Askari Bank

Basic Bank Information

• Bank type: Askari Bank is a Pakistani commercial bank that mainly provides retail and corporate banking services.

• Founded: October 9, 1991, operations began on April 1, 1992.

• Headquarters location: Islamabad, Pakistan.

• Shareholder Background: The bank is a subsidiary of Fauji Fertilizer Company, which is part of the Fauji Foundation.

• Listing: Askari Bank is a publicly traded company traded on the Pakistan Stock Exchange (PSX) under the ticker symbol AKBL.

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Regulatory & Compliance

• regulator: Regulated by the State Bank of Pakistan.

• Deposit Insurance Scheme: As a commercial bank in Pakistan, Askari Bank's deposits are protected by the Deposit Protection Corporation of Pakistan.

• Compliance Record: No recent reports of significant compliance issues.

Financial health

• Capital Adequacy Ratio (CAR): Askari Bank had a capital adequacy ratio of 15.5% at the end of 2023.

• Non-performing loan ratio (NPL): As of the end of 2020, the non-performing loan ratio was 3.5%.

• Liquidity Coverage Ratio (LCR): The exact data is not disclosed, but banks maintain good liquidity levels.

Deposit & Loan Products

• deposit products:

  • Demand Deposits: A variety of demand deposit accounts are available, and the interest rate varies depending on the account type and balance.

  • Time Deposits: Time deposit products with a variety of tenors are available, and the interest rate is determined according to the tenor and amount of the deposit.

  • Featured products: such as the Askari Maximiser Account, which offers flexible deposits and withdrawals and competitive interest rates.

• Loan Products:

  • Personal Loans: Personal loans are available in amounts ranging from PKR 50,000 to PKR 4,000,000, with loan terms and interest rates depending on the customer's eligibility and loan type.

  • Home loans: Provide a variety of home loan products to meet the needs of different customers.

  • Car loans: Car loans are available to support the purchase of new and used cars.

  • Flexible repayment options: Flexible repayment options such as loan deferral, partial repayment, and early repayment are available.

List of common fees

• Account Management Fee: Depending on the account type, a monthly or annual fee may apply.

• Transfer fees: Domestic and cross-border transfers may be subject to a fee, depending on the amount and destination of the transfer.

• Overdraft fee: If your account is overdrawn, an overdraft fee may apply.

• ATM interbank withdrawal fee: ATMs using other banks may charge interbank withdrawal fees.

• Hidden Fee Alert: Some accounts may have a minimum balance requirement and may be charged if it is not met.

Digital Service Experience

• mobile apps and online banking:

  • User ratings: 3.5 stars on the Google Play Store and 4.0 stars on the App Store.

  • Core features: including facial recognition login, real-time transfers, bill payments, account management, investment tool integration, and more.

• Technological innovation:

  • AI customer service: Provide artificial intelligence customer service to answer common customer questions.

  • Robo-advisors: provide investment advice and financial planning services.

  • Open banking API support: Open banking APIs are supported to facilitate third-party application integration.

Customer Service Quality

• service channel:

  • Telephone support: A 24/7 customer service hotline is available, domestic customers can call 051-111-000-787, and overseas customers can call +92-51-111-000-787.

  • Live chat: Provide live chat support to answer customer questions.

  • Social media responsiveness: Respond positively to customer feedback on social media platforms.

• Complaint handling:

  • complaint rate: The specific data is not disclosed, but the bank has a special complaint handling mechanism.

  • Mean Time to Resolve: Aim to resolve customer complaints within a reasonable timeframe.

  • Customer satisfaction: Actively collect customer feedback and continuously improve service quality.

• Multi-language support: Mainly provide Urdu and English services to meet the language needs of different customers.

Security measures

• security of funds:

  • Deposit Insurance Limit: Clients' deposits are protected by the Pakistan Deposit Insurance Corporation (PAIC) and the specific amount is subject to relevant laws and regulations.

  • Anti-fraud technology: Prevent fraud with a real-time transaction monitoring system.

• Data Security:

  ISO

  • 27001 Certified: Certified to ISO/IEC 27001:2022 Information Security Management System.

  • Data breaches: To date, no major data breaches have been reported.

Featured Services & Differentiation

• Segment Services:

  • Student Accounts: Fee-free student accounts are available to support the financial needs of younger clients.

  • Exclusive wealth management for the elderly: Provide wealth management products suitable for elderly customers to ensure their financial security.

  • Green financial products: Supporting environmental, social and governance (ESG) investments to promote sustainable development.

• High-net-worth services:

  • private banking services: provide customized financial solutions and exclusive services for high-net-worth customers.

Market Position & Accolades

• industry ranking:

  • National ranking: Ranked among the best in the banking sector in Pakistan.

  • Global Ranking: 1930th among global banks.

• Awards:

  • Best Retail Bank: Named "Best Retail Bank in Pakistan" by The Asian Banker.

  • Consumer Choice Award: Awarded the "No. 1 Consumer Choice Award" by the Pakistan Consumer Association in 2004.

  • Corporate Excellence Award: Received the "Corporate Excellence Award" from the Pakistan Management Association for three consecutive years in 2002, 2003 and 2004.

  • Best Bank Award: Named "Best Bank in Pakistan" by Global Finance magazine in 2001 and 2002.

  • Best Consumer Internet Bank: Named "Best Consumer Internet Bank" by Global Finance magazine in 2002 and 2003.