Muhammad Nassir Salim, President & CEO – HBL, (standing 4th from left), Saleem Ullah, Deputy Governor - State Bank of Pakistan, (standing 5th from left) and Chen Way Siew, Financial Institutions, Network & Transit Partnerships Lead – Google, (standing 6th from left) at the Google Wallet Launch event held at HBL Tower in Karachi. Other senior officials were also present on the occasion.

Pakistan, Karachi – 13 March 2025:

Starting today, HBL cardholders can add their credit/debit cards to Google Wallet on both Android and Wear OS devices, reinforcing the Bank’s dedication to innovative and secure digital payment solutions.

HBL is the largest card issuer in Pakistan, with over 7 million cardholders. The Bank also leads in transaction volumes, with HBL Cards consistently recording the highest spend in the market.

This strategic collaboration with Google aims to provide users with a smooth and efficient digital payment experience. With Google Wallet, HBL clients can now add their Visa and Mastercard debit and credit cards digitally, enabling fast and secure contactless payments in stores, within apps, and online via Google Pay.

Aamir Kureshi, Head of Products, Transactional Services & Solution Delivery, HBL commented on the launch: “We are pleased to bring Google Wallet for our clients in Pakistan. This initiative underscores our commitment to adopting cutting-edge technologies that enhance the banking experience by offering both convenience and security.”

“Pakistan’s digital payments landscape is evolving rapidly, and with more people embracing digital transactions, Google Wallet provides a secure, seamless, and efficient way to make payments, shop, and travel. It will enable Pakistanis to tap-and-pay in stores, check out seamlessly online, and easily access their boarding passes when they travel. Google Wallet helps keep everything protected in one place, no matter where they go. More importantly, this launch will go a long way in supporting financial inclusion in Pakistan and unlock economic opportunities for all. This milestone further cements Google’s unwavering commitment to Pakistan, reinforcing our belief in its digital future and potential,” said Farhan Qureshi, Country Director for Google Pakistan.

The introduction of Google Wallet in Pakistan aligns with the country’s ongoing efforts to embrace digital financial solutions. Google Wallet is now available for download on Android devices via the Google Play Store.

Download Google wallet:

https://play.google.com/store/apps/details?id=com.google.android.apps.walletnfcrel

​Maya Inayat Ismail - Chair, HBL Microfinance Bank and HBL Sustainability Committee (left) and Maria Smith – Chief Impact Officer, BII (right) signed the agreement between BII and HBL. Senior members from both organizations were also present on this occasion.

Funding from the facility will be directed towards the agriculture sector, which contributes 24 per cent to Pakistan’s GDP and employs 37 per cent of its workforce.

The facility will mainly support smallholder farmers, including those in dairy and poultry farming, who often lack access to finance.

Farmers vulnerable to climate change impacts, will receive support to adopt sustainable practices, enhancing their resilience, yields and incomes.

(BII), the UK’s development finance institution and impact investor, today announced a $75 million finance facility with HBL, Pakistan’s leading bank. The new facility will support farmers and agribusinesses in Pakistan by providing increased access to essential finance and enhancing their resilience to climate change.

Pakistan, Karachi – 10 March 2025:

The agriculture sector is vital for Pakistan’s economic growth, food security, and the livelihoods of many, contributing 24 per cent to the GDP and employing 37 per cent of the workforce, including being the largest employer of women. However, the sector faces numerous challenges such as limited access to finance, modern machinery, and equipment, increased vulnerability to climate change, and underdeveloped value chains.

With this financing, HBL plans to expand its agriculture portfolio, dedicating 50 per cent of the funds to smallholder farmers who constitute over 90 per cent of Pakistan’s farming population. Agribusinesses throughout the agricultural value chain, from production to logistics, will also be supported to strengthen the entire sector, ensuring long-term growth and stability.

Furthermore, the Bank will promote climate adaptation initiatives such as solar-powered irrigation systems, to reduce emissions and bolster farmers’ resilience to environmental challenges.

By improving access to finance and the integration of farmers and agribusinesses into value chains and markets as well as increasing their resilience to climate change, this partnership seeks to boost productivity in the agriculture sector and support food security in Pakistan.

British High Commissioner, Jane Marriott CMG OBE, said: “The agriculture sector is critical for Pakistan’s economic growth, food security, and the livelihoods of many. This UK partnership will help overcome financial barriers to investing in climate-proof farming practices and contributing to this important part of the economy.”

Habib Yousuf, Regional Director for South Asia at BII said: “BII is proud to partner with HBL to enhance the resilience and productivity of Pakistan’s agriculture sector. By increasing access to essential finance and promoting climate adaptation measures, this partnership aims to address critical challenges in the sector, ensuring sustainable growth, improved livelihoods, and food security for the nation.”

Maya Inayat Ismail, Chairperson, HBL Sustainability Forum commented: “At HBL, sustainability is a core principle embedded across our operations—from inclusive financial services to responsible supply chain management. Through climate-smart financing and yield insurance programs we are helping farmers mitigate risks from climate change, ensuring financial security and long-term resilience. Our partnership with BII strengthens these efforts, driving sustainable impact where it matters most.”

Notes to editors

For media inquiries please contact:

farhan.ahmed3@hbl.com

press@bii.co.uk

About British International Investment

British International Investment is the UK’s development finance institution and impact investor. As a trusted investment partner to businesses in Africa, Asia and the Caribbean, BII invests to create productive, sustainable and inclusive economies in our markets. Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development. The company has investments in over 1,580 businesses across 65 countries and total net assets of £8.5 billion.

BII has been investing in Pakistan since 1988, supporting high-impact sectors such as infrastructure, clean energy, financial services, food and agriculture. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn and X.

About HBL

HBL was the first Pakistani commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the leading private sector bank in Pakistan with 1700+ branches, serving over 37 million clients worldwide. With a presence across major trade zones in the world, the Bank is recognized as the leading financial institution in the country for its client-centric innovation in financial services.

​Maya Inayat Ismail, Chairperson – HBL Sustainability Forum, (sitting 3rd from left), and Salaal Hasan, CEO – Ahya, (sitting 4th from left), signed the agreement. Senior members from both organizations were also present on this occasion.

Pakistan, Karachi – 20 February 2025:

HBL, Pakistan’s leading bank, has partnered with Ahya Technologies, a Pakistani company specializing in AI-powered climate software, to accelerate its journey towards net-zero emissions by 2030. This collaboration underscores HBL’s commitment to sustainability, in line with the Aga Khan Development Network (AKDN) goals.

This partnership provides HBL access to a suite of advanced climate software products designed to simplify emissions management and reduction with accuracy, transparency, and cost efficiency. AhyaOS offers HBL a single platform to measure, analyze, reduce and report on all emissions, enabling the Bank to create decarbonization plans and achieve science-based targets (SBTs).

Speaking at the occasion, Salaal Hasan, CEO – Ahya, stated, “Embedding sustainability into the business model of financial institutions is a core economic need. We are proud to partner with HBL, the region’s leading sustainable bank, in enabling their journey to net zero. Together, we act on our shared mission in managing and reducing HBL’s emissions through AhyaOS — acting as a single source of truth for sustainability data, making it as easy to understand and report as financial data.”

Commenting on the partnership, Maya Inayat Ismail, Chairperson – HBL Sustainability Forum, said, “At HBL, sustainability is not just a commitment; it is a responsibility woven into the fabric of our operations. Partnering with Ahya Technologies marks a significant step in our aim to achieve net-zero operational emissions by 2030. We are determined to lead the way in sustainable banking, proving that financial success and environmental stewardship can go hand in hand.”

About HBL

HBL, Pakistan’s leading Bank, was the first commercial Bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the leading private sector bank in Pakistan with 1700+ branches, serving over 37 million clients worldwide. With a presence across major trade zones in the world, the Bank is recognized for its client-centric innovation in financial services.

About Ahya

A climate software and AI venture with a unified AI-powered platform for climate action. Ahya’s mission is to enable enterprises and financial institutions to achieve net zero with accuracy, transparency, and equitable economic growth. Ahya’s platform consists of two core products in AhyaOS - an AI-powered carbon management and accounting platform (CMAP) and Tawazun - a digital voluntary carbon marketplace. Ahya was founded in 2022 and has a presence in Pakistan, Saudi Arabia, and the United Arab Emirates, three of the largest economies and emission markets of the greater Middle East.

Pakistan, Karachi – 19 February 2025:

HBL today declared a record profit before tax of Rs 120.3 billion for the year ended December 31, 2024, 6% higher than in 2023. The profit after tax was Rs 57.8 billion as the Government once again increased the tax rate on Banks to a massive 54%. EPS for 2024 was Rs 39.85, compared to Rs 39.32 in 2023. Along with the results, the Bank declared a final Cash Dividend of Rs 4.25 per share i.e. 42.5% for the year ended December 31, 2024. This is in addition to the interim Cash Dividend(s) already paid at Rs 12 per share i.e. 120%.

HBL’s balance sheet grew by 9% to Rs 6.1 trillion, with total deposits closing at Rs 4.4 trillion, a growth of Rs 228 billion over December 2023. Domestic deposits grew by Rs 187 billion reaching Rs 3.6 trillion, with the CASA ratio showing a strong improvement to reach nearly 90%. HBL’s total advances increased by over 30% to Rs 2.4 trillion with the domestic lending book crossing a landmark Rs 2.0 trillion. Our flagship consumer portfolio continued its growth trajectory, reaching Rs 143 billion, while the Group’s agriculture financing increased to over Rs 100 billion.

Despite drastic monetary easing, which saw a drop of 900bps in the SBP’s Policy Rate over the year, HBL’s net interest income increased to Rs 246 billion. This was supported by a 17% volumetric expansion in the average domestic balance sheet and improved spreads in the international business. Non-fund income grew by an impressive 68% to Rs 96.5 billion, on the back of a very strong contribution from the Treasury business. The fee franchise yet again delivered excellent double-digit growth, increasing by 17% to Rs 49.5 billion; Cards contributed more than 50% of the increase along with solid contributions from Bancassurance and retail banking. HBL’s total revenues thus increased by 14% to an industry-leading Rs 342 billion.

Conscious efforts to optimize costs has contained administrative expense growth to 13%, improving the cost/income ratio to 56.3% in 2024. Despite an uptick in non-performing loans, the infection ratio is at an all-time low of 4.3%. HBL’s sustained profitability has led to a strong improvement in the Capital Adequacy Ratio which increased from 16.0% in Dec’23 to a solid 17.7%, well above required levels.

Commenting on the Bank’s results, Muhammad Nassir Salim, President & CEO – HBL, said, “HBL continues to deliver value for its stakeholders while navigating an increasingly complex external environment. The strong 2024 financial results ratify the Bank’s strategic direction. The Bank is proud to serve its valued clients and play its due role in the economic development of Pakistan.”

Delivering value for stakeholders

The Bank is committed to providing holistic support to the vital agriculture sector to enhance national food security. Earlier this year, HBL launched HBL Zarai Services Limited, a wholly-owned subsidiary aimed at revolutionizing the agricultural value chain.

HBL Zarai focuses on boosting local farming productivity and fostering inclusive growth by providing farmers with agronomy services, crop inputs, access to modern mechanization and more. These services are offered through Zarai Deras, specialized distribution and service centers in Burewalla, Sahiwal, Pakpattan and Sadoke. By improving access to essential resources, HBL Zarai enhances farmer productivity, contributing to the economic development of Pakistan’s agricultural sector.

HBL is the largest lender and mobilizer of government agriculture financing subsidies including solar tube wells, tractors, and livestock. With a total portfolio of over Rs 100 billion, the HBL Group holds the largest market share in both commercial and microfinance agriculture lending in Pakistan.

HBL is fully committed to growing the “S” of SME business in a significant and sustainable way. The Bank’s focus is on cash flow-based lending where it enjoys the highest portfolio in the industry. SME businesses are crucial drivers of the economy and require enhanced access to formal finance. HBL has undertaken a number of initiatives to help transform the SME landscape, fostering growth and creating opportunities for small businesses. As testament to our efforts HBL has been recognized as ‘The Best SME Bank’ by the ‘Pakistan Banking Awards’.

HBL remains a thought leader, and has actively supported SBP and the World Bank, in the development of the National Green Taxonomy. This has allowed the Bank to further identify green financing opportunities for climate change mitigation and adaptation.

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’. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) awarded HBL the accolade of the ‘Best Conventional Bank of the Year Excellence Award’. Moreover, HBL was honoured with the ‘Best Board of the Year’ award by the Pakistan Institute of Corporate Governance (PICG).

Muhammad Nassir Salim, President & CEO - HBL (standing 2nd from left) and Luke Thompson, Managing Director, S&P Global Market Intelligence (standing 3rd from left) at the launch of the HBL and S&P Global Purchasing Managers Index (PMI) for Pakistan at an event in Islamabad.

Pakistan, Islamabad – 14 February 2025:

HBL, in collaboration with S&P Global, announced the launch of the HBL S&P Global PMI® (Purchasing Managers’ Index™) series for Pakistan. This landmark initiative aims to provide valuable data and timely insights into the overall economic health of Pakistan’s manufacturing sector, marking a significant advancement in economic analysis for the country.

The HBL S&P Global PMI is a standardized and internationally recognized economic indicator that will be released monthly, offering critical data on various aspects of the economy. This index is designed to serve as an essential tool for financial institutions, policymakers, and businesses, facilitating informed decision-making and strategic planning across multiple sectors.

During the launch event, senior executives from S&P Global elaborated on the significance of the PMI as a key economic instrument.

Luke Thompson, Managing Director - S&P Global Market Intelligence, remarked, “The launch of Pakistan’s first ever PMI is a significant event contributing to the accessibility of timely and high-frequency data to track economic developments in Pakistan and support decision making by financial institutions, investors and businesses. We expect the new HBL Pakistan Manufacturing PMI will quickly become established as a key indicator in the national economic calendar.”

Muhammad Nassir Salim, President & CEO - HBL, stated, “We are pleased to launch the PMI for Pakistan, which will enhance investor confidence and transparency in our economy.

This index will not only provide valuable insights for businesses but will also serve as a vital resource for policymakers and investors navigating Pakistan’s economic landscape.”

The HBL S&P Global PMI is expected to play a crucial role in fostering greater engagement and investment across various sectors, ultimately contributing to the overall economic growth of Pakistan. The index will be compiled from responses to questionnaires sent to a diverse panel of industries, ensuring a comprehensive representation of the economy.

The HBL S&P Global PMI will be released on the first working day of each month, offering stakeholders a reliable and consistent measure of economic performance. This initiative aims to enhance transparency and provide critical insights into the economic conditions shaping Pakistan’s future, ultimately supporting informed decision-making and strategic planning across various sectors.

Pakistan, Islamabad – 28 January 2025:

HBL Microfinance Bank (HBL MfB) proudly announces the appointment of Maya Inayat Ismail as the Chairperson of the Board of Directors, succeeding Rayomond H. Kotwal. Maya Inayat Ismail was part of the core strategic team that established HBL MfB’s predecessor organisation, FMFB, the first microfinance bank in Pakistan, bringing to life His Highness the Aga Khan’s vision of ensuring access to financial services for underbanked communities. She has been a member of the Board of HBL Microfinance Bank since 2016 and Chair of the FISC Committee, reflecting her passion and dedication to financial inclusion. Maya Inayat Ismail brings over 25 years of experience in the financial sector, with a strong focus on financial services institutions, managing strategic partnerships, and strategy formulation to benefit people at the grassroots level.

The outgoing Chairman, Rayomond H. Kotwal remarked, “It has been an honour to serve as the Chairman of HBL Microfinance Bank. I am proud of what we have achieved together in driving financial inclusion across Pakistan. I am confident that Maya Inayat Ismail’s appointment will usher in a new era of innovation for the Bank, and I look forward to seeing the Bank flourish under her guidance.”

Sultan Ali Allana, Chairman - HBL, expressed his confidence in Maya Inayat Ismail’s appointment, saying, “Maya Inayat Ismail’s expertise, coupled with her unwavering commitment to financial inclusion, will further enhance HBL Microfinance Bank’s ability to address the needs of underserved communities in Pakistan. Maya Inayat Ismail is the first woman to Chair an Aga Khan Fund for Economic Development (AKFED) institution reflecting our vision to break barriers in leadership. I also extend my heartfelt appreciation to the outgoing Chairman Rayomond H. Kotwal for his remarkable leadership, his dedication and his contributions during his tenure, and look forward to the next chapter in the Bank’s legacy.”

Maya Inayat Ismail commented on her appointment, stating, “I am deeply humbled and honoured to take on the role of Chairperson of HBL Microfinance Bank. This is a symbol of the circle of life for me, as it builds on my association with HBL MfB for over two decades. We strive to create a financially inclusive Pakistan; I am committed to building on the incredible progress the Bank has made under Rayomond H. Kotwal’s stewardship. Together with the Board, Management, and employees, I look forward to driving impactful change that empowers individuals and strengthens communities.”

About HBL Microfinance Bank:

HBL Microfinance Bank Ltd. was established in 2002 as the first private sector microfinance bank, licensed by the State Bank of Pakistan. HBL MfB was created through a structured transformation of the credit and savings section of the Aga Khan Rural Support Programme (AKRSP), an integrated development program to pioneer the microfinance sector in the country, operating since 1982 in Gilgit-Baltistan and Chitral.

HBL MfB boasts the largest portfolio in the microfinance industry, serving over 4 million customers through a footprint of 225 locations and 133 ATMs across Pakistan.

HBL MfB was established with the mission to respond to poverty and contribute to the social and economic well-being of society by providing opportunities to thousands of under-privileged households. Through targeted financial and multi-sectoral products and services based on the evolving needs of the poor, HBL MfB enables its clients to strengthen their entrepreneurial base and build financial, physical, and human capital to secure their future.

For media inquiries, please contact:

HBL Microfinance Bank
Corporate Communications Department
Email: corporate.communications@hblmfb.com

Pakistan, Karachi – 23 January 2025

Upholding the ethos of the Aga Khan Development Network (AKDN), HBL believes that impact & sustainability extend beyond charitable giving. HBL, being more than just a bank, is committed to fostering positive change by addressing climate change, promoting financial inclusion, and alleviating poverty. This commitment is reflected in HBL’s ambitious sustainability goals, including its aim to achieve Net Zero emissions by 2030. In 2023, HBL made significant strides towards these goals, including solarizing 235 of its premises, investing Rs 36 billion in renewable energy projects, and prioritizing Diversity, Equity, and Inclusion across its operations.

Sharing his comments, Sultan Ali Allana, Chairman – HBL, stated, “For two decades, we have consistently seized opportunities to promote sustainable development and foster prosperity in the country. Building on the ethos of AKFED, we seek to enrich the lives of those we serve. As financial literacy and inclusion remain our directional vectors, we are cognizant of the need to constantly innovate and leverage technology.

Our focused approach and interventions through HBL’s SME, Agri, and Microfinance arms have ensured banking coverage to over 36 million people throughout the country, most of whom we considered un-bankable.

In 2023, the HBL Board supported the enhancement of the Bank’s contribution to the HBL Foundation (HBLF) from 1% profit after tax to 1.5% profit after tax. With this enhanced capacity, the HBL Foundation has been able to widen its program spread across key areas of need, making robust contributions to healthcare, education, and community development.”

HBL has achieved a remarkable milestone with the HBL Foundation surpassing Rs 3 billion in direct contributions, positively impacting nearly 10 million lives across Pakistan.

The Foundation allocated funds for healthcare, education, and vocational training programs for skill development and sustainable livelihoods. The Foundation also played a pivotal role in disaster response and community welfare.

This landmark achievement is highlighted in HBL’s Impact & Sustainability Report 2023, reaffirming its position as a catalyst for sustainable development in Pakistan. The comprehensive report highlights the Bank’s contributions across economic, social, and environmental dimensions, underscoring its alignment with the United Nations’ Sustainable Development Goals (SDGs) and Global Reporting Initiative (GRI) standards.

The report also outlines tangible achievements marking significant milestones in 2023.

Key Achievements:

• Solarization of 204 HBL branches and 31 offsite ATMs, along with 60 branches of HBL Microfinance Bank, reducing carbon emissions by over 500 metric tons of CO₂ equivalent.
• Rs 36 billion was invested in renewable energy projects, including solar-powered tubewells and community-owned biogas plants, ensuring sustainable energy access for rural areas.
• Rs 82 million was invested in educational infrastructure projects, impacting nearly 18,000 students.
• Support for skill development initiatives, benefiting 11,500 individuals through vocational training programs.
• Launch of HBL Zarai Services Limited, a first-of-its-kind subsidiary in Pakistan dedicated to agricultural extension services, aiming to empower small- and medium-scale farmers.
• Over Rs 100 billion was disbursed to 345,000 farmers, boosting farm profitability and enhancing food security.
• 37 million customers served globally, including 5 million women customers.
• Rs 1.5 billion disbursed to 600 women entrepreneurs, driving economic participation.
• Expansion of SME lending to cross Rs 100 billion, with a focus on small businesses, women entrepreneurs, and freelancers.

HBL invites you to read its Impact and Sustainability Report – 2023 to learn how profitability and sustainability together make a real difference.

Sustainability

Armughan Ahmed Kausar, Head Konnect - HBL (seated 1st from left), Muhammad Salman Ali, CEO - VRG (seated 2nd from left), and Omar Aijaz, Head of Partnerships - Easypaisa (seated 3rd from left), along with Muhammad Arif Khan, Deputy CEO - VRG; Hassham Mansoor, COO - VRG; Aamir Hameed, Head Branchless Banking - HBL; Syed Irfan Ali, Executive Director ACFID - SBP; Abid Qamar, Director ACFID - SBP; Muhammad Imran Khan, Assistant DAirector ACFID - SBP; Umair Ahmad, Assistant Director ACFID - SBP; Malik Jibran Tariq, Assistant Director ACFID - SBP; and Waqar Muhammad, Assistant Director ACFID - SBP, present at the signing ceremony for Agent Interoperability at State Bank of Pakistan.

Agent Interoperability Signing Ceremony

Karachi, January 15, 2025

Virtual Remittance Gateway proudly announces the signing of a historic agreement for Agent Interoperability, between Virtual Remittance Gateway, HBL Konnect, and Easypaisa, in the presence of senior officials from the State Bank of Pakistan (SBP). This momentous occasion marks a significant milestone in the evolution of branchless banking in Pakistan, setting the stage for enhanced financial inclusivity and innovation. The partnership will play a pivotal role in achieving SBP’s vision of a digital financially inclusive Pakistan by promoting innovation and collaboration among financial institutions and their agents.

The agreements inked during the ceremony at SBP represent a significant step toward financial inclusion using an interoperable agent network. The collaboration envisions developing integrations and piloting the solution to test its viability in terms of technical, operational, and business aspects. Based on the pilot results, the solution will be scaled up on a commercial basis with enhanced participation.

By connecting the agent networks of various financial service providers, the cutting-edge VRG’s Interop Switch seeks to establish a unified interoperable agent platform that enables users of any bank to conduct both financial and non-financial operations on any bank’s agent network. The interop switch will present HBL and Easypaisa with unmatched chances to broaden their services nationwide, serving both urban and rural communities. This would guarantee that millions of Pakistanis, wherever they may be, may have a secure, effective, and safe banking experience by drastically lowering obstacles to financial inclusion like accessibility and convenience.

The interoperable Agent platform has many benefits for the users but is not limited to the disbursement of government grants, bill payments, credit services, and micro-insurance services. Further, the Interoperable Agent platform will maximize economic opportunities for women and others in rural and underserved communities while addressing the financial inclusion gender gap and sees strong potential to leverage agent networks for much greater outreach and impact.

