​Pakistan, Karachi – 11 March 2024:

HBL (Habib Bank Limited), the leading financial institution of Pakistan, announces the resignation of its President & Chief Executive Officer, Muhammad Aurangzeb effective Monday, 11 March 2024. Aurangzeb is stepping down from HBL to assume the role of Federal Minister for Finance for Pakistan.

Muhammad Nassir Salim, currently the Chief Operating Officer of HBL will assume the responsibilities of President & Chief Executive Officer of HBL, subject to the approval of the State Bank of Pakistan. Nassir is a seasoned banker with 36 years of international and domestic banking experience; he has worked in the USA, Abu Dhabi, and Pakistan with organizations like American Express Bank, Citigroup and Abu Dhabi Islamic Bank. He has been associated with HBL since 2017. Nassir joined HBL as Head Global Operations and based on his contribution and capability was elevated to the position of Head Branch and Islamic Banking and then recently as Chief Operating Officer. This leadership transition is a testament to the Bank’s succession and depth of talent. It also demonstrates continuity in the Bank’s strategy.

Sultan Ali Allana, Chairman - HBL, on behalf of the Board of Directors of the Bank said “Aurangzeb now embarks on a new chapter of service to the nation, underscoring a commitment to national responsibility. This is a value that he shares with HBL. I extend our deepest appreciation for Aurangzeb’s service to HBL and strongly encouraged his assuming the new role, in national service, as Federal Minister for Finance. I am confident that he will contribute to the economic and financial development of Pakistan. We have full confidence in Nassir Salim to accelerate the momentum in the Bank’s business trajectory.”

Commenting on the move, Aurangzeb said, “I am profoundly grateful for the trust and confidence that Chairman - HBL, Sultan Ali Allana has placed in me, throughout my tenure as President & Chief Executive Officer of HBL. Indeed, it has been an incredible journey, and I am proud of the achievements and milestones that we have reached during this time. None of this would have been possible without the dedicated and hard work of the entire team of HBL, including the Executive Committee and I am truly grateful for their unwavering support. As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”

On his appointment as President & Chief Executive Officer of HBL, Nassir Salim said, “It is a privilege to lead an institution as esteemed as HBL. Looking ahead, I am fully committed to operationalizing HBL’s multi-year strategy. This rests on providing exceptional products and services to our extensive client base, both in Pakistan and our international markets. We will achieve this by leveraging cutting-edge technology and fostering a culture of innovation. The dedicated HBL staff, along with the Executive Leadership Team, are fundamental to what makes HBL a trusted partner to its clients. They will be my partners in the Bank’s pursuit of excellence. I would also like to extend my heartfelt gratitude to the Chairman - HBL, Sultan Ali Allana for entrusting me with the responsibility to lead HBL.”

Aurangzeb’s 6-year tenure is marked by the Bank’s exceptional business growth, innovation, and a steadfast commitment to serving its clients and communities. Under Aurangzeb’s leadership the Bank has remained focused on delivering on three strategic pillars, which underpin its medium-term strategy namely i) Growing Pakistan’s Economy, ii) Shaping the Financial Industry and iii) Achieving Regional Relevance. These in turn are being implemented through unrelenting pursuit of Financial Inclusion, Capacity Building, and Sustainability objectives.

​Pakistan, Karachi – 18 April 2024:

Konnect by HBL expands its presence into the world of Esports with the launch of Tekken 8 Women’s Gaming Tournament. This exciting initiative, under the banner of ‘Aur Khelo’, provides a platform for women gamers in Lahore to showcase their skills and passion for the popular game ‘Tekken’. The tournament takes place on 20 April 2024 and welcomes enthusiastic women gamers from the city to compete. The tournament is powered by IGN and Raptr.

This tournament marks a significant milestone for HBL. By providing equal opportunities, HBL seeks to empower women in the Esports industry and level the playing field. It demonstrates the Bank’s commitment to connecting with Pakistan’s growing youth population and fostering a more inclusive Esports scene within the country.

