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PAKISTAN | |
Best Bank: HBL |
HBL enjoyed its strongest-ever performance in 2021, and, by extension, the strongest performance in Pakistan. Its Rs62 billion ($351.2 million at the time) consolidated pre-tax profit for the year represented 17% year-on-year growth. After-tax profit of $201.1 million equivalent was also a record. It became the first bank to achieve a Rs4 trillion balance sheet – Rs4.3 trillion by the end of the year, up 12% in 12 months – while total deposits at Rs3.4 trillion were up 19%.
Alongside all of this, expenses remained steady and asset quality improved; HBL uses a metric it calls the infection ratio, and its current level of 5.1% is an all-time low. Chief executive Muhammad Aurangzeb is delivering.
![Muhammad-Aurangzeb-HBL-960.jpg](https://assets.euromoneydigital.com/dims4/default/6795dd7/2147483647/strip/true/crop/960x655+0+0/resize/800x546!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F86%2Feb%2Fe3dc6cb04783bdf5d3e9a3122bb0%2Fmuhammad-aurangzeb-hbl-960.jpg)
Several engines drove all this: a vibrant year in consumer banking, digital momentum, record volumes in cash management, and a 20% growth in the farmer financing portfolio.
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