Best bank: HBL
Established in 1947 as Pakistan’s first commercial bank, HBL has consistently been at the forefront of the banking industry’s evolution. Last year, it solidified its position as a trailblazer, delivering impressive financial results while demonstrating its commitment to innovation. In recognition of this it receives the award for Pakistan’s best bank.
AfE 2024
HBL achieved a record profit before tax of $403 million in 2023, a 47% increase compared with 2022. Profit after tax surged to $205 million, a 68% rise year on year. The bank’s balance sheet grew by 19% to $19.5 billion.
Total revenue grew by 41% to $1.06 billion, setting a new record for both HBL and Pakistan’s banking sector. Deposits grew a robust 19% versus 2022, while rising interest rates translated into a 159-basis point improvement in the net interest margin, driving a 46% rise in HBL’s total net interest income.