​Asif Meenai, Chief Information Security Officer – HBL, (standing 2nd from left), along with Shoukat Bizinjo, Additional Director – State Bank of Pakistan (SBP), (standing 3rd from left), Muhammad Zohaib Khan, Chairman – P@SHA, (standing 4th from left), Dr. Haider Abbas, Director General – National CERT, (standing 5th from left), and Hussein Hassanali, President – ISACA Karachi (standing 5th from right), at the 16th International Information Security Conference.

Pakistan, Karachi – 25 July 2024:

Building on its tradition of leadership in cybersecurity, HBL sponsored the 16th International Information Security Conference, in collaboration with Total Communications, on 25 July 2024. The event brought together experts in the industry to share their views on cybersecurity, its risks, and measures to overcome them.

HBL’s exclusive sponsorship of this conference year after year underscores the Bank’s leadership role in promoting cybersecurity efforts in Pakistan. In recognition of its efforts to develop thought leadership on cybersecurity and propagate cybersecurity awareness across industry and academia, HBL was awarded the “Cyber Security Industry Awareness Lead Award.” The award was jointly presented by Dr Haider Abbas, Director General – National CERT, Shoukat Bizinjo, Additional Director – State Bank of Pakistan (SBP), and Muhammad Zohaib Khan, Chairman – P@SHA.

Speaking at the event, Asif Meenai, Chief Information Security Officer – HBL, said, “Treating cyber risk apart from other business risks renders it overly technical, mysterious, and separate. Organizations need broader, deeper, more dynamic, and holistic risk management approaches. The competitive, technological, and regulatory environments demand it, as do clients, suppliers, investors and other stakeholders. Alignment of business and cyber strategies, integration of business processes and cyber controls and linkages between business outcomes and cyber analytics are essential elements of a holistic approach towards cybersecurity.”

Pakistan, Karachi – 12 August 2024:​

Konnect by HBL (Konnect), the Bank’s branchless banking platform, leads the Esports scene in Pakistan with the launch of its third ‘Aur Khelo’ tournament, this time featuring the game ‘Valorant’.

Through this initiative, Konnect aims to provide a platform for gamers to support the growth of the gaming community in Pakistan. The tournament, taking place on 17 August 2024 in Karachi, is powered by IGN and Raptr.

Konnect is a pivotal player in the growth of Pakistan’s Esports ecosystem. By organizing the ‘Aur Khelo’ tournament series, the platform is not only tapping into the immense potential of the youth market but also actively fostering a vibrant gaming community. Konnect is committed to shaping the future of Esports in the country and empowering the next generation of gamers.

Commenting on the initiative, Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Konnect by HBL recognizes the immense potential of Pakistan’s 37-million-strong gaming community and we are excited to embark on our next chapter in Esports. By leading in this arena, we aim to empower the next generation of gaming champions and contribute significantly to the growth of Pakistan’s digital economy.”

Team Boosters (Ibrahim Sarfaraz, Roman Aqeel, Bilal Bashir, Huzaifa Ashraf, Usman Aziz, and Syed Hasnain Ali) received the coveted champion trophy and a grand prize of Rs 350,000 at the Konnect by HBL, Valorant Gaming Tournament in Karachi.

Pakistan, Karachi – 18 August 2024:​

Konnect by HBL (Konnect), the Bank’s branchless banking platform, held its third Aur Khelo tournament, featuring the game ‘Valorant’ in Karachi. The event provided a platform for gamers to showcase their skills and passion for the popular game. The electrifying game welcomed nearly 200 enthusiastic gamers.

Konnect is a pivotal player in the growth of Pakistan’s Esports ecosystem. By organizing the ‘Aur Khelo’ tournament series, the platform is tapping into the youth market’s immense potential and actively fostering a vibrant gaming community.

