Karachi - 24 February 2022:
HBL today declared a record consolidated profit before tax of Rs. 62.0 billion for 2021, achieving a growth of 17% over 2020. Profit after tax increased to Rs. 35.5 billion in 2021, also the highest ever, and earnings per share increased from Rs. 21.06 in 2020 to Rs. 23.88. The Bank declared a final dividend of Rs. 2.25 per share (22.5%).
During the year, HBL became the first bank with a Rs. 4 trillion balance sheet, with year-end footings of Rs. 4.3 trillion, a 12% growth over Dec’20. Domestic current deposits achieved the Rs. 1 trillion landmark, and total domestic deposits crossed the Rs. 3 trillion mark, improving market share to 14.14%. With a turnaround in the international businesses, HBL’s total deposits increased by 19% to Rs. 3.4 trillion.
Advances continued their growth trajectory, rising by 23% to reach Rs. 1.5 trillion with double digit growth across all lending units. HBL’s leading position in the Consumer business was further reinforced as the portfolio crossed the landmark number of Rs. 100 billion. HBL’s focus on priority sectors led to agriculture lending reaching an all-time high of Rs. 40 billion. Despite the strong growth in advances, the Bank’s Tier I and Total CAR remained well above regulatory requirements.
HBL delivered a record revenue of Rs. 168 billion in 2021, on the back of a Rs. 450 billion expansion in the average balance sheet and an impressive growth in non-fund income. The Bank’s net interest income increased to Rs. 131 billion, and non-fund income grew by nearly 20% to Rs. 36 billion; the latter was driven by a stellar growth of 35% in fees and commissions, which increased to Rs. 25 billion. While the increase in fees was broad-based, the flagship cards and consumer businesses alone delivered a phenomenal growth of 58%; this was supported by exceptional performances in trade, remittances, and investment banking.
Total expenses of the Bank remained well managed, rising only marginally by 2%. With rising revenue and more efficient operations, HBL was able to achieve a substantial reduction in its cost to income ratio (excluding capital gains) which fell from 61.2% to 57.5%. Asset quality, through the pandemic, was closely monitored and prudently managed with the infection ratio improving further, to an all-time low of 5.1%.
Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO – HBL said, “HBL’s 2021 results, underpinned by client centricity, were driven by strong organic growth. Exceptional performance across all business segments and activity drivers further cemented the Bank’s leading position across all client segments. HBL remains at the forefront of supporting government initiatives for economic development, and the Bank continued to increase private and public sector credit. HBL continues to provide innovative products and financial solutions to its clients whose banking needs are moving beyond traditional channels. The trust and confidence that our clients repose in us is a validation of our business strategy.”
The Bank maintained its leadership position in personal loans, merchant acquiring, credit cards and debit cards. Auto finance grew by 45% and achieved an industry leadership position in 2021. HBL Cards was the first choice for clients which can be seen by the 63% growth in Credit Card spend from Rs. 69 billion to Rs. 113 billion. HBL’s debit card remains the market leader with 6.2 million cards and a 21% market share. Spend volumes increased by 64% over last year, with e-commerce volumes growing by 81%. The Bank’s SME segment grew by 17% in 2021 i.e., from Rs. 63.0 billion in 2020 to Rs. 74.0 billion in 2021. The Bank’s focus on supporting trade transactions of retail clients led to a YOY growth of 20% in trade volume during 2021.
HBL serves over 3.5 million women clients, including 750,000 under its women’s market program, Nisa. In 2021, the program added over 110,000 new accounts with a deposit volume of Rs. 16 billion. HBL is amongst the highest contributors to the Roshan Digital Account (RDA) initiative with USD 0.5 billion channeled into the country and a market leading share of 20% of RDA accounts. HBL Prestige services the unique needs of high-net-worth clients; the Bank ended 2021 with 24 Prestige touchpoints. The Islamic Banking branch network was increased to 260, the 4th largest in Pakistan.
HBL expanded its farm-to-processor pilots to almost 18,000 acres in 2021, scaling up in-kind financing. Small leasehold farmers achieved a doubling in net income. HBL plays a leading role in farmer financing amongst commercial banks with a market share of approximately 34%. HBL grew its agriculture lending to a record Rs. 40 billion, re-entered the dairy sector with loans of Rs. 1.5 billion and disbursed Rs. 1 billion to clients. In 2021 HBL became the first bank to fund an Electronic Warehouse Receipt, approving Rs. 400 million.
