​Karachi – 23 February 2024:

HBL today declared a record profit before tax of Rs 113.6 billion for the year ended December 31, 2023, 47% higher than the PBT recorded in 2022. Profit after tax has increased to Rs 57.8 billion, a commendable 68% growth over last year. Earnings per share for 2023 increased to Rs 39.32, compared to Rs 23.23 in 2022. Along with the results, the Bank declared a final dividend of Rs 4.00 per share, bringing the total dividend for 2023 to Rs 9.75 per share.

HBL grew its balance sheet by 19% to Rs 5.5 trillion. Deposits displayed a robust growth of 19% over 2022, closing at Rs 4.1 trillion with domestic deposits increasing by Rs 533 billion to Rs 3.5 trillion. Despite macroeconomic headwinds, HBL’s total advances increased to Rs 1.9 trillion over December 2022, with Consumer loans, agriculture lending and microfinance all setting new benchmarks. Average deposits increased by nearly Rs 350 billion mostly from low-cost deposit growth.

HBL’s average balance sheet increased by an impressive Rs 700 billion, while rising rates translated into a 159 bps improvement in net interest margin. This drove a 46% rise in HBL’s total net interest income which grew to Rs 242 billion, the highest in the industry. The Bank continued to dominate the realm of fee income, which posted yet another stellar growth of 34%, clocking in at Rs 42.3 billion in 2023. Fee growth was once again dominated by HBL’s pre-eminent Cards business while trade, cash management and retail banking all delivered more than 20% increases. Total revenue thus grew by 41% to Rs 300 billion, the highest ever for HBL and in the Pakistan banking sector.

The strong revenue base helped to reduce the cost / income ratio to 56.8% in 2023. The Bank’s prudent provisioning ensures that the coverage remains well above 100%. The record results also boosted the Bank’s Capital Adequacy Ratio (CAR), which moved up by 118bps to over 16%, well ahead of regulatory requirements.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL navigated another year of economic challenges successfully, with exceptional results. This achievement stems from our unwavering commitment to client-centricity, innovation, and responsible banking practices. The Bank remained focused on delivering on three strategic pillars, which underpin its medium-term strategy namely; Growing Pakistan’s Economy, Shaping the Financial Industry and Achieving Regional Relevance. We have further solidified our impact beyond profit margins through strategic partnerships and impactful initiatives. We remain grateful for the trust of our clients and are committed to exceeding their expectations. HBL is well-positioned to navigate the future and create lasting value for all stakeholders.”

Under the guidance of the Aga Khan Development Network (AKDN) and in line with Pakistan’s strategic priorities, HBL is committed to playing a leading role in developing the agricultural sector and promoting food security. HBL, together with HBL Microfinance, have extended over Rs 100 billion in loans to small farmers. Following on from its transformative initiatives in agriculture, HBL has recently incorporated HBL Zarai Services Limited an agriculture services extension company – yet another first in Pakistan. This year HBL was awarded the Best Bank for Agriculture for the 5th time in the 9 year history of the Pakistan Banking Awards.

At HBL increasing digitalization of every aspect of our businesses has become a way of life. This year, we have again introduced trailblazing products to shape Pakistan’s financial services landscape – Digital Invoicing, an Urdu mobile app, TalkBack for the visually impaired. HBL has partnered with P@SHA in a landmark opportunity to showcase one of Pakistan’s premier but under-celebrated sectors. From HBL Mobile to Konnect, from QR to HBL Pay, the Bank continues to raise the bar in delivering creative, first-of-a-kind solutions for its customers, cementing its position as a technology company with a banking license. In 2023, Asiamoney named HBL as the Best Bank for Digital Solutions Pakistan and the CFA Society Pakistan awarded us with the Best Digital Banking Services award.

We launched our 2nd Sustainability Report to critical acclaim by stakeholders, embarked on our progress to Net Zero and reduced our carbon footprint through solarization and a number of other activities. HBL is the first and only Pakistani bank to be a member of the Capacity-building Alliance of Sustainable Investment (CASI), launched at the recent COP28 in Dubai, which promotes best practices for sustainable finance. HBL also became a signatory to the United Nations Women’s Empowerment Principles (WEPs), aligning its efforts with global initiatives to promote gender equality and women’s empowerment. For its achievements in increasing women participation in the financial sector through HBL Nisa, was also awarded the ‘2023 Access to Finance Champion Award’ by the Financial Alliance for Women. We provided an array of opportunities to the differently-abled, both as staff and customers. For the second year running, the Bank was recognized by the Global Diversity, Equity, and Inclusion Benchmarks (GDEIB) as the Most Inclusive Organization in Pakistan, an award we truly cherish.

