These Are the Top 10 Most Profitable Banks in Pakistan

The banking sector demonstrated an outstanding performance in 2023, achieving remarkable milestones that surpassed previous records. One of the key highlights was the substantial increase in dividends, which surged by an impressive 84 percent compared to the previous year.

The sector experienced record-breaking growth in profitability, with exceptional price-performance leading the banking sector to outpace the PSX, boasting an impressive 85 percent return compared to the index’s 55 percent in 2023.

According to Arif Habib Limited, the substantial boost in profitability was driven by a significant increase in the interest income, which saw an impressive 85 percent YoY rise. This increase can be attributed to several factors, including a 600 basis points rise in the policy rate and a 24 percent growth in deposits during the year.

Unfortunately, the role of banks in providing financing to the private sector remains limited to stirring up economic activity in the real sector. As a result, a majority of the banks made record-breaking profits in the outgoing year, while they contributed handsomely to the national exchequer while paying historically high values on account of multiple taxes.

Banks are planning to expand their operations in foreign exchange with the establishment of separate subsidiaries to generate a new revenue stream for their bottom line.

Here are the top 10 profitable banks in Pakistan:

1. Meezan Bank

Meezan maintained its crown as the most profitable bank in Pakistan. As the premium Islamic bank, it made an exceptional profit of Rs. 84.5 billion in 2023 as against Rs. 45 billion reported in 2022, showing 87 percent year-on-year growth.

The bank achieved various milestones at the close of the year, with the values of assets and deposits settled at Rs. 3 trillion and Rs. 2 trillion, respectively. The bank also enhanced its network across the country, with branches and ATMs exceeding 1,000 in number. The shareholders of the bank also received an overall dividend of Rs. 28 per share. The value of shares also increased to 47.1 from 25.1 in the year under review.

Unfortunately, the bank’s focus remains to tap into opportunities in Sukuk’s very limited role to shore up businesses and entrepreneurs through financing.

2. MCB Bank

MCB Bank maintained its second position. It saw terrific growth of 89 percent in profitability, which stood at Rs. 65.3 billion as compared to the Rs. 34.45 billion recorded in 2022. The bank also increased its shareholding in the asset management company to 81 percent, which contributed significantly to the bank’s profit. The earnings per share increased to Rs. 50.1 as compared to the EPS of Rs. 27.6 reported in the last year. The bank paid Rs. 21 per share as dividends to shareholders.

3. Habib Bank Limited

Habib Bank Limited made its highest-ever profit of Rs. 57.8 billion in 2023, with 68 percent growth over the last year. The bank achieved its highest-ever values in assets and deposits, reaching over Rs. 5 trillion and Rs. 4.1 trillion, respectively. Earnings per share for 2023 increased to Rs. 39.32 as compared to Rs. 23.23 in 2022. The bank paid Rs. 9.25 dividends per share to its shareholders.

The bank expanded its business in the agriculture sector with a new specialized subsidiary to tap into new business opportunities in the agri-economy—a trend to be followed by other banks too. The bank’s leadership maintained its legacy of supporting the national cause by establishing the Pakistan Super League as a national brand. It also stepped up in developing Tech Destination Pakistan by empowering the IT industry.

4. United Bank Limited

United Bank Limited reported its highest-ever annual profit after tax of Rs. 56.47 billion in 2023, up by 74 percent compared to the same period last year. The bank remained generous in paying dividends to shareholders, with the highest value of Rs. 44 per share in a calendar year. The share value of the bank increased to 47 from 25.4 in a year. The bank’s assets also grew to over Rs. 5 trillion and deposits to nearly Rs. 2.2 trillion by the end of 2023. In the same year, the management of the bank also started working aggressively on setting up its currency exchange business. The bank maintained its 4th position in 2023, similar to 2022.

5. National Bank of Pakistan

The National Bank of Pakistan (NBP) also registered handsome growth in profitability, recording the highest-ever value of its bottom line to the tune of Rs. 53.3 billion. The bank’s profit grew by 72 percent compared with the profit of the last year, which stood at Rs. 30.9 billion.

The bank’s assets grew to over Rs 6.5 trillion—the highest ever in the banking industry of the country. Its deposits surged to over Rs. 3.6 trillion. The earnings per share of the bank also grew to 24.96 by the end of 2023. Unfortunately, the bank did not announce any dividends to its shareholders. The National Bank of Pakistan (NBP) maintained its position at 5th in terms of the most profitable banks in Pakistan.

6. Standard Chartered Bank

Standard Chartered Bank had the highest profit growth of 115 percent on a year-over-year basis among the major banks. Its profitability increased to Rs. 45.6 billion in 2023 from Rs. 19.8 billion in 2022, which is the all-time high profit of the bank.

The bank achieved the milestone of touching Rs. 1 trillion in assets. Its deposits also grew to Rs. 720 billion. The earnings per share of the bank also grew by more than 100 percent to 11 from 5.1. The bank gained its position from one rank to the sixth most profitable bank in Pakistan.

7. Allied Bank of Pakistan

Allied Bank of Pakistan (ABL), one of the oldest banks in Pakistan, also saw handsome profit growth of 91 percent in 2023 as compared to the previous year. The bank’s profitability increased to Rs. 40.6 billion in 2023 from Rs. 21.9 billion in 2022. The bank reported earnings per share of 35.53. It announced a dividend income of Rs. 12 per share throughout the year at the end of the quarterly results. The bank’s position dropped from 5th to 6th despite historically high growth in profits.

8. Bank Alfalah

The bank posted a profit after tax of Rs. 36.456 billion as compared to Rs. 18.206 billion last year, showing over 100 percent growth. The earnings per share (EPS) stand at Rs. 23.12, increasing from Rs. 10.27. It paid a total dividend of Rs. 8 per share in 2023.

The bank has set up a lifestyle banking branch with digital solutions. It also acquired over 7 percent of stakes in a BNPL entity. The bank has crossed significant milestones of 1,000 branches and Rs. 2 trillion in deposits.

9. Bank Al Habib

Bank Al Habib also witnessed a handsome profit growth of 113 percent in 2023. The bank’s profit increased to Rs. 35.3 billion in 2023 from Rs. 16.5 billion reported in 2022, which was the highest-ever profit of the bank too. The earnings per share of the bank also grew to stand at 31.7. The bank paid out Rs. 14 dividends per share to its shareholders across the year. The bank maintained its ranking in 2023 as compared to last year.

10. Habib Metro Bank

Habib Metro Bank also posted its highest-ever profit of Rs. 25.2 billion in 2023, as compared to the Rs. 14.92 billion reported in 2022. The earnings per share of the bank also grew to Rs. 23.4. The dividend amount received by shareholders also showed a marked growth of Rs. 10.50 per share. Like peer banks, the bank received approval for setting up its exchange company as a subsidiary of the bank.


The list of top 10 banks remained the same in 2023 from the previous year. Surprisingly, most of the banks retained their positions in terms of profit except Standard Chartered Bank and Allied Bank, which switched their rankings from 6th to 7th and vice versa.

The gap between the profits of the leading profit bank and the second-most profitable bank stands huge. Other competing banks, such as Faysal Bank, Bank of Punjab, and Habib Metro Bank, did not retain their positions on this list.

In an unusual turn of events, the profits of two banks—HBL and UBL—showed an increase amidst heightened competition in 2024. The year 2024 is anticipated to witness banks sustaining their profit growth amidst a high policy rate regime. Those banks prioritizing diverse revenue streams and leveraging technology will gain a competitive edge, enhancing their profitability over other banks.

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