HBL maintained its dominant position in cash management with throughput rising by 58% to nearly Rs. 8 trillion. HBL was awarded the Best Domestic Cash Management Bank by Asia Banking & Finance and was also ranked first in Asiamoney’s Cash Management Poll 2021 for Pakistan Market Leader and Best Service. Both awards were won based on votes by clients, a validation of HBL’s increasingly client-centric approach. Digital payments through HBL Pay Business Banking more than doubled, with 29 million transactions and Rs. 3.4 trillion in volume processed. In 2021, HBL closed landmark investment banking deals across the full spectrum of segments including co-managing the first-ever USD 500 million Green Eurobond for a large public sector utility. HBL partnered with the CDC Group, UK on financing a 100MW solar power project; in 2021 HBL disbursed over Rs. 5.5 billion to encourage and enhance the use of sustainable energy for business needs. To reduce the impact of the Bank’s own operations on the environment, solar panels were installed at several premises leading to a 220 metric ton reduction in HBL’s carbon footprint.
HBL Mobile and Internet Banking transactions have now surpassed even the over-the-counter transactions. HBL’s tech-celaration enables 2.5+ million clients in Pakistan and globally to unlock enormous value for their business and personal needs through cutting edge mobile and internet banking platforms. HBL’s internet payment gateway service for ecommerce merchants,HBL Pay Checkout, grew its user base by 31% year on year. These new merchants brought in more transactions through HBL, surging by 85% since 2020.
Konnect by HBL, the Bank’s branchless banking platform, doubled transactions to 84 million with volumes reaching Rs. 846 billion in 2021. A focused strategy led to an over 30% increase in overall account portfolio, from 5.4 million to 7.1 million, which supports the unbanked segments to access HBL with ease. Konnect also strengthened its partnership with Punjab and KPK Agri departments to digitize the government to farmer subsidy payments and disbursed Rs. 11 billion to more than 1 million farmers. In parallel, 790,000 Konnect accounts were opened, and Kissan Cards were subscribed by registered farmers making Konnect the largest issuer of PayPak Debit cards in the country. HBL was one of the first few banks chosen to become part of the pilot project run under the National Micro-Payment Gateway – RAAST.
HBL Treasury & Global Markets was a core contributor to the Bank’s bottom line in 2021, with all business lines performing strongly. The Bank launched an upgraded version of HBL Infinity®, the Bank’s unique online B2B FX portal. HBL commenced its branch in Beijing making it the only bank from Pakistan to have a presence in the Chinese capital. HBL’s market share in home remittances increased from 8.2% in 2020 to 10%, driven by strong growth in volumes.
HBL renewed its commitment with PCB for another four years celebrating ten years of HBLPSL since its inception in 2016, and highlights HBL’s efforts towards the development of youth and the discovery of talent for Pakistan.
HBL won multiple awards from international and local platforms including Best Bank in Pakistan from Euromoney Awards, Pakistan’s Best Bank 2021 and Best Bank for Small and Medium Businesses 2021 from the Pakistan Banking Awards. It bagged eight awards from Global Diversity & Inclusion Benchmarks (GDIB) 2021 and won the Best Green Bond Award and Best Structured Finance Deal for Pakistan from The Asset Triple A Sustainable Capital Markets Country & Regional Awards 2021.
Karachi, Pakistan – 15 September 2022:
HBL, the largest and best bank in Pakistan, has announced raising the staff service age from 60 years to 65 years. This first-of-a-kind step underscores the Bank’s commitment to the well-being of its staff, thus ensuring they continue to thrive.
In the current socio-economic environment, this first-of-a-kind step is a game-changer for the financial industry. This ensures that the staff continue to financially support their families in the present global and local economically challenging times. Moreover, it will allow the Bank’s experienced staff members to further utilize their skills and also pass on those skills to the younger generation.
With effect from 01 September 2022, the Bank will retain all its management staff till the age of 65 years.
Commenting on the initiative, Muhammad Aurangzeb, President & CEO - HBL, stated, “The strides that the Bank has made over the last eight decades, would not have been possible without the dedication and hard work of its people. HBL, with guidance from the Chairman and the Board of Directors, undertook the game-changing step of raising the service age to improve the quality of life of those we work with and those we serve. This effort underpins our belief in being a ‘Bank with a Soul’.”
Muhammad Aurangzeb, President & CEO - HBL (4th from left) receiving the award for ‘Best Bank 2022’ on behalf of HBL from Jameel Ahmad, Governor - State Bank of Pakistan (3rd from left) at the Pakistan Banking Awards 2022.
