Pakistan's best domestic bank 2022: HBL
HBL is Pakistan’s first commercial bank, having been set up in 1941, before moving its operations to the country in 1947 at the request of newly independent Pakistan’s first leader, Muhammad Ali Jinnah. It is now the nation’s largest private-sector bank, and winner of Asiamoney’s award for the best domestic bank in Pakistan this year.
The bank, which has well over 1,650 branches, more than 2,100 ATMs, 55,000-plus QR locations and at least 27 million customers, is the institution to beat in the world’s fifth-most populous nation – and chief executive Muhammad Aurangzeb kept the bank’s rivals on their toes in 2021.
While Covid-19 rattled global markets and rising inflation knocked the domestic economy, HBL had its best year ever. The bank reported a record consolidated profit before tax of PRs62 billion ($307 million) in 2021, up 17% from 2020. Profit after tax climbed to $201 million, also the highest ever. Earnings per share increased to $0.14 from $0.12 in 2020.
HBL likes to call it the “year of trillions”. For example, it became Pakistan’s first bank with a PRs4 trillion balance sheet, following 12% growth in 2021.