State Bank of Pakistan (SBP) has approved the scheme of amalgamation of Askari Leasing limited with and into Askari Bank limited.

As per the information provided to the shareholders of the both the firms, the scheme of amalgamation of the both entities occurred under section 48 of Banking Companies Ordinance 1962.

In the meantime, SBP set the situation for the amalgamation by directing Askari Bank Limited to accomplish loss in Minimum Capital Requirements (MCR), if any as a result of merger or amalgamation from its own resources.

Meanwhile, the amalgamation entity should at all time meet MCR and Capital Adequacy Ratio.

However, Askari Bank Limited recorded Rs 1.107 net profit in the last year as against Rs 386 million in 2008, KSE released in a note.

Bank's earnings per share also jumped to Rs 2.18 per share in the said year from Rs 0.76 per share in 2008.