Karachi, Pakistan – 9 December 2022:
HBL wins Pakistan’s Best Bank award 2022 at the Pakistan Banking Awards held in Karachi on 9 December 2022. The Best Bank award recognizes the bank that has demonstrated the most significant contribution to national development and the most effective management of its resources including their employees, clients, franchise, community, and financials.
The Institute of Bankers Pakistan (IBP) in partnership with The DAWN Media and A.F. Ferguson & Co. annually come together to conduct the Pakistan Banking Awards. This year the Awards were adjudged by a 5-member jury of experts comprising of Syed Salim Raza, Former Governor - State Bank of Pakistan, Naved A. Khan, Former President / CEO - Faysal Bank Limited, Dr. Zeelaf Munir, MD & CEO - English Biscuit Manufacturers (Pvt.) Ltd., Javed Kureishi – Former MD Citibank and Shehzad Naqvi, Former Regional Head - Citibank Middle East and Pakistan.
Jameel Ahmad, Governor - State Bank of Pakistan (SBP) was the Chief Guest at the ceremony. Key stakeholders of Pakistan’s banking and financial fraternities were also present on the occasion.
Commenting on the occasion, Muhammad Aurangzeb, President & CEO - HBL said, “The Best Bank Award 2022 is a testament to the trust and confidence that our clients repose in us. For HBL, client centricity is the bedrock of both our business and culture; together, we succeed. The Bank continues to invest in its people, digital infrastructure, and business expansion, aligned with the key pillars of the Bank’s strategic vision – playing its due role in the economic development of Pakistan.”
Pakistan, Karachi – 24 February 2023:
HBL today declared a consolidated profit before tax of Rs 77 billion for the year ended December 31, 2022, an increase of 24% over last year. Along with the results, the Bank declared a final dividend of Rs 1.50 per share taking total payout for 2022 to Rs 6.75 per share. Profit after tax however declined by 3% to Rs 34.4 billion, as a result of retrospective taxation and an effective increase of 10% in the income tax rate for banks, from 39% to 49%.
HBL’s balance sheet grew by 7.4% to Rs 4.6 trillion with total deposits at Rs 3.5 trillion. The Bank increased current accounts by over Rs 200 billion and low-cost savings by Rs 136 billion, closing the year with total domestic deposits of Rs 2.9 trillion; the CASA ratio improved to 86.5%. In line with its stated intent of supporting clients through the cycle, HBL continued its supply of credit, growing domestic advances by Rs 241 billion to Rs 1.4 trillion, a growth of more than 20% over 2021. The Bank’s Advances to Deposit Ratio (ADR) rose to 52.9%.
The flagship consumer business, increased lending by Rs 20 billion to Rs 122 billion, while Commercial lending crossed a key milestone of Rs 100 billion. HBL Microfinance also continued to support the most vulnerable, increasing its inclusion efforts and growing loans by 50% to Rs 85 billion.
Net Interest Income increased by 26% to Rs 166 billion, driven by a Rs 540 billion growth in average balance sheet volumes and margin expansion of 81 bps. The Bank continues to retain its leadership in fee income, which posted a double-digit growth of 24% to reach Rs 31.5 billion. Nearly 50% of the growth came from its market leading Cards business, where HBL’s Platinum Card is in constant demand. This helped total non-fund income to rise by 29% to Rs 46.7 billion. Total revenue thus grew by 27% over 2021 to Rs 212 billion, HBL’s highest ever.
HBL’s total administrative expenses were Rs 124.8 billion as persistent inflation and rapidly escalating fuel and utility costs created pressure across all categories. The Bank’s infection ratio improved from 5.1% to an all-time low of 4.8% while provision coverage was prudently maintained at above 100%.
Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “The Bank has delivered excellent results despite the challenging macroeconomic environment. As a testament to our client-centric approach, HBL’s performance was propelled by strong organic growth across all business segments and activity drivers, solidifying our leading position in all client segments. Moreover, HBL is actively working on financial inclusion initiatives supported by significant investments in technology and digitalization. During 2022, HBL remained conscious of its responsibility to support clients and the broader economy.”
Business Developments
HBL’s digital channels continued to play a significant role in shaping Pakistan’s financial landscape in 2022, processing over 310 million financial transactions worth more than Rs 4.3 trillion. Throughput saw a collective growth of over 55%, a testament to our commitment to becoming a ‘Technology Company with a Banking License’.