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.

​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.”

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.

​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.

​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.”

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.​

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 – 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.”

​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 – 22 July 2024:

Euromoney Awards for Excellence 2024 has awarded HBL the accolades of Pakistan’s Best Bank, Pakistan’s Best Bank for Corporates and Pakistan’s Best Bank for ESG.

These awards are the most prestigious recognition in the banking industry, globally. They are a recognition of HBL’s leadership performance and innovative approach reaffirming its dedication to providing superior banking services and sustainable business practices.

The Euromoney citation for HBL acknowledges that “HBL achieved a record profit before tax of $403 million in 2023, a 47% increase compared with 2022.”

The citation went on to note that HBL is undergoing a transformation that is “focused around creating synergy between the largest physical network in the country and its advanced digital capabilities to serve its base of over 37 million customers”.

The citation mentioned that HBL had improved “its internal environmental, social and governance structure, updating its social and environmental management policy and developing a sustainable environmental management operating procedure.”

Commenting on the achievement, Muhammad Nassir Salim, President & CEO, HBL, said, “We are deeply humbled to be recognized by Euromoney in these three critical categories. Winning these awards is a testament to our relentless pursuit of excellence and innovation. These wins are a tribute to our millions of clients’ continued trust and confidence in HBL, and our continuous effort to lead with integrity and sustainability in all our operations.”

Euromoney is a global English-language publication focused on business and finance.

​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.”

​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.”

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.”

​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.”

​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 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.

​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 – 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.”

​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.

​Burewala, Pakistan – 26 February 2024:

HBL launched a new company, HBL Zarai Services, a significant step forward in the realm of agricultural development and food security in Pakistan, in Burewala today. This is in alignment with Pakistan’s strategic priorities and under the visionary scope of the Aga Khan Development Network (AKDN).

HBL Zarai Services, a fully owned subsidiary of HBL, stands as the pioneer agriculture -specialized extension services company in Pakistan. By providing access to essential resources and expertise, HBL Zarai Services aims to empower farmers and enhance productivity, efficiency, and profitability throughout the agriculture value chain. With a focus on sustainability and environmental stewardship, HBL Zarai Services seeks to promote responsible agricultural practices that ensure the long-term viability of farming communities and natural resources.

HBL remains grateful to the State Bank of Pakistan (SBP) and the regulators for the trust and confidence they have reposed on the Bank, through the opening of this subsidiary.

The inauguration ceremony for HBL Zarai Services was attended by clients, regulators and senior executives of the Bank. The Chief Guest for the event was Dr. Inayat Hussain, Deputy Governor - SBP.

On the occasion of the ceremony marking the launch of HBL Zarai, Sultan Ali Allana, Chairman - HBL said, “We have been actively pursuing programs and introducing solutions for the growth and progress of the Agricultural Sector since the privatization of the bank in 2004. Al’Humdullilah HBL Group today is the single largest institutional provider of financial services for this segment of the economy directly impacting over 350,000 farmers. With the formation and launch of HBL Zarai, Insha’Allah, we will be able to host advisory and input services along with offtake and warehousing right at the farmers doorstep through Deras – dedicated distribution and service centers etched among the heart of the farmlands thus ensuring food security and income enhancement for the farming communities throughout the country.”

Muhammad Aurangzeb, President & CEO - HBL, emphasized the Bank’s unwavering dedication to sustainability stating, “Pakistan’s agricultural landscape stands at a critical juncture. While agriculture remains the backbone of our economy, its potential to drive growth and prosperity has yet to be fully realized. HBL has long recognized the mutual relationship between economic progress, social development, and a thriving agricultural economy. HBL Zarai Services emerges as a beacon of hope, signaling our commitment to fostering positive change and promoting food security across the nation.”

Amer Aziz, CEO - HBL Zarai Services stated, “This unique venture positions HBL to play a leading role in improving value chains across every economically significant sector, thus fostering sustainable agricultural practices and promoting food security nationwide. The prime values that HBL Zarai holds will remain raising farm yields and empowering farmers by increasing their income levels. We will be guided by our vision of ‘We are who we serve’.”

​Karachi – 23 February 2024:

HBL today declared a record profit before tax of Rs 113.6 billion for the year ended December 31, 2023, 47% higher than the PBT recorded in 2022. Profit after tax has increased to Rs 57.8 billion, a commendable 68% growth over last year. Earnings per share for 2023 increased to Rs 39.32, compared to Rs 23.23 in 2022. Along with the results, the Bank declared a final dividend of Rs 4.00 per share, bringing the total dividend for 2023 to Rs 9.75 per share.

HBL grew its balance sheet by 19% to Rs 5.5 trillion. Deposits displayed a robust growth of 19% over 2022, closing at Rs 4.1 trillion with domestic deposits increasing by Rs 533 billion to Rs 3.5 trillion. Despite macroeconomic headwinds, HBL’s total advances increased to Rs 1.9 trillion over December 2022, with Consumer loans, agriculture lending and microfinance all setting new benchmarks. Average deposits increased by nearly Rs 350 billion mostly from low-cost deposit growth.

HBL’s average balance sheet increased by an impressive Rs 700 billion, while rising rates translated into a 159 bps improvement in net interest margin. This drove a 46% rise in HBL’s total net interest income which grew to Rs 242 billion, the highest in the industry. The Bank continued to dominate the realm of fee income, which posted yet another stellar growth of 34%, clocking in at Rs 42.3 billion in 2023. Fee growth was once again dominated by HBL’s pre-eminent Cards business while trade, cash management and retail banking all delivered more than 20% increases. Total revenue thus grew by 41% to Rs 300 billion, the highest ever for HBL and in the Pakistan banking sector.

The strong revenue base helped to reduce the cost / income ratio to 56.8% in 2023. The Bank’s prudent provisioning ensures that the coverage remains well above 100%. The record results also boosted the Bank’s Capital Adequacy Ratio (CAR), which moved up by 118bps to over 16%, well ahead of regulatory requirements.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL navigated another year of economic challenges successfully, with exceptional results. This achievement stems from our unwavering commitment to client-centricity, innovation, and responsible banking practices. The Bank remained focused on delivering on three strategic pillars, which underpin its medium-term strategy namely; Growing Pakistan’s Economy, Shaping the Financial Industry and Achieving Regional Relevance. We have further solidified our impact beyond profit margins through strategic partnerships and impactful initiatives. We remain grateful for the trust of our clients and are committed to exceeding their expectations. HBL is well-positioned to navigate the future and create lasting value for all stakeholders.”

Under the guidance of the Aga Khan Development Network (AKDN) and in line with Pakistan’s strategic priorities, HBL is committed to playing a leading role in developing the agricultural sector and promoting food security. HBL, together with HBL Microfinance, have extended over Rs 100 billion in loans to small farmers. Following on from its transformative initiatives in agriculture, HBL has recently incorporated HBL Zarai Services Limited an agriculture services extension company – yet another first in Pakistan. This year HBL was awarded the Best Bank for Agriculture for the 5th time in the 9 year history of the Pakistan Banking Awards.

At HBL increasing digitalization of every aspect of our businesses has become a way of life. This year, we have again introduced trailblazing products to shape Pakistan’s financial services landscape – Digital Invoicing, an Urdu mobile app, TalkBack for the visually impaired. HBL has partnered with P@SHA in a landmark opportunity to showcase one of Pakistan’s premier but under-celebrated sectors. From HBL Mobile to Konnect, from QR to HBL Pay, the Bank continues to raise the bar in delivering creative, first-of-a-kind solutions for its customers, cementing its position as a technology company with a banking license. In 2023, Asiamoney named HBL as the Best Bank for Digital Solutions Pakistan and the CFA Society Pakistan awarded us with the Best Digital Banking Services award.

We launched our 2nd Sustainability Report to critical acclaim by stakeholders, embarked on our progress to Net Zero and reduced our carbon footprint through solarization and a number of other activities. HBL is the first and only Pakistani bank to be a member of the Capacity-building Alliance of Sustainable Investment (CASI), launched at the recent COP28 in Dubai, which promotes best practices for sustainable finance. HBL also became a signatory to the United Nations Women’s Empowerment Principles (WEPs), aligning its efforts with global initiatives to promote gender equality and women’s empowerment. For its achievements in increasing women participation in the financial sector through HBL Nisa, was also awarded the ‘2023 Access to Finance Champion Award’ by the Financial Alliance for Women. We provided an array of opportunities to the differently-abled, both as staff and customers. For the second year running, the Bank was recognized by the Global Diversity, Equity, and Inclusion Benchmarks (GDEIB) as the Most Inclusive Organization in Pakistan, an award we truly cherish.

​Lahore – 17 February 2024:

The biggest sporting spectacle of the year, HBLPSL, returns for an electrifying season 9, this time with a game-changing theme: “Palat Do Khel”. Kicking off today in Lahore, the tournament matches will be held across four cities – Lahore, Multan, Rawalpindi, and Karachi. The final will be played on 18 March 2024 at the National Stadium in Karachi.

HBL’s commitment to HBLPSL reflects its passion for uplifting Pakistan’s image. “Palat Do Khel” urges Pakistanis to capture the nation’s positive spirit and create inspiring content showcasing its true self.

Commenting on the HBLPSL Season 9, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “HBLPSL is about enabling dreams, both for players and for our nation’s sporting future. This year, with “Palat Do Khel” we aim to capture the true self of our country. Dikhao Pakistan may kuch acha… Palat Do Khel.”

Arham Ghauri - 1st prize winner of PKR 250,000 (standing 2nd from left), Areeb Rehman - 2nd prize winner of PKR 150,000 (standing 3rd from left) and Salman Shah - 3rd prize winner of PKR 100,000 (standing 1st from left) at the Konnect by HBL, EAFC Gaming Tournament.

​Karachi – 15 February 2024:

The inaugural EAFC Gaming Tournament, held under the auspices of Konnect by HBL, offered a platform for aspiring and established Esports players to showcase their skills and compete. The electrifying EAFC Football Game competition, held in Karachi, drew over 100 enthusiastic gamers, showcasing their skills and passion for the virtual arena.

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: Arham Ghauri – Claiming the coveted champion trophy and a grand prize of PKR 250,000.
• 2nd Place: Areeb Rehman – Taking home the runner-up prize of PKR 150,000.
• 3rd Place: Salman Shah – 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 gamers for their skills and sportsmanship. This EAFC tournament marks a new chapter in Pakistan’s Esports landscape: Konnect by HBL will deepen its association with Esports. Aur Khelo.”

​Karachi – 14 February 2024:

HBL enters the world of Esports with the launch of the Konnect by HBL, EAFC Gaming Tournament. The tournament will provide a platform for aspiring and established Esports players to showcase their skills and compete. The tournament, focusing on the EAFC Football Game, will be held in Karachi on 15 February 2024, welcoming enthusiastic gamers from the city to participate. The tournament is powered by IGN and Raptr.

This exciting initiative marks a significant step towards connecting with the nation’s growing youth population and fostering a thriving Esports ecosystem within the country. By providing a platform for competition, nurturing talent, and promoting responsible gaming practices, HBL’s branchless banking platform, Konnect by HBL aims to play a key role in shaping the future of Esports in the country.

Commenting on the initiative, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “Pakistan has a booming gamers community of over 37 million people. Gaming and Esports are a fast-growing subculture, and we believe the Bank’s initiative aligns perfectly with its commitment to empowering dreams and providing an enabling environment for the youth of Pakistan.”

​Pakistan, Karachi – 31 January 2024:

HBL, the Best Bank in Agriculture Financing leads with over Rs 2 billion in financing for solar-powered tubewells, thus, empowering farmers and fostering sustainability. This achievement is a testament to HBL’s commitment towards enabling farmers’ dreams of growth and prosperity through access to finance.

This milestone financing enables more than 850 farmers across Pakistan to irrigate their crops and orchards at the right time using environmentally friendly energy. This approach helps the farmers increase crop yields and farm productivity with the right quantity of water.

Commenting on this achievement, Ahmed Naazer Minhaj, Head Agriculture Banking - HBL stated, “Farmers have been facing challenges of water shortages, increased electricity tariff and diesel prices, which will be addressed largely by converting the tubewells to solar energy. This milestone corresponds to HBL’s commitment to transition to clean energy in agriculture, fostering reduction in carbon emissions and prospering farmers through the adoption of innovative technologies conveniently and cost-effectively”.

HBL inaugurated Peshawar’s first Prestige Lounge at University Road. Valued clients and members of the leadership team of the Bank were also present at the inauguration.

Pakistan, Karachi – 9 January 2024:

HBL inaugurated Peshawar’s first Prestige Lounge located at University Road on 9 January 2024. The Prestige footprint is now spread across 18 cities including an international footprint in Jumeirah, Dubai with plans to expand further. The inauguration of the lounge was done by HBL’s valued clients. Members of the leadership team of the Bank were also present at the inauguration.

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive proposition offers seamless instant account opening with tailored solutions through dedicated digital and physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, dedicated conference rooms, and top-notch alliances. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

Khaqan Mohammed Khan, Global Head FI & GRB – HBL (standing 4th from left), received the award on behalf of the Bank during the 3rd Pakistan Remittance Summit in Kuala Lumpur, Malaysia. Senior members of the Bank were also present on this occasion.​

Pakistan, Karachi – 11 December 2023:

HBL has been recognized by the Pakistan Remittance Initiative (PRI) as the “Leading Remittance Mobilizing Bank of Pakistan”. The Bank was recognized for its exceptional contribution to channeling over $2 billion (FY2023) in remittances to Pakistan. The award was presented at the 3rd Pakistan Remittance Summit in Kuala Lumpur, Malaysia, held under the patronage of the State Bank of Pakistan (SBP).

Pakistan Remittance Summit brings together leaders and innovators at the forefront of remittance biggest companies from Pakistan. The event is an exploration of the infinite possibilities of the future of Pakistan with innovators, creative minds, and progressive thinkers of the financial industry.

Speaking on the recognition Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL said, “We understand the importance of remittances in supporting the Pakistani economy. We are committed to providing fast, secure, and affordable remittance services that make it easy for overseas Pakistanis to send money back home. With our extensive network of branches and partnerships, our innovative digital platforms, and our unwavering dedication to customer service, we’re proud to be the trusted partner for Pakistanis around the world.”

Muhammad Aurangzeb, President & CEO - HBL (standing 1st from left) and Dr Ma Jun, President Institute of Finance & Sustainability (standing 3rd from left) at the CASI ceremony held during COP 28 in Dubai, UAE. ​

Pakistan, Karachi – 5th December 2023:

HBL today, by invitation from the Institute of Finance & Sustainability, joined the Capacity Building Alliance of Sustainable Investment (CASI) to become the first CASI member in Pakistan.

CASI is an international cooperation platform aiming to deliver high-quality and higher-impact sustainable finance capacity building services for developing countries, via developing a “global aggregator and distributor of sustainable finance knowledge”.

Under the guidelines of the Aga Khan Development Network (AKDN), HBL remains focused on sustainability and green operations initiatives. The Bank became a member of UNEP FI making it a signatory to the Principles of Responsible Banking (PRB) and Net Zero Banking Alliance (NZBA). As the first CASI member in Pakistan, HBL will contribute its expertise and resources to the alliance’s capacity-building efforts, enhance awareness, and create linkage with academia.

Speaking on the initiative, Muhammad Aurangzeb, President & CEO – HBL said, “This ground-breaking initiative will help to bridge the knowledge gap in sustainable finance and provide much-needed support to developing countries as they transition to a greener economy. We are committed to working with our partners to make CASI a success and to ensure that it delivers a real impact on the ground. HBL’s role as a member will not be limited to the financial sector but also regulators, ministries, national designated authorities, the workforce, and academia so that a comprehensive ecosystem can be built.”

​Pakistan, Karachi – 23 November 2023:

HBL has become a signatory to the United Nations Women Empowerment Principles (WEPs), a set of seven principles developed by UN Women and the UN Global Compact. The WEPs framework offers guidance to businesses on how to advance gender equality and women’s empowerment in the workplace, marketplace, and community. This initiative is in line with HBL’s diversity agenda and its vision of creating a more diverse and equitable workforce. HBL has always considered diversity as a key pillar to its growth and takes pride in integrating females within its workforce.

WEPs are a primary vehicle for corporate delivery on gender equality dimensions of the 2030 agenda and the United Nations Sustainable Development Goals. Established by UN Women and UN Global Compact, the WEPs are informed by international labor and human rights standards and grounded in the recognition that businesses have a stake in, and responsibility for, gender equality and women’s empowerment.

Speaking on the initiative, Muhammad Aurangzeb, President & CEO - HBL, said, “We believe that gender equality is essential for sustainable economic development and social progress. HBL is proud to sign up for the United Nations Women’s Empowerment Principles (WEPs). Diversity, equity, and inclusion (DEI) are the bedrock of HBL’s growth and business outcomes. DEI allows us to have a wider range of perspectives, experiences, and skill sets, which leads to better decision-making and an improved working environment at the Bank. DEI has never been a tick in the box for HBL; we are in fact the Most Inclusive Organization of 2022, having won awards in all 15 categories for Global Diversity, Equity & Inclusion Benchmarks (GDEIB). We look forward to working with WEP to make a meaningful contribution to the advancement of gender equality around the world.”

​Pakistan, Karachi - 20 November 2023:

HBL sets the industry benchmark with Rs 1 billion in financing for solar tube wells. The facility enables farmers to adopt these capital-intensive technologies in an affordable and cost-effective manner. Farmers are facilitated with easy and quick access to credit through the Bank’s vast rural footprint. The milestone fosters HBL’s commitment towards sustainable and climate-smart agriculture in line with Aga Khan Development Network’s (AKDN) Net Zero Goal of 2030.

HBL as a signatory of Principles of Responsible Banking (PRB) and Net Zero Banking Alliance (NZBA), is striving to promote renewable energy sources in the agricultural ecosystem and minimize carbon emissions by limiting the use of fossil fuels. Solarization of tube wells is the cost-effective solution that ensures a timely supply of irrigation water in the right quantity. These technologies considerably reduce the cost of production and improve farm productivity resulting in higher profit margins.

Commenting on this achievement, Aamir Kureshi, Head Consumer, Agriculture & SME Banking, stated, “HBL is leading the agriculture financing among the commercial banks and has actively partnered with farmers across the agriculture landscape for the timely provision of financial services to achieve the common objective of better crop yields and enhanced farm productivity. This will go a long way in ensuring food security and prosperity for the farming communities. HBL is committed to supporting the agriculture sector through leveraging technology and innovative financial solutions.”

Farhan Talib, Head of International Banking - HBL (designate), and Yu Xiaoming, DGM Financial Institutions - BOC signed the agreement in the presence of Liu Jin, Vice Chairman & President - BOC (standing 3rd from right), Sultan Ali Allana, Chairman - HBL, (standing 3rd from left) and Muhammad Aurangzeb, President & CEO - HBL (standing 2nd from left).

​Pakistan, Karachi - 15 November 2023:

HBL and the Bank of China (BOC) signed a Memorandum of Understanding (MoU) for Strategic Cooperation at the BOC headquarters in Beijing, China. Liu Jin, Vice Chairman & President - Bank of China, Sultan Ali Allana, Chairman - HBL, and Muhammad Aurangzeb, President & CEO - HBL represented their respective institutions.

The signing of the strategic cooperation memorandum signifies HBL and BOC’s commitment to drive economic empowerment and regional connectivity. The cooperation between HBL and BOC will facilitate seamless trade opportunities, benefiting businesses in South Asia, Middle East, Central Asia, and Africa.

Both the organizations will also work to deepen strategic cooperation in the areas of Environmental, Social & Governance (ESG), technology, and training.

Bank of China is a premier bank in China with presence in over 60 markets around the world while HBL serves over 15 global markets with dedicated China desks and branches in Beijing and Urumqi.

Muhammad Aurangzeb, President & CEO – HBL (standing 4th from right) inaugurated the HBL Islamic Prestige Lounge located in GPO Haider Chowk, Rawalpindi. Valued clients and senior leaders of the Bank were also present at the inauguration.​

​Pakistan, Karachi - 13 November 2023:

HBL inaugurated its 8th Islamic Prestige Lounge located in GPO Haider Chowk, Rawalpindi. The Prestige footprint is now spread across 17 cities including an international footprint in Jumeirah, Dubai with plans to expand further. The inauguration of the lounge was done by Muhammad Aurangzeb, President & CEO – HBL accompanied by valued clients and senior leaders of the Bank.​

​HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive Islamic proposition offers Shariah-compliant banking solutions to our clients. The proposition includes seamless instant account opening with tailored solutions through dedicated digital & physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, top-notch alliances, Multi-layered secure lockers, and dedicated conference rooms. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

​Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “We are delighted to inaugurate our state-of-the-art HBL Islamic Prestige Lounge at GPO Haider Chowk, Rawalpindi. This lounge is a good demonstration of HBL merging two of its key business priorities namely meeting the demand for Shariah-compliant solutions & services and serving our high-net-worth clients across Pakistan.”

Mian Muhammad Latif, Chairman – Chenab Limited (standing 1st from left), Mr. Saleem Ullah, Deputy Governor – State Bank of Pakistan (standing 2nd from left), and Muhammad Aurangzeb, President & CEO – HBL (standing 3rd from left) at the “Chenab Rising” event.

Pakistan, Karachi - 8 November 2023:

Chenab Limited is now on its way to achieving its lost glory. Chenab was once Pakistan’s largest exporter of home textile products. The firm faced a complete meltdown after the industrial crises of 2008-10 for reasons beyond its control.

Lenders to the company led by HBL, facilitated the implementation of a comprehensive rehabilitation plan in line with the vision of State Bank of Pakistan (SBP) to revive sick industrial units to recontribute to the economy.

To showcase its revival, Chenab Limited organized an event with the theme “Chenab Rising”. The event was attended by Mr. Saleem Ullah, Deputy Governor – State Bank of Pakistan along with representatives of more than 20 Banks. Participants at the event appreciated the regulator’s vision to revive the stressed/closed units. They also commended the positive role played by HBL in converting this vision into reality. Due to these efforts, Chenab Limited successfully delivered Rs 2.5 billion in revenue in the first 18 months of operation, employing 3,000 people, with the potential for further growth.

Speaking on the revival of Chenab Limited, Mian Muhammad Latif, Chairman – Chenab Limited, said, “At one point I did feel the pressure of giving up but there was always a firm belief that we can revive Chenab back to its optimal value; certainly, this required sacrifices which we all were ready to undertake for the greater cause of revival. Chenab’s revival is a testament to the power of perseverance and determination. It is also a reminder that even in the darkest of times, there is always hope. I encourage all entrepreneurs to never give up on their dreams, no matter how difficult things may seem. I am grateful to our banking partners especially HBL for believing in our dreams and helping us to get back on our feet.”

Speaking about this success story, Muhammad Aurangzeb, President & CEO – HBL, said, “The revival of Chenab stems from the Bank’s strategy of ‘Growing Pakistan’s Economy’, a pillar of which is corporate restructuring. Through these capacity-building efforts, the Bank continues to deliver against its sustainable banking practices in the process of becoming ‘More Than Just a Bank’.”

