Despite challenges to the national economy and business climate, commercial banks in Pakistan continued to expand their assets.
The balance sheets of most banks experienced staggering growth due to historically high-interest rates and investments in government securities.
However, a select few leading banks, guided by distinct bankers, managed to differentiate themselves through innovative initiatives and strategic business approaches.
Here is the list of Pakistani bankers with substantial incomes.
1. Jawaid Iqbal, President and CEO UBL
Jawaid Iqbal is the highest-paid banker in Pakistan’s banking system. He serves as the President and CEO of United Bank Limited and recently completed his first year in this role. He earned an annual income of Rs. 386 million, which is 33% or Rs. 97 million higher than the salary of the bank’s previous chief.
Although UBL ranks fourth in terms of bank profitability, the board remains generous in incentivizing its team leader with income tied to specific targets. Similarly, the bank reduces the annual salaries of its top bankers in their final year of tenure, as evidenced by the case of his predecessors.
Under this management, UBL reported its highest-ever annual profit after tax of Rs. 56.47 billion in 2023, marking a 74 percent increase compared to the previous year.
The bank attained an asset value of Rs. 5 trillion and deposits of nearly Rs. 2.2 trillion by the end of 2023.
2. Irfan Siddiqui, President and CEO of Meezan Bank
Irfan Siddiqui, President and CEO of Meezan Bank, holds the second position for the highest income in the country’s banking sector. He leads the most progressive and profitable bank in Pakistan. Siddiqui earned an annual income of Rs. 359 million, surpassing the previous year’s Rs. 297 million.
Under his management, the bank recorded its highest-ever profit of Rs. 84.5 billion in 2023, compared to Rs. 45 billion reported in 2022, demonstrating an 87 percent year-on-year growth. The bank’s assets and deposit values surged to over Rs. 3 trillion and Rs. 2 trillion, respectively. Additionally, the bank expanded its network of branches to 1,000 locations across 200 cities.
3. Muhammad Aurangzeb, President and CEO HBL
Formerly holding the title of the most expensive banker, Muhammad Aurangzeb, President and CEO, now ranks third. His annual salary amounted to Rs. 352 million, reflecting a 14 percent increase of Rs. 45 million compared to 2022.
Under his leadership, various initiatives were undertaken, including the establishment of HBL Zarai Bank, a specialized subsidiary, the revival of Burewala industries, and a strong commitment to the IT industry. The bank achieved its highest-ever profit of Rs. 57 billion in 2023.
Aurangzeb has left the bank to serve the country as the finance minister in the cabinet of Prime Minister Shahbaz Sharif.
4. Atif Bajwa, President and CEO of Bank Alfalah
Atif Aslam Bajwa, recognized as one of the high-performing CEOs, retained his position among the top bankers, receiving a substantial salary. He received a raise of 28%, amounting to Rs. 63 million. During his tenure, the bank experienced significant digital transformation, particularly with the introduction of a specialized lifestyle branch.
The bank achieved several milestones, such as expanding its network to 1000 branches and increasing deposits to over Rs. 2 trillion. Additionally, he performed commendably by acquiring stakes in a fintech operator. The bank reported a profit of Rs. 36 billion, marking a significant 97% increase compared to the previous year’s profit.
5. Rehan Shaikh, President and CEO Standard Chartered Bank
Rehan Shaikh received a handsome salary package of Rs. 258 million in 2023, compared to Rs. 244 million in 2022. He ranked fourth last year in the race of high-paying CEOs. Under his management last year, Standard Chartered Bank witnessed the highest profit growth among major banks, with a remarkable 115 percent increase year-over-year.
The bank’s profitability surged to an all-time high of Rs. 45.6 billion in 2023 from Rs. 19.8 billion in 2022. Additionally, the bank achieved the significant milestone of reaching Rs. 1 trillion in assets, with deposits also growing to Rs. 720 billion. Shaikh spearheaded major transformations within the bank.
6. Yousaf Hussain, President and CEO Faysal Bank
Yousaf Hussain is the President and CEO of the second-largest Islamic bank in the country, with an annual salary of Rs. 221 million, reflecting a notable 33% increase. Although his bank did not secure a position among the top 10 most profitable banks in the country, Hussain did maintain his position among the top 10 highest-paid bankers.
Under his leadership, the Islamic Bank attained its highest-ever profit of Rs. 20 billion, while the deposit base surpassed Rs. 1 trillion by the end of 2023.
7. Mansoor Ali Khan, President and CEO, Bank Al-Habib Limited
Mansoor Ali Khan, President and CEO of Bank Al-Habib Limited, is also recognized among the highest-performing and highest-earning bankers. In 2023, he received an annual income of Rs. 209 million, compared to Rs. 166 million in 2022. The bank remained dedicated to expanding its branch network nationwide and bolstering its trade finance portfolio.
Under his leadership, the bank, boasting 111 branches and a network of 1300 ATMs, achieved an asset value exceeding Rs. 2.5 trillion.
8. Zafar Masud, President and CEO, Bank of Punjab
Zafar Masud, President and CEO of Bank of Punjab, is renowned as one of the luckiest and most esteemed bankers. He is actively engaged in a mission to modernize the bank with advanced systems. Despite experiencing a slight reduction in his salary, from Rs. 181 million to Rs. 171 million, Masud remains committed to the bank’s transformation.
Under his leadership, the bank’s profits soared to over Rs. 11 billion in 2023. Furthermore, it doubled its asset value to Rs. 2.2 trillion, while the deposit value surged to Rs. 1.5 trillion. Additionally, Masud’s bank is exploring the possibility of transitioning from a conventional banking system to an Islamic banking model.
9. Atif Bokhari, President and CEO Askari Bank
Atif Bokhari is a seasoned banker in Pakistan who has previously led various banks, including United Bank Limited and NIB Bank, as President and CEO. He is currently overseeing operations at Askari Bank with an ambitious plan to expand its footprint and business across the country.
The bank is upgrading its human resources and technology usage with an aggressive approach to reaching out to customers.
In 2023, he was rewarded with an income of Rs. 144.5 million, compared to the Rs. 96.1 million salary he received in 2022. With this significant increase, he once again joined the league of the top 10 highest-paid CEOs in Pakistan.
Under his management, the bank’s profit grew by over 50% in 2023, surging to Rs. 21 billion. Additionally, the bank’s value of assets and deposits increased to Rs. 2 trillion and Rs. 1 trillion, respectively.
The bank is facing immense competition to make it among the top 10 banks.
10. Shoaib Mumtaz– President and CEO MCB Bank
Shoaib Mumtaz serves as the President and CEO of MCB Bank. He has upheld his bank’s position as the second-most profitable bank in Pakistan. With over 15 years of association with the bank, he assumed the role of President and CEO last year.
Under his leadership, the bank witnessed a remarkable growth of 89 percent in profitability, reaching Rs. 65.3 billion compared to the Rs. 34.45 billion recorded in 2022.
Surprisingly, he received an annual income of Rs. 126 million in 2023, marking an increase of Rs. 22 million from the previous year.
These bankers also enjoyed handsome benefits and perks, such as company-maintained cars, utility charges, medical coverage, special allowances, memberships in various clubs, bank shares, and more.
