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a network of online ATMs. The Bank is listed on
Karachi, Lahore &Islamabad Stock Exchanges and
the initial public offering was over-subscribed 16times.
While capturing the largest market shareamongst the new banks,
Askari Bank Ltd has provided good value to itsshareholders. Their shareprice has remainedapproximately 12% higher than the average share
price ofquoted banks during the last four years.
Askari BankLtd is principally engaged in the businessofbanking as defined in the Banking CompaniesOrdinance, 1962. As atDecember 31, 2002, theBank had total assets of Pak Rupees 70.313
billion,with over 250,000 banking customers.
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Askari Bank is the only bank with its operational
Head Office in twincities of Rawalpindi & Islamabad, because AskariBank Ltd is directly operatedby Pak Army, whichhas relatively limited opportunities as compared to
Karachiand Lahore. This created its own challenges
and opportunities, and forced themto evolve anoutward-looking strategy in terms of our market
emphasis. As aresult, they developed ageographically diversified assets base instead of
aconcentration and heavy reliance on business inmajor commercial centers ofKarachi and Lahore,where most other banks have their operational
Head Offices.
1.2 Mission statement of the Askari Bank Ltd
Leading private sector bank in Pakistan with aninternational presence,
delivering quality services through innovativetechnology and effective humanresource management in a modern and progressiveorganization culture of
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meritocracy, maintaining high ethical andprofessional standards, while
providing enhanced value to all our stake-holders,and contributing to society.
1.3 Awards and achievement of the Askari Bank
Ltd
Over the years, Askari Bank Ltd have received
several awards forthe quality of their banking services to individualsand businesses.
They have been declared "The Best Bank inPakistan" byGlobalFinance magazine for the years 2001 & 2002. Also,they have been given the
"Best Consumer Internet Bank" award for Pakistan
by the same magazine forthe year 2002. In 1994, 1996 and 1997, wereceived Euro money andAsiamoneyawards.
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Askari BankLtd has an A 1 + rating forshort-term obligations- the highest possible, for the category, while
thelong-term rating stands atAA. Askari Bank Ltd won the prestigious "Best
Presented AnnualAccounts" awards for 2000 and 2001from the Institute of Chartered
Accountants of Pakistan and the Institute of Cost
and ManagementAccountants of Pakistan, for the services sector.For the past four years, theyhave received prizes from South Asian Federation
of Accountants for "TheBest Presented Annual Accounts" for financial
sector, inSAARC region.3
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1.4 Services of the Askari Bank Ltd
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Over the years, Askari Bank Ltd has proved its
strength as a leadingbanking sector entity, by achieving the followingfirsts in Pakistani banking.i) First Pakistani Bank to offer on-line real-time
banking on countrywide
basis.ii) First Bank with a nation-wide ATM network.iii)
First Bank to offer Internet Banking services.iv)
First Bank to offer E-Commerce solutions.
1.5 Performance history of the Askari Bank Ltd
Business Volumes2002(Rupees in
'000)
2001(Rupees in
'000)
2000(Rupees in
'000)
ASSETS
70,31307350,980,392
38,454,262
LIABILITIES
66,140,409
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48,401,674
36,299,707
NET ASSETS
4,172,6642,578,718
2,154,5554