Key Highlights of the campaign:

• TikTok has recognized HBLPSL campaign as a global success story.
• 97% Pakistani TikTok users reached.
• 8.9 million videos created.
• Over 8.7 billion video views.
• HBL’s TikTok has over 550,000 followers* - highest in the banking industry.
*As of 31 October 2023

Pakistan, Karachi - 6 November 2023:

TikTok, the leading destination for short-form mobile video has published a case study on HBL’s campaign for HBLPSL Season 8 on its global website. The case celebrates the #JahanFansWahanStadium campaign and highlights the ground-breaking achievements of HBL. During the campaign, 8.9 million videos were created, generating over 8.7 billion views on the platform and it reached an incredible 97% Pakistani TikTok users. HBL is Pakistan’s no. 1 bank on TikTok with over 550,000 followers.

#JahanFansWahanStadium invited cricket fans to showcase and celebrate their passion for HBLPSL by posting interesting videos using the hashtag. Influencers were also engaged to create interest in the campaign. The popular and catchy HBLPSL anthem served as the perfect soundtrack, enhancing the atmosphere of every celebratory moment. By capitalizing on the enthusiasm surrounding the HBLPSL Season 8, the campaign united cricket fans and provided them with an exciting outlet to express their love for the sport on TikTok.

Speaking on the achievement, Ali Habib, Chief Marketing & Communications Officer – HBL, said “As HBL pivots towards the future, TikTok is an essential partner in helping us reach the next generation of Pakistanis. With the “Jahan Fans Wahan Stadium” hashtag challenge campaign, we were able to tap into the passion of cricket fans in Pakistan and create a truly immersive and interactive experience. The campaign was a huge success, with millions of young Pakistanis participating in, and sharing their love for HBLPSL, on TikTok.”

Commenting on the case study, Faiza Zafar, Partnerships Lead, Global Business Solutions, TikTok - Pakistan, said “We’re very proud of the work we’ve done with HBL on this landmark campaign. By leveraging the premium placement and mass reach of our ad solutions, while also working with TikTok’s brilliant community of creators, #JahanFansWahanStadium became a resounding success on TikTok. We’re looking forward to more collaborations with HBL in the future as they continue to successfully engage with the next generation of customers in Pakistan.”

• Pakistan’s women entrepreneurs are invited to apply for grants worth USD 50,000, a tailored training program and access to networking and mentoring opportunities. Applications are open until 2 December 2023.
• Visa shares findings from She’s Next Women SMB Digitization Index survey of Pakistani women entrepreneurs including:
• Women-owned businesses find funding a challenge, with 86% dipping into personal savings
• 99% of women entrepreneurs have plans to digitize their business
• 98% of women-led businesses are interested in payment related training
• 67% women entrepreneurs believe transition to a cashless business with digitization is a huge opportunity

Karachi, Pakistan, November 1, 2023:

Women-led businesses in Pakistan primarily face funding, digitization and advisory challenges according to Visa’s Women SMB Digitization Index survey. In order to address these challenges, Visa, a world leader in digital payments is launching its global She’s Next grant program in Pakistan for the first time in partnership with HBL, Pakistan’s largest private bank, which serves more than 36 million clients worldwide.

She’s Next, empowered by Visa, is a global advocacy program that aims to support women-owned small businesses through funding, training and mentorship. Starting today, women entrepreneurs from all industries and sectors in Pakistan can apply on the She’s Next website for a chance to be among five winners to receive a grant of US$ 10,000 each. Winners will also have access to a range of benefits including a tailored training program, She’s Next Club resources such as a workshop library and a community of entrepreneurs. Applications are open until 2 December 2023.

Umar S. Khan, Country Manager for Pakistan, Visa, commented: “We’re proud to bring our successful ‘She’s Next’ global program to Pakistan, in partnership with HBL. Women entrepreneurs form a small percentage of the SME sector in Pakistan, facing unique challenges such as limited access to capital, lack of mentorship and dealing with gender stereotyping concerns where they are considered less capable of handling high-pressure situations. Currently, a robust digital infrastructure is critical for them to scale their businesses. She’s Next, underscores this vital shift, recognizes the potential of women entrepreneurs, and supports them to thrive innovatively.”

Aamir Kureshi, Head Consumer, Agriculture & SME banking – HBL, said: “HBL is committed to increasing women participation in the economy by supporting financial inclusion. HBL and Visa have collaborated in She’s Next to develop women entrepreneurs. Through this partnership, we aim to provide women the skill set and training, so they have greater opportunities to improve their lives.” To better understand the desires and challenges of female entrepreneurs in Pakistan face, Visa ran the Women SMB Digitization Index survey which revealed key aspects of the entrepreneurial journey and identified themes that would drive empowerment:

Theme 1: A Challenging Business Environment

Women in Pakistan are passionate about entrepreneurship, citing financial independence (48%) and leadership (41%) as top motivations. Funding their business is a serious challenge with 86% of women dipping into their personal savings, while 63% respondents rely on friends and family.

Theme 2: Advice from fellow entrepreneurs

Women entrepreneurs in Pakistan are eager to learn from their peers, with many women entrepreneurs requiring specific assistance on overcoming problems (61%), developing online sales (54%), and building a team of employees (43%). Nearly all (98%) women are keen on payment related training. A section of women (33%) seek advice on the types of payments accepted from customers and are interested in workshops on managing stress in crisis (46%), using social media for promotion (40%), and creating an online store (32%).

Theme 3: Digitization

Seven in 10 women entrepreneurs claim to be digitally savvy, with 99% respondents planning to digitize their business focusing on digital marketing, business leadership, AI and automation, software implementation, and analytics tools to generate insights and tools for customer engagement and retention. Most women entrepreneurs (69%) use both cash and cashless modes of payment, with digital payments weighing over cash in online and offline selling platforms. Since 2020, Visa has invested around US$ 3 million in over 250 grants and coaching for women SMB owners through the She’s Next grant program globally including in US, Canada, India, Ireland, Ukraine, Saudi Arabia, UAE, Egypt and Morocco.

About She’s Next Women SMB Digitization Index Research

She’s Next Women SMB Digitization Index, was a survey to dive into the women entrepreneurial journey. The businesses covered were a mix of small, medium, and micro businesses spanning across manufacturing, trading, and services. The aim of the research is to understand the motivations and challenges faced by the women entrepreneurs, with a special focus on digitization. The study was commissioned by Visa and managed by 4SiGHT Research and Analytics.

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea

About HBL:

HBL was the first Pakistani commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with 1750+ branches, 2200+ ATMs, 55,000+ Konnect by HBL agents (branchless banking platform), 47,000+ QR locations serving over 36 million clients worldwide. It is currently the largest Domestic Bank with a presence across major trade zones in the world. The Bank is recognized as the leading financial institution of the country for its client-centric innovation in financial services.

Abrar Mir, Chief Innovation & Financial Inclusion Officer – HBL (standing 1st from left), Muhammad Aurangzeb, President & CEO – HBL (standing 2nd from left), Dr. Umar Saif, Caretaker Federal Minister for IT & Telecommunication (standing 3rd from left), Dr. Saleem Ullah, Deputy Governor – SBP (standing 3rd from right), Muhammad Zohaib, Chairman - P@SHA (standing 2nd from right) and Luqman Shaukat, Head of Products & Growth – HBL (standing 1st from right) attended the signing ceremony. Aamir Hameed, Head Branchless Banking – HBL (sitting 1st from left), and Nadeem Aslam Malik, Secretary General – P@SHA (sitting 1st from right) signed the agreement. Senior officials from both organizations were also present on the occasion.​

Pakistan, Karachi – 26 October 2023

Caretaker Federal Minister for IT & Telecommunication Dr. Umar Saif has said that no doubt about the potential in Pakistan’s IT sector, the industry is playing a significant role in the stability of the country’s economy, the government is taking vigorous steps to provide all possible facilities to the IT industry. There is a need to be Brand Pakistan and marketed globally in the desired manner. He said this while addressing the signing ceremony for the strategic partnership between HBL and the Pakistan Software Houses Association (P@SHA) held at the HBL Tower in Karachi on Thursday

Dr. Umar Saif further said, “I am delighted to be part of the event and hope that this collaboration will play a vital role and fostering the growth and development of the IT sector domestically and internationally.” Mentioning the role of the Special Investment Facilitation Council (SIFC), the IT Minister said that all required facilities are being provided to boost the IT & Telecom sector.

Dr. Saif highlighted the SIFC’s recent decision that IT companies have now been allowed to retain 50% of their revenue in US dollar accounts. These companies will also be provided with corporate debit cards by the banks, which can be freely used to make international payments. This step has been taken on the recommendation of the IT industry (P@SHA) aimed to encourage the Information Technology (IT) and IT-enabled Services (ITeS) to boost export earnings and bring additional foreign exchange into the country.

It is worth mentioning here that HBL, Pakistan’s Best Bank, has entered a multi-year partnership with P@SHA, the country’s only IT industry association, to support them in launching a series of impactful engagements locally and globally. Through this collaboration, HBL aims to join forces with P@SHA in positioning Pakistan as a growing tech destination in the global market. The Bank’s extensive collaboration with IT and digital stakeholders has given it a deep understanding of the industry’s needs, enabling it to offer tailored financial and technological solutions.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO – HBL, said, “We believe that the IT industry has the potential to be a major driver of economic growth and job creation in Pakistan. HBL’s collaboration with P@SHA is a testament to the Bank’s commitment to becoming a ‘Technology Company with a Banking License’. It will provide an opportunity for HBL to engage with key stakeholders in the IT, freelancer, software, and gaming industry and showcase its innovative financial solutions and services that can meet the specific needs of the IT sector.”

Speaking at the occasion, Muhammad Zohaib Khan, Chairman – P@SHA, said: “With HBL by our side, P@SHA is ready to embark on a transformative journey for Pakistan’s tech landscape. This strategic partnership will propel us toward realizing our vision of making Pakistan a hub for technology excellence. Together, we will open new doors of opportunity, innovation, and global recognition for our IT industry.”

Pakistan, Karachi – 25 October 2023

HBL today declared another record quarterly profit for Q3’23 with a profit before tax (PBT) of Rs 32.0 billion. The Bank’s consolidated PBT of Rs 83.5 billion for the nine months of 2023 was 50% higher than the PBT for 9M’22. Despite continued excessive taxation on the banking sector, the Bank’s profit after tax (PAT) for 9M’23 grew by 82% to Rs 43.0 billion over the same period last year. Earnings per share for the first nine months were Rs 29.20 compared to Rs 15.95 for 9M’22. Along with the results, the Bank declared an interim cash dividend of Rs 2.25 per share (22.50%). This is in addition to the Interim Cash Dividend already paid at Rs 3.50 per share (35%).

HBL’s fortress balance sheet grew by 19% over December 2022 to cross Rs 5.5 trillion, on the back of robust deposit growth. Domestic deposits grew by more than Rs 400 billion over December 2022 and now stand at Rs 3.3 trillion; HBL’s total deposits reached ~Rs 4.0 trillion. During the quarter, domestic advances increased by 5%; even in the face of macroeconomic headwinds, Consumer loans grew by Rs 4 billion over December 2022, agriculture lending touched new highs and microfinance loans increased by 12%.

The impact of rising rates continues to flow through to asset prices; the average domestic balance sheet grew by Rs 433 billion, while net interest margins improved by 194 bps. This was well supported by substantially higher interest income from the international business. Consequently, HBL’s total net interest income grew by 53% to Rs 178 billion. Trade, consumer finance and cash management also made solid contributions, delivering high double-digit fee growth. Total fees increased by 34% to Rs 30 billion, and the Bank’s total revenue for the first nine months of 2023 increased by 42%, to Rs 216 billion.

Despite record inflationary levels, proactive cost management and strong revenue growth enabled us to reduce the cost / income ratio from 60.0% in 9M’22 to 57.1% in 9M’23. With the growth in loans during the quarter, the infection ratio reverted down to 5% from 5.5% in Q2’23. Prudent provisioning has ensured that coverage remains in excess of 100%. The strong profitability also improved the Bank’s Capital Adequacy Ratio by 91 bps, to 16.1%

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL had a record quarter, driven by excellent results across all domestic business segments and a further improvement in profitability from the international franchise. The Bank continues to provide innovative products and financial solutions to its clients whilst promoting sustainable practices within the HBL community and across the financial services industry. We are investing in cutting-edge methods, practices and technologies to support Pakistani farmers and address the related challenges of agriculture, food security, and climate change. In Q3’23 HBL became a signatory of the UN Principles of Responsible Banking; this commitment will help us accelerate the transition to a net zero economy. The Bank’s Impact & Sustainability Report – 2022 illustrates the new standards for sustainable banking that we are setting in Pakistan, on our journey to being “More Than Just a Bank”.

Business Developments

HBL’s digital channels continue to play a significant role in shaping Pakistan’s financial landscape, connecting both clients and businesses. HBL Mobile, and Konnect by HBL’s user base expanded to over 4 million users, resulting in 49% more digital transactions than to the same period last year. This led to over Rs 1.3 trillion processed by our mobile apps, double the amount in Q3’22.

HBL’s mission is to rapidly digitalize the payments landscape of Pakistan. E-commerce products i.e., checkout, tap & pay, and digital invoicing collectively processed over Rs 14 billion through 1.6 million transactions, growing throughput and transactions by 58% and 45% respectively, since Q3’22. The Billing Aggregator enabled over Rs 640 billion in payments made through over 24 million transactions, registering growths of 60% and 16% respectively since Q2’22. HBL remains the first bank in the industry to provide the end-to-end debit card e-commerce acquiring and issuing journey on the domestic PayPak scheme.

HBL continues to lead the market in terms of fees, with another stellar performance from its flagship Cards business, which accounted for more than most of the fee increase. Credit Card usage grew 43% over the previous year; Rs 1 out of every Rs 3 spent is on the HBL Credit Card. The portfolio is now more than Rs 30 billion, representing a massive 39% increase over the previous year. With over 7 million Debit Cards in circulation, HBL Debit Cards continues to be the largest card issuer. Spend has increased by 55% over the previous year; Rs 1 out of every Rs 5 spent in Pakistan is on the HBL Debit Card.

HBL is fully committed to growing the SME business in a significant and sustainable way with a portfolio size of Rs 84 billion, the highest in the industry. During the year, the Bank disbursed over Rs 1.5 billion to more than 550 women entrepreneurs in underserved areas. HBL Nisa, a platform dedicated to developing financial solutions for women, crossed over 1,000,000 clients with a deposit base of Rs 165 billion. HBL plays a leading role in developing the agriculture sector and promoting sustainable food supply chains. With a market share of 35%, HBL has the largest Agriculture financing portfolio amongst commercial banks. The Bank continues to grow lending to this critical component of Pakistan’s economy. In line with its financial inclusion goals, HBL championed the banking industry in Balochistan, with 78% growth in Agriculture financing in the province.

Reiterating our commitment to providing clients with Shariah-compliant solutions for all their banking needs, more than 70,000 new accounts were added to the Konnect Islamic portfolio. The brick-and-mortar footprint was also expanded, reaching a total of 330 branches.

Transaction & Employee Banking maintained its leadership position in cash management with throughput increased from Rs 9.1 trillion in 2022 to Rs 10.8 trillion in 2023, showing a 19% volume growth.

Under the guidelines of the Aga Khan Development Network, HBL remains focused on sustainability and green operations initiatives. The Bank became a member of UNEP FI making it a signatory to Principles of Responsible Banking (PRB) and Net Zero Banking Alliance (NZBA). Moreover, the Bank also joined the Capacity Building Alliance of Sustainable Investment (CASI) and became the first CASI member in Pakistan. HBL has also installed solar panels on a total of 232 sites, which has resulted in a reduction of 433MT of CO2 emissions annually. Through the Annual Plantation Drive, the Bank has planted 86,130 saplings during the year. HBL has contributed over Rs 4 billion - spread over a decade - for the social uplift of Pakistan. In 2022 alone, the Bank contributed over Rs 580 million.

HBL’s TikTok-led campaign for HBLPSL 8 was a record-shattering - 21 billion video views - initiative, setting new standards not just for HBL but for TikTok in Pakistan. TikTok has published a case study on HBLPSL on their global website. The case celebrates the #JahanFansWahanStadium campaign and highlights the ground-breaking achievements of HBL with 21 billion video views on the platform.

During the quarter, HBL has won multiple awards including Best Investment Bank Pakistan 2023 and Best Project Finance Bank Pakistan 2023 by Global Banking & Finance Awards. The Bank was also awarded Digital Business Banking Initiative of the Year – Pakistan and Digital Consumer Banking Initiative of the Year – Pakistan by Asian Banking & Finance Retail Banking Awards 2023.

​Pakistan, Karachi – 23 October 2023

HBL achieved disbursement of over Rs 1 billion in Electronic Warehouse Receipt (EWR) financing. The milestone was facilitated by quality warehousing of over 20,000 metric tons of maize and paddy/rice, (over 500,000 monds). HBL is a pioneer in EWR financing with a 60% market share and the only bank that has achieved the SBP targets allocated for this innovative product.

The facility enables farmers to store their maize/paddy harvest at warehouses accredited by an independent collateral management company for the EWR repository. Farmers can avail financing up to 70% of the value in a convenient and cost-effective way. This innovative financing solution supports farmers by avoiding distress sales and improving food security by minimizing post-harvest losses.

Commenting on this achievement Aamir Kureshi, Head Consumer, Agriculture & SME Banking – HBL, said, “EWR financing has the potential to transform the agricultural sector in Pakistan. It enables farmers access to quality warehousing and easy financing facilities against stored commodities without any conventional collateral. This helps in the reduction of post-harvest losses and improvement in farmers’ profitability. This will go a long way in bringing sustainability to food chains and uplifting rural communities. HBL is committed to supporting the ecosystem by creating awareness among various agri stakeholders including farmers.”

​Pakistan, Karachi – 16 October 2023

HBL has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

As part of its commitments as a Principles for Responsible Banking (PRB) signatory, HBL has also chosen to join the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 and setting interim targets for 2030 or sooner, in line with the most ambitious temperature goals set by the Paris Climate Agreement.

The Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through the Principles, banks take action to align their core strategy, decision-making, lending and investment with the UN Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress.

NZBA is the climate accelerator of the PRB. With over 130 members from more than 40 countries, representing around 41% of global banking assets accounting for USD 74 trillion, it recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions, supporting members to design, set, and achieve credible science-based net zero targets that align with limiting global temperature rise to 1.5 °C.

HBL is proud to join peers from the banking industry take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet, including the collective efforts outlined by NZBA to reach net-zero emissions by 2050. We look forward to collaborating with the world’s largest global banking community focused on sustainable finance, working together on practical guidance and pioneering tools of benefit to the entire industry.

This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO - HBL, stated, “We are promoting sustainable practices within the HBL community and across the financial services industry. HBL is following the path that has been defined by the AKDN Environment and Climate Change Commitment, envisaging a Net Zero goal by 2030. Through our commitment as signatories to NZBA & PRB, we are setting a new standard for sustainable banking in Pakistan. UNEP FI’s expertise and resources are essential to achieving our ambitious goals, and we are confident that our partnership will help us accelerate the transition to a net zero economy and build a more sustainable future for all.”

Sagheer Mufti, Chief Operating Officer – HBL (standing 4th from right), and Veronica Studsgaard, Founder & CEO – IAMTN (standing 4th from left) attended the IAMTN Summit 2023. Senior leaders from both organizations were also present on the occasion.

​Pakistan, Karachi - 12 October 2023

HBL, Pakistan’s Best Bank and a leading player in the country’s remittance flows, partnered with the International Association of Money Transfer Networks (IAMTN) Summit in Dubai on 11 and 12 October 2023.

The IAMTN Annual Summit gathers professionals, thought leaders, and innovators in the financial services industry to discuss challenges, initiatives, and opportunities in the realm of international money transfers and remittances. IAMTN is the only global trade association that represents the cross-border payments industry.

Speaking at the session as a key speaker, Sagheer Mufti, Chief Operating Officer – HBL, said, “HBL is committed to innovate and transform the cross-border payments landscape. Interoperability is the key to unlocking the full potential of cross-border remittances. By breaking down silos and enabling seamless integration between different payment systems, we can create a more efficient and inclusive financial landscape and serve our clients better.”

​Pakistan, Karachi - 11 October 2023

HBL has launched a new accessibility feature on its digital banking app, HBL Mobile. This feature will enable talkback audio assistance for the visually impaired individuals. In another industry first in Pakistan, HBL Mobile is the country’s first banking app to enable this capability.

To enable talkback (audio) on their app, users need to go to their phone’s accessibility settings of their smartphones and turn on the screen reader. When the screen reader is active, users will hear a description of what is on the screen when they tap on different elements. This includes features such as sending money, paying bills, and checking account balances. HBL customers who may be visually impaired or prefer sound based assistance can now bank digitally without assistance from others.

Commenting on the initiative, Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Financial inclusion and diversity are essential for a thriving economy and HBL Mobile’s new accessibility feature will empower visually impaired individuals to use our app and manage their finances independently. By making our banking app more accessible, HBL is empowering everyone to participate fully in society.”

Faisal N. Lalani, Head International Banking – HBL (sitting on left), and Amin Khowaja, Chief Executive Officer, Pakistan - J.P. Morgan (sitting on right) signed the agreement. Senior officials from both organizations were also present on the occasion.

​Pakistan, Karachi – 5 October 2023:

HBL, the largest bank in Pakistan has entered into an agreement with J.P. Morgan Payments, to provide secure, and cost-effective cross-border payments via J.P. Morgan’s Xpedite Remit. The agreement extends an existing relationship between the two financial institutions to provide remittance services in Pakistan.

Commenting on this collaboration, Faisal N. Lalani, Head International Banking – HBL, said, “We are extremely proud of this engagement with J.P. Morgan Payments. J.P. Morgan’s Xpedite Remit solution will enable individuals across the globe to send remittances to Pakistan in a secure and cost-effective manner. Remittances can be sent to HBL and other bank accounts or as Cash Over Counter from any of the Bank’s 1750+ branches in Pakistan.”

Commenting on this collaboration, Amin Khowaja, Chief Executive Officer, Pakistan - J.P. Morgan, said, “With the signing today, J.P. Morgan is very excited to enter into a strategic engagement with HBL. Pakistan is one of the largest remittance recipient corridors and we will work together to streamline remittances.”

​Pakistan, Karachi – 26 July 2023:

HBL today declared a consolidated profit before tax (PBT) of Rs 51.5 billion, nearly 50% higher than the PBT for H1’22. The PBT of Rs 30 billion for the second quarter of 2023 was the highest in the Bank’s history based on superb performance of its core business lines. Along with the results, the Bank declared an interim dividend of Rs 2.00 per share (20%), taking the total payout for H1’23 to Rs 3.50 per share. This excellent performance was driven by its market-leading domestic franchise which grew profits by 63%; the international business is now delivering sustainable and improved operating performance, making a positive contribution to the Bank’s bottom line. Despite excessive and unfair taxation introduced in the Federal Budget the Bank’s profit after tax doubled to Rs 26.3 billion over the corresponding period last year which was also marred by excessive and retrospective tax measures. Earnings per share for the half year were Rs 17.86 compared to Rs 8.10 for H1’22.

HBL’s balance sheet grew by 7% over December 2022 to Rs 4.9 trillion, driven by a Rs 224 billion growth in deposits. Domestic deposits crossed the Rs 3 trillion mark, with low-cost deposits increasing by Rs 162 billion. Average domestic deposits increased by more than Rs 300 billion; 90% of this growth was from cheaper deposits enabling the Bank to keep its funding cost at manageable levels. Advances declined as private sector demand reduced in light of the record-high borrowing costs. Most of this decline was in lending to corporates; agriculture and consumer lending held steady even in the face of macroeconomic headwinds while microfinance loans increased by 7%.