A thrilling battle concluded with the crowning of the top three competitors. The audience was captivated by their exceptional gaming abilities. The podium finishers are:

1st Place: Team Boosters (Ibrahim Sarfaraz, Roman Aqeel, Bilal Bashir, Huzaifa Ashraf, Usman Aziz, and Syed Hasnain Ali) – Claiming the coveted champion trophy and a grand prize of Rs 350,000.

2nd Place: Team Snakes (Zain Muneer, Mustafa Kamal, Abdul Rehman, Abdul Sami Khero, Mohammad Usman, and Shayan Shahab) – Taking home the runner-up prize of Rs 150,000.

Commenting on the initiative, Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Konnect congratulates all the gamers for their skills and sportsmanship. We are thrilled to see the overwhelming response to these gaming tournaments. By leading in this arena, Konnect is committed to shaping the future of Esports in the country and empowering the next generation of gamers.”

Pakistan, Karachi – 26 August 2024:​

HBL today declared a consolidated profit before tax of Rs 57.8 billion for the first half of 2024, 12% higher than in the same period last year. All businesses continued to demonstrate strong growth in drivers, leading to record profit. Profit after tax increased by 10% YoY, to Rs 29.1 billion, as earnings per share improved from Rs 17.86 in H1’23 to Rs 20.18 in H1’24. Along with the results, the Bank declared an interim Cash Dividend of Rs 4 per share (i.e. 40%) for the second quarter. This is in addition to the interim Cash Dividend already paid of Rs 4 per share (i.e. 40%). ​

HBL’s balance sheet footing increased to Rs 6.2 trillion with total deposits closing at Rs 4.8 trillion, an impressive growth of more than Rs 700 billion over December 2023. This was largely driven by domestic deposit growth which enabled HBL to increase its market share from 12.4% in December 2023 to 13.3% in June 2024. Low-cost deposits steered ~60% of the growth, with the CASA ratio improving to 87%. Credit demand in the country has remained low. Nevertheless, domestic advances increased by 2.2% during the quarter, with total advances at Rs 1.8 trillion. The Bank’s market-leading Consumer business continued marching on its growth trajectory, reaching Rs 133.8 billion in June 2024.​

Volumetric expansion in both the domestic and international markets helped drive a growth in net interest income, to Rs 121.6 billion. Non-fund income increased by 64% over the same period last year, to nearly Rs 40 billion. HBL continued to maintain leadership in fee income, which posted a stellar growth of 22% increasing to Rs 24.2 billion in H1’24. The flagship Cards business contributed nearly half of the fee growth, while branch fees also rebounded. Consequently, HBL’s total revenue increased by 17% to Rs 161.1 billion.​

​Despite persistent high inflation, a focus on costs enabled HBL to reduce expenses over the previous quarter, with the cost / income ratio declining from 57.2% in Q1’24 to 56.7% in Q2’24. The strong results led to growth in internally generated capital, raising the Tier-1 Capital Adequacy Ratio to 12.65% and total CAR to 16.32%, and also enabling a continued higher dividend payout.

Commenting on the Bank’s results, Muhammad Nassir Salim, President & CEO – HBL, said, “HBL’s strong H1’24 performance reflects our commitment to innovation, expanding our digital footprint, and providing best-in-class financial solutions for all segments of our client base. In recognition of these efforts, Euromoney, the prestigious international publication, declared HBL Pakistan’s Best Bank. Looking ahead, the Bank will continue to prioritize its clients’ financial well-being and play its part in Pakistan’s economic development.”​

​Business Developments

HBL’s digital transformation, led by Konnect by HBL and HBL Mobile, continues at an accelerated pace. HBL’s mobile and internet banking witnessed a year-on-year growth of 36% in financial transactions and 29% in service requests, with Rs 3.5 trillion processed in H1’24. Konnect by HBL, the Bank’s branchless banking platform, processed a volume of Rs 560 billion, reflecting a year-on-year growth of 12%.​

​The credit cards business further consolidated its leadership with a growth of over 34% in card usage, achieving Rs 151 billion in spend and a portfolio size of Rs 37 billion, up by 36% over the previous year. HBL’s momentum of growth carried into the POS merchant acquiring business, where HBL terminals’ throughput grew by 28% to Rs 208 billion from the same period last year.