During the year, Mobile Banking witnessed a growth of 107% YoY. The Bank launched the HBL Islamic Mobile app to provide convenience for clients with Shariah-compliant needs. In another industry first, HBL enabled financial transactions through the HBL WhatsApp banking channel; it continues to grow with a 43% increase in the user base in 2022.
Maintaining its streak of bringing innovative solutions to Pakistan, HBL commercialized the conversion of mobile phones into POS terminals, thus enabling smartphones to accept card-based payments at the time of delivery and revolutionizing the delivery payments process. Through bypassing the need for cash on delivery, merchants get real-time information and 24-hour settlement, thus saving them the hassle of handling cash while freeing up their working capital. For this first-to-market initiative the Bank won – the ‘Best Payments Initiative’ award at the Pakistan Digital Awards and the ‘Point of Sale Initiative for the Year’ at the Asian Retail Finance Awards.
Konnect by HBL has maintained its dominant position in the Branchless Banking space with over 8 million clients; it is a point of pride that women continue to make up 24% of the client base. During the year, HBL launched an Islamic Konnect Account enabling clients in this segment to fulfill all their banking needs in a Shariah-compliant way. This unique product has received widespread acceptance, with over 200,000 accounts opened since launch. Konnect remains the Government’s preferred partner on key initiatives such as the Benazir Income Support Program, and disbursements of emergency relief funds and subsidies.
HBL’s clients’ usage of both debit and credit cards, grew by 71% over last year with spend reaching nearly Rs 300 billion in 2022. HBL’s credit cards remain the most sought-after in the industry, with one in every three Rupees being spent on an HBL Credit Card or on an HBL POS machine.
The Bank made significant strides in Agriculture financing, increasing its portfolio by 27% YoY and surpassing the Rs 50 billion milestone, a new record. HBL was declared the ‘Best Bank in Agriculture’ under the Large Banks category for 2021-22 by SBP, while HBL Microfinance received the same award in the Microfinance Banks segment. As the champion Bank for Balochistan, HBL led the industry with the highest-ever disbursements in the province. HBL also scaled up its agriculture pilot interventions in three districts in Punjab. These covered more than 25,000 acres and resulted in yield enhancements of more than 14%.
HBL Prestige, the Bank’s exclusive proposition for high-net-worth clients went international with the inauguration of its first lounge in Dubai. In Pakistan, the Prestige presence now extends to 38 lounges across 16 cities.
HBL continued to reinforce its leadership position across its multiple business areas. It became the first Bank to cross 100,000 RDA accounts, with over USD 900 million channeled into the country. In cash management, the Bank maintained its dominant position, increasing throughput by 56% to Rs 12.3 trillion. HBL remains the “go-to” bank for Investment Banking transactions and closed deals valued at over Rs 200 billion in 2022. The Bank also advised and closed Pakistan’s first and largest hybrid REIT issuance.
HBL’s International Banking returned to operating profitability this year despite high volatility and a challenging macroeconomic environment in our markets. This performance will provide the impetus for growth in 2023.
Environment Social Governance (ESG)
HBL announced its commitment to Net Zero by 2030 in line with AKDN’s own targets. To reduce the impact of the Bank’s own operations, solar panels were installed at several premises leading to a reduction of 288 metric tons in HBL’s carbon footprint. The Bank also undertook a nationwide Tree Plantation Drive under which more than 25,000 trees were planted across nine locations in Pakistan. HBL has also worked extensively with Tsinghua University in China on developing a Green Taxonomy Framework and this was formally rolled out in 2022.
Bank with a Soul
After several ground-breaking initiatives to support its staff during COVID-19, HBL this year raised the staff service age to 65, another industry first. In the prevailing socio-economic environment, this is a game-changer for many of our senior staff who have years of valuable experience, giving them the ability to both continue contributing to the Bank as well as maintain a standard of living for themselves and their families. In the wake of the floods, the Bank, through the HBL Foundation, facilitated the on-ground distribution of rations worth Rs 100 million, providing more than 1 million meals to over 14,000 families. Additionally, 3,100 tents and 400 mosquito nets were distributed in flood-affected areas across Balochistan and Sindh. HBL also donated Rs 128 million to support the impacted population in affected areas by sponsoring the construction of prefabricated homes.
Awards & Accolades
HBL won the ‘Best Bank in Pakistan’ from Euromoney Awards for Excellence 2022 and the ‘Best Domestic Bank Award 2022’ by Asiamoney. At the Pakistan Banking Awards, HBL was adjudged ‘Pakistan’s Best Bank’ and ‘Best Bank for Agriculture Financing’ while HBL Microfinance Bank was awarded the ‘Best Microfinance Bank’. HBL was awarded the ‘Best Investment Bank in Pakistan’ by World Finance Awards 2022.