In the rising interest rate environment, net interest margins widened by 192 bps and, combined with a Rs 460 billion growth in the average domestic balance sheet, resulted in a 53% increase in net interest income. With a strong contribution now coming from international markets as well, HBL’s total interest income rose to Rs 114 billion. HBL’s enviable fee franchise continued to deliver excellent results, with fees growing by 31% to nearly Rs 20 billion. Its flagship Cards business accounted for more than 60% of the growth along with solid performances from trade, cash management, and consumer finance. The Bank’s total revenue for H1’23 thus increased by 41% to Rs 138 billion.

During the quarter, inflation continued to rise, with a weaker rupee further impacting the cost base. Despite these headwinds, proactive cost management efforts contained expense growth to only 2.5% over the previous quarter, improving the cost/income ratio from 60.8% in Q1’23 to 54.5% in Q2’23. The net infection ratio of 0.8% remains below industry levels and prudent provisioning has ensured that coverage remains in excess of 100%.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL’s H1’23 results, underpinned by client centricity, were driven by strong organic growth. Exceptional performance across all business segments further cemented the Bank’s leadership position. We will continue to invest in our digital capabilities and are committed to providing the best possible banking experience. The recognition by Asiamoney as the ‘Best Bank for Digital Solutions Pakistan’ is a tribute to millions of clients’ continued trust and confidence in HBL. The Bank continues to help its customers navigate challenging periods, emphasizing sustainability and giving back to the community.”

Our priority remains consistent: to innovate and provide solutions that support growth and improve quality of life for our employees, those we serve, and the people of Pakistan.”

Business Developments

In H1’23, HBL won Pakistan’s Best Digital Bank for clients thus validating its progress towards becoming a ‘technology company with a banking license’. The Bank’s digital channels played a significant role in shaping the financial landscape and enabled clients to process more than 115 million digital financial transactions for a staggering volume of Rs 2.75 trillion. This growth has resulted in processing about 85% of all HBL’s transactions through digital channels, compared to conventional branches.

HBL Mobile introduced an Urdu language option and witnessed a growth in user base by 26% to more than 3.6 million users. Financial transactions and service requests through the app grew by 50% to over 430 million and channeled a remarkable total value of over Rs 2.02 trillion.

HBL has taken the lead in becoming the first Bank to offer aggregator services to other financial institutions across the country through 1link. In H1’23, Rs 825 million worth of digital payments were processed through this channel. HBL also introduced Digital Invoicing – a new digital payments solution for the e-commerce sector.

The Bank is committed to delivering more value to its clients by enhancing its presence on social media. HBL is leading in the use of Tiktok platform in the banking industry and also became the first Bank in Pakistan to launch a dedicated client care Twitter handle “@HBLCare”.

HBL’s flagship cards business remained the first choice of clients as usage grew by 50% over the same period last year. HBL Personal Loan reached a milestone of Rs 20 billion disbursement, digitally, to its 100,000 plus clients.

HBL made significant growth in Agriculture financing, with a new business acquisition of Rs 8.5 billion in H1’23. The outstanding gross loans are now close to Rs 50 billion, a 12% growth over H1’22.

HBL’s ambition to grow SME business has led to delivering accelerated growth with average advances for H1’23 rising by 13% over the corresponding period last year, while the number of borrowers registered a growth of 24% YOY.

Under the HBL Islamic initiative, the Bank successfully established its flagship Prestige branch at Dolmen Mall Clifton, Karachi. Furthermore, HBL Islamic CarFinance achieved a milestone of Rs 3 billion in disbursements in H1’23.

HBL Nisa, Bank’s leading platform for women clients, is one of the largest in the industry with Rs 53 billion in deposits and over 300,000 accounts. During the year, the Bank introduced the Konnect Nisa initiative offering banking services via mobile phones, POS devices, and electronic channels.

HBL sets a new industry record by surpassing Rs 3 billion mark in Roshan Apni Car loans for Non-Resident Pakistanis (NRPs). In H1’23, HBL also facilitated approximately USD 139.7 million in transactions and opened over 12,000 new Roshan Digital Accounts (RDA).

During H1’23, HBL’s Investment Banking arm closed multiple deals across the energy, oil & gas, real estate, insurance, and road infrastructure sectors. These deals included syndications and debt capital market/Sukuk issuances worth over Rs 325 billion.

The HBL Transaction & Employee Banking maintained its leadership position in cash management and employee banking with market shares above 30%. The throughput in cash management increased from Rs 5.9 trillion in 2022 to Rs 7.1 trillion in 2023, showing a 20% volume growth.

The international franchise witnessed substantial improvement in operating profit for H1’23, mainly supported by a 45% higher interest income compared to H1’22. This year marks the 10th anniversary since CPEC was kicked off. During this time, HBL has been a key financial partner to major Chinese Entities as well as Government Ministries & Departments.

HBL Foundation demonstrated its commitment to the welfare of society by allocating a substantial amount of Rs 193.6 million for healthcare initiatives, alongside an allocation of Rs 64.43 million for educational programs.

The Bank won ‘Best Domestic Bank Pakistan’ at the Asiamoney Awards 2023. HBL’s digital channels were recognized globally and locally by winning 7 awards. During this period, HBL’s Investment Banking has won 8 awards from various international publishers including ‘Best Investment Bank in Pakistan’ by FinanceAsia Awards 2023. HBL was ranked #1 among large banks in Pakistan by the State Bank of Pakistan in Banking on Equality Scorecard; this is a testament to HBL’s commitment to women in the workplace and financial inclusion.

​Pakistan, Karachi – 10 July 2023:

Asiamoney awards HBL the accolade of ‘Best Bank for Digital Solutions Pakistan’ for 2023. The Bank has also won, for the fifth consecutive year the ‘Best Domestic Bank Pakistan’ for 2023.

In the Asiamoney citation for the ‘Best Bank for Digital Solutions Pakistan’, HBL was appreciated for its relentless pursuit of innovation, particularly as a pioneer in providing seamless, secure, and integrated digital platforms. By working closely with regulators on enhancing security requirements, HBL continues to maintain its leadership position in banking, guiding customers towards a digital-first approach.

Commenting on the achievements, Muhammad Aurangzeb, President & CEO – HBL, said “HBL is honored to be recognized as ‘Best Bank for Digital Solutions Pakistan’ and ‘Best Domestic Bank Pakistan’. The Bank continues to provide innovative products and solutions to its customers whose banking needs are moving beyond traditional channels. Digital is and will be, at the heart of how HBL strives to serve its customers even better. These wins are a tribute to our millions of customers’ continued trust and confidence in HBL.”

Asiamoney is a global English-language publication focused on business and finance.

​Pakistan, Karachi – 05 June 2023:

HBL becomes the first Bank in Pakistan to launch a dedicated customer care Twitter handle “@HBLCare”. The Twitter handle will provide customers with a convenient platform to interact with HBL and get their queries answered quickly.

HBL is the only bank in Pakistan with two Twitter handles. The existing handle @HBLPak, which has more than 131,000 followers, will now be used for news and information.

Elaborating on the initiative, Ali Habib, Chief Marketing & Communications Officer - HBL, said, “We are excited to leverage the potential of Twitter to unlock value for our customers. HBL believes in the power of social media and through two dedicated Twitter handles, we will deliver more value to our customers”.

Dr. Najeeb Samie, member of the Board of Directors – HBL (standing 3rd from left), Muhammad Aurangzeb, President & CEO – HBL (standing 2nd from right) accompanied by Dr. Mufti Muhammad Zubair Usmani, Chairman Shariah Board – HBL (standing 4th from left) inaugurated the 5th HBL Islamic Prestige Lounge located in Dolmen Mall, Karachi. Nadeem Riaz, Chairman & CEO - Dolmen Group along with valued clients and senior leaders of the Bank were also present at the inauguration.

​Pakistan, Karachi – 02 June 2023:

HBL inaugurated its 5th Islamic Prestige Lounge located in Dolmen Mall, Karachi. This is the 39th Prestige Lounge including an international lounge in Jumeirah, Dubai. The Prestige footprint is now spread across 17 cities, with plans to expand further. The inauguration of the lounge was done by Dr. Najeeb Samie, member of the Board of Directors – HBL, Muhammad Aurangzeb, President & CEO – HBL accompanied by Dr. Mufti Muhammad Zubair Usmani, Chairman Shariah Board - HBL. Nadeem Riaz, Chairman & CEO - Dolmen Group along with valued clients and senior leaders of the Bank were also present at the inauguration.

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive Islamic proposition offers shariah-compliant banking solutions to our clients. The proposition includes seamless instant account opening with tailored solutions through dedicated digital & physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, dedicated conference rooms, and top-notch alliances. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL Prestige is exclusively designed and tailored to meet the financial and lifestyle needs of our high-net-worth clients across Pakistan. We are delighted to inaugurate our state-of-the-art HBL Islamic Prestige Lounge in Dolmen Mall, Karachi. The demand for Shariah-compliant solutions and services has seen a sharp increase, and this expansion highlights HBL Islamic Banking’s commitment to support our clients’ strategic needs. We hope to remain true to HBL Prestige’s motto of ‘With you, in what you value’.”

The agreement was signed by Khaqan Muhammad Khan Head Financial Institutions and Global Remittance Business - HBL (standing 2nd from right) and Dr. Kamran Shams, CEO - Akhuwat Islamic Microfinance (standing 3rd from left). Senior members from both organizations were also present at the ceremony.​

Pakistan, Karachi 31 May 2023:

HBL and Akhuwat Islamic Microfinance have signed an agreement to provide interest-free financing to individuals and small businesses under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS). The partnership represents a significant milestone in HBL’s mission to foster economic growth and social progress, with the potential to positively transform the lives of countless individuals.

While sharing his thoughts on the collaboration, Khaqan Khan, Head Financial Institutions and Global Remittance Business - HBL, said “We are pleased to join hands with Akhuwat Islamic Microfinance and extend interest-free financing through the PMYB&ALS scheme. This partnership reflects HBL’s unwavering commitment to promoting financial inclusion and uplifting the lives of individuals and communities. We believe in empowering entrepreneurs and enabling them to realize their dreams and this agreement is another significant step in that direction.

Kamran Shams, CEO - Akhuwat Islamic Microfinance, expressed his gratitude for the collaboration with HBL by saying, “We are honored to partner with HBL and be a part of the PMYB&ALS scheme. This agreement presents a remarkable opportunity to advance financial inclusion for the marginalized segments of society. By providing interest free financing, we aim to empower individuals and communities, enabling them to create sustainable livelihoods. Together with HBL, we are determined to make a meaningful difference and contribute to the socioeconomic development of our nation.

​Pakistan, Karachi – 03 May 2023:

HBL launches Digital Invoicing, an innovative payment solution designed for social media sellers, small businesses, and freelancers. The service enables them to offer their customers a convenient, secure, and cost-effective alternative to traditional payment methods, i.e. Cash-on-Delivery and account transfers. Merchants can create e-invoices for each order and send them to their customers as a shareable link over SMS, WhatsApp, email, or any communication channel for instant digital payment; the customer clicks on it to make a payment using their MasterCard or Visa credit/debit card.

HBL Digital invoicing has been developed to enable digital payments for sellers that conduct business over Facebook, Instagram, WhatsApp, and other platforms in the social commerce domain. It’s a low-investment solution that is specially designed to empower budding entrepreneurs with improved record-keeping and regular reporting, thereby enabling them to keep the focus on their business, rather than on tracking payments and deliveries.

Commenting on the initiative, Syed Kamran Mehdi Jaffery, Head Enterprise Solutions and Digital Channels – HBL, said, “HBL leads in exploring new markets to address the needs of niche participants with technological innovation. Our Digital Invoicing solution is one such product. It has been designed to facilitate sellers on social media and WhatsApp with digital payments. HBL will continue to innovate and offer digital products and services that are designed to uplift businesses, consumers, and Pakistan’s economy.”

​Pakistan, Karachi – 27 April 2023:

HBL today declared another record quarterly profit in Q1’23 with a profit before tax (PBT) of Rs 21.5 billion, 47% higher than the PBT of Rs 14.6 billion last year. This strong performance was driven by excellent results across all domestic businesses and sustainable operating profit from the international franchise. The Bank’s profit after tax rose by 54% to Rs 13.3 billion with earnings per share improving from Rs 5.78 in Q1’22 to Rs 9.00 in Q1’23. Along with the results, the Bank declared a dividend of Rs 1.50 per share (15%).

The Bank’s balance sheet grew by 7% to Rs 4.96 trillion with deposits increasing to Rs 3.6 trillion. A growth of Rs 260 billion in average low-cost domestic deposits enabled HBL to contain the rise in deposit cost. The record policy rate of 21% has resulted in muted credit demand with a net reversal in private sector credit growth. However, total advances were maintained at December 2022 levels of Rs 1.8 trillion.

In the rapidly rising rate environment, a combination of significantly higher net interest margins and a 13% growth in the average domestic balance sheet drove a 53% growth in net interest income. This was well supported by a 46% higher interest income from international business. Consequently, HBL’s total net interest income increased to Rs 55.8 billion. HBL continues to lead the market in fees, with another robust growth of 27% to Rs 9.3 billion. The flagship Cards business continued to deliver stellar results, accounting for two-thirds of the fee increase. Trade cash management and consumer finance made solid contributions, delivering high double-digit fee growth. The Bank’s total revenue for Q1’23 thus increased by 38% over Q1’22, to Rs 64.4 billion.

HBL continues to invest in its people and its digital infrastructure while ensuring it gives back to the communities in which it operates. In Q1’23, unprecedented inflation levels and Rupee devaluation further impacted administrative expenses which increased to Rs 39.2 billion. However, with the strong revenue growth, the cost/income ratio improved from 65.1% in Q1’22 to 60.8% in Q1’23. With the slowdown in loan growth, the infection ratio has increased to 5.4% but remains below industry levels; prudent provisioning ensured that the Bank’s total coverage was maintained at above 100%.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “We have remained steadfast in the course we have set for ourselves i.e. setting new benchmarks in challenging times. Given this was achieved while Pakistan faces perhaps the most challenging economic conditions in its history, speaks for the continued patronage of our clients, the robustness of our business model and the dedication of the entire HBL team. As we navigate the current environment, we remain live to risks; we will pursue a course that ensures the highest possible standards of client experience whilst ensuring that business controls are robust across the franchise.”

Business Developments

The Bank is in good health with solid business fundamentals, enjoying leadership positions across most areas of our operations.

HBL’s investments in technology over many years are coming to fruition. During Q1’23, HBL’s Mobile and Internet Banking user base increased by 25% to 3.4 million users; transactions grew by 46% YoY, channeling a total value of over Rs 940 billion. HBL is driving Pakistan’s e-commerce payments landscape, with its recently launched HBL Digital Invoicing. HBL’s Billing Aggregator continues to make online bill payments accessible to millions of Pakistanis across the world. During Q1’23, the channel processed around Rs 400 billion, a 60% YoY rise, and recorded another industry-first by enabling clients of other banks to use their own app to pay education fees for HBL-registered institutions.

Konnect provides services to over 8.9 million clients, of which 23% are women. Konnect has been instrumental in implementing the government’s welfare programs; in Q1’23, HBL disbursed Rs 102 billion to over 6.3 million BISP beneficiaries, to support underprivileged women. HBL also collaborated with BISP on the Waseela-e-Taleem Program to promote education and literacy, disbursing Rs 9.4 billion to 4.8 million beneficiaries in Q1’23.

HBL’s cards remain the first choice of clients as usage of both debit and credit cards grew by 54% over the same period last year with spend reaching nearly Rs 94 billion in Q1’23. HBL is growing the SME business in a significant and sustainable way; the business registered a 20% YoY. New cashflow-based lending products witnessed good momentum, growing the portfolio to over 3,000 clients by the end of Q1’23. Supply chain financing has also recorded the highest ever growth by any bank in the country.

HBL made significant growth in Agriculture financing, with new business acquisition of Rs 3.7 billion during Q1’23. HBL maintains a dominant role in Agriculture financing with a market share of 35% and the largest portfolio amongst commercial banks. As the champion bank for Balochistan, HBL continues to lead the industry with the highest agriculture disbursements in the province. After the hugely successful agriculture pilot interventions in Punjab, which saw farmer incomes double, HBL is expanding this to KPK.

HBL maintained its dominance in the Investment Banking space by closing 8 deals worth over Rs 300 billion. Despite a plethora of headwinds, the Bank secured 8 mandates covering the entire Investment Banking spectrum and valuing over USD 1 billion. Transaction & Employee Banking has maintained its leadership position with cash management throughput up by 40% to Rs 3.6 trillion in Q1’23; 70% of this was through digital transactions. HBL’s market-leading employee banking proposition, HBL@Work, provided payroll services to 3.2 million employees, and tablet-based real-time account opening, and activation were commercially launched to facilitate implementation.

HBLPSL 8 was successfully held in Q1’23. This year for the first time ever, the month long, 34 match tournament was played across 4 cities in the country. HBLPSL has put Pakistan back on the map of world cricket and brought untold joy to tens of millions of Pakistanis.

Khaqan Muhammad Khan, Global Head Financial Institutions and Remittance Business – HBL, Dr. Sonu Khangharani, CEO – Thardeep Microfinance Foundation and Musharraf Khan, CEO – Damen Support Program signed the agreement. Senior officials from all three organizations were also present on the occasion.

​Pakistan, Karachi – 17 April 2023:

HBL, Damen Support Program, and Thardeep Microfinance Foundation have joined hands to offer interest-free financing to individuals and small businesses under the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYB&ALS).

Speaking on the occasion, Khaqan Muhammad Khan, Global Head Financial Institutions and Remittance Business – HBL, said, “The Bank is committed to promoting financial inclusion and poverty alleviation. The partnership between HBL, Damen Support Program, and Thardeep Microfinance Foundation under the PMYB&ALS scheme would play a crucial role in uplifting the lives of thousands of people.”

Dr. Sonu Khangharani, CEO – Thardeep Microfinance Foundation, said, “The partnership with HBL will be instrumental in advancing our mission of promoting financial inclusion and will empower individuals from marginalized segments of society to realize their entrepreneurial dreams.”

Musharraf Khan, CEO – Damen Support Program, said, “Amidst inflationary pressures, interest-free financing is a boon that small businesses and individual entrepreneurs could take advantage of. The partnership with HBL had previously delivered successful financial inclusion projects and this scheme would provide another opportunity to support small businesses and entrepreneurs in need of financing.”

​Pakistan, Karachi – 24 February 2023:

HBL today declared a consolidated profit before tax of Rs 77 billion for the year ended December 31, 2022, an increase of 24% over last year. Along with the results, the Bank declared a final dividend of Rs 1.50 per share taking total payout for 2022 to Rs 6.75 per share. Profit after tax however declined by 3% to Rs 34.4 billion, as a result of retrospective taxation and an effective increase of 10% in the income tax rate for banks, from 39% to 49%.

HBL’s balance sheet grew by 7.4% to Rs 4.6 trillion with total deposits at Rs 3.5 trillion. The Bank increased current accounts by over Rs 200 billion and low-cost savings by Rs 136 billion, closing the year with total domestic deposits of Rs 2.9 trillion; the CASA ratio improved to 86.5%. In line with its stated intent of supporting clients through the cycle, HBL continued its supply of credit, growing domestic advances by Rs 241 billion to Rs 1.4 trillion, a growth of more than 20% over 2021. The Bank’s Advances to Deposit Ratio (ADR) rose to 52.9%.

The flagship consumer business, increased lending by Rs 20 billion to Rs 122 billion, while Commercial lending crossed a key milestone of Rs 100 billion. HBL Microfinance also continued to support the most vulnerable, increasing its inclusion efforts and growing loans by 50% to Rs 85 billion.

Net Interest Income increased by 26% to Rs 166 billion, driven by a Rs 540 billion growth in average balance sheet volumes and margin expansion of 81 bps. The Bank continues to retain its leadership in fee income, which posted a double-digit growth of 24% to reach Rs 31.5 billion. Nearly 50% of the growth came from its market leading Cards business, where HBL’s Platinum Card is in constant demand. This helped total non-fund income to rise by 29% to Rs 46.7 billion. Total revenue thus grew by 27% over 2021 to Rs 212 billion, HBL’s highest ever.

HBL’s total administrative expenses were Rs 124.8 billion as persistent inflation and rapidly escalating fuel and utility costs created pressure across all categories. The Bank’s infection ratio improved from 5.1% to an all-time low of 4.8% while provision coverage was prudently maintained at above 100%.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “The Bank has delivered excellent results despite the challenging macroeconomic environment. As a testament to our client-centric approach, HBL’s performance was propelled by strong organic growth across all business segments and activity drivers, solidifying our leading position in all client segments. Moreover, HBL is actively working on financial inclusion initiatives supported by significant investments in technology and digitalization. During 2022, HBL remained conscious of its responsibility to support clients and the broader economy.”

Business Developments

HBL’s digital channels continued to play a significant role in shaping Pakistan’s financial landscape in 2022, processing over 310 million financial transactions worth more than Rs 4.3 trillion. Throughput saw a collective growth of over 55%, a testament to our commitment to becoming a ‘Technology Company with a Banking License’.

During the year, Mobile Banking witnessed a growth of 107% YoY. The Bank launched the HBL Islamic Mobile app to provide convenience for clients with Shariah-compliant needs. In another industry first, HBL enabled financial transactions through the HBL WhatsApp banking channel; it continues to grow with a 43% increase in the user base in 2022.

Maintaining its streak of bringing innovative solutions to Pakistan, HBL commercialized the conversion of mobile phones into POS terminals, thus enabling smartphones to accept card-based payments at the time of delivery and revolutionizing the delivery payments process. Through bypassing the need for cash on delivery, merchants get real-time information and 24-hour settlement, thus saving them the hassle of handling cash while freeing up their working capital. For this first-to-market initiative the Bank won – the ‘Best Payments Initiative’ award at the Pakistan Digital Awards and the ‘Point of Sale Initiative for the Year’ at the Asian Retail Finance Awards.

Konnect by HBL has maintained its dominant position in the Branchless Banking space with over 8 million clients; it is a point of pride that women continue to make up 24% of the client base. During the year, HBL launched an Islamic Konnect Account enabling clients in this segment to fulfill all their banking needs in a Shariah-compliant way. This unique product has received widespread acceptance, with over 200,000 accounts opened since launch. Konnect remains the Government’s preferred partner on key initiatives such as the Benazir Income Support Program, and disbursements of emergency relief funds and subsidies.

HBL’s clients’ usage of both debit and credit cards, grew by 71% over last year with spend reaching nearly Rs 300 billion in 2022. HBL’s credit cards remain the most sought-after in the industry, with one in every three Rupees being spent on an HBL Credit Card or on an HBL POS machine.

The Bank made significant strides in Agriculture financing, increasing its portfolio by 27% YoY and surpassing the Rs 50 billion milestone, a new record. HBL was declared the ‘Best Bank in Agriculture’ under the Large Banks category for 2021-22 by SBP, while HBL Microfinance received the same award in the Microfinance Banks segment. As the champion Bank for Balochistan, HBL led the industry with the highest-ever disbursements in the province. HBL also scaled up its agriculture pilot interventions in three districts in Punjab. These covered more than 25,000 acres and resulted in yield enhancements of more than 14%.

HBL Prestige, the Bank’s exclusive proposition for high-net-worth clients went international with the inauguration of its first lounge in Dubai. In Pakistan, the Prestige presence now extends to 38 lounges across 16 cities.

