As economy of Pakistan remains in dire straits, the commercial banks are making high profits. Continued efforts help these business leaders to rake in the highest profits in the banking sector.
Following is list of executives that hold positions in top Pakistani commercial banks, and their impact has been pivotal in the companies’ growth.
Jawaid Iqbal, CEO United Bank Limited UBL
Muhammad Jawaid Iqbal, President and CEO of United Bank Limited, topped the list. With more than 2 decades of experience in banking and the capital markets, Iqbal minted the highest salary as bank chief executive.
Despite crisis time, Iqbal managed to earn annual income of Rs38 crores, 33pc higher than the salary of the bank’s previous chief.
Despite ranking fourth in bank profitability as compared to other banks, UBL achieved its highest-ever annual profit after tax of Rs56.47 billion in 2023. The bank also reached an asset value of Rs. 5 trillion and deposits of nearly Rs. 2.2 trillion by the end of 2023.
Irfan Siddiqui, CEO of Meezan Bank
The second highest-paid bank Chief Executive received Rs35 crores. Under his leadership, Meezan Bank saw transformation programme.
Irfan Siddiqui leads most progressive and profitable bank in Pakistan. Under his watch, Meezan Bank recorded its highest-ever profit of Rs84.5 billion in 2023, compared to Rs.45 billion reported in 2022, aan 87 percent year-on-year growth.
The bank’s assets and deposit values surged to over Rs3 trillion and Rs2 trillion, respectively.
Muhammad Aurangzeb, CEO HBL (current finance minister)
Pakistan’s new Finance Chief Muhammad Aurangzeb was among the top three highest salaried bankers. His annual salary saw uptick of 14 percent and he received Rs35 crores.
Under his leadership, several initiatives were implemented. HBL also achieved its highest-ever profit of Rs. 57 billion in 2023.
Atif Bajwa CEO of Bank Alfalah
Atif Aslam Bajwa comes next on the list as he got raise of 28pc. Under Bajwa’s leadership, Bank Alfalah saw major digital transformation, especially with the introduction of lifestyle branch.
The bank raked in several milestones, including expanding its branch network to 1000 locations and increasing deposits to over Rs. 2 trillion.
Rehan Shaikh, CEO Standard Chartered Bank
Rehan Shaikh also made it among highest paid bankers. He received a substantial salary package of Rs25 crores in 2023. Lately, Standard Chartered Bank experienced highest profit growth among major banks, with a remarkable 115 percent increase year-over-year.
The bank’s profitability touched an all-time high of Rs45.6 billion in 2023 from Rs. 19.8 billion in 2022.
Yousaf Hussain, CEO Faysal Bank
Yousaf Hussain was the President and chief executive of second-largest Islamic bank, earning an annual salary of Rs22 crores.
Faysal Bank was not in the top 10 highest earning bank, but Hussain retained his position among the top 10 highest-paid bankers.
Mansoor Ali Khan, CEO, Bank Al-Habib Limited
Mansoor Ali Khan, the Bank Al-Habib Limited, earned Rs. 209 million, as Bank Al Habib continued its commitment to expanding its branch network across the country and enhancing its trade finance portfolio.
The commercial bank achieved an asset value exceeding Rs. 2.5 trillion.
Zafar Masud, CEO, Bank of Punjab
Seventh on list is Zafar Masud, the CEO of Bank of Punjab, who is highly regarded as seasoned banker. He earned Rs17 crore salary, and under his leadership, BOP’s profits increased significantly to over Rs. 11 billion in 2023.
Additionally, the bank doubled its asset value to Rs. 2.2 trillion, while deposits surged to Rs. 1.5 trillion. Masud’s bank is also exploring the possibility of transitioning from a conventional banking system to an Islamic banking model.
Atif Bokhari, CEO Askari Bank
Atif Bokhari is a seasoned banker in Pakistan who previously served as President and CEO of several banks, including United Bank Limited.
Being Askari Bank boss, Bokhari received an income of Rs144.5 million. Under his leadership, the bank’s profit grew by over 50% in 2023, reaching Rs. 21 billion.
Shoaib Mumtaz, CEO MCB Bank
The last on top 10 list is Shoaib Mumtaz, the President and Chief Executive of MCB Bank. His annual income in 2023 was Rs126 million, an increase of Rs. 22 million from the previous year.