Commenting on the initiative, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “Gaming is no longer a boys’ club. A remarkable 23% of Pakistan’s 37 million gamers are women. With Esports booming as a subculture, Konnect by HBL aims to play a key role in shaping the future of Esports in Pakistan.”

​Ambreen Riaz - 1st prize winner of PKR 250,000 (standing 2nd from left), Laiba Adnan - 2nd prize winner of PKR 150,000 (standing 3rd from left) and Hina Malik - 3rd prize winner of PKR 100,000 (standing 1st from left) at the Konnect by HBL, Tekken 8 Women’s Gaming Tournament.

​Pakistan, Lahore – 21 April 2024:

The first-ever Tekken 8 Women’s Gaming Tournament, held under the auspices of Konnect by HBL, offered a platform for aspiring and established women gamers to showcase their skills and passion for the popular game ‘Tekken’. The intense action-packed Tekken 8 Game competition, held in Lahore, drew over 200 enthusiastic gamers.

This tournament marks a significant milestone for HBL. By providing equal opportunities, HBL seeks to empower women in the Esports industry and level the playing field. It demonstrates the Bank’s commitment to connecting with Pakistan’s growing youth population and fostering a more inclusive Esports scene within the country.

After hours of intense competition, the top three finalists emerged victorious, leaving the audience in awe of their gaming prowess and lightning-fast reflexes. The podium finishers are:

1st Place: Ambreen Riaz – Claiming the coveted champion trophy and a grand prize of PKR 250,000.

2nd Place: Laiba Adnan – Taking home the runner-up prize of PKR 150,000.

3rd Place: Hina Malik – Earning the third-place honours and a prize of PKR 100,000.

Commenting on the initiative, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “HBL congratulates all the women gamers for their skills and sportsmanship. This landmark Tekken 8 Women’s Gaming Tournament marks a new chapter in Pakistan’s Esports landscape: Konnect by HBL will continue deepening its association with Esports. Aur Khelo.”

​Pakistan, Karachi – 23 April 2024:

HBL today declared a consolidated profit before tax of Rs 30.1 billion for the quarter ended March 31, 2024, 40% higher than in the same period last year. Profit after tax has increased from Rs 13.3 billion in the first quarter of 2023 to Rs 15.0 billion. EPS for Q1’24 was Rs 10.37, compared to Rs 9.00 in Q1’23. Along with the results, the Bank declared an interim Cash dividend of Rs 4 per share (i.e 40%) for the quarter.

HBL’s balance sheet stood at Rs 5.5 trillion with total deposits closing at Rs 4.4 trillion. Domestic deposits grew by more than Rs 220 billion reaching Rs 3.7 trillion, with current accounts recording their highest first-quarter growth in the last 5 years. Total advances declined by 6% over December 2023 to Rs 1.75 trillion as credit demand continues to remain subdued. However, the Bank’s market-leading Consumer business maintained its growth trajectory, reaching Rs 130 billion in March 2024.

The average domestic balance sheet grew by Rs 522 billion, leading to a 6% increase in net interest income despite falling market yields. This was well supported by growth in revenue from the international business, helped by rising spreads in most markets. The Bank’s total net interest income thus rose by 8% to Rs 60.5 billion. HBL continued to lead the market in fees, which posted a stellar growth of 27% increasing to Rs 11.9 billion in Q1’24. The flagship Cards business continued to lead, contributing 35% of the fee growth, while trade and branch banking also registered strong double digit fee growth. Consequently, HBL’s total revenue increased by 25% to Rs 80.7 billion.

Despite persistent high inflation, a strong revenue base helped to reduce the cost to income ratio from 60.8% in Q1’23 to 57.2% in Q1’24. The Tier-1 Capital Adequacy Ratio remained at December 2023 levels of 12.4%, while the total CAR stood at 16.0%.

