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About Us
Prime Bank is the vision of a group of Pakistani professionals with extensive domestic and international banking and finance experience. They teamed up in 1992 with a select group of successful and like-minded business houses in Pakistan and overseas. Some of the foreign investors belong to a highly regarded, very sizeable and well diversified business group of Saudi Arabia.
During the initial years, Prime Bank’s strategy was focused on continuing improvement of internal procedures and operating structures, to ensure a greater control over the quality of its operations.
Commercial Banking activities were initiated at the time of inception in 1992. During 1993, two more business divisions i.e. Corporate Banking and Financial Services were added. By 1996, Prime Bank’s countrywide network of seventeen Branches was in place and Consumer Banking activities were accordingly launched. Under the Bank’s on going branch expansion program twenty six new branches have been added during the years 2001, 2002 and 2003 while six more branches were opened during 2004. This raised the total number of branches to forty-nine focusing primarily on the middle market commercial banking segment, consumer banking initiatives as well as agricultural, housing and financing of small and medium sized enterprise.
Total Assets of Prime Bank during the period from December 1992 to December 2004 have grown at an annual compound rate of about 22 percent to Rs. 40.3 billion. Within this period, Shareholders’ Equity grew from Rs.371 million to Rs. 3.0 billion, Deposits to Rs. 30.1 billion and Advances (net) to Rs. 21.3 billion. Profit before tax grew from Rs. 40.6 million to Rs. 525 million for the year ended 31st December 2004.
After thirteen years of well controlled, yet sure and successful operations, the Bank is now poised to move forward rapidly to be at the cutting edge of financial services combining highly efficient delivery systems with continuous product innovation. Therefore, development of superior Human Skills and the latest Information Technology platform are the cornerstones of Prime Bank’s overall strategy to be in the exclusive club of winning banks of the future.