​Burewala, Pakistan – 26 February 2024:

HBL launched a new company, HBL Zarai Services, a significant step forward in the realm of agricultural development and food security in Pakistan, in Burewala today. This is in alignment with Pakistan’s strategic priorities and under the visionary scope of the Aga Khan Development Network (AKDN).

HBL Zarai Services, a fully owned subsidiary of HBL, stands as the pioneer agriculture -specialized extension services company in Pakistan. By providing access to essential resources and expertise, HBL Zarai Services aims to empower farmers and enhance productivity, efficiency, and profitability throughout the agriculture value chain. With a focus on sustainability and environmental stewardship, HBL Zarai Services seeks to promote responsible agricultural practices that ensure the long-term viability of farming communities and natural resources.

HBL remains grateful to the State Bank of Pakistan (SBP) and the regulators for the trust and confidence they have reposed on the Bank, through the opening of this subsidiary.

The inauguration ceremony for HBL Zarai Services was attended by clients, regulators and senior executives of the Bank. The Chief Guest for the event was Dr. Inayat Hussain, Deputy Governor - SBP.

On the occasion of the ceremony marking the launch of HBL Zarai, Sultan Ali Allana, Chairman - HBL said, “We have been actively pursuing programs and introducing solutions for the growth and progress of the Agricultural Sector since the privatization of the bank in 2004. Al’Humdullilah HBL Group today is the single largest institutional provider of financial services for this segment of the economy directly impacting over 350,000 farmers. With the formation and launch of HBL Zarai, Insha’Allah, we will be able to host advisory and input services along with offtake and warehousing right at the farmers doorstep through Deras – dedicated distribution and service centers etched among the heart of the farmlands thus ensuring food security and income enhancement for the farming communities throughout the country.”

Muhammad Aurangzeb, President & CEO - HBL, emphasized the Bank’s unwavering dedication to sustainability stating, “Pakistan’s agricultural landscape stands at a critical juncture. While agriculture remains the backbone of our economy, its potential to drive growth and prosperity has yet to be fully realized. HBL has long recognized the mutual relationship between economic progress, social development, and a thriving agricultural economy. HBL Zarai Services emerges as a beacon of hope, signaling our commitment to fostering positive change and promoting food security across the nation.”

Amer Aziz, CEO - HBL Zarai Services stated, “This unique venture positions HBL to play a leading role in improving value chains across every economically significant sector, thus fostering sustainable agricultural practices and promoting food security nationwide. The prime values that HBL Zarai holds will remain raising farm yields and empowering farmers by increasing their income levels. We will be guided by our vision of ‘We are who we serve’.”

​Pakistan, Karachi – 11 March 2024:

HBL (Habib Bank Limited), the leading financial institution of Pakistan, announces the resignation of its President & Chief Executive Officer, Muhammad Aurangzeb effective Monday, 11 March 2024. Aurangzeb is stepping down from HBL to assume the role of Federal Minister for Finance for Pakistan.

Muhammad Nassir Salim, currently the Chief Operating Officer of HBL will assume the responsibilities of President & Chief Executive Officer of HBL, subject to the approval of the State Bank of Pakistan. Nassir is a seasoned banker with 36 years of international and domestic banking experience; he has worked in the USA, Abu Dhabi, and Pakistan with organizations like American Express Bank, Citigroup and Abu Dhabi Islamic Bank. He has been associated with HBL since 2017. Nassir joined HBL as Head Global Operations and based on his contribution and capability was elevated to the position of Head Branch and Islamic Banking and then recently as Chief Operating Officer. This leadership transition is a testament to the Bank’s succession and depth of talent. It also demonstrates continuity in the Bank’s strategy.

Sultan Ali Allana, Chairman - HBL, on behalf of the Board of Directors of the Bank said “Aurangzeb now embarks on a new chapter of service to the nation, underscoring a commitment to national responsibility. This is a value that he shares with HBL. I extend our deepest appreciation for Aurangzeb’s service to HBL and strongly encouraged his assuming the new role, in national service, as Federal Minister for Finance. I am confident that he will contribute to the economic and financial development of Pakistan. We have full confidence in Nassir Salim to accelerate the momentum in the Bank’s business trajectory.”

Commenting on the move, Aurangzeb said, “I am profoundly grateful for the trust and confidence that Chairman - HBL, Sultan Ali Allana has placed in me, throughout my tenure as President & Chief Executive Officer of HBL. Indeed, it has been an incredible journey, and I am proud of the achievements and milestones that we have reached during this time. None of this would have been possible without the dedicated and hard work of the entire team of HBL, including the Executive Committee and I am truly grateful for their unwavering support. As I embark on this new chapter, I carry with me the valuable lessons and experiences gained at HBL. I am excited about the opportunity to serve our country in this new capacity and contribute to the economic growth and development of Pakistan.”