Commenting on the Bank’s performance, Muhammad Nassir Salim, President & CEO – HBL, said, “HBL’s strong Q1’24 results showcase our unwavering commitment to client-centricity. The Bank saw significant growth across digital channels, while enjoying a leadership position in the credit cards business. HBL’s dedication to SME and agriculture was highlighted by exceeding Rs 100 billion in SME advances and launching HBL Zarai Services. In the period ahead, the Bank’s focus will be on operationalizing its strategy. This means putting its client segmentation approach into action; each segment will be managed as a distinct stream, with defined propositions, channels, and products. HBL will continue accelerating the momentum in its business trajectory.”

Business Developments:

HBL’s mobile and internet Banking witnessed a year-on-year growth of 36% in financial transactions and service requests, with Rs 1.64 trillion processed in Q1’24.

To cater to freelancers and IT exporters, Konnect by HBL, the Bank’s branchless banking platform, launched a USD debit card linked to their Exporter’s Special Foreign Currency Account (ESFCA), allowing them to make seamless international payments, both inbound and outbound.

HBL’s momentum of growth carried into the POS merchant acquiring business, where HBL terminals’ throughput grew by 26% to Rs 102.5 billion from the same period last year, accounting for more than 27% of the country’s total sales volume.

HBL Zarai Services Limited – a fully owned agriculture services extension subsidiary – launched its first Dera in Burewala. HBL’s Agriculture Financing Portfolio expanded to Rs 57 billion (an 18% increase over Q1’23), driven by fresh disbursements of around Rs 4 billion in Q1’24 (up 5% from Q1’23).

On the SME front, HBL became the first in the industry to cross Rs 100 billion in advances in Q1’24. HBL’s ambition to grow the SME business has led to delivering accelerated growth with both advances and the number of borrowers, registering a YoY growth of 16% and 20%, respectively during Q1’24.

The Prestige network expanded with coverage across all 19 regions of the Bank. The business showcased a record growth in Assets Under Management (AUMs) of Rs 10.2 billion, a 30% increase over the same period last year. The Bancassurance business witnessed a record quarter with Rs 878 million of insurance premiums written.

HBL Islamic successfully launched two new liability products, HBL Mahana Amdan and HBL Nisa Tawfir Plus, the latter being in line with HBL’s strategic agenda to increase women’s participation in the financial sector.

In Q1’24, HBL maintained its leading position in cash management, with a throughput of Rs 4.08 trillion, increasing by 13% over the corresponding period last year. Digital payments through HBL Pay Business Banking surged to around Rs 2.2 trillion, facilitating 10.3 million transactions.

HBL’s International Business continued to deliver strong results across its core markets.

​Ahmed Naazer Minhaj, Head Agriculture Banking - HBL (sitting 2nd from left), and Jawwad Hasan, CEO – Agrilift (sitting 3rd from right) signed the agreement. Senior members from both organizations were also present on this occasion.

​Pakistan, Karachi – 8 May 2024:

​HBL, Pakistan’s leading financial institution, has entered into a strategic partnership with Agrilift, to accelerate the digitization efforts in the agriculture sector. This move reiterates HBL’s commitment to playing a leading role in developing the agricultural sector and promoting food security, under the guidance of the Aga Khan Fund for Economic Development (AKFED) and in line with Pakistan’s strategic priorities.

​Agrilift, a pioneer in innovative agricultural solutions, is collaborating with HBL to deploy its advanced ‘Farm Monitoring’ solution, Agrilift SmartRisk. This state-of-the-art solution will provide HBL with invaluable insights into farming practices, crop yields, and potential risks. By leveraging Agrilift SmartRisk, HBL aims to enhance its credit limits for farmers, based on performance data.