HBL continued to reinforce its leadership position across its multiple business areas. It became the first Bank to cross 100,000 RDA accounts, with over USD 900 million channeled into the country. In cash management, the Bank maintained its dominant position, increasing throughput by 56% to Rs 12.3 trillion. HBL remains the “go-to” bank for Investment Banking transactions and closed deals valued at over Rs 200 billion in 2022. The Bank also advised and closed Pakistan’s first and largest hybrid REIT issuance.

HBL’s International Banking returned to operating profitability this year despite high volatility and a challenging macroeconomic environment in our markets. This performance will provide the impetus for growth in 2023.

Environment Social Governance (ESG)

HBL announced its commitment to Net Zero by 2030 in line with AKDN’s own targets. To reduce the impact of the Bank’s own operations, solar panels were installed at several premises leading to a reduction of 288 metric tons in HBL’s carbon footprint. The Bank also undertook a nationwide Tree Plantation Drive under which more than 25,000 trees were planted across nine locations in Pakistan. HBL has also worked extensively with Tsinghua University in China on developing a Green Taxonomy Framework and this was formally rolled out in 2022.

Bank with a Soul

After several ground-breaking initiatives to support its staff during COVID-19, HBL this year raised the staff service age to 65, another industry first. In the prevailing socio-economic environment, this is a game-changer for many of our senior staff who have years of valuable experience, giving them the ability to both continue contributing to the Bank as well as maintain a standard of living for themselves and their families. In the wake of the floods, the Bank, through the HBL Foundation, facilitated the on-ground distribution of rations worth Rs 100 million, providing more than 1 million meals to over 14,000 families. Additionally, 3,100 tents and 400 mosquito nets were distributed in flood-affected areas across Balochistan and Sindh. HBL also donated Rs 128 million to support the impacted population in affected areas by sponsoring the construction of prefabricated homes.

Awards & Accolades

HBL won the ‘Best Bank in Pakistan’ from Euromoney Awards for Excellence 2022 and the ‘Best Domestic Bank Award 2022’ by Asiamoney. At the Pakistan Banking Awards, HBL was adjudged ‘Pakistan’s Best Bank’ and ‘Best Bank for Agriculture Financing’ while HBL Microfinance Bank was awarded the ‘Best Microfinance Bank’. HBL was awarded the ‘Best Investment Bank in Pakistan’ by World Finance Awards 2022.

HBL won ‘The Most Inclusive Organization 2022’ Award by the Global Diversity, Equity, and Inclusion Benchmarks (GDEIB).

The Bank remains committed to raise the bar of excellence in service and product innovation in 2023 and beyond.

The MoU was signed by Ahmed Naazer Minhaj, Head Agriculture Banking – HBL (sitting 2nd from left), and Muhammad Aslam Khan Niazi, Principal – BACQ (sitting second from right). Senior members from both organizations were also present at the occasion.

​Pakistan, Quetta – 13 February 2023:

HBL and Balochistan Agriculture College Quetta (BACQ) signed a Memorandum of Understanding to provide a practical learning experience to the BACQ graduates in the banking industry and create skilled human capital.

As nominated by the State Bank of Pakistan (SBP), HBL is the Champion Bank for Balochistan and is envisioned to improve access to agriculture credit, financial inclusion, and uplifting of the Agri sector and rural communities in the underserved province. Under the sparsely located agriculture pockets and socio-economic conditions, the availability of local resources for banks has been identified as the most important and major challenge in improving financial outreach.

Under this collaboration, BACQ students will be provided training and awareness of agriculture lending, whereby these students will also serve as the pool of skilled resources to meet the future needs of the banking industry.

BACQ is one of the exclusive institutes for agriculture education in the province, established in 1986. The institution is providing quality education through undergraduate and postgraduate programs in various disciplines of agriculture.

​Pakistan, Karachi – 12 February 2023:

​The highly anticipated sporting event, HBLPSL, kicks off today with a match between Multan Sultans taking on Lahore Qalandars in Multan. The tournament matches will be held in Multan, Karachi, Rawalpindi, and Lahore. The final will be played on 19 March 2023 at the Gaddafi Stadium in Lahore.

HBL is about ‘enabling dreams’ and this synchronizes perfectly with HBLPSL’s philosophy to provide an enabling environment for the emerging cricketers of Pakistan. Through HBLPSL, HBL remains committed to playing its part in promoting Pakistan through sports across the world.

Commenting on HBLPSL, Ali Habib, Chief Marketing & Communications Officer – HBL said, “HBLPSL promotes values of healthy competition, teamwork, and sportsmanship, making a positive impact not only on cricket but also on the personal development of young cricketers. HBLPSL’s motto ‘Jahan Fans Wahan Stadium’ is derived from the idea that the game of cricket is where the fans are, whether in the stands or at home.”

​Karachi, Pakistan – 8 February 2023:

After the successful launch of Islamic Branchless Banking Account, Konnect by HBL further creates convenience for the clients to access their RIBA-free and Shariah-compliant Islamic Account through “Konnect Islamic Debit Card”.

The introduction of this card aims to provide multiple features and benefits such as free cash withdrawal from HBL’s ATM network, safe and convenient contactless payments at multiple Point of Sale (POS) machines, and acceptability at a vast network of POS-enabled merchants nationwide. To receive an Islamic Debit Card, clients can apply online through their Konnect App or by visiting their nearest Konnect agent. This debit card works seamlessly across all ATM locations countrywide in Pakistan.

Commenting on the launch, Aamir Hameed, Head Branchless Banking - HBL, said, “Our Branchless Banking services have been instrumental in reaching the unbanked population in Pakistan. We believe this new offering with several touchpoints, from Mobile App to a vast agent & ATM network, will greatly enhance financial inclusion and provide convenience, especially for women. We understand the need for shariah-compliant services is growing fast and we believe this service will help in meeting that demand.”

The agreement was signed by Ejaz Ali Shah, Managing Director - PMEX (sitting 1st from left), and Aamir Kureshi, Head Consumer, Agriculture & SME Banking – HBL (sitting 2nd from left). Senior members from both organizations were also present at the occasion.

​Karachi, Pakistan – 7 February 2023:

HBL and Pakistan Mercantile Exchange (PMEX) signed a Memorandum of Understanding (MoU) to collaboratively create awareness of using the PMEX trading platform for HBL clients.

HBL and PMEX will work together to create awareness amongst the smallholder farmers for the adoption of the Electronic Warehouse Receipt Financing (EWRF) to achieve the broader objective of financial inclusion and poverty alleviation.

Speaking on the occasion, Aamir Kureshi, Head Consumer, Agriculture & SME Banking – HBL, said, “HBL is the market leader in Electronic Warehouse Receipt Financing (EWRF) and has actively partnered with the stakeholders for uptake of EWRF regime in Pakistan. EWRF has been established as the most convenient and cost-effective system of farmer financing against the crop harvest stored under quality warehousing. Through this partnership, we look forward to facilitate the farmers with better market access, price visibility, and transaction settlement.”

Speaking on the occasion, Ejaz Ali Shah, Managing Director - PMEX, said, “We are delighted to enter into a strategic partnership with HBL. We are committed to creating a vibrant, unified national market for indigenous agricultural commodities for ushering in economic growth. Together with HBL, we look forward to working on the propagation of EWR to help farmers achieve greater financial inclusion, avoid distress selling, improve earnings, and facilitate the Government of Pakistan in achieving documentation of trading of agriculture commodities.”

The agreement was signed by Ahsan Abbas, Head Global Remittance Business, International Banking– HBL (sitting 1st from left), and Omar Askari, Chief Business Officer – NayaPay (sitting 2nd from left). Khaqan Mohammad Khan, Global Head FI and Remittance Business, International Banking – HBL, and Danish A. Lakhani, CEO – NayaPay, along with other members from both organizations were also present at the occasion.

​Karachi, Pakistan – 16 January 2023:

HBL, the largest and best bank in Pakistan, has partnered with NayaPay to facilitate real-time cross-border transaction flows into Pakistan. clients can now receive foreign remittances through HBL’s partnering money transfer agents (MTOs) directly into their NayaPay account.

NayaPay, a leading E-Money Institution in Pakistan, enables users to open E-money accounts on their smartphones in a few simple steps and take control of their finances. With the strategic partnership between HBL and NayaPay, people across the globe can now remit funds with speed and ease to NayaPay users, who then enjoy the convenience of making all their everyday payments from the comfort of their homes through the NayaPay app and associated Visa debit card.

Khaqan Mohammad Khan, Global Head FI and Remittance Business, International Banking - HBL “HBL empowers its clients with increased choices, thus accelerating the pace at which our economy digitalizes. Our collaboration with NayaPay will directly benefit users, enabling them with a convenient payment solution. HBL continues to innovate and offer digital products and services, that bring convenience to our clients.”

Speaking on the occasion, Danish A. Lakhani, CEO - NayaPay, said: “We are delighted to team up with HBL, which shares our unwavering commitment to deliver an exceptional user experience. With the demand for fast and secure digital payments growing, we look forward to working together to ensure our collective client base has access to convenient and reliable real-time cross-border money transfer facilities.”

About NayaPay

NayaPay, the first E-Money Institution in Pakistan, is a fintech platform empowering underserved consumers and SMBs with better access to financial services.

NayaPay has built a community of students, freelancers, and digital natives for its consumer proposition—a chat-led super app accompanied by free Visa Virtual and physical cards. Any Pakistani citizen can open a NayaPay wallet on their smartphone in minutes and use the app to make everyday payments, send and receive money, split bills, and much more. For entrepreneurs, NayaPay offers access to E-money accounts, universal payment acceptance and powerful financial management tools with an easy-to-open business account and Visa card.

NayaPay is authorized and regulated by the State Bank of Pakistan as an Electronic Money Institution. For more information please visit: www.nayapay.com or follow the company on LinkedIn, Twitter, Facebook, and Instagram.

About HBL

HBL was the first Pakistani commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with 1700+ branches, 2200+ ATMs, 61,000+ Konnect by HBL agents (branchless banking platform), 52,000+ QR locations serving over 32 million clients worldwide. It is currently the largest Domestic Bank with a presence across major trade zones in the world. The Bank is recognized as the leading financial institution of the country for its client-centric innovation in financial services.

​Muhammad Aurangzeb, President & CEO - HBL (4th from left) receiving the award for ‘Best Bank 2022’ on behalf of HBL from Jameel Ahmad, Governor - State Bank of Pakistan (3rd from left) at the Pakistan Banking Awards 2022.

​Karachi, Pakistan – 9 December 2022:

​HBL wins Pakistan’s Best Bank award 2022 at the Pakistan Banking Awards held in Karachi on 9 December 2022. The Best Bank award recognizes the bank that has demonstrated the most significant contribution to national development and the most effective management of its resources including their employees, clients, franchise, community, and financials.

The Institute of Bankers Pakistan (IBP) in partnership with The DAWN Media and A.F. Ferguson & Co. annually come together to conduct the Pakistan Banking Awards. This year the Awards were adjudged by a 5-member jury of experts comprising of Syed Salim Raza, Former Governor - State Bank of Pakistan, Naved A. Khan, Former President / CEO - Faysal Bank Limited, Dr. Zeelaf Munir, MD & CEO - English Biscuit Manufacturers (Pvt.) Ltd., Javed Kureishi – Former MD Citibank and Shehzad Naqvi, Former Regional Head - Citibank Middle East and Pakistan.

​Jameel Ahmad, Governor - State Bank of Pakistan (SBP) was the Chief Guest at the ceremony. Key stakeholders of Pakistan’s banking and financial fraternities were also present on the occasion.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO - HBL said, “The Best Bank Award 2022 is a testament to the trust and confidence that our clients repose in us. For HBL, client centricity is the bedrock of both our business and culture; together, we succeed. The Bank continues to invest in its people, digital infrastructure, and business expansion, aligned with the key pillars of the Bank’s strategic vision – playing its due role in the economic development of Pakistan.”

​The agreement was signed by Syed Faraz Javed, General Manager, Digital Financial Services – NIFT (sitting 1st from left), and Ghulam Habibuddin Khan, Head of Product Ecommerce Aggregators – HBL (sitting 2nd from left). Haider Wahab, CEO - NIFT, Kamran Jaffery, Head of Digital Channels and Solutions – HBL, along with senior members from both organizations were also present at the occasion.

​Karachi, Pakistan – 27 October 2022:

​HBL and NIFT ePay have joined hands to accelerate digital payments in Pakistan. Through this partnership, HBL customers will enjoy the benefits of making digital payments to more than 400 NIFT ePay partner institutions and merchants using their HBL bank accounts. Similarly, the customers of other NIFT ePay partner banks will be able to make Digital Payments to HBL merchants thus creating an expanded enabling environment.

This initiative will contribute substantially towards the uptake of digital payments in Pakistan and enable people to perform secure online purchases using their bank accounts. It will expand the pool of pre-paid customers for merchants, creating a win-win scenario for everyone.

​As Pakistan’s e-commerce industry grows, HBL continues to partner with Fintechs that offer secure, quick, and convenient digital payment solutions. The strategic partnership between HBL and NIFT ePay will propel Pakistan’s payment ecosystem, meet the growing need for convenient and secure online payment options on e-commerce platforms, and add another layer of ease to the online shopping experience.

Commenting on the partnership, Kamran Jaffery, Head of Digital Channels and Solutions - HBL said, “As a technology company with a banking license, we strive to empower our clients through our suite of digital payment solutions. This partnership with NIFT ePay, enables clients with yet another option to make payments to merchants directly from their bank accounts. We believe this will fuel growth in online purchases, expanding the digital eco system of the country”

​Commenting on the partnership, Haider Wahab, CEO - NIFT, said, “We are delighted to collaborate with HBL for expanding the usage of Digital Financial Services in Pakistan. This collaboration will enable millions of HBL customers to make digital payments to a variety of NIFT ePay merchants. Digital connectivity, convenience, and security have always been at the forefront of NIFT ePay’s vision, and by partnering with HBL, we can reach to masses and facilitate them in making Digital Payments securely. Congratulations to teams of HBL, TPS and NIFT in ensuring smooth and early integration and enablement of services.”

​To learn more about how NIFT ePay is empowering businesses and consumers, click here

About HBL

​HBL was the first Pakistani commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with 1700+ branches, 2200+ ATMs, 61,000+ Konnect by HBL agents (branchless banking platform), 52,000+ QR locations serving over 32 million clients worldwide. It is currently the largest Domestic Bank with a presence across major trade zones in the world. The Bank is recognized as the leading financial institution of the country for its client-centric innovation in financial services.

*These numbers are as of 30 September 2022.

About NIFT ePay

NIFT ePay is a Digital Payment Service Provider (PSO/PSP), approved and licensed by the State Bank of Pakistan (SBP). It is one of the leading e-commerce and online payment gateways with more than 400 merchants and businesses. It is a one-stop shop for all types of digital payments allowing customers to conveniently and securely pay using bank accounts, credit/debit cards, and wallets.

​HBL today declared a consolidated profit before tax of Rs 55.6 billion for the first nine months of 2022, an increase of 20% over the same period last year. Along with the results, the Bank declared an interim dividend of Rs 1.50 per share (15%), taking the total payout for 9M’22 to Rs 5.25 per share. Profit after tax, however, declined by 12% to Rs 23.6 billion due to higher, excessive, and retrospectively applied taxation introduced in the Federal Budget which impacted EPS by Rs 6.42/share. The Bank’s earnings per share of Rs 15.95 is thus lower than the EPS of Rs 18.21 in the same period last year.

​Karachi, Pakistan – 26 October 2022:

​HBL’s balance sheet grew by 5% to Rs 4.5 trillion with total deposits at Rs 3.4 trillion. The Bank grew its total advances by 14% to Rs 1.7 trillion. The Bank’s leading consumer portfolio of Rs 120 billion is 17% higher than in December 2021, and lending to the agriculture sector achieved another all-time high of Rs 45 billion, an impressive growth of 14%; HBL’s Commercial lending portfolio also crossed a milestone of Rs 100 billion. HBL Microfinance increased loans by 36%, underlining the Bank’s progress on its financial inclusion objectives.

​HBL’s total revenue grew by 23% over the nine months of 2021 to cross Rs 150 billion. Net interest income increased by 19% to Rs 116 billion as the average balance sheet increased by Rs 564 billion. Non-fund income outperformed expectations, increasing by 38% to Rs 35.6 billion. This was largely driven by an exceptional growth of 27% in fees and commissions, led by HBL’s flagship Cards business with strong contributions from consumer finance, trade, and branchless banking activities.

​Commenting on the Bank’s 9M’22 performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL demonstrated its continued and stated commitment to support its clients and keep lending to the real economy, so important in these difficult times, compounded by the devastating floods. The Bank continues to invest in its people, digital infrastructure, and business expansion, aligned with the key pillars of the Bank’s strategic vision. In consideration of the pressure on employees by the high level of inflation, escalating fuel prices and excessive taxation, particularly at the junior level, HBL provided support through a cost-of-living adjustment. In 9M’22, HBL also took the landmark step of raising the staff service age to 65, another first in the industry, which has been applauded by all stakeholders.”

​HBL Cards remain the clients’ preferred choice; usage grew by 63% over last year with spend surpassing Rs 200 billion in the nine months of 2022. Digitalizing the client journey remains a priority with 35% of credit cards and 24% of personal loans acquired through HBL Mobile.

​HBL Prestige expanded its presence to 36 lounges across 14 cities, serving 11,000 clients with deposits of Rs 140 billion. The proposition has now been expanded to those high net-worth clients who prefer Shariah-compliant banking solutions. HBL continued to dominate the Roshan Digital Initiative maintaining its market share of 20% of accounts opened and being the top bank for channeling investments in Naya Pakistan Certificates. The Bank crossed the Rs 2 billion mark in Roshan Apni Car, setting an industry record for financing car loans for non-resident Pakistanis. HBL Nisa, the Bank’s leading platform for women customers, added over 43,000 new accounts; 25% of these were under its Nisa Asaan product, targeted towards the unbanked and underbanked women of Pakistan.

​The Konnect Islamic app was launched in August 2022 and has onboarded 81,000 accounts. Total number of transactions by the end of 9M’22 stands at 167,000 with volume exceeding Rs 700 million. The app provides clients an opportunity to open a shariah compliant variant of the product through a nation-wide network of 45,000 agents. Approximately 47% of clients onboarded via the Konnect Islamic app are women which also furthers the Bank’s agenda of inclusivity.

​HBL being the largest SME lender has grown its business by 20% on YoY basis. The Bank launched “HBL Asaan Finance” aimed at small businesses for collateral free financing.

HBL remains by far the dominant player in agriculture lending which increased by 22%, to Rs 45 billion. The Bank strengthened its leadership position in Electronic Warehouse Receipt (EWR) financing and Dairy and Livestock financing. As the Champion Bank for Balochistan, HBL has led the industry for the highest ever disbursements for the province for FY’22 with a growth of 78%. HBL scaled up its agriculture pilot interventions significantly in 2022, covering 19,000 crop acres. HBL was ranked as the “Top Agri Lending Bank” by SBP in the Large Banks category for FY’22.

​HBL maintained its leading position in cash management, with throughput rising by 66% to over Rs 9 trillion in 9M’22. Digital payments through the HBL Pay Business Banking platform grew to nearly Rs 5 trillion, with 27 million transactions. HBL is at the forefront of the Investment Banking landscape having closed transactions of over Rs 60 billion whilst securing various new mandates during Q3’22, maintaining its strategic focus towards capital markets, Mergers & Acquisitions (M&A) and project finance across telecom, oil & gas, water and renewable energy sectors.

​Building on the success of its FX portal, HBL Infinity, the Bank launched its Fixed Income Portal, HBL Symphony®, an in-house developed digitized solution for institutions and corporates to execute transactions in GoP securities.

HBL Mobile and Internet Banking’s user base crossed the 3 million milestone. In 9M’22, approximately 87 million transactions valued at over Rs 1.5 trillion were processed through these digital channels, up 57% and 106% respectively, compared to 9M’21. The Bank’s WhatsApp Banking processed over 1.8 million transactions in 9M’22. Konnect by HBL’s client base crossed 7.9 million, with a throughput of Rs 469 billion. Konnect remains the preferred service provider for the Government, serving more than 2.1 million people affected by the floods and over 6 million for targeted fuel subsidy. HBL Pay Checkout, HBL’s internet payment gateway for e-commerce merchants also witnessed its e-commerce merchants base increase by 22% and processed transactions of Rs 26 billion during 9M’22, recording a growth of 34% vs 9M’21. HBL also enabled freelancers and online sellers to get deposits from their global wallets directly into HBL bank accounts, with a few taps on the HBL Mobile.

​Through the efforts of the HBL Foundation, the Bank provided more than 14,000 food rations across Balochistan and Sindh and distributed 3,100 tents as well as 400 mosquito nets to the flood affected population.

As an affirmation of its industry leading status and delivery, HBL’s Investment Banking received 4 awards during the period from various international publications taking the total to 20 awards to date. HBL was Awarded Best Progress Award by Green Investment Principles Secretariat in its 4th Plenary meeting on 14th September 2022.​

The mandate was signed by Muhammad Nassir Salim, Head Branch Banking & Acting Head Islamic Banking – HBL (sitting 1st from left), Imtiaz Ahmed Khan, Chairman - Ghani Group (sitting 2nd from left), and Shahid Ali Habib, CEO - Arif Habib Limited (sitting 3rd from left). Senior members from respective organizations were also present at the occasion.​

​Lahore, Pakistan – 25 October 2022:

HBL and Arif Habib Limited have formed a consortium for providing advisory services in respect of the Initial Public Offering and listing of Ghani Ceramics Limited on the Pakistan Stock Exchange. A signing ceremony was held at the Head Office of Ghani Group in Lahore.​

Ghani Ceramics Limited is a concern of Ghani Group; a reputed business house with interests in Container glass, Float glass, Value added glass, Mining, Ceramics, etc. The main business activity of Ghani Ceramics is the manufacturing of floor & wall tiles, its unit is located in Faisalabad. ​

​Commenting on the occasion, Chairman – Ghani Group, said, “Ghani is one of the few Sharia-compliant groups of Pakistan and has been managing all their short term & long-term requirements through equity. He added that our mission is to be successful by effectively & efficiently utilizing our philosophies so that we achieve & maintain constantly the High Standards of Product Quality & Customer Satisfaction. Ghani has dominated the glass market for a long by not only owning the biggest glass manufacturing operations but also by pocketing the largest market share in all its glass products line up in Pakistan. I am confident about the company’s growth and safe future. With the assistance of strong and professional management of HBL and Arif Habib, Ghani Ceramics will aim to make a successful IPO in Pakistan.”

​Commenting on the ceremony, Muhammad Nassir Salim, Head Branch Banking & Acting Head Islamic Banking – HBL, said, “HBL is the largest bank in Pakistan and offers its clients the widest range of products suite and excellence in customer service. We are confident that we will provide Ghani Ceramics Limited with the best financial advice available. The partnership with Ghani Group will be further strengthened as a result of this engagement.”

​Commenting on the ceremony, Shahid Ali Habib, CEO - Arif Habib Limited, said, “AHL a market leader in Equity IPOs, is honoured to be associated with a blue-chip company like Ghani Ceramics. Through this IPO, Ghani Ceramics’ market position will be further strengthened”.

