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Askari Bank

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Askari Bank Limited
FormerlyAskari Commercial Bank (1991–2007)
TypePublic limited company
PSX: AKBL
KSE 100 component
IndustryBanking
Founded9 October 1991; 34 years ago (1991-10-09)
HeadquartersIslamabad, Pakistan
Number of locations
720 (2024)
Area served
Pakistan
Key people
ProductsLoans, credit cards, debit cards, savings, Consumer Banking, Business Banking, Islamic Banking, Priority Banking etc.
RevenueIncrease Rs. 105.18 billion (US$380 million) (2025)
Increase Rs. 55.10 billion (US$200 million) (2025)
Increase Rs. 22.80 billion (US$82 million) (2025)
Total assetsIncrease Rs. 2.89 trillion (US$10 billion) (2025)
Total equityIncrease Rs. 151.74 billion (US$540 million) (2025)
OwnerFauji Consortium (71.91%)
Number of employees
9,163 (2025)
SubsidiariesAskari Exchange Company
Foundation Securities Limited (51%)
Websiteaskaribank.com
Footnotes
Financials as of 31 December 2025 [1]

Askari Bank Limited (Urdu pronunciation: [əs.ˈka.ri bɛŋk] us-KAH-ree-BANK) is a Pakistani commercial and retail bank headquartered in Islamabad. It is a subsidiary of Fauji Fertilizer Company, which is part of Fauji Foundation.

History

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1991–2007: Askari Commercial Bank

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Askari Bank was originally established by the Army Welfare Trust (AWT) as Askari Commercial Bank.[2][3] The proposal for the bank came from Mirza Aslam Beg, who proposed to the Nawaz Sharif government that the armed forces needed a bank in which soldiers could invest their welfare funds.[4] At about the same time, the AWT bid for a 30 percent stake in the state-owned United Bank Limited, but the government postponed the sale after concluding that no bid had met its prequalification conditions.[3]

The bank was incorporated as a public limited company on October 9, 1991, received its banking licence on February 23, 1992, and began operating on April 1, 1992.[5][6] Its shares were listed on the Karachi Stock Exchange on April 13, 1992, after a public issue of Rs150 million.[7]

After Pakistan's nuclear tests in May 1998, the government froze foreign currency accounts, ending a scheme that had been very successful in attracting deposits to the bank.[8] Askari was among the domestic private banks whose dollar deposits then made up 50 to 70 percent of their deposit base.[9] Kalim-ur-Rahman became president and chief executive in March 1999.[10] On April 3, 2003, the bank opened its first overseas branch, an offshore banking unit in Manama, Bahrain.[11][12]

In 2006, Askari Bank received a licence for Islamic banking.[1] In November 2006, Askari Bank established a wholly owned asset management firm named Askari Investment Management Limited.[13]

2007–present: Askari Bank

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In June 2007, it changed its name from Askari Commercial Bank Limited to Askari Bank Limited.[14] In June 2008, M. R. Mehkari, who had been with the bank since 1992, was appointed president and chief executive.[15] The leasing company Askari Leasing was merged into the bank with effect from March 3, 2010.[16] By late 2010, the bank had 200 branches, 18 of them Islamic banking branches.[16]

In June 2013, Askari Bank was acquired by Fauji Foundation from Army Welfare Trust.[17] Syed M. Husaini, a former president of KASB Bank, became president and chief executive on June 3, 2013.[18][19] The new management made large provisions against bad loans, and the bank lost Rs4.1 billion in the first half of 2013.[20] The bank also announced a rights issue of 55 percent.[20] After a net loss of Rs5.4 billion for 2013, it returned to profit in 2014.[18][21] In January 2017, Askari Bank sold its subsidiary Askari Investment Management to Pak Oman Asset Management for Rs. 551 million.[22] Husaini left in March 2018, and Abid Sattar became chief executive in August 2018.[19][23] By 2019, the bank had dropped out of the ten largest banks in Pakistan to eleventh place.[23]

In November 2018, the security firm PakCERT reported that the details of 493 Askari Bank debit cards were among 19,864 Pakistani debit cards being sold on the dark web.[24] The State Bank fined Askari Rs 29.8 million for breaching customer due diligence and know your customer rules between March and June 2020.[25]

In September 2020, Askari Bank acquired Askari Securities.[26] In January 2021, the Fauji Foundation moved to buy a majority stake in Silkbank, raising the possibility of a merger with Askari, but it abandoned the plan in April.[27][28] Atif R. Bokhari succeeded Sattar as president and chief executive on September 1, 2021.[29] In 2023, Askari Securities, a wholly owned subsidiary of the bank, was merged into the Fauji Foundation's Foundation Securities, in which the bank received a controlling stake.[30] Bokhari resigned in May 2024, and Zia Ijaz, a former chief financial officer of the bank, became president and chief executive on February 17, 2025.[31][32]

