The banking sector plays an important role in the development of Pakistan’s economy.
Pakistan’s banking system consists of the following banks:
- Commercial Banks
- International banks
- Islamic banks
- Development Financial Institutions
- Microfinance Banks
Here is a list of some TOP banks of Pakistan:
- Habib Bank Limited (HBL)
- National Bank of Pakistan (NBP)
- Meezan Bank
- MCB Bank
- United Bank Limited (UBL)
- Allied Bank
- Faysal Bank
- BANK ALFALAH
- Soneri Bank
- Askari Bank
- Standard Chartered Pakistan
- Bank of Punjab
So, what is the best bank in Pakistan?
The State Bank of Pakistan (SBP) is Pakistan’s central bank. All Banks of Pakistan fall under the administration of the Central bank (SBP).
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1. Habib Bank Limited (HBL)
This bank was established in Mumbai in 1941 on the request of Muhammad Ali Jinnah (the founder of Pakistan) to help Indian Muslims. Based on assets, it is the largest bank in Pakistan. The HBL bank operates through the following sectors.
- Branch Banking,
- Corporate Banking,
- Retail Financing,
- SME and Investment Banking services.
Here are some other details about HBL bank:
- The headquarters is in Karachi.
- Serving customers through more than 1500 branches across different cities in Pakistan and 55 branches across different countries.
- The network of approximately 2007 ATMs.
Habib Bank Limited is the largest bank in Pakistan. It is involved in the commercial banking sector and many financial services. The HBL also provides asset management services in Pakistan and abroad. The Bank’s divisions have Branch Banking, which includes loans, securities, and various banking services like agriculture, customer, small scale business, and commercial clients.
2. National Bank of Pakistan (NBP)
National bank of Pakistan is the largest state-owned bank founded in 1949. This bank acts as an assistant to the Central Bank of Pakistan. This bank provides banking a range of services in the commercial sector as well as in the public sector.
Some other details about the National bank of Pakistan are mentioned below
- Headquartered in Karachi, Pakistan.
- Around 12000 employees.
- 1,450 branches across Pakistan.
- 21 branches internationally.
- Serving customers through more than 1000 ATMs.
- Representative offices are in Canada and China.
The National Bank of Pakistan has created a broad range of customer products, to improve marketing and provide to the various sections of society and reach its cultural engagements. Some projects have been particularly created for the low to middle-income parts of society.
3. Meezan Bank
Meezan bank is one of the TOP banks in Pakistan. It is the First Islamic bank of Pakistan established in 1997. This bank operates according to the rules and principles of Islamic law. This bank has about 600 branches across different cities of Pakistan. The headquarters are in Karachi.
Bank Alfalah was established in 1992 and it is the 5th largest bank of Pakistan. It operates through more than 600 branches across different cities in Pakistan and also has an international presence in Bangladesh, Bahrain, Afghanistan, and UAE.
The Car Ijarah, given by Meezan Bank is the greatest interest-free car funding goods in Pakistan. The Bank also provides various services like Meezan Rupee Current Account, Karobari Munafa Account, and Savings Account. The financial products are completely based on financing policies and leasing.
4. MCB Bank
MCB is one of the biggest and oldest banks in Pakistan. It was founded in 1947.
Here are some details about the bank:
- Headquartered in Lahore, Pakistan.
- Serving about 4 million customers.
- More than 1100 branches across Pakistan.
- About 8 branches in different countries.
- Around 14,000 employees.
In 2005, the administration of the bank cut its title from Muslim Commercial Bank to MCB Bank to jump into global markets; they were encountering opposition due to the term Muslim particularly from Western Nations to get a permit.
5. United Bank Limited (UBL)
In the private banking sector, UBL can be the biggest bank in Pakistan but it is definitely the oldest one. It was founded in 1959.
Here are some details about the bank:
- More than 1380 branches across different cities of Pakistan.
- International presence in more than 19 countries.
- Headquartered in Karachi, Pakistan.
The bank has more than $15 billion assets, a huge amount of employees, and a different client base including an extensive area of divisions and businesses over the world. UBL gives services in more than 12 countries like UAE, Bahrain, Qatar, China, Oman, Yemen, UK, Switzerland, the US, Tanzania, Iran, and Pakistan.
