KARACHI – Meezan Bank, UBL, MCB, Habib Bank, and Standard Chartered topped the list of most profitable banks in Pakistan in the year 2024.
Amid reviving economy, Pakistan’s banking sector faced plethora of challenges, with elevated higher deposit rates. Commercial Banks had to pay more taxes as average amount of interest paid on deposits were low. A recent report shows banks resilience amid ongoing economic difficulties.
Amid fluctuating policy rates and various economic challenges in the past year, commercial banks in South Asian nation reported impressive profits and significant asset growth, with total profits exceeding Rs. 600 billion.
Most Profitable Pakistani Banks
| Rank | Banks | Profit in Billion | Growth |
| 1 | Meezan Bank | 101.5 | 20% |
| 2 | United Bank Limited (UBL) | 75.7 | 34% |
| 3 | MCB Bank | 57.6 | -4.2% |
| 4 | Habib Bank Limited (HBL) | 57.8 | 0% |
| 5 | Standard Chartered Bank | 46 | 7.9% |
| 6 | Allied Bank Limited (ABL) | 43 | 7.5% |
| 7 | Bank Al Habib | 39 | 12% |
| 8 | Bank Alfalah | 38.3 | 5% |
| 9 | National Bank of Pakistan (NBP) | 26.8 | -53.3% |
| 10 | Habib Metro Bank | 24.6 | 0% |
Banks that paid Most Taxes in 2024
| Bank Name | Tax Contribution in Billion |
| Meezan Bank | 121 |
| United Bank Limited (UBL) | 74.3 |
| MCB Bank | 60 |
| Habib Bank Limited (HBL) | 62.5 |
| Standard Chartered Bank | 54 |
| Allied Bank Limited (ABL) | 44.8 |
| Bank Al Habib | 43.9 |
| Bank Alfalah | 44.7 |
| National Bank of Pakistan (NBP) | 29.8 |
| Habib Metro Bank | 27.9 |
Meezan Bank tops 2024 Profit List, surpassing Rs. 100 Billion for the First Time
Meezan topped charts as top performer last year, posting profit of over Rs. 100 billion, the highest in the history of Pakistan’s banking and corporate sectors.
The Bank led by Irfan Siddiqui saw a 20pc year-on-year increase in profitability, reaching Rs. 101.5 billion, compared to Rs. 84.5 billion in 2023. It also contributed Rs. 121 billion in taxes to the government, further cementing its position as the leader in Pakistan’s Islamic banking sector.
UBL
UBL saw 34pc growth in profits in 2024, reaching Rs. 75.7 billion, up from Rs. 56.4 billion in 2023. The bank with 10 million customers not only outperformed expectations but also continued its transition to Islamic banking, migrating its operations in Khyber Pakhtunkhwa and Balochistan to Sharia-compliant practices.
MCB
Muslim Commercial Bank MCB Bank saw a decline in profitability, slipping to third place with Rs. 57.6 billion in profit, a decrease from the previous year. Despite this, MCB remained a major player, contributing over Rs. 60 billion in taxes.
HBL
Habib Bank Limited (HBL) faced flat profit growth, with earnings of Rs. 57.8 billion, but reported significant growth in its balance sheet, reaching Rs. 6.1 trillion in assets. HBL also paid Rs. 62.5 billion in taxes and maintained strong market performance.
Standard Chartered
Standard Chartered Bank achieved its highest-ever profit, Rs. 46 billion, and made significant strides toward transitioning to Islamic banking, following a growing trend among conventional banks in Pakistan.
In the year 2023, MCB, HBL Habib Bank Limited, United Bank Limited UBL, National Bank of Pakistan were among top 5 most profitable banks in the country.