​Commenting on the collaboration, Ahmed Naazer Minhaj, Head Agriculture Banking – HBL, stated, “By harnessing Agrilift’s technology, HBL is poised to revolutionize the crop lending cycle, ensuring greater financial inclusion and security for farmers. This partnership will provide farmers with the tools they need to optimize their farm practices.”

​Speaking on the occasion, Jawwad Hasan, CEO – Agrilift, said, “This collaboration with HBL aligns perfectly with our strategic vision to reshape Pakistan’s agricultural sector. By integrating Agrilift SmartRisk into HBL’s operations, we are enabling data-driven decision-making that will not only benefit HBL but also empower farmers across the country.”

​Pakistan, Karachi – 23 May 2024:

​HBL, Pakistan’s leading Bank, held “Global Markets Outlook 2024” seminars in Karachi, Lahore, and Islamabad to provide stakeholders with broad local and global perspectives, helping them understand the trends and drivers shaping the economic landscape.

These seminars reflect HBL’s ongoing commitment to shaping the future of the financial landscape and contribute to the broader economic discourse in Pakistan, aligning with the Bank’s strategy of “Growing Pakistan’s Economy.”

Commenting on this, Sultan Ali Allana, Chairman – HBL, stated, “Navigating economic tides requires clarity and foresight. Let’s equip ourselves with the knowledge to make informed choices and steer towards success.”

​During the three seminars, Dr. Mushtaq Khan, a prominent Pakistani economist, provided an in-depth analysis of the state of Pakistan’s economy, while Risha A. Mohyeddin, Global Treasurer - HBL, shared key insights into global and domestic market trends.

The events also featured panel discussions comprising prominent business and academic leaders on critical issues. This holistic approach provided attendees with valuable insights into the future direction of markets and economies, particularly Pakistan’s economic landscape, and provided a roadmap to attendees on how they may capitalize on future opportunities.

Speaking on the occasion, Risha A. Mohyeddin, Global Treasurer – HBL, said, “Central banks walk a tightrope between controlling inflation and stimulating growth, while businesses and consumers are grappling with the aftershocks of pandemic spending, managing through historically high interest rates, and adapting to a fragmenting globalized landscape shaped by geopolitical tensions and protectionism. Events like the Global Markets Outlook provide a crucial platform to dissect these complex issues and navigate uncharted waters.”

The branch was inaugurated by the Branch Manager’s mother along with Muhammad Nassir Salim, President & CEO – HBL (standing 1st from right). Shariah Board members, valued clients, and senior members of the Bank were also present at the inauguration of the HBL Islamic Banking Branch located at DHA Phase 8, Karachi.​

​Pakistan, Karachi – 3 June 2024:

HBL inaugurated its Islamic Banking Branch in DHA Phase 8, Karachi. This is a first-of-its-kind modular construction branch in the banking industry in Pakistan. The launch is part of HBL’s continuous efforts to expand its branch network to better serve Shariah-compliant products and services to its clients.

The branch was inaugurated by the Branch Manager’s mother along with the President & CEO.

HBL Islamic offers services to clients through a network of 408 dedicated branches and 569 Islamic Banking Windows (IBWs) in 300 cities across the country, with plans to expand its reach by adding more IBWs soon.

HBL Islamic Banking also offers a complete product suite for its SME and Commercial Banking clients, ranging from short-term working capital financing to long-term project financing. It has also established trade centers in key markets across the country to provide Shariah-compliant solutions for the domestic and international trade finance requirements of clients.

The events also featured panel discussions comprising prominent business and academic leaders on critical issues. This holistic approach provided attendees with valuable insights into the future direction of markets and economies, particularly Pakistan’s economic landscape, and provided a roadmap to attendees on how they may capitalize on future opportunities.Commenting on the occasion, Muhammad Nassir Salim, President & CEO – HBL, said, “The inauguration of this Islamic banking branch reflects HBL’s commitment to meeting the growing demand for Shariah-compliant banking solutions and services. With our tailor-made financial offerings, we aim to empower our clients to achieve their financial goals. The expansion of our branch footprint reinforces HBL Islamic Banking’s position as a leading player in the industry.”