Agriculture and SME are the Bank’s strategic imperatives. HBL’s Agriculture Financing Portfolio reached nearly Rs 60 billion. HBL’s resolve to grow the SME business has led to accelerated growth in advances registering a year-on-year growth of 25%.​

​At the product end, the Bank’s financial inclusion efforts are being led by HBL Nisa, a platform dedicated to developing financial solutions for women. In H1’24, HBL Nisa onboarded over 50,000 new accounts, generating a deposit volume of Rs 42 billion.

​HBL continues to provide innovative value-added services to its corporate and institutional clients. HBL Symphony®, the Bank’s fixed-income trading platform, achieved significant growth with trading volumes surpassing Rs 1.2 trillion at the end of H1’24, marking a substantial 5.5 times increase compared to the total volume traded on the platform last year.

​The Bank’s efforts in making a difference in the communities it serves are underscored through different initiatives in H1’24. To promote diversity, equity & inclusion (DEI), HBL organized an in-person sign language learning session for the staff.

​HBL achieved a first-of-its-kind accomplishment in the banking sector by completing two modular pilot branches in Karachi and Peshawar during H1’24. The technology, verified by the NED University in Karachi, is an innovative approach that has resulted in a 35% reduction in construction time (from 90 to 60 days), water conservation, and use of cement per branch. HBL has also discontinued single-use plastic water bottles in line with its pledge to have net zero emissions by 2030.

Moreover, the HBL Foundation allocated Rs 150 million for healthcare initiatives and Rs 45 million for educational programs.​

​As part of its continued efforts to engage with the youth, HBL is excited to lead Pakistan’s Esports landscape with its ‘Aur Khelo’ tournaments. The Bank’s journey began with the EAFC Gaming Tournament and continued with the Tekken 8 Women’s Gaming Tournament, showcasing its dedication to fostering an inclusive and vibrant Esports ecosystem within the country. The recent ‘Valorant’ tournament, the third in the ‘Aur Khelo’ series, further solidifies HBL’s position as a pivotal player in shaping the future of Esports in Pakistan.

In recognition of the Bank’s leadership performance and innovative approach, Euromoney Awards for Excellence 2024 awarded HBL the accolades of Pakistan’s Best Bank, Pakistan’s Best Bank for Corporates, and Pakistan’s Best Bank for ESG.​

​H.E. Zhang Hao, Acting Consul General – China (standing 1st from right), Sultan Ali Allana, Chairman – HBL, (standing 2nd from right), along with the HBL International team at the “HBL China Story” session held at HBL Tower Karachi.

Pakistan, Karachi – 13 September 2024:

HBL hosts the “HBL China Story” session, bringing together colleagues to discuss the significance of the Bank’s journey in China that started in 2005. HBL is the first and only Bank from Pakistan to have branches in Beijing and one of the three banks from South Asia and MENA region to offer end-to-end RMB intermediation in China.

The event was attended by H.E. Zhang Hao, Acting Consul General of China in Karachi, and Sultan Ali Allana, Chairman – HBL. Wei Cheng, Country Manager China, presented HBL’s journey in China.

With HBL’s growing business in Pakistan and its international footprint, China is the Linchpin and a market that HBL identifies as its second home. The key theme of the session was to explore opportunities for the next chapter of HBL’s growth in China

Speaking on the occasion, Sultan Ali Allana, Chairman – HBL said, “HBL’s journey to China began in 2005 with the establishment of Representative Office in Beijing. Over the years China has become the cornerstone of our strategy growing and facilitating trade in the region and promoting business in RMB. We are immensely proud of the critical role that our China team plays in serving our clients across our network in UAE, Sri Lanka, Maldives, Bangladesh and Bahrain.”

