Allied Bank Limited (ABL) continued to dominate the banking industry in Pakistan in 2024, due to the dedication of its teams across business units, an innovative culture and ongoing trust from clients.

 

Notably, for the 4th consecutive year, it won the ‘Best Bank’ award in its domestic market, with judges acknowledging ABL’s journey of growth, innovation and customer-focused banking.

 

Reflecting this progress was the total assets growth of 21% during 2024. This was primarily driven by: net advances increasing by 35%; lending to financial institutions growing by nearly 2,500%; and deposits rising by 20% (compared with industry growth of 9%). Further, ABL’s 15% growth in non-markup income was supported by increases in fee income, capital gains and other income of 32%, 308% and 228%, respectively.

 

Among other successes, ABL stood out for its support of SMEs during financially vulnerable times. The bank played a key role in servicing clients across multiple sectors, products and services, driving innovation and sustainability in SME financing. 

 

Delivering some of these products and services leverages ABL’s achievements in terms of innovation and excellence – which it showcased in 2024 through its technology leadership.

 

Last year saw it take significant strides in enhancing the customer experience along with its own operations through forward-thinking technologies and strategic advancements. These included the launch of innovative platforms offering unparalleled convenience and security in digital banking. 

 

Further, by prioritising user convenience, the use of advanced systems and artificial intelligence (AI) has enabled ABL to revolutionise operations – from automating customer support and streamlining workflows to enhancing risk assessment and fraud detection. This technology has also enhanced the digital banking experience by leveraging AI-driven insights, predictive analytics and automation – resulting in 2024 in milestones such as 58% growth in financial transactions through the myABL Digital Banking platform.

 

Its technological edge also enabled ABL to solidify its prominence in Pakistan for promoting financial inclusion. Amid many initiatives, it revamped its Allied Rising Star Account to promote financial literacy and savings habits for minors under 18, and also launched Allied Scooty Finance to empower women by offering flexible and affordable financing.

 

The bank’s commitment to sustainability also shone through in 2024. In particular, ABL continued to finance the installation of green energy projects across wind, solar and hydro power, and solid waste management, and planted over 100,000 plants last year. At the same time, campaigns to promote cleanliness, as well as sustainable living and community engagement, have been a notable part of the bank’s agenda.

 

Meanwhile, diversity and inclusion remained fundamental to ABL’s success in 2024, with the bank maintaining its role as a benchmark for gender diversity within the sector by promoting gender diversity across leadership roles across all functions and departments. An example of this leadership was seen last year in its Female Inclusion Program, launching Batch-II of the Khanum Tellers Program in 2024 and in turn welcoming 149 female tellers.

 

 

 

¬ Haymarket Media Limited. All rights reserved.