HBL won ‘The Most Inclusive Organization 2022’ Award by the Global Diversity, Equity, and Inclusion Benchmarks (GDEIB).
The Bank remains committed to raise the bar of excellence in service and product innovation in 2023 and beyond.
Pakistan, Karachi – 03 May 2023:
HBL launches Digital Invoicing, an innovative payment solution designed for social media sellers, small businesses, and freelancers. The service enables them to offer their customers a convenient, secure, and cost-effective alternative to traditional payment methods, i.e. Cash-on-Delivery and account transfers. Merchants can create e-invoices for each order and send them to their customers as a shareable link over SMS, WhatsApp, email, or any communication channel for instant digital payment; the customer clicks on it to make a payment using their MasterCard or Visa credit/debit card.
HBL Digital invoicing has been developed to enable digital payments for sellers that conduct business over Facebook, Instagram, WhatsApp, and other platforms in the social commerce domain. It’s a low-investment solution that is specially designed to empower budding entrepreneurs with improved record-keeping and regular reporting, thereby enabling them to keep the focus on their business, rather than on tracking payments and deliveries.
Commenting on the initiative, Syed Kamran Mehdi Jaffery, Head Enterprise Solutions and Digital Channels – HBL, said, “HBL leads in exploring new markets to address the needs of niche participants with technological innovation. Our Digital Invoicing solution is one such product. It has been designed to facilitate sellers on social media and WhatsApp with digital payments. HBL will continue to innovate and offer digital products and services that are designed to uplift businesses, consumers, and Pakistan’s economy.”
Pakistan, Karachi – 05 June 2023:
HBL becomes the first Bank in Pakistan to launch a dedicated customer care Twitter handle “@HBLCare”. The Twitter handle will provide customers with a convenient platform to interact with HBL and get their queries answered quickly.
HBL is the only bank in Pakistan with two Twitter handles. The existing handle @HBLPak, which has more than 131,000 followers, will now be used for news and information.
Elaborating on the initiative, Ali Habib, Chief Marketing & Communications Officer - HBL, said, “We are excited to leverage the potential of Twitter to unlock value for our customers. HBL believes in the power of social media and through two dedicated Twitter handles, we will deliver more value to our customers”.
Pakistan, Karachi – 10 July 2023:
Asiamoney awards HBL the accolade of ‘Best Bank for Digital Solutions Pakistan’ for 2023. The Bank has also won, for the fifth consecutive year the ‘Best Domestic Bank Pakistan’ for 2023.
In the Asiamoney citation for the ‘Best Bank for Digital Solutions Pakistan’, HBL was appreciated for its relentless pursuit of innovation, particularly as a pioneer in providing seamless, secure, and integrated digital platforms. By working closely with regulators on enhancing security requirements, HBL continues to maintain its leadership position in banking, guiding customers towards a digital-first approach.
Commenting on the achievements, Muhammad Aurangzeb, President & CEO – HBL, said “HBL is honored to be recognized as ‘Best Bank for Digital Solutions Pakistan’ and ‘Best Domestic Bank Pakistan’. The Bank continues to provide innovative products and solutions to its customers whose banking needs are moving beyond traditional channels. Digital is and will be, at the heart of how HBL strives to serve its customers even better. These wins are a tribute to our millions of customers’ continued trust and confidence in HBL.”
Asiamoney is a global English-language publication focused on business and finance.
Pakistan, Karachi – 17 July 2023:
HBL has contributed over Rs 4 billion - spread over a decade - for the social uplift of Pakistan. In 2022 alone, the Bank contributed over Rs 580 million. This contribution is a testament to HBL’s commitment to being “More Than Just a Bank” making a real difference in the communities it serves. HBL shared this information at an event to mark the launch of its Impact & Sustainability Report - 2022 in Karachi.
In pursuance of HBL’s commitment to inclusion, sustainability, and community development, the Bank is pledged to reducing its own emissions; expanding its Green Banking portfolio; expanding its customer base to over 34 million including 4 million women; and contributing to the communities in which it operates by supporting healthcare, education, arts, and social development initiatives through the HBL Foundation.
