Although the banking industry in Pakistan is burdened with high taxation, it remains highly profitable due to the attractive interest and profit rates it offers.
The dwindling financing to the private is squeezing the margins during these challenging days but the return on investments in the government securities is a safe haven for the banks.
The competition among the banks is intense on various fronts from deposit mobilization to consumer financing, services for remittances to overseas Pakistanis, the protection of the shareholders’ interest, and the implementation of the central bank’s policies and much more. Growth in assets and profitability of these banks is the main target which is led by the CEOs along with the management and their teams.
Here is an overview of Pakistan’s top bankers and their salaries.
1. Irfan Siddiqui – President and CEO of Meezan Bank
Irfan Siddiqui drew the highest salary in the banking industry of Pakistan. He was paid an amount of Rs. 422 million in 2022, which is 37 percent or Rs. 116 million higher than what he earned in the last year (Rs. 306 million). Under his management, the bank became the most profitable bank in 2022 with profits soaring to a record level of Rs. 45 billion — the highest ever in the industry with 59 percent year-on-year growth.
Last year, his bank stood at the 5th position on the list of the most profitable banks, and he stood at 2nd in the list of the highly paid CEOs. In 2023, he and his bank achieved the top position.
He is the founding president of the bank who started the business of the bank from scratch, setting up the foundation of modern Islamic banking in Pakistan. In nearly 20 years of his professional career, he has played a major role in the progress and development of his bank and Islamic banking industry.
2. Muhammad Aurangzeb – President and CEO Habib Bank Limited
Muhammad Aurangzeb is the second highest recipient of salary in the banking sector. He drew a salary package of Rs. 307 million in 2022 compared to Rs. 265 million in 2021. However, the bank failed to maintain its top position in terms of profit but still maintained a reasonable profitability of Rs. 34.4 billion — historically recorded as the second-highest profit.
Under his leadership, the bank has made significant progress in various areas including agriculture financing, branchless banking, and the most famous and successful project, Pakistan Super League. His initiatives are likely to be followed by different banks in the future.
3. Shazad Dada – President and CEO United Bank Limited
Shazad Dada is considered among the most highly-paid bankers in Pakistan. In 2022, he stood at the third position with a salary package of Rs. 269 million. In 2021, he earned the highest income from the banking industry, which was Rs. 340 million.
Under his management, the bank’s profit surged to an all-time high level of Rs. 32 billion with year-on-year growth of 4 percent. The bank also made remarkable progress on the technological front.
4. Rehan Shaikh — President and CEO Standard Chartered Bank
Rehan Shaikh earned a salary of Rs. 244 million in 2022 compared to Rs. 194 million reported in 2021, showing a salary raise Rs. 50 million. Under his management, the bank maintained its profit trajectory with a record all-time high profit of Rs. 19.84 billion reported in 2022, 45 percent higher than the previous year. The bank jumped in the ranking of the most profitable banks by two positions.
5. Atif Bajwa –President and CEO Bank Alfalah
Atif Bajwa has a strong grip on the dynamics of the local market. He made an annual income of Rs. 225 million in 2022 compared to Rs. 187 million reported in 2021, showing an increase of Rs. 37 million. Under his management, the bank registered significant growth in profitability with an increase of 27 percent year-on-year. The bank also witnessed growth in deposits, assets, and the network of branches in 2022.
6. Zafar Masud – President and CEO Bank of Punjab
Zafar Masud, President and CEO Bank of Punjab received a hefty raise of Rs. 47 million in 2022. His annual income of Rs. 181 million in 2022 was much higher than income of Rs. 134 million reported in 2021. Being a President and CEO of public sector bank owned by the provincial government, Zafar’s salary stands far higher than the president of the National Bank of Pakistan. Last year, he stood as the 10 most highly-paid banker but his standing improved this year to 6th.
Masud has adopted a strategy to transform his bank to work like a private bank in terms of service quality and technological implementation.
7. Mansoor Ali Khan – President and CEO Bank AL Habib
Mansoor Ali Khan got a raise of Rs. 38 million or 29 percent in his salary which surged to Rs. 166 million in 2022 from Rs. 128 million in 2021. Unfortunately, the performance of the bank in terms of making profitability was dismal which saw a drop of 11 percent in 2022 on a year-on-year basis, primarily due to provisioning in sovereign bonds. It is the second bank that saw a decline in profitability among the top ten banks in the country.
8. Yousaf Hussain – President and CEO Faysal Bank
Yousaf Hussain got an annual raise of Rs. 29 million or 21 percent in his salary which surged to Rs. 166 million in 2022 from Rs. 137 million in 2021. Under his management, the bank reported an all-time high profit of Rs. 11.4 billion in 2022.
In 2022, the bank also accomplished a task of transformation from a conventional to a Sharia-based banking system under his management.
9. Mohsin Ali Nathani, President and CEO Habib Metro Bank
Mohsin Ali Nathani earned an annual income of Rs. 144 million in 2022 compared to an income of Rs. 124 million reported in 2021, showing an increase of Rs. 20 million or 16 percent. Under his management, Habib Metro Bank established its position among the top 10 profitable banks in Pakistan in 2022. It reported a profit of Rs. 14.9 billion with a growth of 8 percent from last year, which is also the highest-ever profit made by the bank.
10. Shoaib Mumtaz– President and CEO MCB Bank
Shoaib Mumtaz, President and CEO MCB Bank made an income of Rs. 105 million in 2022. His salary was far lower than his predecessor, Imran Maqbool who last drew his annual income of Rs. 233 million in 2021 along with benefits and perks.
Under his management, MCB Bank maintained its second position in the ranking of the top ten profitable banks in the country. It made a decent growth of 6.6 percent in profitability which surged to Rs. 34.45 billion in 2022—the highest-ever value.
The salary range of these bankers varied significantly from over Rs. 400 million to Rs. 100 million. The remaining banks expect a few such as Samba Bank and BankIslami — usually pay an annual salary package of less than Rs. 100 million depending on performance and the profitability of the banks.
Besides the lucrative salary packages, these bankers also received various benefits and perks including special allowances, awards, company-maintained cars, club fees, and foreign tours.