The top 10 CEOs in Pakistan’s banking sector are listed below.

Despite having to pay hefty taxes, Pakistan’s banking sector continues to be very successful thanks to the alluring interest and profit rates it provides.

In these difficult times, the margins are being squeezed by the shrinking funding to the private sector, but the banks are finding safety in the return on their investments in government securities.

On many fronts, including deposit mobilisation, consumer lending, services for remittances to Pakistanis abroad, the protection of shareholders’ interests, the implementation of the central bank’s regulations, and much more, there is fierce competition among the banks. The CEOs, along with the management and their teams, are leading the charge to increase the assets and profitability of these banks.

Here is a list of the top bankers in Pakistan along with their pay.

1. Meezan Bank’s president and CEO, Irfan Siddiqui

Irfan Siddiqui received the highest pay in Pakistan’s banking sector. In 2022, he received compensation of Rs. 422 million, an increase of Rs. 116 million, or 37%, over what he received in the previous year (Rs. 306 million). With earnings surging to a record amount of Rs. 45 billion in 2022 under his leadership, the bank became the most profitable bank in the business with a 59 percent year-over-year gain in profits.

His bank was the fifth-most profitable bank last year, and he was ranked second among CEOs with the highest salaries. He and his bank won the top spot in 2023.

He established the contemporary Islamic banking industry in Pakistan by forming the bank and starting the bank’s operations from scratch. Throughout the course of his nearly 20-year professional career, he has significantly contributed to the growth and development of both his bank and the Islamic banking sector.

2. Habib Bank Limited President and CEO Muhammad Aurangzeb

The banking industry’s second-highest income earner is Muhammad Aurangzeb. In 2022, he received a remuneration package worth Rs. 307 million, up from Rs. 265 million in 2021. While losing its top spot in terms of profitability, the bank nevertheless managed to make a profit of Rs. 34.4 billion, which is historically the second-highest profit.

The bank has advanced significantly under his direction in a number of sectors, including funding for agriculture, branchless banking, and the bank’s most well-known and fruitful endeavour, the Pakistan Super League. Several banks are probably going to adopt his ideas in the future.

3. President and CEO of United Bank Limited, Shazad Dada

Shazad Dada is regarded as one of Pakistan’s highest-paid bankers. He held the third spot in 2022 and received a remuneration package worth Rs. 269 million. He made Rs. 340 million from the banking sector in 2021, which was his highest-ever revenue.

Under his leadership, the bank’s profits increased by 4% year over year to an all-time high of Rs. 32 billion. The bank made outstanding strides in terms of technology.

4. Standard Chartered Bank President and CEO Rehan Shaikh

Rehan Shaikh’s pay increased by Rs. 50 million to Rs. 244 million in 2022 from Rs. 194 billion in 2021. With a historic all-time high profit of Rs. 19.84 billion announced in 2022, 45 percent higher than the previous year, the bank maintained its profit trend under his stewardship. The bank moved up two spots in the list of the most profitable banks.

5. President and CEO of Bank Alfalah, Atif Bajwa

Atif Bajwa has a firm grasp on the local market’s dynamics. He earned Rs. 225 million in annual income in 2022 as opposed to Rs. 187 million in 2021, an increase of Rs. 37 million. The bank under his direction saw tremendous rise in profitability, with a year-over-year gain of 27%. Deposits, assets, and the bank’s network of branches all increased in 2022.

6. Bank of Punjab President and CEO Zafar Masud

In 2022, Bank of Punjab President and CEO Zafar Masud received a significant raise of Rs. 47 million. His stated income of Rs. 134 million in 2021 was substantially lower than his claimed income of Rs. 181 million in 2022. Zafar’s remuneration is significantly higher than that of the president of the National Bank of Pakistan because he is the president and CEO of a public sector bank owned by the state government. He was among the top 10 bankers in terms of pay last year, but this year he rose to sixth place.

Masud has adopted a strategy to have his bank operate more like a private bank in terms of customer service and use of technology.

7 .The CEO and President of Bank AL Habib is Mansoor Ali Khan.

Mansoor Ali Khan’s salary increased by Rs. 38 million, or 29%, from Rs. 128 million in 2021 to Rs. 166 million in 2022. However, the bank’s performance in terms of profitability was poor, with a drop of 11% year over year in 2022, mostly because of provisioning in sovereign bonds. Of the top ten banks in the nation, it is the second bank that had a fall in profitability.

8..Yousaf Hussain is the CEO and President of Faysal Bank.

Yousaf Hussain’s salary increased by Rs 29 million year or 21%, from Rs 137 million in 2021 to Rs 166 million in 2022. The bank achieved an all-time high profit of Rs. 11.4 billion in 2022 while under his control.

Under his direction, the bank completed the job of switching from a conventional to a Sharia-based financial system in 2022.

9. The CEO and President of Habib Metro Bank, Mohsin Ali Nathani

When compared to the income of Rs. 124 million reported in 2021, Mohsin Ali Nathani’s income increased by Rs. 20 million (16%) to Rs. 144 million in 2022. Habib Metro Bank achieved its place among the top 10 profitable banks in Pakistan in 2022 under his direction. It announced a profit of Rs. 14.9 billion, an increase of 8% from the previous year and the bank’s highest-ever profit.

10. Shoaib Mumtaz is the CEO and President of MCB Bank.

In 2022, Shoaib Mumtaz, President and CEO of MCB Bank, earned Rs. 105 million. His pay was significantly less than that of his predecessor, Imran Maqbool, who last received a salary of Rs. 233 million annually in addition to benefits and perks in 2021.

Under his leadership, MCB Bank kept its second place finish among the top ten most profitable banks in the nation. Its profitability increased by a respectable 6.6 percent, reaching an all-time high of Rs. 34.45 billion in 2022.

Several Banks
These bankers received pay ranging from more than Rs. 400 million to Rs. 100 million, a huge difference. The remaining banks, with the exception of a few, like Samba Bank and BankIslami, typically offer yearly compensation packages of less than Rs. 100 million, depending on the banks’ profitability and performance.

These bankers enjoyed a range of advantages and perks in addition to their substantial income packages, such as special allowances, awards, company-maintained cars, club dues, and international trips.

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