of the Bank increased by 36% to reach Rs. 1,728 million for the quarter ended March 31, 2025, compared to Rs. 1,272 million for the corresponding quarter last year. This increase is primarily attributable to comparatively favorable swap curve. Driven by higher fee income, capital gain and foreign exchange income, partially offset by lower dividend income and other income, total non-markup income of ABL increased by 13% reaching Rs. 7,148 million for the quarter ended March 31 2025, compared to Rs. 6,335 million in the corresponding quarter of the previous year. Administrative expenses grew by 15% in the first quarter of 2025, reaching Rs. 15,333 million compared to Rs. 13,378 million in the same period of 2024. The increase was primarily driven by higher expenditure on advertisement and publicity, depreciation and amortization, fee and subscription, deposit protection and card related Expenses. The Bank recorded a profit before taxation of Rs. 17,315 million for the quarter ended March 31, 2025, reflecting a 22% decrease compared to Rs. 22,266 million in the corresponding quarter of the previous year. Profit after taxation for the quarter under review stood at Rs. 8,190 million, marking a 28% decline compared to Rs. 11,364 million for the quarter ended March 31, 2024. The Bank declared Rs. 4.00 dividend for the first quarter 2025. Earnings per share of the Bank stood at Rs. 7.15 for the quarter March 31, 2025, compared to Rs. 9.92 for the quarter ended March 31, 2024. Allied Bank is committed to a hybrid expansion approach that blends 'digital' and 'brick- and-mortar' banking operations, with an increased focus on digital banking products and services. The Bank operates a large ATM network consisting of 1,650 machines, including 1,403 on-site, 242 off-site, and 5 Mobile Banking Units (MBU). As of the end of the quarter, the Bank's branch outreach increased to 1,512 branches, with 1,333 conventional, 161 Islamic banking branches and 18 digital branches. As of March 31, 2025, Allied Bank's total assets stood at Rs. 2,737,977 million, reflecting a 3% decline from Rs. 2,816,969 million as of December 31, 2024. Notable increases were observed in investments, property and equipment, and other assets. Despite the decline in total assets, the Bank's net assets increased by 2%, rising to Rs. 237,512 million from Rs. 233,901 million over the same period. Gross advances and net advances reached Rs. 827,739 million and Rs. 812,455 million respectively as of March 31, 2025, compared to Rs. 1,066,348 million and Rs. 1,051,314 million as of December 31, 2024. The non-performing advances portfolio stood at Rs. 13,281 million as of March 31, 2025. Allied Bank maintained robust risk management framework and practices resulting in the lowest infection ratio which stood at 1.6% as on March 31, 2025, whereas coverage ratio remained at 115.3%. Deposits of the bank stood at Rs. 2,051,874 million as of March 31, 2025, compared to Rs. 2,018,395 as of December 31, 2024, registering a growth of 2%. Total investments of the Bank grew by 32% to reach Rs. 1,495,565 million as of March 31, 2025, compared to Rs. 1,129,874 million as of December 31, 2024. This increase was primarily driven by a rise in investments in Treasury Bills, Sukuk Bonds, and Pakistan Investment Bonds (PIBs). Lendings to financial institutions stood at Rs. 14,135 million as of March 31, 2025, compared to Rs. 243,541 million as of December 31, 2024 due to decrease in Repo Lendings and Call Money Lendings. Return on Assets (ROA) and Return on Equity (ROE) were recorded at 1.2% and 18.5%, respectively, for the quarter ended March 31, 2025, compared to 1.7% and 26.0% as of December 31, 2024. Capital Adequacy Ratio of ABL was 29.37% as of March 31, 2025, compared to 26.71% as of December 31, 2024. Copyright Business Recorder, 2025