​Pakistan, Karachi – 19 October 2022:

HBL Plaza, Karachi, illuminated in pink to observe the Breast Cancer Awareness Month (October 2022) and spread awareness of this potentially fatal disease. HBL believes in creating a safer and healthier future for women. One of the most iconic landmarks in Pakistan, HBL Plaza remains a symbol of Karachi’s skyline.​

​Sultan Ali Allana, Chairman – HBL, inaugurated the HBL Prestige Lounge in UAE. Shaffiq Dharamshi, member of the Board of Directors – HBL, Muhammad Aurangzeb, President & CEO – HBL, valued clients, dignitaries, and senior leaders of the Bank were also present at the inauguration.

​Pakistan/UAE - 10 October 2022:

HBL Prestige footprint expands internationally with its lounge in Jumeirah branch, Dubai, UAE. The inauguration of the HBL Jumeirah Prestige Lounge was performed by Sultan Ali Allana, Chairman – HBL. Shaffiq Dharamshi, member of the Board of Directors – HBL, Muhammad Aurangzeb, President & CEO – HBL, valued clients, dignitaries, and senior leaders of the Bank were also present on the occasion.

HBL has a long-standing commitment to the UAE market and, in 1966, was one of the first foreign banks to open a branch in the UAE. Since then, HBL has provided a wide range of personal and corporate banking products and services to clients through its branches in Dubai, Abu Dhabi, Al Ain, and Sharjah.

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This proposition offers tailored solutions through dedicated portfolio managers, differentiated digital strategy, and state-of-art lounges.

HBL Prestige offers personalized banking services to its clients in UAE. These well-designed exclusive services include enhanced limits on debit card, deposit lockers free of any charges, as well as services like assistance at Dubai Airport.

After the launch of 35 successful lounges in Pakistan, the Prestige lounge at Jumeirah makes a total of 36 lounges with future plans to expand the footprint both, locally and internationally.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL, said, “We are delighted to bring the HBL Prestige proposition to UAE and inaugurate our first state-of-the-art international HBL Prestige Lounge. As part of our continued commitment to our clients in UAE, we are confident that they will now experience a dedicated world-class service. We hope to remain true to HBL Prestige’s motto of ‘With you, in what you value’.”

​Muhammad Aurangzeb, President & CEO – HBL (standing 4th from left) inaugurated the HBL Prestige Lounge in Rahim Yar Khan. Senior leaders of the Bank were also present at the inauguration.

​Karachi, 03 October 2022:

HBL inaugurated Prestige Lounge located in Rahim Yar Khan. This is the 1st HBL Prestige Lounge in the city, making a total of 35 lounges across 14 cities, with plans to further expand the Prestige footprint. The inauguration of the lounge was done by Muhammad Aurangzeb, President & CEO – HBL. The Bank’s senior leaders were also present on the occasion.

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive proposition offers seamless instant account opening with tailored solutions through dedicated digital & physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, dedicated conference rooms, and top-notch alliances. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL Prestige is exclusively designed and tailored to meet the financial and lifestyle needs of our high-net-worth clients across Pakistan. We are delighted to inaugurate our state-of-the-art HBL Prestige Lounge in Rahim Yar Khan. We hope to remain true to HBL Prestige’s motto of ‘With you, in what you value’.”

​Karachi, Pakistan – 29 September 2022:

HBL is aware of the news item published by Bloomberg. The allegations in the complaints—which have been pending in the U.S. Court for more than two years—are meritless, and HBL is contesting them fully and vigorously. The public record is clear that HBL is unwavering in its commitment to combating the financing of terrorism. HBL’s extensive global implementation of anti-money laundering and counter-terrorism financing compliance controls is well documented and has been highly successful and lauded by regulators around the world.

HBL’s preliminary motion was successful in two respects: The Court dismissed the primary liability claims and narrowed the case substantially. The Court also stated that the secondary liability claims will be evaluated for dismissal upon following due legal proceedings, and no judgment was passed by the Court on the matter. Indeed, the Court specifically invited HBL to renew its motion to dismiss all remaining claims for lack of jurisdiction after the parties have exchanged certain factual information concerning jurisdiction.

Moreover, HBL proactively initiated a business transformation program, in early 2018, around its control and compliance processes and systems to adhere to international standards. HBL has made investments in management time and resources to further strengthen its AML and CFT protocols by partnering with global experts in this field. The Bank is committed to adhere to the highest standards of compliance with international and local laws and regulations.

​Karachi, Pakistan – 15 September 2022:

HBL, the largest and best bank in Pakistan, has announced raising the staff service age from 60 years to 65 years. This first-of-a-kind step underscores the Bank’s commitment to the well-being of its staff, thus ensuring they continue to thrive.

In the current socio-economic environment, this first-of-a-kind step is a game-changer for the financial industry. This ensures that the staff continue to financially support their families in the present global and local economically challenging times. Moreover, it will allow the Bank’s experienced staff members to further utilize their skills and also pass on those skills to the younger generation.

With effect from 01 September 2022, the Bank will retain all its management staff till the age of 65 years.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO - HBL, stated, “The strides that the Bank has made over the last eight decades, would not have been possible without the dedication and hard work of its people. HBL, with guidance from the Chairman and the Board of Directors, undertook the game-changing step of raising the service age to improve the quality of life of those we work with and those we serve. This effort underpins our belief in being a ‘Bank with a Soul’.”

​Karachi, Pakistan – 05 September 2022:

HBL Mobile and Konnect by HBL launch the industry’s first Peer-to-Peer (P2P) QR-based funds transfer facility in line with the mandate of the State Bank of Pakistan.

This new and innovative feature enables HBL Mobile and Konnect by HBL to provide clients with an easier and faster way of receiving and sending money for account-to-account funds transfer.

Users can now conveniently generate a QR code from their mobile app for transferring funds without sharing lengthy account numbers/IBANs. The feature also offers the option of generating a QR code for a specific amount with an expiry date.

Commenting on the launch, Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “HBL continues to innovate and offer digital products and services, that are designed to transform the current banking practices. With the launch of this first-of-its-kind feature i.e., funds transfer via QR, HBL is empowering its clients with increased banking choices enabled by digital inclusion.”

The agreement was signed by Habib Shah, Acting Head Agriculture Banking – HBL (sitting 1st from left) and Syed Ahmer Shoaib, Deputy Executive Director Commercial – Adamjee Insurance (sitting 2nd from left). Senior members from both organizations were also present at the occasion.​

​Pakistan, Karachi – 1 September 2022:

HBL and Adamjee Insurance Company Limited (AICL) have collaborated for providing livestock insurance to clients. The insurance arrangement will provide coverage of animal mortality in addition to covering the accidental death of the client.

This partnership brings a unique Insurance product to the industry i.e., “Working Capital Livestock Insurance Scheme”. This product further strengthens the HBL agriculture portfolio by mitigating significant risks and promoting greater financial empowerment for the dairy and livestock farming sector of Pakistan.

Commenting on the ceremony, Habib Shah, Acting Head Agriculture Banking – HBL, said, “Pakistan is the fourth largest milk producing country in the world. The agreement with AICL will facilitate in improvement of the dairy and livestock ecosystem through the provision of insurance protection to dairy farmers towards animal mortality. HBL is the leading farmer financing provider in the country and is committed to enhancing financial inclusion in rural Pakistan through such partnerships.”

Commenting on the ceremony, Syed Ahmer Shoaib, Deputy Executive Director Commercial – AICL, said, “We believe that this partnership will benefit Pakistan’s dairy farmers by enhancing their protection. The integration of Personal Accident Coverage of farmers in the Livestock Insurance is a benefitting value addition that actively enhances the agricultural landscape of Pakistan while adding to the stability and sustainability of farmers”

​Karachi, Pakistan – 31 August 2022:Konnect by HBL has launched Pakistan’s only Branchless Banking Islamic Account, Konnect Islamic Account.

This shariah-compliant account follows Konnect’s promise of ease and convenience and can be opened by using a CNIC and mobile number. Konnect Islamic Account offers all Branchless Banking transactions/services such as Fund Transfers, Bill Payments, Corporate Payments and much more. A Konnect Islamic Account holder can also apply for Islamic Debit Card to access nationwide ATMs for cash withdrawal and POS transactions.

Konnect’s 45,000 + agents are equipped to open Konnect Islamic accounts. They provide an unprecedented convenience to open a fully shariah-compliant account, especially to those who previously could only be banked via limited Islamic bank branches. The Konnect agents will also be assisting those who are unable to open their accounts via the Konnect App and even those who don’t own a smartphone.

The aim is to reshape people’s lives with Islamic financial inclusion to enable them to live in accordance with Islamic values.

Commenting on this occasion, Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “HBL Konnect is already catering to a massive unbanked population of Pakistan. As much of Pakistan remains unbanked, HBL always seeks to address this gap. Our Branchless Banking Channels have played a key role in addressing this issue in line with our focus to become more customer-centric. We understand the need for shariah-compliant services is growing fast and we believe this service will help enhance inclusion.”

Commenting on this occasion, Shahzad Babar, Head Retail Banking Islamic – HBL, said, “We invest in Islamic modes of financing such as ijarah, modaraba and offer riba-free products to better serve the Islamic Banking needs of our customers. All the Islamic products offered by HBL are approved by the Bank’s Shariah Board.”

HBL will provide Multinet with 7-year long-term funding of PKR 2.1 billion (US$10.1 million) for its ‘Digital Infrastructure Facility’ backed by a PKR 1.57 billion (US$7.6 million) credit risk guarantee by InfraZamin Pakistan to bolster fibre optic network for greater digital reach and transmission across Pakistan.

Khoo Boo Hock, Chairman - Infrazamin (sitting 1st from left), Adnan Asdar, CEO - Multinet (sitting 2nd from left), Maheen Rahman, CEO - Infrazamin (sitting 3rd from left) Aamir Irshad, Head Corporate, Commercial & Investment Banking Group - HBL (sitting 4th from left) and Sarah Mooney, British Deputy High Commissioner (sitting 5th from left) and other senior members from respective organizations were also present at the occasion.

Karachi, Pakistan – 18 August 2022

InfraZamin Pakistan’s partial credit risk guarantee cover of PKR 1,575 million (US$7.6 million) on the Digital Infrastructure Facility will effectively de-risk the majority of credit risks of this project expansion. This is InfraZamin’s first transaction in Pakistan and paves the way forward for deeper market development via credit guarantees.

HBL will facilitate Multinet to access 7-Year long-term funding in expanding their fibre optic network to under-served cities and populations, enable a wider reach for internet access via fibre for Small and Medium Enterprises and reduce the cost of carrying broadband traffic from one city to the other thereby improving cost-effective data and broadband penetration in Pakistan.

In addition to these positive developmental impacts, the project is also expected to create additional jobs of which 20% will be allocated specifically to women. Multinet has also chosen to adopt best practices in Health and Safety standards and will work on a long-term basis with an independent Health and Safety advisor to ensure worker safety and protection during network rollout. The company will continue to engage with InfraZamin to ensure continued capacity building and training in this area.

The project also envisages improved corporate governance, disclosure and transparency standards for Multinet which is a welcome step towards better governance standards in private unlisted companies.

Commenting on the occasion, Aamir Irshad, Head Corporate, Commercial & Investment Banking Group – HBL, said, “HBL is a strong advocate for technological advancements and has shown its continued support for the development of digital infrastructure by extending a Infrazamin credit guarantee backed loan facility of PKR 2.1 billion to Multinet. We believe this facility will go a long way in augmenting internet and data access to second and third tier cities of Pakistan along with improving the capacity and quality of internet for Mobile Network Operators, Internet Service Providers and SMEs.”

Commenting on the occasion, Maheen Rahman, CEO - InfraZamin, said, “The transaction is one step further towards mobilising investments from the private sector for boosting economic growth and covering the infrastructure gap in frontier markets. We are grateful to HBL Bank for their vision and support throughout this transaction process and look forward to seeing Multinet achieve their business expansion goals. This project caters to Pakistan’s dynamic and growing digital sector and we are happy to lend our support towards realising Pakistan’s vision towards greater digital access and inclusion.”

Commenting on the occasion, Adnan Asder, CEO - Multinet, said, “IZP credit guarantee facility played an instrumental role in obtaining PKR 2,100 mln long-term loan facility from Habib Bank Limited. The said funding will assist Multinet in doubling its data centres capacity, enhancing long-haul network transmission capacity, expanding metro footprint for tower fiberization and meeting SMEs ICT services requirements. This transaction will help Multinet in achieving its strategic goals by expanding the telecom infrastructure in the country. This would lead to enhancement of state-of-the-art facilities of fiber infrastructure to the customers and supporting other stakeholders for 5G inclusion in Pakistan. We are appreciative of InfraZamin for extending their support along with HBL Bank who share a similar vision for growth of the digital sector in Pakistan”

Lahore, Pakistan – 15 August 2022​

HBL inaugurated its Islamic Banking Branch in Bahria Town, Lahore. 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.

HBL Islamic offers services to clients in 300 cities across the country, through a network of 273 dedicated branches and 572 windows, with plans to expand its reach in more cities across the country by adding 33 new branches by December 2022.

​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 8 trade centers in key markets across the country to provide Shariah-compliant solutions for the domestic and international trade finance requirements of clients.

Shahzad Babar, Head Retail Banking Islamic- HBL, commenting on the Bahira Town Lahore Branch inauguration said, “HBL Islamic Banking continues to expand its footprint across the country to better serve the Islamic Banking needs of our clients. The demand for Shariah-compliant banking solutions and services has seen a sharp increase, and this expansion highlights HBL Islamic Banking’s commitment to support our clients’ strategic needs. With tailor-made financial solutions, we will continue to maintain our lead as the eminent Islamic Banking player in the industry.”

Mufti Muhammad Zubair Usmani, Chairman Shariah Board – HBL, commenting on the Bahira Town Lahore Branch inauguration said, “I would like to congratulate the entire HBL Islamic Banking team on the inauguration of the branch. The Bank’s fast-paced expansion plan for its Islamic Banking network is quite Impressive. HBL’s journey toward Islamic Banking began several years ago and it is commendable to see how the bank is working to scale on this front.”

Karachi – 28 July 2022​

HBL today declared a consolidated profit after tax (PAT) of Rs 12.1 billion for H1 2022, lower than the Rs 18.0 billion in H1 2021 as a result of the extremely high and retrospective taxes announced in the Federal Budget. Earnings per share for the quarter were Rs 2.32, bringing earnings per share for the half year to Rs 8.10. Along with the results, the Bank declared a dividend of Rs 1.50 per share (15%) for the second quarter ended on June 30, 2022, more in line with the results. The Bank’s profit before tax was Rs 34.6 billion for H1 2022, 11% higher than the profit of Rs 31.2 billion in the same period last year. ​

HBL has become the first bank to achieve a Balance Sheet size of Rs 5.0 trillion, driven by strong deposit mobilization. Total deposits reached Rs 3.8 trillion, a growth of Rs 370 billion over December 2021. Strong mobilization efforts resulted in a 10% growth in domestic deposits, which reached Rs 3.4 trillion with market share growing to 14.32%. In line with its stated intent and commitment, HBL continues to support customers through these difficult times, standing ready and willing to meet clients’ demand for credit. In just the first six months, the Bank’s total advances grew by 10% over December 2021 to Rs 1.7 trillion with growth across all lending businesses. ​

​The Bank’s net interest income grew by 14% over H1 2021 to Rs 73.9 billion as the average balance sheet grew by over Rs 500 billion although spreads declined marginally. Fee income continued on an upward trajectory, increasing by 28% over the first six months of the previous year. While all business segments showed growth in fees, this was predominantly driven from the Bank’s flagship cards business, aided by strong contributions from cash management, branchless banking, home remittances and trade services. The Bank’s total revenue thus increased by 18% over H1 2021 to Rs 97.6 billion.

​Despite high double-digit inflation and HBL’s continued investment in people, technology and infrastructure, administrative expenses remained flat to the previous quarter with the cost / income ratio reduced from 59.6% in Q1 2022 to 55.1% in Q2 2022. Total credit-related provisions of the Bank reduced by 43% over H1 2021 to Rs 2.6 billion which includes incremental general provisions of Rs 1.3 billion. The Bank’s prudent risk management enabled HBL to maintain the Infection ratio at its all-time low level of 5.1% with total coverage at over 100%.

Commenting on the Bank’s H1 2022 performance, Muhammad Aurangzeb, President & CEO – HBL said “For HBL, client centricity is the bedrock of both our business and culture. Our business results are the outcome of delivering on the Bank’s strategic objectives of supporting clients and playing our part in supporting the country’s economy. HBL has made remarkable progress in digitalization, financial inclusion and, as the ‘Champion Bank for Balochistan’, stepped up to play its part for the province on the back of many developmental firsts.“​

HBL’s flagship Consumer Banking business continues to dominate the market across a wide range of metrics. During the first six months of 2022, lending increased to Rs 118 billion; simultaneously HBL became the first bank in Pakistan to have a credit card portfolio of over Rs 20 billion. 1 out of every 3 Rupees spent on credit cards in Pakistan is on the HBL Credit Card. During H1 2022, HBL Prestige branches were inaugurated in Faisalabad, Multan and Karachi, taking the total footprint to 29 lounges in 12 cities.

Lending to the agriculture sector, where the Bank remains dominant, reached a record high of Rs 44 billion. HBL microfinance stepped up its support to those most in need of financing with a 27% growth in lending with total loans crossing Rs 72 billion. HBL and HBL Microfinance Bank have both been declared by SBP as “Top Ranked Agri Lending Bank” amongst large banks and microfinance banks respectively.

The Bank continues to lead in innovation. In yet another “industry-first”, HBL has enabled customers to perform basic financial transactions through the Conversational Banking channel on WhatsApp. HBL Mobile and Internet Banking users reached nearly 3 million; in June 2022, over 10 million financial transactions were processed through Mobile/Internet and so far this year, we have processed transactions totaling over Rs 1 trillion, the same throughput as for the whole of last year. HBL maintained its leading position in cash management, with throughput rising by 66% to nearly Rs. 6 trillion in H1 2022. Digital payments through HBL Pay Business Banking grew to around Rs 3.2 trillion with 19 million transactions successfully processed. HBL Konnect remains the preferred delivery partner for the GoP, helping the Government disburse fuel subsidies to more than 6 million beneficiaries.

HBL maintains its leadership in the ESG area, in particular on environmental issues. During H1 2022, HBL disbursed Rs 7.8 billion under the SBP’s Renewable Energy scheme. HBL has contributed to several reforestation projects in Pakistan; recently, our staff volunteered in a drive for mangrove reforestation to protect Karachi’s endangered coastline. During this quarter, HBL issued its first Sustainability Report, highlighting the full scale of its activities over the last several years. In 2022, the Bank also increased its contribution to the HBL Foundation by 50%, from 1% of PAT to 1.5% of PAT, enabling us to further strengthen support to deserving causes.

The Bank’s diversity ratio continues to improve with 20.7% of our employees being women. HBL won eight awards in the 2021 Global Diversity and Inclusion Benchmark awards in the categories of Best Practice in Pakistan and Most Progressive in Pakistan. During H1 2022, HBL won the 2022 Euromoney Award for “Best Bank in Pakistan” and the 2021 Asiamoney Award for “Best Domestic Bank.” HBL also won awards for Best Green Bond and Best Structured Finance Deal 2021 from The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021. Apart from the recognition, these are gratifying as they represent independent validation of our efforts from internationally recognized publications.

​Jan Muhammad Jamali, Acting Governor, Balochistan (standing 6th from left) and Muhammad Aurangzeb, President & CEO – HBL (standing 5th from left) inaugurated the HBL Prestige Lounge in Quetta. Valued clients, dignitaries and senior leaders of the Bank were also present at the inauguration.

Quetta, 21 July 2022​

HBL inaugurated its new Prestige Lounge located in Quetta. This is the 1st HBL Prestige Lounge in the city, making a total of 32 lounges across 13 cities, with plans to further expand the Prestige footprint. The inauguration of the lounge was done by Jan Muhammad Jamali, Acting Governor, Balochistan and Muhammad Aurangzeb, President & CEO – HBL. The Bank’s valued clients, dignitaries and senior leaders were also present on the occasion.​

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive proposition offers tailored solutions through dedicated digital & physical channels and portfolio managers who provide personalized banking services to its clients. The state-of-the-art Prestige Lounges are located strategically in high visibility areas of key cities.​

​Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL is committed to working with the Provincial Government of Balochistan and SBP for the development of Balochistan.

​As the designated “Champion Bank for Balochistan” by SBP to promote Agriculture in the province, the Bank is playing an active role in improving financial inclusion. This is being done by conducting awareness sessions and the issuance of the Kissan Card to offer subsidy payments by Govt. of Balochistan to the farmer community in the province.

HBL offers a wide array of financial products & services to its clientele. HBL Prestige is exclusively designed and tailored to meet the financial and lifestyle needs of our high-net-worth clients across Pakistan. We are delighted to bring the Prestige proposition to Balochistan and inaugurate our state-of-the-art HBL Prestige Lounge in Quetta. We hope to remain true to HBL Prestige’s motto of ‘With you, in what you value’.”​

The Bank also wins ‘Pakistan’s Best Domestic Bank 2022’ award by Asiamoney

Karachi, 18 July 2022

Euromoney awards HBL the accolade of Best Bank in Pakistan 2022. The Bank has also won the Asiamoney award for Best Domestic Bank in Pakistan 2022.

These two awards are the most prestigious recognition in the banking industry, globally.

HBL is proud to serve its valued clients who have made these wins possible. These wins are a tribute to our millions of clients’ continued trust and confidence in HBL.

The Euromoney citation for HBL acknowledges that “HBL enjoyed its strongest-ever performance in 2021, and, by extension, the strongest performance in Pakistan. Its Rs62 billion ($351.2 million at the time) consolidated pre-tax profit for the year represented 17% year-on-year growth.”

The citation went on to note that HBL’s growth in Pakistan is based on various factors including, “a vibrant year in consumer banking, digital momentum, record volumes in cash management, and a 20% growth in the farmer financing portfolio.”

Highlighting HBL’s effort towards Islamic finance, the citation mentions the Bank’s commitment towards the business as it showed great progress. The citation remarked, “HBL is also the only Pakistani bank among the signatories of the Green Investment Principles, China, and in 2021 extended its existing commitment to stop financing coal to industries that contribute to deforestation.”

Euromoney and Asiamoney are global English-language publications focused on business and finance.

HBL in collaboration with the State Bank of Pakistan holds the 2nd Regional Agricultural Coordination Committee Meeting for Balochistan. Senior executives from SBP, HBL, Banking Industry and the Government of Balochistan also attended the session.

Karachi, 03 July 2022

HBL as a designated champion bank for Balochistan hosted the 2nd meeting of the Regional Agricultural Coordination Committee (RACC) in collaboration with the State Bank of Pakistan (SBP). The meeting was held in Quetta on 22 June 2022. Kashif Umar Thanvi, Head Rural Banking – HBL & Co-Chairman RACC, led the meeting and was attended by Noor Ahmed-Director, Agriculture, Credit & Microfinance Department – SBP, Rass Masood, Chief Manager – SBP BSC – Quetta (Acting) and Ikram Ullah Qadri, Senior Joint Director AC&MFD-SBP. Other senior executives from SBP, HBL, all active banks operating in Balochistan, Government officials and farming community also attended the session.

The RACC meeting reviewed progress on last meetings action items and discussed the way forward strategy to address the agricultural outreach challenges in the underserved areas of Balochistan

Kashif Umar Thanvi, Head Rural Banking - HBL highlighted the achievements of forum in bridging the gaps in agricultural credit in Balochistan and emphasized the initiatives of RACC to solve the challenges and streamline bottlenecks through collaborative efforts of all the stakeholders.