​Muhammad Nassir Salim, President & CEO – HBL, (standing 3rd from left), and Irfan Bukhari, CEO & President – EXIM Bank, (Standing 5th from left), exchange MoUs. at EXIM Bank’s Head Office in Islamabad, in the presence of senior officials from both organizations.

Pakistan, Islamabad:

HBL and EXIM (Export-Import Bank of Pakistan) signed a Memorandum of Understanding (MoU) to collaborate in the structuring and implementation of EXIM’s Trade Credit Insurance facilities to support Pakistan’s export growth. With a special focus on Small and Medium Enterprises (SME) and Emerging Corporate/Commercial tier exporters, the Export Receivables Discounting is a first of its kind in Pakistan.

With HBL’s industry-leading SME lending portfolio, of over Rs 100 billion, and EXIM’s key role as the official Export Credit Agency (ECA) of Pakistan, this MoU represents the unification of the commitments of both in growing the ‘S’ of the SME business in a significant and sustainable way, through a focus on cash-flow-based lending.

Under the agreement, EXIM as Pakistan’s ECA and HBL with its expertise in trade finance will collaborate to develop and implement new products to enhance the overall risk-taking capacity in the country and create a secure environment for exporters.

Commenting on the collaboration, Muhammad Nassir Salim, President & CEO – HBL, said “This is a significant step forward in supporting Pakistan’s export growth, particularly for SMEs and emerging exporters. HBL is a leader in SME financing, and we are committed to leveraging our expertise alongside EXIM’s risk management capabilities, to provide innovative export credit insurance solutions. This will not only enhance security for exporters but also unlock new financing opportunities, ultimately contributing to a more diversified and robust export sector.”

Irfan Bukhari, CEO & President – EXIM, said “Our collaboration with HBL marks a pivotal moment in supporting Pakistani exporters. By mitigating credit risks associated with export receivables, we safeguard the financial stability of both exporters and banks. This partnership particularly focuses on enhancing SMEs’ access to financing, empowering them to expand their exports and contribute to Pakistan’s economic growth. We much appreciate and value HBLs initiative in developing this unique product with EXIM, where the liquidity will be provided by HBL, and the related risks will be shared between HBL and EXIM.”

​Naeem Bashir Ahmad, Head Corporate Strategy – HBL, (sitting 2nd from left), and Ahmed Saleemi, CEO – AFT, (sitting 3rd from left), signed the agreement. Senior officials from both organizations were also present on the occasion.

Pakistan, Karachi – 12 July 2024:

HBL, Pakistan’s leading bank, has announced a strategic investment in AFT, an innovative fintech startup, to accelerate the development of Pakistan’s agricultural and merchant sectors. This investment will enhance financial inclusion and operational efficiency across these critical unbanked sectors.

Through its Digitt+ platform, AFT offers a multilingual interface enabling farmers and merchants to easily access digital payments and financial services. HBL’s investment in AFT will empower farmers with on-time payments and merchants with seamless digital transactions, boosting financial inclusion in Pakistan.

Commenting on this development, Naeem Bashir Ahmad, Head Corporate Strategy – HBL, said, “HBL looks forward to our investment in AFT, a company which embodies our vision of leveraging technology to serve the underserved. This strategic investment is a cornerstone of our commitment to fueling innovation and economic growth across the country. Together, we aim to transform the financial landscape for Pakistan’s farmers, merchants, and SMEs.”

Qasim Akhtar Khan, Founder – AFT, said, “The support from HBL is a significant step forward for AFT and for the communities we serve. This collaboration will enable us to scale our solutions, enhancing our ability to make financial services more accessible, secure, and efficient for the agricultural and merchant sectors. We are on a mission to enhance financial inclusion, and HBL’s investment significantly bolsters our capacity to make a lasting impact.”