Branches

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As of 2022, Askari Bank has 719 Branches and more than 600 ATMs across Pakistan and a wholesale bank branch in Bahrain.[33]

See also

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References

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  1. 1 2 "Askari Bank Annual Report 2025" (PDF). askaribank.com. Retrieved 15 July 2026.
  2. ↑ Asiaweek. Asiaweek Limited. 1992.
  3. 1 2 Country Report: Pakistan, Afghanistan. Economist Intelligence Unit. 1991.
  4. ↑ Siddiqa, Ayesha (2007). Military Inc.: Inside Pakistan's Military Economy. London: Pluto Press. ISBN 978-0-7453-2545-3.
  5. ↑ Hussain, Dilawar (February 10, 2013). "Fauji acquires Askari Bank". Dawn.
  6. ↑ "Askari Commercial Bank Ltd". Economic Review. Karachi: Economic & Industrial Publications. 1994.
  7. ↑ "New Listings During the Year 1992". Pakistan & Gulf Economist. Karachi: Economist Publications. 1993.
  8. ↑ "Pakistan: Buffeted by post-nuclear shockwaves". MEED. 1998.
  9. ↑ Newsline. Karachi: Newsline Publications. 1998.
  10. ↑ Economic Review. Karachi: Economic & Industrial Publications. 2002.
  11. ↑ "Pakistan bank opens branch". Gulf News.
  12. ↑ State Bank of Pakistan, Department of Statistics (2014). Banking Statistics of Pakistan. State Bank of Pakistan.
  13. ↑ "Commercial Banks: ASKARI COMMERCIAL BANK LIMITED - Half Year Ended June 30, 2006 (Un-audited)". Brecorder. November 13, 2006.
  14. ↑ The Bank Directory. Accuity. 2008. ISBN 978-1-56310-619-4.
  15. ↑ "Askari Bank appoints new president". Khaleej Times. June 23, 2008.
  16. 1 2 "Bank: Askari Bank Limited – Analysis of Financial Statements Financial Year 2003 – 3Q 2010". Business Recorder. December 2, 2010.
  17. ↑ "Fauji Foundation to acquire Askari Bank's 100pc shares". The Nation. 19 January 2012.
  18. 1 2 "Change management for a turnaround". Dawn. January 26, 2015.
  19. 1 2 Farooq, Mohammad (March 29, 2018). "Saleem Anwar appointed acting President/CEO of Askari Bank". Profit by Pakistan Today.
  20. 1 2 Khan, Taimour (July 23, 2013). "Corporate results: Provisions for bad loans eat up Askari Bank's profitability". The Express Tribune.
  21. ↑ Mehdi, Ali Raza (December 15, 2014). "Askari's acquisition a boon for Fauji consortium". Dawn.
  22. ↑ Staff Report (January 5, 2017). "Pak Oman purchases AIML's 100pc share from Askari Bank". Profit by Pakistan Today.
  23. 1 2 Masooma, Syeda (May 6, 2019). "Will Askari Bank's new CEO succeed in his desire to shake the bank out of its stupor?". Profit by Pakistan Today.
  24. ↑ Raza, Talal (November 7, 2018). "Confusion looms over alleged hacking of banking data in Pakistan". Digital Rights Monitor.
  25. ↑ Ali, Meiryum (July 12, 2020). "SBP imposes Rs1.68bn fine on 15 banks". Profit by Pakistan Today.
  26. ↑ Profit (2020-09-26). "Askari Securities is now a wholly owned subsidiary of Askari Bank". Profit by Pakistan Today. Retrieved 2020-09-30.
  27. ↑ Ali, Meiryum (January 28, 2021). "Fauji Foundation to acquire majority stake in Silk Bank". Profit by Pakistan Today.
  28. ↑ Shahid, Ariba; Ali, Meiryum (April 8, 2021). "HBL eyes Silkbank after Fauji Foundation loses interest". Profit by Pakistan Today.
  29. ↑ "Atif Bokhari made President, CEO of Askari Bank". Business Recorder. July 29, 2021.
  30. ↑ "Merger approved". Dawn. April 8, 2023.
  31. ↑ "Askari Bank president resigns". The News International. June 1, 2024.
  32. ↑ "SBP grants FPT clearance to Zia Ijaz as Askari Bank President & CEO". Profit by Pakistan Today. February 14, 2025.
  33. ↑ "Askari Bank Annual Report 2022" (PDF). Askari Bank. 31 December 2022. Retrieved 22 November 2023.
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