Bank Alfalah CEO’s Salary Will Leave You Green with Envy

If thousands of bankers and employees of Bank Alfalah Limited were not happy with their annual raise, the news of a salary raise for their CEO might not improve their mood. Atif Bajwa saw his salary being increased to Rs 7.113 million per month from Rs. 6.475 million per month, a Rs 0.663 million increase.

However, that is the not his total take-home compensation. His managerial remuneration, which adds on to his salary, has been increased to Rs 85.4 million per year from Rs 77.7 million per year as per financial report of the company.

The managerial remuneration excludes annual bonus of CEO, utilities, post-employment allowances, house rent and maintenance and amount paid to CEO on the account of monthly utilities. Besides these facilities, he is also provided a company maintained car and household equipment.

In 2015, Atif Bajwa drew an overall salary package of Rs97.11 million against the Rs 92.49 million he earned in 2014.

Interestingly, the performance bonus of Bank Alfalah’s CEO is higher than his annual package. He earned Rs 128.3 million in 2015 and Rs 120 million in 2014. In 2016, his take-home might be higiher than these previous amounts but we cannot say for sure since the record is unavailable.

According to the stock filing, the raise in the salary was approved by the Board of Directors who revised the service contract of the CEO including a new salary package since it expired in 2016.

Atif Bajwa has been associated with Bank Alfalah since March 2011. He has been performing his role admirably well and has been a key asset in the banks’ expansion of operations and business. During his tenure, he played a significant role in the expansion of the bank which has now become the sixth largest bank of the country.

At the completion of his first year in 2012, the profit of the bank stood at Rs 4.55 billion which surged to Rs 7.52 billion by end of 2015 and stood at Rs 6.2 billion in nine months of 2016 despite constant decline of interest rates in the banking industry .

The number of branches has been increased to 655 from 407 in different cities including 11 foreign branches in three countries.

Bajwa is also a trustable advisor of the Dhabi Group, which provided financial consultation in the merger of Mobilink and Warid.

Atif Bajwa has been in a leadership role through different forums for years now. He was president at Overseas Chamber of Commerce and Industries and now he is assuming the office of President of Pakistan Business Council. He has also previously worked for MCB Bank and Soneri Bank as President and CEO.

  • Is this a news? or something to discuss? Such salaries are common overseas, good this trend of high salaries is now coming to Pakistan as well.

      • I came to know this trend after this “news”, like Pakistani media (which breaks the breaking news every five minutes from doodh wala to teacher ka thaper to a student as it doesn’t require much work in terms of resources, asaan khabar) this “news” is an inspiration for another post ..”how to make a story”.

        Bura na manana Aamir pai :D wasay aap ki aik amanat pari ha Germany mai, have to return :p

      • You just made him target #1 for kidnapping, extortion etc. You have jeopardized his safety.
        I know the information is disclosed in bank annual but should have consideration for his safety before publishing on the blog.

  • still getting less as compared to some Media Anchors like Kamran Khan & co. Kamran khan,s monthly salary is 10 Million

  • Why don’t they give this type good or reasonable salary to me and to other hard working men who work tirelessly why him? This is the reason Pakistani people are suffering rich are getting while while poor are getting poorer.Admin should highlight more companies doing such discrimination . what this Ceo has done for welfare of Pakistani people? I forget only shafarshi boot licker can go to such positions.

    • LOL are you responsible for bringing billions of rupees in profits for your company? You think a CEO’s job is easy? The reason why you don’t get this salary because your post shows your mental level (or lack there of)

    • No bank pays some one for doing welfare of people of a country. He got paid for what he is doing for the bank. And bank knows how to take it back in the “form of work”.

  • it would have been a news if BAFL was laying off people and losing profit. otherwise, its ok. they are paying him for his worth otherwise Shiekhs are hard task masters

  • This is not a news or anything to post here. Propakistani is becoming like Urdu Point and others. Bhai site band krni hai to wase hi kr do iss trah ki hrkatein kr k awam ko Q bhagana chahtay ho??

  • Banks are already parasites. You don’t pay back debt on time they will keep increasing their interest rate.

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