He commented, “HBL is committed to serving the underserved farming community of Balochistan. The Bank will support credit delivery, along with capacity building & awareness campaigns under SBP’s vision of financial inclusion in Pakistan.”

The session concluded with the commitment from all stakeholders to work towards expanding the agricultural landscape by empowering the farming community of Balochistan.

Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL (Standing 7th from left) and Altaf Siddiqui, Director Products – E.Ocean, (standing 2nd from left) along with senior members from both organizations were present at the occasion.

Karachi, 20 June 2022

HBL becomes the first Bank in Pakistan to launch “full feature” banking services on WhatsApp. The facility has been developed in partnership with leading cloud communication service provider E.Ocean.

HBL’s Conversational Banking was made available to its clients through E.Ocean’s WhatsApp Business Platform in 2021 To use the service, HBL clients need to initiate a conversation on HBL’s WhatsApp number (021-111-111-425) from the mobile number registered with the Bank. Now, in addition to the information services already being offered, the “full feature” set of services will enable HBL’s customers to conduct payments / financial transactions as well. These transactions / services include:

• Inter-bank Funds Transfer
• Intra-bank Funds Transfer
• Mobile recharge (Prepaid & Postpaid)
• Utility Bill Payments
• Temporarily block / unblock Debit or Credit Card

Speaking on the occasion, Abrar Ahmed Mir, Chief Innovation and Financial Inclusion Officer - HBL, said, “We are excited to leverage the potential of the WhatsApp Platform to unlock value for our clients. With over 2 billion users, WhatsApp offers an unparalleled opportunity to address immediate basic banking needs. This is why we integrated a host of banking services into a platform which is already embedded in our clients’ everyday lives. Client centricity is fundamental to how HBL does business, and we believe this partnership, and its results reflect our commitment to the same.”

Speaking on the occasion, Altaf Siddiqui, Director of Products, E.Ocean, said “It is a moment of great pride for E.Ocean to facilitate HBL in launching first of its kind full feature banking service for its retail customers over WhatsApp. HBL has become a trend setter by going agile and incorporating financial services into a channel that millions of its customers already use, to deliver truly on the go banking with a focus on convenience, accessibility and security”

HBL, FrieslandCampina Engro Pakistan Limited (FCEPL), and Sindh Enterprise Development Fund (SEDF) collaborate to provide easily accessible, subsidized financing to dairy farmers in Pakistan with a long-term commitment of five years. The agreement was signed by Ali Khan, Managing Director- FCEPL (sitting 3rd from left), Muhammad Aurangzeb, President & CEO – HBL (sitting 2nd from left), and Mehboob Ul Haq, Managing Director- SEDF (sitting 1st from left). Senior members from both organizations were also present at the occasion.

Karachi, Pakistan – 15 June 2022

FrieslandCampina Engro Pakistan Limited (FCEPL), HBL and Sindh Enterprise Development Fund (SEDF) have collaborated to provide easily accessible, subsidized financing to dairy farmers in Pakistan with a long-term commitment of five years.

Dairy farmers require financial support to upscale their operations, enhance milk yield and improve herd size. Committed to Nourishing Pakistan with better nutrition and better living for farmers, FCEPL aims to provide a long-term sustainable financing solution for the dairy farmers in partnership with HBL and SEDF. This one-of-a-kind partnership will facilitate upscaling operations for sustainable dairy farming and the purchase of exotic animals, benefitting the overall milk supply value chain.

Ali Khan, Managing Director - FCEPL, said: “This is the first time such an initiative is being undertaken for dairy farmers. Our partnership with HBL and SEDF will enable farmers to upscale their operations, enhance milk supply within Pakistan and benefit the economy. Farmers will be able to make independent decisions to grow their operations. The idea behind the tripartite agreement is to work with farmers on herd improvement, mechanization and infrastructure development.”

Muhammad Aurangzeb, President & CEO - HBL stated: “Livestock and dairy alone contributes more than 14% to the national GDP. Pakistani dairy farmers produced more than 60 Billion Liters of milk during 2021-22 making it the fourth largest milk producer globally. Despite these impressive statistics, milk yields and animal productivity are amongst the lowest. This necessitates policy intervention and collaboration. HBL is the leading farmer financing provider in the country and is committed to enhancing financial inclusion in rural Pakistan. The Bank has been actively lending for dairy partnering with farmers for the purchase of quality animals and ensuring funds for feed, vaccine and animal well being. HBL’s dairy value chain partnership with FCEPL will facilitate dairy farmers in improving their farm practices and timely availability of credit. This will increase milk yield resulting in sustained and higher profits for our hardworking dairy farmers.”

Mehboob Ul Haq, Managing Director - SEDF said: “The Sindh Enterprise Development Fund is proud to team up with FCEPL and HBL in this new venture. We hope to provide dairy farmers with solutions to grow their business and strengthen the country’s dairy industry and economy. “

Leveraging the Prime Minister’s Kamyab Jawan Program (PMKJ) the total fund allocation for this tripartite arrangement for FCEPL recommended farmers is PKR 10 Billion. This partnership promises to strengthen the dairy farmer community where farmers between the ages of 21-45 are eligible to apply for a loan between PKR 1million to 10million with faster case processing and turnaround times i.e., within two weeks. The mark-up cost is as low as 4% with further subsidization by SEDF for farmers based in Sindh.

FCEPL has taken various initiatives over time for creating value for its farmer community such as extending advances at zero mark-up, cow subsidy programs, incentivizing hygienic practices, and investing in capability building of farmers with trainings on best practices and robust processes, thus improving the livelihoods of farmers and transforming the dairy sector of Pakistan.

Faisal N. Lalani, Head International Banking – HBL (sitting 2nd from left) and Mohsin Muzaffer, Country Manager – Payoneer, (Sitting 1st from left) signing the agreement. Senior Members from both the organizations were also present at the occasion.

Karachi, Pakistan – 14 June 2022

HBL, Pakistan’s largest commercial bank has entered into a partnership with Payoneer (NASDAQ: PAYO), the commerce technology company powering the largest payments and growth for the new global economy.

The ceremony marked the official partnership between the two firms; promising to bring ease of international business payments to companies and individuals in Pakistan. As enterprises increasingly engage with businesses and consumers across borders, a need has developed to deliver funds to their global clients efficiently, while enabling a client experience that meets the requirements of international businesses and consumers. This is where HBL and Payoneer step in to facilitate and enable real time international payment transfers for their clients.

The ceremony was attended by Faisal N. Lalani, Head International Banking – HBL accompanied by Abrar Ahmed Mir - Chief Innovation & Financial Inclusion Officer – HBL along with other senior executives from both the organizations.

On this occasion, Mohsin Muzaffer, Country Manager for Payoneer remarked- “It is expected that Pakistan’s IT exports will cross $3.5 billion mark by the end of this year and this is just the start. Despite the potential, receiving international business payments in Pakistan remains a pain point with unfavorable exchange rates and out dated services. With this partnership, we want to ensure that businesses and individuals can receive their business payments via Payoneer within seconds into their HBL account. Whether you a traditional exporter, a seller on Amazon or a company or individual exporting IT services, Payoneer and HBL are here to serve you and make it easy for you.”

Commenting on the occasion Faisal N. Lalani, Head International Banking – HBL, said: “HBL prides itself in empowering the Pakistani clients by increasing choices, and thus accelerating the pace at which our economy digitalizes. Our collaboration with Payoneer will facilitate recipients of foreign payments in Pakistan, enabling greater exports of goods and services and bringing in much needed foreign capital through the banking channel. We believe that this partnership would prove to be a milestone in nurturing the digitalization of Pakistan’s economy, and unplug opportunities for both small businesses and services exporters, in line with the vision of our senior leadership.”

Karachi, Pakistan – 06 June 2022

HBL, the largest commercial bank in Pakistan, launched its first Impact and Sustainability Report for 2021. The report outlines HBL’s institutional interventions, to serve the needs of the communities, people and the planet. Highlights of the Report

• HBL approved the “No new coal” policy in 2020
• The Bank aims to achieve net-zero carbon emissions by 2030.
• Chairman HBL has announced to increase HBL’s philanthropic funding to 1.5% of Bank’s profit after tax from 2023
• HBL Foundation granted over Rs. 2.7 billion to healthcare, education, and community development programs in a decade, impacting more than 9 million lives
• HBL powered Ehsaas Kafalat Program disbursed Rs. 175 billion to more than 4.3 million underserved women across Pakistan
• Pakistan’s largest bank funded Rs. 240 million in support of communities, employees, and their families during Covid-19 pandemic.

The Bank is committed to sustainable development and promoting high levels of Environmental, Social, and Governance (ESG) practices in the banking industry. HBL has put in place a set of practices that help it to take better and more informed decisions about measuring performance and continually improving the well-being of people and the planet. All the businesses, investments and operations are designed strategically to create a more sustainable, equitable, and financially inclusive world where the present population can meet their needs without borrowing or depleting the resources of future generations.

HBL’s vision is focused on improving people’s quality of life, and thus plays a conscious role in Pakistan’s financial ecosystem. Above all, the Bank understands the impact that it creates, its responsibility to the people of Pakistan and the environment at large.

HBL’s Impact and Sustainability measurement and management enables the Bank to optimize programs and contribute to protecting the country’s resources.

Sultan Ali Allana, Chairman – HBL, commenting on the report said, “I am delighted to share the first Impact and Sustainability Report of HBL. We at HBL believe that it is incumbent upon us, being a part of the Aga Khan Fund for Economic Development (AKFED), to embody the key value of maintaining a balance between what we do and what we share. Our wide outreach across the country enables us to keep a finger on the pulse of society. It is for this very reason that our spending on social and developmental causes is the highest in the industry and certain sectors of the country. We consider ourselves to be a bank with a soul.

For over 10 years, we have been supporting a wide array of projects both in the private and the public sector, with a particular focus on health and education through the HBL Foundation. We hope this report will serve to remind us all that we are who we are because we have been fortunate to receive what has been graced upon us by Allah. It is therefore imperative for us to give what we can for the betterment of those who need it the most.”

The full Impact and Sustainability Report 2021 and further details on HBL’s Sustainability strategy are available on the website: www.HBL.com/sustainability

The agreement was signed by Abrar Ahmed Mir, Chief Innovation and Financial Inclusion Officer - HBL (sitting 2nd from right) and Kazi Rahat Ali, General Secretary – PAFLA (sitting 3rd from right). Muhammad Aurangzeb, President & CEO – HBL (sitting 2nd from Left) and other senior members from both organizations were also present at the occasion.

Karachi, Pakistan – 27 May 2022

HBL has entered into a strategic alliance with Pakistan Freelancers Association (PAFLA), a non-profit organization founded to empower Pakistani freelancers. The partnership will enable the freelancing individuals and start-ups to become part of the Banking segment through HBL’s Freelancer Digital Current Account & Solutions.

The agreement was signed by Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer - HBL and Kazi Rahat Ali, Secretary General - PAFLA. Muhammad Aurangzeb, President & CEO – HBL and other senior leaders from both organizations were also present at the ceremony.

The Pakistan Freelancers Association (PAFLA) provides strategic guidance to freelancers and start-ups, through mentoring, providing opportunities, collaborating with government, industry and academia, and provides them a platform as well as a support group to help grow their career and overcome their challenges.

HBL is committed to encourage freelancers and start-ups by offering them online-accounts with no minimum balance constraints (Freelance digital account). This collaboration will enable freelancers and start-ups to enjoy a seamless banking experience and will also bring them into the fold of the formal economy of the country.

Speaking at the occasion, Abrar Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “HBL is delighted to be entering into this partnership with PAFLA to facilitate freelancers and start-ups to grow their businesses by using HBL’s digital network. Pakistan’s freelance industry is thriving and this partnership will enable the country to take a leading position in the fast-growing global freelancing markets.”

Ibrahim Amin, Co-Founder - PAFLA also lauded HBL’s efforts for this initiative and said, “We are pleased to see innovative solutions being launched by HBL that offer a myriad of benefits to Freelancers in Pakistan, in addition to driving digital payments. Further, the collaboration would help grow inward remittances and provide a platform to boost the thriving start-up ecosystem.”

Karachi, Pakistan

HBL, Pakistan’s largest commercial bank in collaboration with Finja, the country’s largest digital SME lending fintech, along with an international technology partner, has applied for a digital banking license, under the Licensing and Regulatory Framework for Digital Banks released by the State Bank of Pakistan (SBP).

This collaboration will enable HBL and Finja to co-create digital products and services and rapidly increase financial inclusion in targeted segments. In this regard, grant of a digital banking license by SBP, will allow HBL and Finja to consolidate existing efforts of both organizations under one umbrella to digitize the economy.

HBL and Finja have been strategic partners since April 2021, when HBL made its first equity investment in Finja. As a result of this collaboration, a unique digital lending program was launched, targeted at Micro, Small and Medium Enterprises (MSMEs) and their associated supply chains.

Commenting on the opportunity, Sagheer Mufti, Chief Operating Officer – HBL, said, “HBL views this opportunity to apply for a digital banking license as an exciting evolution of the digital eco-system for the benefit of clients, the unbanked and the country. HBL’s partnership with Finja should have a significant impact in its quest for financial inclusion.”

Qasif Shahid, Co-Founder and CEO of Finja remarked, “Our partnership with HBL gives us a head start in creating and rolling out digital banking products and services well before other players aspiring to set up digital banks under the new license regime.” He went on to say, “The partnership puts us in a winning position as it ramps up our capability to offer clients digital products.”

Karachi, Pakistan

HBL today declared a consolidated profit before tax of Rs. 14.6 billion for the first quarter of 2022 and a profit after tax of Rs. 8.6 billion, both higher than in the same period last year. The Q1’22 results include a one-time severance charge of Rs. 2.6 billion. Excluding the impact of this one-time charge, the Bank’s profit before tax is 18% more than in Q1’21. Along with the results, the Bank declared a dividend of Rs. 2.25 per share (22.5%).

Following a breakthrough performance in 2021, the Bank continued to build on its growth story, with its fortress balance sheet increasing by another 5% over December 2021 to Rs. 4.5 trillion. Beating historical trends, HBL was able to grow current accounts beyond the previous year-end peak to nearly Rs. 1.2 trillion, 37.4% of the total deposit base of Rs. 3.2 trillion. Advances grew by 4% in one quarter alone, well ahead of the market, to nearly Rs. 1.6 trillion, with broad-based growth across all segments. The Bank’s flagship Consumer business continued to break records with loans crossing Rs. 110 billion; agriculture lending achieved a new high of Rs. 41 billion. HBL Microfinance Bank, the largest microfinance provider of housing loans, posted double-digit growth with deposits crossing Rs. 100 billion and a loan portfolio of Rs. 65 billion.

Net interest income of the Bank increased by Rs. 3.8 billion to Rs. 36.3 billion in the first three months of 2022, driven by an exceptional growth of over Rs. 450 billion in average volumes. Fee income continued to break barriers, rising 24% to Rs. 7.3 billion; the fee engine is firing on all cylinders, with an outstanding performance from the Cards business, and double-digit growth in all key businesses. A spectacular Treasury performance resulted in income rising by 42%. Total revenue of the Bank thus increased by Rs. 6 billion over Q1’21 to Rs. 46.6 billion.

Administrative expenses (excluding severance charge of Rs. 2.6 billion) increased to Rs. 27.8 billion on the back of rising inflationary pressures, higher sales-driven costs and a continued investment in people and technology. Total provisions reduced by 36% to Rs. 1.2 billion; the infection ratio remains well-controlled at 5.2% with total coverage at over 100%. Demonstrating its commitment to giving back to the community, the endowment fund of the HBL Foundation was doubled to Rs. 100 million, while the annual contribution was raised by 50%, to 1.5% of post-tax profits.

Commenting on the Bank’s Q1’22 performance, Muhammad Aurangzeb, President & CEO – HBL said, “The Bank’s business volumes have set new benchmarks on the back of a very strong performance across all client segments and activity drivers. We continue to work diligently on building technological innovation, working with the Government of Pakistan on public-private partnerships, and most importantly serving our clients with excellence. HBL’s digital channels, being our strategic priority, processed an unprecedented Rs. 2.8 trillion from 109 million transactions, representing a YoY growth of 64%.”

HBL solidified its dominant position in all aspects of its Consumer business. HBL Cards remained the first choice for clients, registering a 58% growth in Credit Card spend over same period last year. HBL’s Debit Card remains the market leader with 6.1 million cards and a 21% market share. Spend volumes increased by 53% over Q1’21, with e-commerce volumes growing by 56%.

There has been a considerable focus on formal finance to Small Enterprises under HBL POS finance and SBP’s SAAF scheme with disbursements of Rs. 1.4 billion under each program. HBL maintained its leadership position in Supply Chain Financing, registering a growth of 20% over Dec’21 to reach Rs. 7.4 billion. HBL’s total SME funded advances in Q1’22 stood at Rs. 73 billion.

During the quarter, HBL Nisa opened 37,000 new accounts with deposits of over Rs. 6 billion. HBL has remained amongst the highest contributors to the RDA initiative with 20% of all RDA accounts; during Q1’22, we channeled an additional USD 100 million into the country. HBL Prestige branches were inaugurated in Multan and Faisalabad, taking the total presence to 27 lounges in 12 cities.

HBL was also designated as the “Champion Bank for Balochistan” by SBP to lead the banking industry and enhance agricultural credit and financial inclusion in the province. The Bank has been focusing on broadening its agricultural outreach in the underserved regions of the country.

HBL maintained its pole position in cash management, with throughput rising by 49% to nearly Rs. 2.6 trillion in Q1’22. HBL has become the first bank in Pakistan to allow asset management companies to process real-time redemption payments by successfully integrating the HBL Pay Business Banking platform with CDC (Central Depository Company).

HBL Investment Banking maintained its dominant position and closed a number of offshore and onshore transactions across sectors, including a USD 35 million offshore leveraged buyout facility in the Telecom and Internet space. The Bank also arranged syndicate financing for an automobile manufacturer and provided a comprehensive advisory for a Public-Private-Partnership project in the mining space. HBL made major headway in its real estate initiatives, developer finance and low-cost housing.

HBL continues to be a thought leader in the Environmental Social Governance (ESG) space and is the first Bank to announce a “net-zero” emissions policy, which we are targeting to achieve by 2030. The Bank is piloting the adoption of the Taxonomy Common Ground (CGT), which is a tool to facilitate direct flows of capital to green projects. HBL supported the Ministry of Climate Change in its globally recognized “Ten Billion Tree Tsunami” initiative for ecosystem restoration and initiated the plantation of 20,000 trees across the country. During the quarter, HBL disbursed over Rs. 7 billion for sustainable financing projects. Our diversity ratio continues to increase with 20% of our employees being women; our goal is to reach 22% by the end of this year. Recently, we opened our first women-only branch in Hyderabad.

Digital transactions continued exponential growth with HBL’s Mobile Banking and Internet Banking registering a growth of 97% in transaction value, to Rs. 417 billion in Q1’22. HBL Mobile app users crossed 2.6 million with a 61% growth in transaction volume to 26 million in Q1’22.

The Konnect account portfolio witnessed a growth of 33% reaching a total of 7.4 million accounts at the end of Q1’22. Total throughput registered a growth of 103%, from Rs. 166 billion in Q1’21 to Rs. 337 billion in Q1’22. Total collections at Konnect channels crossed Rs. 25 billion during Q1’22. Konnect Debit Cards portfolio reached 1.2 million at the end of Q1 2022. The Bank also launched an Islamic Banking mobile app empowering Islamic banking clients to meet their digital banking needs via a dedicated solution.

The Bank processed e-commerce transactions worth Rs. 8 billion recording a 57% growth in volumes compared to the same period last year. In addition, 30% growth was recorded in the number of merchants. HBL also launched a state-of-the-art mPOS solution to accept e-commerce payments from clients at their doorstep.

HBL ended 2021 being recognized as Best Bank in Pakistan from Euromoney Awards, and Pakistan’s Best Bank 2021 from the Pakistan Banking Awards. Continuing its winning streak in Q1’22, HBL won awards for Best Green Bond and Best Structured Finance Deal 2021 from The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021. Furthermore, HBL won eight awards in the 2021 Global Diversity and Inclusion Benchmark (GDIB) awards in the categories of Best Practice in Pakistan and Most Progressive in Pakistan.

Fouzia Janjua, Head Branch Operations & Account Services – HBL (standing 3rd from right), Dr. Farida Shaikh, Principal – University of Sindh (Elsa Kazi Campus), Hyderabad (standing 3rd from right) and Mujtaba Naqvi, Head South – HBL (standing 1st from right) at the inauguration of the HBL Branch.

Hyderabad, Pakistan

HBL inaugurated its first all women branch in Hyderabad at the Sindh University, Old Campus.

Dr. Farida Shaikh, Principal _ University of Sindh, (Elsa Kazi Campus), Hyderabad, cut the inauguration ribbon. Present at the ceremony were Syed Mujtaba Husain Naqvi, Head South – Branch Banking, Fouzia Jabeen Janjua, Head - Branch Operations and Account Services along with other senior members of the Bank.

This initiative is in line with HBL’s diversity agenda and its vision of creating a more diverse and equitable workforce, as well as the need to increase the engagement of women in financial services. The Bank has been recruiting an increasing number of women across all business functions, ensuring they are provided equal opportunities for advancement and success.

Currently, women comprise 20% of HBL’s staff. The Bank is confident it can grow this number to 25% by 2025.

Commenting on the occasion, Fouzia Janjua, Head Branch Operations & Account Services – HBL said, “As Pakistan’s largest bank, HBL strives to place itself at the forefront of the DEI (Diversity, Equity, and Inclusion) agenda. We have a strong mandate to increase the Bank’s gender diversity by recruiting women at all levels into the workforce and foster a diverse work environment through progressive policies.”

Karachi, Pakistan

HBL, in its mission to expand the digital ecosystem in the country, has recently introduced mobile Point-of-Sales (mPOS), in partnership with VISA. With this launch, HBL becomes the first bank in Pakistan to provide on-site card transactions without the need of a physical POS machine. HBL signed the agreement in April 2021 to introduce mPOS to Pakistan, and the solution is now available in the market for adoption by courier services and e-commerce businesses. Pakistan’s leading retail and e-commerce merchants, have already signed-up for the product, thereby empowering their customers with an additional channel for payment.

​Earlier, online purchases could only be paid for at the checkout or through cash on delivery. With the introduction of mPOS, HBL has embarked on a new payment journey, that will revolutionize the digital payment landscape of Pakistan.

Only a few e-commerce merchants give their clients the option to pay with card on delivery. This is because POS machines are expensive, heavy, and mostly immobile. HBL’s mPOS brings the POS machine into the rider’s smartphone by simply downloading an app. Clients who shop online can now make their payments at the time of delivery via using their Visa / Mastercard debit or credit card. As an alternate to ‘Cash on Delivery’, HBL mPOS also enables customers to make a payment after receiving the goods, and to avail all card-related points and promotions. This new technology has the potential to become the industry standard over the next few years, thus, reshaping the e-commerce industry in Pakistan.

​Commenting on the partnership, Abrar Mir, Chief Innovation and Financial Inclusion Officer said, “HBL prides itself in empowering its clients by increasing their choices while accelerating the digitalization of the Pakistani economy. Our collaboration with VISA will directly benefit online shoppers, enabling them with a convenient payment solution. We believe that this partnership will further our digital growth, open new e-commerce avenues for both merchants and clients and foster financial inclusion in Pakistan.”