Upholding the ethos of the Aga Khan Development Network (AKDN), HBL’s good governance and Corporate Social Responsibility is not confined to charitable giving, but also directed at conducting our daily business and living our daily lives with constant care for our physical and social environments. The HBL Microfinance Bank has contributed tremendously to ensuring that we are the single largest provider of microfinance and SME services in Pakistan. As the country’s largest banking group, we can foster positive change by example, leading with our walk as well as our talk.
Our unwavering commitment to sustainability is enabling us to play a leading role in developing the agricultural sector and promoting food security through investing in relevant learning and infrastructure.
Sultan Ali Allana, Chairman – HBL, commenting on the report said, “Last year in our review, we emphasized the urgent need to reflect on sustainability challenges in the future. This year, we lived in that future as unprecedented flooding devastated the country. We must come together and commit to positive action if we are to leave a functional planet for future generations.
Our priority remains consistent: to innovate and provide solutions that support growth and improve quality of life for our employees, those we serve, and the people of Pakistan.”
HBL invites you to read its Impact and Sustainability Report – 2022 to learn how profitability and sustainability together make a real difference.
Highlights of Impact and Sustainability Report 2022
- As part of the HBL’s Development Finance initiative, the Bank has completed 17 pilot projects, supporting 550 farmers through in-kind financing for crops spanning over 45,000 crop acres.
- HBL has developed its own Green Taxonomy (GT) which will facilitate directing capital flows to green projects.
- With a 27% increase in funding, HBL Foundation has deepened its contribution across key areas of need, ranging from health to education.
- HBL is following the path that has been defined by the Aga Khan Development Network (AKDN) Environment and Climate Change Commitment, envisaging a Net Zero goal by 2030.
- HBL’s sustained effort to steadily improve its gender ratio (from 3% in 2004 to 22% in 2022) was recognized at the 2022 GDEIB Awards with the “Most Inclusive Organization” award.
- HBL partnered with the Government of Pakistan and the National Disaster Management Authority (NDMA) to assist flood-affected families through Benazir Income Support Programme (BISP) and disbursed Rs 54 billion in relief to flood affectees.
- HBL has funded the building of two purpose-built villages, comprising 100 homes each in Qamber Shahdadkot and Larkana in Sindh. The cost of these refabricated villages that are equipped with solar panels is over Rs 264 million.
- In a significant move aimed at supporting its experienced workforce and promoting job security, HBL extended its staff service age from 60 to 65 years in 2022.
Faisal N. Lalani, Head International Banking – HBL (sitting on left), and Amin Khowaja, Chief Executive Officer, Pakistan - J.P. Morgan (sitting on right) signed the agreement. Senior officials from both organizations were also present on the occasion.
Pakistan, Karachi – 5 October 2023:
HBL, the largest bank in Pakistan has entered into an agreement with J.P. Morgan Payments, to provide secure, and cost-effective cross-border payments via J.P. Morgan’s Xpedite Remit. The agreement extends an existing relationship between the two financial institutions to provide remittance services in Pakistan.
Commenting on this collaboration, Faisal N. Lalani, Head International Banking – HBL, said, “We are extremely proud of this engagement with J.P. Morgan Payments. J.P. Morgan’s Xpedite Remit solution will enable individuals across the globe to send remittances to Pakistan in a secure and cost-effective manner. Remittances can be sent to HBL and other bank accounts or as Cash Over Counter from any of the Bank’s 1750+ branches in Pakistan.”
Commenting on this collaboration, Amin Khowaja, Chief Executive Officer, Pakistan - J.P. Morgan, said, “With the signing today, J.P. Morgan is very excited to enter into a strategic engagement with HBL. Pakistan is one of the largest remittance recipient corridors and we will work together to streamline remittances.”
Pakistan, Karachi - 11 October 2023
HBL has launched a new accessibility feature on its digital banking app, HBL Mobile. This feature will enable talkback audio assistance for the visually impaired individuals. In another industry first in Pakistan, HBL Mobile is the country’s first banking app to enable this capability.
To enable talkback (audio) on their app, users need to go to their phone’s accessibility settings of their smartphones and turn on the screen reader. When the screen reader is active, users will hear a description of what is on the screen when they tap on different elements. This includes features such as sending money, paying bills, and checking account balances. HBL customers who may be visually impaired or prefer sound based assistance can now bank digitally without assistance from others.
Commenting on the initiative, Abrar Ahmed Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Financial inclusion and diversity are essential for a thriving economy and HBL Mobile’s new accessibility feature will empower visually impaired individuals to use our app and manage their finances independently. By making our banking app more accessible, HBL is empowering everyone to participate fully in society.”