Narrating the HBL China story, Wei Cheng, Country Manager China, said, “HBL’s growth in China is a testament to our strong relationships with local partners and our ability to adapt to the unique needs of this dynamic market. Our continued success will be driven by innovation, collaboration, and a deep understanding of the Chinese market. By leveraging the strength of our group and our understanding of local dynamics, we are positioned to contribute significantly to the diverse needs of our clients across HBL’s network.”

​Aamir Irshad, Acting President & CEO - HBL, received the award from Akif Saeed, Chairman – Securities and Exchange Commission of Pakistan (SECP) at the PICG Awards ceremony held at the Movenpick Hotel in Karachi.

Pakistan, Karachi – 16 September 2024:

HBL has been honored with the ‘Best Board of the Year’ award by the Pakistan Institute of Corporate Governance (PICG), in recognition of its exemplary leadership, outstanding governance, and strategic oversight.

Aamir Irshad, Acting President & CEO - HBL, received the award on behalf of the Board of Directors of HBL at the PICG Awards ceremony held at the Movenpick Hotel in Karachi. Other Senior Officials of the Bank were also present on the occasion.

While announcing the award PICG explained that the ‘Best Board of the Year’ was awarded based on the criteria of not only achieving the highest Board Strategic Performance Index (BSPI) but also having ensured the most efficient evaluation process in cohesion with the management team. The HBL Board also set a record of the most timely completion of the evaluation process after year-end, and held detailed discussions with PICG’s management to discuss the way forward.

This achievement reflects HBL’s unwavering commitment to excellence and responsible corporate practices.

HBL-P@SHA ICT Awards 2024: “Celebrating the Best of Pakistan’s IT Industry, Honoring, Recognizing, and Proudly Promoting ‘Made in Pakistan’” - Zohaib Khan

Islamabad: Monday, September 23, 2024:

Pakistan Software Houses Association (P@SHA), the premier representative body of Pakistan’s thriving IT industry, proudly hosted the prestigious HBL-P@SHA ICT Awards 2024 at a local hotel in Islamabad on Monday. This esteemed event promoting Made in Pakistan, recognized and honored companies that have demonstrated exceptional service and innovation in Pakistan’s IT sector.

Minister of State for Information Technology & Telecommunication, Ms. Shaza Fatima Khwaja, graced the event as Chief Guest. Other notable attendees included SIFC and government officials, diplomats, top IT industry representatives, startups, and prominent personalities.

The prestigious HBL-P@SHA ICT Awards 2024 recognized and honored the most innovative solutions in Pakistan’s IT industry, presenting 33 Gold Awards and 47 Merit Awards across various top-tier categories, including Consumer, Business Services, Inclusion & Community, and Student Innovation. This year, P@SHA received an overwhelming response, with more than 1,198 applications for these esteemed awards. Over the course of 15 rigorous judging cycles, industry veterans served as judges to identify the best talent in the country.

In her address as Chief Guest, Minister of State for IT & Telecom Ms. Shaza Fatima Khwaja extended her sincere thanks to P@SHA and HBL for organizing this prestigious event and for their continued efforts to promote the IT industry in Pakistan.
“The HBL-P@SHA ICT Awards highlight the creativity and excellence of our software and service companies, providing local, regional, and international visibility. These awards empower our innovators, startups, and students to showcase their talents globally, including at the Asia-Pacific ICT Alliance (APICTA) Awards.”

Highlighting the role of P@SHA and the importance of the awards, Minister of State said that P@SHA plays an instrumental role in shaping Pakistan’s digital future, driving innovation and progress in the IT and telecom sectors. Recognizing and supporting our software and service companies is critical for sustaining growth and positioning Pakistan on the global technology map. The HBL-P@SHA ICT Awards are vital in this mission, celebrating innovation and promoting #MakeInPakistan.

Ms. Shaza Fatima congratulated all the nominees and winners and said that their dedication and innovation are setting new standards in technology and inspiring future generations of leaders. “Together, we are building a brighter, more innovative future for Pakistan’s IT sector.” On this occasion, the Minister of State, Ms. Shaza Fatima, specially informed the participants about the government’s initiatives for the IT sector.