Kamil Khan, Visa’s Country Manager for Pakistan, said, “Smartphone penetration in Pakistan is tremendous, but there is still a large gap between the different payment options available to consumers for online and in-store purchases. Our partnership with HBL to launch the first mPOS solution in Pakistan aims to bridge this gap by enabling merchants of all sizes - whether large or mid-sized retailers, small stores or street vendors - to offer digital payments to consumers when purchasing goods and services. Moreover, this is a great opportunity for merchants to convert Cash-on-Delivery clients and combat last mile challenges and ultimately pave the way for more sales growth and revenue. This is another milestone in Pakistan’s journey to build a vibrant digital payments ecosystem, strengthen the eCommerce market and transition to a cashless economy.”

HBL is driven towards expanding secure and safe payment options available to e-commerce clients while ensuring economic growth via digitalization. The partnership between HBL and VISA for mPOS will prove to be another groundbreaking milestone to strengthen the e-commerce industry of the country. We encourage courier services and ecommerce businesses which use riders to deliver products and receive payments to sign up for this facility and start scaling their businesses immediately.

HBL in collaboration with the State Bank of Pakistan (SBP) holds the 1st Regional Agricultural Coordination Committee Meeting for Balochistan. Senior executives from the Government of Balochistan, SBP and HBL along with other members of the banking fraternity also attended the session.

Balochistan, Pakistan

HBL as the designated champion bank for Balochistan hosted the first meeting of the Regional Agricultural Coordination Committee (RACC) in collaboration with the State Bank of Pakistan (SBP). The meeting was held in Quetta on 25 March 2022. Muhammad Aurangzeb, President & CEO – HBL led the meeting, and it was attended by Noor Ahmed - Director, Agriculture, Credit & Microfinance Department – SBP, and Amjad Ali Imran, Chief Manager – SBP BSC - Quetta. Senior executives from the Government of Baluchistan, SBP, HBL, other banks operative in the province, as well as the farming community also attended the session.

The RACC meeting was focused around developing a comprehensive framework to address the agricultural outreach challenges in the underserved areas of Balochistan. The committee will work towards devising strategies, focused on serving the farmers and enhancing financial inclusion amongst the rural masses in the province.

Muhammad Aurangzeb, President & CEO – HBL, commenting on the occasion said, “SBP has designated HBL the Champion Bank for Baluchistan to lead the industry in improving access to finance for the farmers in the province. The Bank is playing an active role in enhancing credit outreach for the province through capacity building, farmer literacy programs as well as tailored agricultural finance products. HBL is committed to serving the underserved farming community of Baluchistan, in line with SBP’s vision of financial inclusion in Pakistan.”

​The session concluded with the commitment from all stakeholders to work towards expanding the agricultural landscape by empowering the farming community of Baluchistan.

Muhammad Aurangzeb, President & CEO - HBL launched the Bank’s Tree Plantation Drive 2022 in Islamabad. Lieutenant General Javed Mahmood Bukhari (Retd), HI(M), Rector NUST, Muhammad Amir Khan, President & CEO - HBL Microfinance Bank and other senior members from the organizations were also present on the occasion.​

Islamabad, Pakistan

​HBL begins its ‘Tree Plantation Drive 2022’, with the aim of restoring landscapes and mitigating climate change in Pakistan.

​The inaugural ceremony was held at the HBL Tower in Islamabad with Muhammad Amir Khan, President & CEO - HBL Microfinance Bank and other senior members from the Bank. A second ceremony was held at NUST and attended by Lieutenant General Javed Mahmood Bukhari (Retd), HI(M), Rector – NUST. The management of NUST engaged more than 300 students and faculty members for the plantation drive. Both the inaugural ceremonies were led by Muhammad Aurangzeb, President & CEO – HBL.

The plantation drive falls under the “Ten Billion Tree Tsunami (TBTT)” initiative of the Ministry of Climate Change, Government of Pakistan. This five-year project is aimed towards addressing climate change while providing employment opportunities across Pakistan.​

​HBL aims to plant 20,000 saplings of indigenous plants across 12 locations in different cities of Pakistan. This is in line with the national objective of sustainable development as the Bank continues to play its part in instilling Environment Social Governance (ESG) practices in Pakistan. This initiative will also give an opportunity to the HBL staff to contribute towards the betterment of the environment and serve the local communities as part of the Bank’s Corporate Social Responsibility (CSR) agenda.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL, as a responsible corporate entity is committed to supporting the Government of Pakistan in meeting its Sustainable Development Goals (SDGs) on Climate Action amongst other Global SDGs. The National Plantation Drive by HBL is a testament to the Bank’s commitment towards a greener Pakistan.”​

​Lt. General Nigar Johar HI(M) in conversation with Maya Inayat Ismail, Chief of Staff to the Chairman – HBL at the session hosted by HBL to commemorate International Women’s Day 2022. Muhammad Aurangzeb, President & CEO - HBL, along with women staff and other members of the Bank were present on the occasion.

Karachi, Pakistan

​HBL commemorated International Women’s Day 2022 by inviting Lieutenant General Nigar Johar HI(M) to a session on 14 March 2022 at HBL Tower, Karachi. Lt. General Nigar is the first and only woman in the Pakistan Armed Forces to have reached the rank of a Lt. General and is also the only woman since partition to have commanded an armed forces hospital in the country.

​The session was attended by over 70 women staff from a cross-section of the Bank, including many who are a part of the senior management. Muhammad Aurangzeb, President & CEO, and the senior leadership team of the Bank were also present at the session.

​Lt. General Nigar spoke at length about her life journey, breaking biases in the professional field, and the unwavering support she received from her family, specifically her father, mother and husband. Her advice to all women in the professional field was to work hard towards their dreams and believe in themselves.

​She emphasized that empowerment starts with one’s self, women need to take charge of their own lives, establish their own identity and stand up to all the challenges as they continue to work side by side with their men counterparts.

​She also spoke about the need to have diversity not just in numbers but in Managerial positions of Leadership. She said, “Women need to be decision-makers; they need to be policymakers. It is important for women to be in these roles, as only that will lead to a shift in the mindset and the culture. Men alone cannot be making decisions for women”.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “With 20% of the HBL staff being women, we will continue to drive gender inclusion with more and more women in senior leadership roles.”

The session concluded with a collective thought of fostering a collaborative work environment between men and women and promoting gender partnership through equity and inclusion within workplaces across Pakistan.

Muhammad Aurangzeb, President & CEO – HBL (standing 4th from left) along with Arif Habib, Chairman – Javedan Corporation / Arif Habib Group (standing 3rd from left), Shariah Board members, valued clients and senior members of the Bank at the inauguration of the HBL Islamic Banking Branch located at Naya Nazimabad, Karachi.

Karachi, Pakistan

HBL inaugurated three Islamic Banking branches in the last week as it ramped up efforts to expand its branch network to better serve Shariah-compliant products and services to its clients.

The first branch located in Jodia Bazar was inaugurated on 3 March 2022. This was followed by the inauguration of the Naya Nazimabad Branch and the Burki Trade Centre Branch, located on Superhighway, on 4 March 2022.

The Bank is engaged in offering services to clients in 300 cities across the country, through a network of 274 dedicated branches and 572 windows, with plans to expand its reach in the 2nd and 3rd tier cities across the country by adding 35 more branches by December 2022 to reach 309 branches.

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 8 trade centers in key markets across the country to provide shariah-compliant solutions for the domestic and international trade finance requirements of clients.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL Islamic Banking continues to expand its footprint across the country to better serve the Islamic Banking needs of our clients. The demand for Shariah-compliant banking solutions and services has seen a sharp increase, and this expansion highlights HBL Islamic Bank’s commitment to support our clients’ strategic needs. With tailor made financial solutions, we will continue to maintain our lead as the eminent Islamic Banking player in the industry.”

Dr Mufti Muhammad Zubair Usmani, Chairman Sharia Board – HBL, commenting at the Jodia Bazar Branch inauguration said, “I would like to congratulate the entire HBL Islamic Banking team on the inauguration of the new branches, marking another accomplishment in the Bank’s fast-paced plan to expand its Islamic Banking network. May the traders in the markets avail the sharing compliant opportunities that Islamic banking has to offer.

HBL began its Islamic Banking journey many years ago and is working to scale on this front. I request people to adopt Islamic Banking which is the right choice.”

Commenting at the Naya Nazimabad inauguration, Arif Habib, Chairman – Javedan Corporation/Arif Habib Group, said, “Naya Nazimabad is an evolving community and its residents have growing financial needs. We are delighted that one of Pakistan’s biggest and fastest-growing digital banks, HBL, too has begun its operation in Naya Nazimabad.”

Karachi - 24 February 2022:

HBL today declared a record consolidated profit before tax of Rs. 62.0 billion for 2021, achieving a growth of 17% over 2020. Profit after tax increased to Rs. 35.5 billion in 2021, also the highest ever, and earnings per share increased from Rs. 21.06 in 2020 to Rs. 23.88. The Bank declared a final dividend of Rs. 2.25 per share (22.5%).

During the year, HBL became the first bank with a Rs. 4 trillion balance sheet, with year-end footings of Rs. 4.3 trillion, a 12% growth over Dec’20. Domestic current deposits achieved the Rs. 1 trillion landmark, and total domestic deposits crossed the Rs. 3 trillion mark, improving market share to 14.14%. With a turnaround in the international businesses, HBL’s total deposits increased by 19% to Rs. 3.4 trillion.

Advances continued their growth trajectory, rising by 23% to reach Rs. 1.5 trillion with double digit growth across all lending units. HBL’s leading position in the Consumer business was further reinforced as the portfolio crossed the landmark number of Rs. 100 billion. HBL’s focus on priority sectors led to agriculture lending reaching an all-time high of Rs. 40 billion. Despite the strong growth in advances, the Bank’s Tier I and Total CAR remained well above regulatory requirements.

HBL delivered a record revenue of Rs. 168 billion in 2021, on the back of a Rs. 450 billion expansion in the average balance sheet and an impressive growth in non-fund income. The Bank’s net interest income increased to Rs. 131 billion, and non-fund income grew by nearly 20% to Rs. 36 billion; the latter was driven by a stellar growth of 35% in fees and commissions, which increased to Rs. 25 billion. While the increase in fees was broad-based, the flagship cards and consumer businesses alone delivered a phenomenal growth of 58%; this was supported by exceptional performances in trade, remittances, and investment banking.

Total expenses of the Bank remained well managed, rising only marginally by 2%. With rising revenue and more efficient operations, HBL was able to achieve a substantial reduction in its cost to income ratio (excluding capital gains) which fell from 61.2% to 57.5%. Asset quality, through the pandemic, was closely monitored and prudently managed with the infection ratio improving further, to an all-time low of 5.1%.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO – HBL said, “HBL’s 2021 results, underpinned by client centricity, were driven by strong organic growth. Exceptional performance across all business segments and activity drivers further cemented the Bank’s leading position across all client segments. HBL remains at the forefront of supporting government initiatives for economic development, and the Bank continued to increase private and public sector credit. HBL continues to provide innovative products and financial solutions to its clients whose banking needs are moving beyond traditional channels. The trust and confidence that our clients repose in us is a validation of our business strategy.”

The Bank maintained its leadership position in personal loans, merchant acquiring, credit cards and debit cards. Auto finance grew by 45% and achieved an industry leadership position in 2021. HBL Cards was the first choice for clients which can be seen by the 63% growth in Credit Card spend from Rs. 69 billion to Rs. 113 billion. HBL’s debit card remains the market leader with 6.2 million cards and a 21% market share. Spend volumes increased by 64% over last year, with e-commerce volumes growing by 81%. The Bank’s SME segment grew by 17% in 2021 i.e., from Rs. 63.0 billion in 2020 to Rs. 74.0 billion in 2021. The Bank’s focus on supporting trade transactions of retail clients led to a YOY growth of 20% in trade volume during 2021.

HBL serves over 3.5 million women clients, including 750,000 under its women’s market program, Nisa. In 2021, the program added over 110,000 new accounts with a deposit volume of Rs. 16 billion. HBL is amongst the highest contributors to the Roshan Digital Account (RDA) initiative with USD 0.5 billion channeled into the country and a market leading share of 20% of RDA accounts. HBL Prestige services the unique needs of high-net-worth clients; the Bank ended 2021 with 24 Prestige touchpoints. The Islamic Banking branch network was increased to 260, the 4th largest in Pakistan.

HBL expanded its farm-to-processor pilots to almost 18,000 acres in 2021, scaling up in-kind financing. Small leasehold farmers achieved a doubling in net income. HBL plays a leading role in farmer financing amongst commercial banks with a market share of approximately 34%. HBL grew its agriculture lending to a record Rs. 40 billion, re-entered the dairy sector with loans of Rs. 1.5 billion and disbursed Rs. 1 billion to clients. In 2021 HBL became the first bank to fund an Electronic Warehouse Receipt, approving Rs. 400 million.

HBL maintained its dominant position in cash management with throughput rising by 58% to nearly Rs. 8 trillion. HBL was awarded the Best Domestic Cash Management Bank by Asia Banking & Finance and was also ranked first in Asiamoney’s Cash Management Poll 2021 for Pakistan Market Leader and Best Service. Both awards were won based on votes by clients, a validation of HBL’s increasingly client-centric approach. Digital payments through HBL Pay Business Banking more than doubled, with 29 million transactions and Rs. 3.4 trillion in volume processed. In 2021, HBL closed landmark investment banking deals across the full spectrum of segments including co-managing the first-ever USD 500 million Green Eurobond for a large public sector utility. HBL partnered with the CDC Group, UK on financing a 100MW solar power project; in 2021 HBL disbursed over Rs. 5.5 billion to encourage and enhance the use of sustainable energy for business needs. To reduce the impact of the Bank’s own operations on the environment, solar panels were installed at several premises leading to a 220 metric ton reduction in HBL’s carbon footprint.

HBL Mobile and Internet Banking transactions have now surpassed even the over-the-counter transactions. HBL’s tech-celaration enables 2.5+ million clients in Pakistan and globally to unlock enormous value for their business and personal needs through cutting edge mobile and internet banking platforms. HBL’s internet payment gateway service for ecommerce merchants,HBL Pay Checkout, grew its user base by 31% year on year. These new merchants brought in more transactions through HBL, surging by 85% since 2020.

Konnect by HBL, the Bank’s branchless banking platform, doubled transactions to 84 million with volumes reaching Rs. 846 billion in 2021. A focused strategy led to an over 30% increase in overall account portfolio, from 5.4 million to 7.1 million, which supports the unbanked segments to access HBL with ease. Konnect also strengthened its partnership with Punjab and KPK Agri departments to digitize the government to farmer subsidy payments and disbursed Rs. 11 billion to more than 1 million farmers. In parallel, 790,000 Konnect accounts were opened, and Kissan Cards were subscribed by registered farmers making Konnect the largest issuer of PayPak Debit cards in the country. HBL was one of the first few banks chosen to become part of the pilot project run under the National Micro-Payment Gateway – RAAST.

HBL Treasury & Global Markets was a core contributor to the Bank’s bottom line in 2021, with all business lines performing strongly. The Bank launched an upgraded version of HBL Infinity®, the Bank’s unique online B2B FX portal. HBL commenced its branch in Beijing making it the only bank from Pakistan to have a presence in the Chinese capital. HBL’s market share in home remittances increased from 8.2% in 2020 to 10%, driven by strong growth in volumes.

HBL renewed its commitment with PCB for another four years celebrating ten years of HBLPSL since its inception in 2016, and highlights HBL’s efforts towards the development of youth and the discovery of talent for Pakistan.

HBL won multiple awards from international and local platforms including Best Bank in Pakistan from Euromoney Awards, Pakistan’s Best Bank 2021 and Best Bank for Small and Medium Businesses 2021 from the Pakistan Banking Awards. It bagged eight awards from Global Diversity & Inclusion Benchmarks (GDIB) 2021 and won the Best Green Bond Award and Best Structured Finance Deal for Pakistan from The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021.

Muhammad Aurangzeb, President & CEO – HBL (sitting on left) and Andreas Andreades, Executive Chairman – Temenos (sitting on right) signing the agreement. Senior members from both the organizations were also present at the occasion.

Karachi, Pakistan – February 17, 2022

HBL, Pakistan’s largest bank network to adopt the Temenos core banking platform to provide domestic and international operations with a cutting-edge banking experience.

HBL will onboard over 25 million of the Bank’s clients onto Temenos open platform for composable banking. The platform will accelerate the Bank’s services across all segments, markets, and channels. HBL clients will have an enhanced user experience in the form of increased reliability, security and a modern platform that will enhance HBL’s digitalization journey.

The Temenos implementation will include a full suite of client-friendly products and services that will provide end-to-end, technologically advanced solutions to both HBL’s conventional and Islamic banking clients. Faster onboarding and quicker transaction processing will provide a more seamless client experience, enabling HBL to increase its digital footprint across Pakistan and internationally. The new system will also enhance adherence to local banking regulations and improve reporting standards for international markets in China, GCC, Europe and SAARC countries.

Muhammad Aurangzeb, President & CEO - HBL, said: “The open technology platform provided by Temenos is flexible, global-ready and has the breadth of banking services to meet our clients’ fast-developing banking needs. This partnership contributes to our goal to become a ‘Technology company with a Banking License’.”

Sagheer Mufti, Chief Operating Officer - HBL, added: “At HBL, we are always looking at better ways to serve our clients. By adopting this leading platform, we will add to our capability to give clients an improved experience when using our services, now and for many years to come.”

Max Chuard, Chief Executive Officer - Temenos, commented: “HBL is a forward-looking bank with a pioneering approach to shaping the future of banking. Temenos open platform for composable banking will free the bank from legacy constraints. To innovate safely at speed, as well as scale its offering and achieve its growth goals. We are proud to support HBL as it delivers on this exciting vision for more than 25 million clients worldwide.”

Muhammad Aurangzeb, President & CEO - HBL (standing 3rd from left) and Usman Dar, Special Assistant to Prime Minister on Youth Affairs (standing 2nd from left) along with other senior members from both the organizations were present on the occasion.​

Usman Dar, Special Assistant to the Prime Minister on Youth Affairs along with his team visited HBL to meet the senior management and recognize the efforts of the Bank for its contribution towards the Kamyab Jawan program.

He congratulated HBL on achieving the milestone of disbursing PKR 3 billion and surpassing State Bank of Pakistan’s target by 45% under the program in 2021.

Usman Dar shared a 2-year progress report of the program and appreciated HBL’s contribution and vision towards the SME sector.

Muhammad Aurangzeb, President & CEO – HBL, commenting on the occasion said, “HBL’s contribution towards affordable finance programs offered by the Government is a testament to the Bank’s commitment to facilitate the SME sector in Pakistan. The Kamyab Jawan program enables HBL to increase its penetration in the SME sector while playing its part to drive the national agenda of financial inclusion in the country.”

​Kamran Mehdi Jaffery, Head Digital Channels & Solutions – HBL (second from right), Syed Zeeshan Ali, Director Digital Payments – Daraz (third from right) and Nadeem Haroon, Country Manager – UnionPay International (5th from right) along with other senior members from the organizations on the occasion.

31 January 2021:

HBL and Daraz join hands to enable all UnionPay cardholders to conduct e-commerce transactions from Daraz online marketplace. With this enablement, UnionPay cardholders can now perform seamless and secure transactions on Daraz.

HBL has always been at the forefront of expanding its digital footprint in Pakistan through its technology-driven initiatives. In line with its vision to becoming a ‘Technology Company with a Banking License’, HBL is focused towards expanding its role in the e-commerce industry, by enabling all UnionPay cardholders to shop on Daraz, empowering them with an optimized online shopping experience.

Kamran Mehdi Jaffery, Head Digital Channels & Solutions – HBL, commented, “HBL empowers its customers with increased choices, and thus accelerating the pace at which our economy digitalizes. Our collaboration will directly benefit UnionPay cardholders who can now make online transactions on Daraz. This will level the playing field and increase opportunities for the card holders. The overarching goal for HBL is to enable a sustained economic ecosystem powered by digital inclusion.”

James Yang, General Manager of UnionPay International Middle East Branch, said in a statement, “UnionPay is a customer-centric card scheme and we keep developing and bringing the best available payment options and experiences to the market. We are excited to partner with HBL to enhance the customer journey at Daraz for our cardholders, accelerating digital transformation to meet demands and long-term growth in the community.”

Commenting on the partnership, Syed Zeeshan Ali, Director Digital Payments – Daraz said, “Daraz has a strategic focus on digital payments growth in Pakistan and has worked relentlessly with stakeholders to bring new digital payment solutions to its customers. We are delighted to launch acceptance of UnionPay cards at the Daraz online marketplace as it will enable a major segment of customers to pay digitally. Over half of the customer spend on Daraz is acquired through digital payments, and with the addition of UnionPay as a payment option, we look forward to further expanding digital payment adoption on Daraz.”

The partnership between HBL, Daraz and UnionPay will create an enabling environment for a more rapid and inclusive growth of the Pakistani economy. It will serve as a milestone for not just UnionPay cardholders, but also for Pakistan’s digital payments and e-commerce landscape as a whole.

26 January 2021:

HBL is committed towards promoting cricket in Pakistan through HBLPSL. As the biggest sporting event in the country, HBLPSL has played a key role in re-igniting the passion for cricket in the nation. It not only provides a platform to young cricketers to be a part of the international cricket circle but also brings international cricketers to Pakistan.

The tournament will commence with a much-awaited match between the 2021 champions Multan Sultans taking on Karachi Kings at the National Stadium in Karachi on 27 January 2022. The first leg will be played in Karachi, while the final showdown will take place on 27 February 2022 at the Gaddafi Stadium in Lahore.

Commenting on HBLPSL, Ali Habib, Chief Marketing & Communications Officer – HBL said, “HBLPSL has played a major role in building a positive image of the country. HBL’s renewed commitment with PCB for another four years, brings us to celebrating ten years of HBLPSL since its inception in 2016. Both HBL and PCB believe in enabling dreams of the youth and HBLPSL is doing that for the young cricketers in Pakistan.”

24 January 2021:

HBL is providing collateral-free financing at subsidized markup rates to facilitate the Small and Medium Enterprises (SMEs) that are considered to be the key-drivers of the economy. The initiative falls under the Government of Pakistan’s recently launched ‘SME Asaan Finance’ (SAAF) scheme. It is designed to provide the SMEs with enhanced access to formal finance in a more convenient and seamless manner from the banks operative in the country.

Through HBL SAAF Finance, the Bank will support the SMEs, providing them with efficient financing solutions. This initiative will enable small and medium enterprises to expand their business through easy and convenient loan processing, with minimal documentation requirements, and a markup rate as low as 9%.

This will accelerate the Bank’s agenda to shift its focus from ‘collateral-based lending’ to ‘cash flow-based lending’, with an emphasis on supporting the SMEs in the country. This initiative will result in clients getting easy access of credit for new businesses at highly subsidized rates.

Commenting on HBL SAAF Finance, Muhammad Aurangzeb, President & CEO – HBL said, “We believe that this landmark initiative will transform the SME landscape of Pakistan. It is in line with HBL’s commitment to fostering growth of the SMEs and creating opportunities, especially for small businesses, through efficient and fast loan processing. The scheme will also enable HBL to increase its footprint in the SME sector as the Bank plays its part in driving the national agenda of financial inclusion in the country.”