6. Allied Bank
Allied Bank was established in 1942. The bank has more than 4000 employees. Allied bank has been serving its customers through more than 1100 branches and 1150 ATMs across different cities in Pakistan.
The bank also provides short term credit facilities to clients to reach their regular business/working money necessities and fund their lists, receivables, etc. In interest to guarantee agreement, these facilities also require security in the body of the stocks.
7. Faysal Bank
The Faysal Bank was established in 1994. It provides a range of financial services in Pakistan. The bank has about 350 branches across 100 different cities and more than 3000 employees.
Faysal Bank has launched several lending and deposit stocks to small companies and customers. It includes loans and other services like loans for buying raw material, stocks purchasing machinery, and new machinery Trade finance.
8. BANK ALFALAH
Bank Alfalah Limited, established in 1997 is a single bank in Pakistan controlled by the Abu Dhabi Group. Bank Alfalah is the 6th largest bank of Pakistan with more than 640 branches in Pakistan and overseas.
Chartered as a public limited partnership on 21st June 1992, beneath the Companies Ordinance, Bank Alfalah started banking services from 1st November 1997.
The Bank gives business solutions to customers, businesses, organizations, and states through a wide range of products and co-operation. It also includes:
- Corporate and finances investment
- Customer banking, and credit
- Securities brokerage
- Advertisement, SME, agri-finance
- Islamic and asset investment
- Credit cards
Bank Alfalah employs over 7000 personnel and operates through a network of over 700 branches across Pakistan.
According to a 2014 report, the bank records Rs.55.378 billion as revenue and a net income of Rs.8.513 billion.
It also functions internationally in Bangladesh, Afghanistan, Bahrain, and the United Arab Emirates.
9. Soneri Bank
Soneri Bank Limited was chartered in Pakistan in the year 1991 as a public limited partnership beneath the Companies Ordinance. Its certified office is located at Rupali House Lahore, Punjab and its shares are priced on Pakistan Stock Exchange. The Bank is involved in:
- Investment services as defined in the Banking Companies Ordinance, 1962.
- Retail Banking services; current accounts, savings account, SME financing, Agricultural financing, pensioners account, consumer finance, deposit lockers, electronic banking, and SMS alert services.
- Corporate and Investment Banking offers customers; cash management services, supply chain financing, working capital financing, and long-term financing.
- Foreign Exchange Services.
- Online Banking services.
- Credit cards.
- It works with more than 290 branches including 21 Islamic banking branches in Pakistan.
The bank employs 3,526 personnel, and as of 2020, it reported Rs.1.9 billion as profit for 2019 via an annual financial report.
10. Askari Bank
Askari Bank is a business and retail bank in Pakistan and is controlled by Fauji Foundation. The bank was established in the year 1991, as a Public Limited Company. In 2013, the bank was procured by Fauji Group. The Bank is registered on the Pakistan Stock Exchange (PSX) and was also registered on various stock exchanges like Karachi, Lahore, and Islamabad before their alliance to make the unique united Pakistan Stock Exchange. The bank received its license of Banking Companies Ordinance. It provides services like:
- Corporate and finances investment,
- Customer banking, and credit,
- Securities brokerage,
- Trading and Sales,
- Retail Banking,
- Commercial Banking,
- Payment and Settlement,
- Agency Services,
- Asset Management segments.
Headquartered in Rawalpindi, the bank employs over 7,279 personnel with 440 branches across the country. According to a 2016 report, the bank reports a total of assets valued at US$5.6 billion and a net profit of US$47 million.
11. Standard Chartered Pakistan
The bank is headquartered in Karachi, Pakistan, with over 9000 employees included in its 94 branches across the country. Profits of the bank by the end of the third quarter of 2019 surged to Rs. 11.4 billion. The bank offers several products, including Loans, Credit Cards, Savings, and Consumer Banking.
12. Bank of Punjab
The major services provided by the bank include a deposit in the local currency, client deposit in foreign currency, remittances and advances to business, trade, industry, agriculture, Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity and wealth management.
It has a wholly-owned subsidiary called First Punjab Modaraba which was established in 1992. Bank Of Punjab employs a total number of 6,092 persons and accordingly a 2017 annual report, records a net income of PKR 4.7 Billion and PKR 7.6 Billion revenue.