2018 has proven to be a difficult and challenging year for the banking sector as profits of a majority of banks were down, their expenses grew and operations faced different challenges. Despite the banks’ profit going up or down, one thing is consistently increasing, that is, the salary of the top bankers, Chief Executive Officers, and Presidents, which showed a handsome growth in 2018.
Muhammad Aurangzeb (Habib Bank)
Muhammad Aurangzeb has completed one year in the Pakistani banking industry. He joined the bank witnessing a deep financial crisis in 2017 and came with global experience in banking, being a former JP Morgan’s banker.
This might be a reason why he we was also welcomed by Pakistan’s banking industry which elected him as the chairman of Pakistan Banks’ Association.
In 2018, the banker spent a colossal amount of Rs. 240 million in 2018, which means he drew actually an estimated amount of Rs. 20 million per month as a salary. The bank’s record for his exact salary was not available.
Aurangzeb managed to turn the bank profitable and it recorded a growth of 41 percent in profits during the year under his leadership, however the bank faced a setback in Afghanistan and it is winding up its operations there.
Sima Kamil (UBL)
Sima Kamil, the first female President and CEO of the commercial bank, is also the pricey employee for United Bank Limited as she drew a salary of Rs. 134 million in 2018.
The lady took charge of UBL in a crisis situation in 2017 and successfully moved the bank towards profitability but the next year proved to be upsetting for the bank under her leadership. The profit of the bank decreased to Rs. 15.5 billion in 2018 as compared with Rs. 25 billion reported in 2017.
Nouman Ansari (Bank Alfalah)
Nouman Ansari, President and CEO Bank Alfalah is also one of the highly paid bankers of Pakistan’s banking industry. He drew an annual salary of Rs. 108 million in 2018. Nouman replaced Atif Bajwa in 2017.
He sustained the performance of the bank and remained in the green. In 2018, the bank posted a profit of Rs. 10.9 billion with the year-on-year growth of 27 percent.
Imran Maqbool (MCB)
Imran Maqbool, CEO and President MCB Bank earned 100 million Rupees in 2018. He drew his annual salary of Rs. 103 million in the outgoing year, besides perks.
He is the luckiest president in 2018 as his bank was the most profitable bank in 2018 with a profit of Rs. 21.36 billion in spite of the fact his bank record negative growth of 4.8 percent year-on-year. On the other hand, his salary grew by 8 percent which is Rs. 7.6 million — not bad at all.
Azmat Tareen (Silk Bank)
Azmat Tareen is the President and CEO of Silk Bank. He made an income of Rs. 98.9 million in 2018 with a raise of Rs. 4 million in his annual salary. Silk Bank is a small but growing bank with a network of 123 branches, though the salary of the top banker is at par with the bankers of big banks.
His bank’s performance was quite impressive too. The profit of the bank posted a double-digit growth of 17% to stand at Rs. 1.3 billion.
Shahzad Dada (Standard Chartered)
Shahzad Dada, President and CEO Standard Chartered Bank received a 17 percent raise in his annual income of 2018. He drew a salary of Rs. 86.25 million in 2018, which is Rs. 12.8 million more than the salary he received in 2017.
Shahzad’s bank’s profit grew more than his salary. The bank reported a year-on-year profit growth of 36 percent in 2018. Beyond this, the bank’s profit of Rs. 11.2 billion was declared the highest ever in 2018.
The bank was also recognized as one of the better performing banks through different awards in 2018.
Irfan Siddiqui (Meezan Bank)
A down-to-earth President and CEO of Meezan Bank, Irfan Siddiqui is also among the highest paid bankers. Under his leadership, the bank continued to excel with lots of achievement.
In 2018, the bank also recorded a growth of 42 percent in profits year-on-year under his leadership.
He drew a salary of Rs. 74.75 million in 2018 which is Rs. 0.9 million higher than in 2017. When it comes to evaluating the performance of the President, he deserves a higher salary.
Mansoor Ali Khan (Bank Al Habib)
Mansoor Ali Khan is the President and CEO of Bank Al Habib Limited, one of the fastest growing banks in the country. The CEO made an income of Rs. 73.7 million in 2018 and apparently got a handsome raise of Rs.14 million or 23 percent growth on an annual basis.
In 2018, the bank’s posted profit saw a slightly negative growth of 1.4 percent but the expansion of the bank was tremendous and fast-paced.
The handsome raise was awarded to him by the board perhaps for his performance or to keep him from moving to another bank.
Tahir Hassan Qureshi (Allied Bank)
Tahir Hassan Qureshi is the President and CEO of Allied Bank Limited. He drew an annual salary of Rs. 51.75 million. He got an increase of Rs 6.7 million in his salary, which is 14.8 percent higher than his previous year’s income.
The bank steadily grew its operations and earnings in the banking industry and attained the number 4 position in the industry in terms of profit.
Yousaf Hussain (Faysal Bank)
Yousaf Hussain is the top banker at Faysal Bank. He spent quite a long time at this organization and was promoted as CEO within the team in 2017.
He drew a salary of Rs. 43.2 million in 2018. On the other hand, the bank paid Rs. 30.1 million salaries to the two CEOs including Yousaf and the former CEO.
His bank’s financial performance grew 6.7 percent year-on-year in terms of profit which stood at Rs. 4.8 billion in 2018.
Benefits and Allowances
The top highest-paid bankers are also awarded benefits and other allowances including annual and performance bonuses, house rents, utility bills, medical bills, membership fees of various clubs, and shares of their respective banks.
A majority of these bankers are working at top performing banks too and the salaries and bonuses are linked with the targets set by the board of directors. It is hoped that these bankers are also good contributors in terms of taxes paid to the FBR.