Speaking at the event, P@SHA Chairman Muhammad Zohaib Khan said, “It has always been our effort to reach every forum of the government to fulfill the legitimate demands of the IT companies in the country. SIFC’s full support was received, which is the reason why IT export graphs are constantly rising and setting new records these days.”

Zohaib further said that P@SHA is driving Pakistan’s digital economy forward, cultivating trust and facilitating growth within the digital landscape. By generating thousands of employment opportunities and advocating for a more efficient and transparent government, P@SHA has proven instrumental in shaping the nation’s technological future. The association’s initiatives have directly contributed to a significant and sustained surge in Pakistan’s IT exports over several quarters, reaching $3.22 billion this year and continuing to grow – a compelling indicator of the industry’s resilience and potential.

Chairman P@SHA, extended heartfelt congratulations to the winners, recognizing their outstanding contributions. “Today, we celebrate the best of Pakistan’s IT industry, honoring, recognizing, and empowering growth, and proudly promoting the ‘Made in Pakistan’ brand.”

Commenting on this, Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “HBL’s partnership with P@SHA has been a catalyst for the growth of Pakistan’s IT industry. Through collaborative efforts, we’ve not only nurtured local talent but also provided a global platform for Pakistani IT companies to showcase their capabilities. The HBL P@SHA ICT awards stand as a testament to the exceptional innovation and dedication of our industry, inspiring future generations to contribute to Pakistan’s digital revolution.”

Nadeem Aslam, the Secretary General of P@SHA, expressed his gratitude to all participants for attending and reaffirmed P@SHA’s commitment to driving growth in Pakistan’s IT sector and digital economy.

It is worth mentioning here that these award-winning companies have showcased exceptional talent and will now represent Pakistan on the global stage at the Asia Pacific ICT Alliance (APICTA) Awards in Brunei Darussalam later this year, making the nation proud with their achievements.

The ceremony concluded with a musical performance by Pakistan’s renowned singer Aima Baig.

​Muhammad Nassir Salim, President & CEO - HBL (standing 4th from right), received the award from the President of Pakistan Mr. Asif Ali Zardari (standing 5th from right), at the 12th FPCCI Excellence Awards ceremony held in Islamabad.

Pakistan, Karachi – 9 October 2024:

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has awarded HBL the accolade of the ‘Best Conventional Bank of the Year Excellence Award’. The award was presented by the President of Pakistan Mr. Asif Ali Zardari to Muhammad Nassir Salim, President & CEO – HBL, at the 12th FPCCI Excellence Awards ceremony held in Islamabad on 8 October 2024.

HBL was the first commercial bank to be established in Pakistan in 1947 and one of the largest institutions in the country.

Commenting on the achievement, Muhammad Nassir Salim said, “We are deeply humbled to be recognized by FPCCI as the Best Conventional Bank of The Year. HBL is proud to serve its valued clients and play its due role in the economic development of Pakistan. This win is a tribute to the dedicated team of HBL that has earned the continued trust and confidence of HBL’s millions of clients.”

Pakistan, Karachi – 16 October 2024:

HBL today declared a consolidated profit before tax of Rs 85.9 billion for the first nine months of 2024, 3% higher than in the same period last year. All domestic businesses delivered excellent results which, coupled with sustained improvements in the international franchise, drove profit after tax up to Rs 43.3 billion. The Bank’s earnings per share increased to Rs 30.03 in 9M’24. Along with the results, the Bank declared an interim dividend of Rs 4 per share i.e. 40%. This is in addition to the interim Cash Dividend already paid at Rs 8 per share i.e. 80%. HBL is also proud to report that it has contributed Rs 52.9 billion in taxes to the national exchequer.

