Pakistan's best bank for ESG 2023: UBL
The 44% jump in revenue, 18% return on equity and 4% profit after taxes that UBL generated last year reflect a well-diversified portfolio of fixed and floating-rate investments and active risk management.
Yet where the institution – which is led by chief executive Muhammad Jawaid Iqbal – really impresses is with its strong focus on sustainability. Few banks, if any, in Pakistan have raised their environmental, social and governance ambitions more comprehensively in recent years than UBL. The bank’s commitment to promoting long-term sustainable growth in the economy saw it an early adopter of United Nations Sustainable Development Goals.
It is now the local market leader in sustainable finance and the preferred choice for ESG-minded customers and employees. This status has led to key collaborations. In November 2022, it was chosen as the pilot bank by State Bank of Pakistan and the International Finance Corporation to adopt an Environmental Social Risk Management framework. This cemented UBL’s status as an ESG role model in Pakistan’s financial sector.
The Green Banking Policy that guides UBL’s interactions with customers has in many ways become the standard in Pakistan.