HBL’s balance sheet footings grew by 12% over December 2023 to Rs 6.2 trillion resulting from a Rs 660 billion growth in deposits, which rose to Rs 4.8 trillion. Domestic deposits increased by 18% over December 2023 to Rs 4.1 trillion; low-cost deposits steered in more than 65% of the growth, with the CASA ratio improving to 87.3%. Policy rate cuts have led to an overall uptick in lending; as a result, the Bank’s advances increased by 3.9% during the quarter to Rs 1.8 trillion.

Volumetric expansion in both domestic and international markets helped drive a 4.2% growth in net interest income, to Rs 185.3 billion. Non-fund income increased to Rs 60.7 billion – a growth of nearly 60% over the same period last year. HBL continued its leadership in fees which increased by 20% to Rs 36.6 billion in 9M’24. The Bank’s flagship Cards business contributed 43% of the growth, with branch fees, remittances and Bancassurance boosting total fee income. Consequently, HBL’s total revenue increased by 14% to Rs 246.0 billion.

The Bank’s focus on cost optimization has helped contain expenses and further reduce the cost-to-income ratio to 55.6% for Q3’24. The Bank’s Capital Adequacy Ratio (CAR) continued to rise, to a 4-year high of 16.39%, while the Tier-1 CAR increased by 11 bps over Dec’23 to12.55%, well above minimum requirements.

Commenting on the Bank’s results, Muhammad Nassir Salim, President & CEO – HBL, said, “HBL’s 9M’24 results, were driven by leadership position across all business segments, and a focus on serving our clients better. HBL continues to accelerate its digital journey, with majority of its transactions and volumes now being channeled through its digital platforms. We remain committed to our strategic priorities such as Agriculture, SMEs, and Sustainability. HBL continues to contribute to the national exchequer through its significant tax payments. HBL was honoured with the ‘Best Board of the Year’ award by the Pakistan Institute of Corporate Governance (PICG), in recognition of its exemplary leadership, outstanding governance, and strategic oversight”.

Business Developments

HBL’s mobile and internet banking witnessed a year-on-year growth of 34% in financial transactions and 26% in service requests, with over Rs 2 trillion processed in Q3’24. Konnect by HBL, processed a significant volume of Rs 586 billion, reflecting a year-on-year growth of 16%.

With the highest acquisition, spend volumes, and ENR, the credit cards business led the market with a growth of 30% in card usage, achieving Rs 237 billion in spend and a portfolio size of Rs 40 billion. Throughput at HBL’s POS terminals throughput grew by 27% over the same period last year, to Rs 318 billion.

HBL’s support to the agriculture sector remains strong with total lending exceeding Rs 57 billion. HBL’s resolve to grow the SME business has led to accelerated growth in advances registering a year-on-year increase of 19% to Rs 91 billion.

HBL maintained its leadership in Transaction and Employee Banking. The transaction banking business recorded a throughput of Rs 13.7 trillion, representing a 28% increase compared to the same period last year. Digital transactions grew by 12% to 36 million, accounting for 84% of the overall business.

HBL’s Investment Banking team closed multiple mandates valuing over Rs 145 billion. The team continues to go from strength to strength having received 16 accolades already from international bodies such as Global Finance and The Asset Triple A.”

HBL Symphony® has experienced remarkable growth, with trading volumes exceeding Rs 2.2 trillion in the nine months of 2024. This represents an impressive increase of nearly 14 times the total volume traded on the platform during the same period of the previous year, highlighting the platform’s expanding influence in fixed-income trading.

Under the guidelines of the Aga Khan Development Network, HBL remains focused on sustainability and green operations. HBL has implemented its Social and Environmental Management system at all its international locations, allowing these locations to analyze the environmental and social risk of their lending portfolio.

The Bank’s efforts in making a difference in the communities it serves are underscored through a variety of initiatives in Q3’24. The HBL Employee Volunteering Program crossed a milestone of 2,800 volunteering hours in giving back to the community.

Moreover, HBL Foundation allocated over Rs 128 million to various healthcare initiatives during the quarter, benefiting over 50,000 individuals. In the education sector, the Foundation invested nearly Rs 23 million.