On his appointment as President & Chief Executive Officer of HBL, Nassir Salim said, “It is a privilege to lead an institution as esteemed as HBL. Looking ahead, I am fully committed to operationalizing HBL’s multi-year strategy. This rests on providing exceptional products and services to our extensive client base, both in Pakistan and our international markets. We will achieve this by leveraging cutting-edge technology and fostering a culture of innovation. The dedicated HBL staff, along with the Executive Leadership Team, are fundamental to what makes HBL a trusted partner to its clients. They will be my partners in the Bank’s pursuit of excellence. I would also like to extend my heartfelt gratitude to the Chairman - HBL, Sultan Ali Allana for entrusting me with the responsibility to lead HBL.”

Aurangzeb’s 6-year tenure is marked by the Bank’s exceptional business growth, innovation, and a steadfast commitment to serving its clients and communities. Under Aurangzeb’s leadership the Bank has remained focused on delivering on three strategic pillars, which underpin its medium-term strategy namely i) Growing Pakistan’s Economy, ii) Shaping the Financial Industry and iii) Achieving Regional Relevance. These in turn are being implemented through unrelenting pursuit of Financial Inclusion, Capacity Building, and Sustainability objectives.

​Pakistan, Karachi – 18 April 2024:

Konnect by HBL expands its presence into the world of Esports with the launch of Tekken 8 Women’s Gaming Tournament. This exciting initiative, under the banner of ‘Aur Khelo’, provides a platform for women gamers in Lahore to showcase their skills and passion for the popular game ‘Tekken’. The tournament takes place on 20 April 2024 and welcomes enthusiastic women gamers from the city to compete. The tournament is powered by IGN and Raptr.

This tournament marks a significant milestone for HBL. By providing equal opportunities, HBL seeks to empower women in the Esports industry and level the playing field. It demonstrates the Bank’s commitment to connecting with Pakistan’s growing youth population and fostering a more inclusive Esports scene within the country.

Commenting on the initiative, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “Gaming is no longer a boys’ club. A remarkable 23% of Pakistan’s 37 million gamers are women. With Esports booming as a subculture, Konnect by HBL aims to play a key role in shaping the future of Esports in Pakistan.”

​Ambreen Riaz - 1st prize winner of PKR 250,000 (standing 2nd from left), Laiba Adnan - 2nd prize winner of PKR 150,000 (standing 3rd from left) and Hina Malik - 3rd prize winner of PKR 100,000 (standing 1st from left) at the Konnect by HBL, Tekken 8 Women’s Gaming Tournament.

​Pakistan, Lahore – 21 April 2024:

The first-ever Tekken 8 Women’s Gaming Tournament, held under the auspices of Konnect by HBL, offered a platform for aspiring and established women gamers to showcase their skills and passion for the popular game ‘Tekken’. The intense action-packed Tekken 8 Game competition, held in Lahore, drew over 200 enthusiastic gamers.

This tournament marks a significant milestone for HBL. By providing equal opportunities, HBL seeks to empower women in the Esports industry and level the playing field. It demonstrates the Bank’s commitment to connecting with Pakistan’s growing youth population and fostering a more inclusive Esports scene within the country.

After hours of intense competition, the top three finalists emerged victorious, leaving the audience in awe of their gaming prowess and lightning-fast reflexes. The podium finishers are:

1st Place: Ambreen Riaz – Claiming the coveted champion trophy and a grand prize of PKR 250,000.

2nd Place: Laiba Adnan – Taking home the runner-up prize of PKR 150,000.

3rd Place: Hina Malik – Earning the third-place honours and a prize of PKR 100,000.

Commenting on the initiative, Ali Habib, Chief Marketing & Communications Officer – HBL, said, “HBL congratulates all the women gamers for their skills and sportsmanship. This landmark Tekken 8 Women’s Gaming Tournament marks a new chapter in Pakistan’s Esports landscape: Konnect by HBL will continue deepening its association with Esports. Aur Khelo.”

​Pakistan, Karachi – 23 April 2024:

HBL today declared a consolidated profit before tax of Rs 30.1 billion for the quarter ended March 31, 2024, 40% higher than in the same period last year. Profit after tax has increased from Rs 13.3 billion in the first quarter of 2023 to Rs 15.0 billion. EPS for Q1’24 was Rs 10.37, compared to Rs 9.00 in Q1’23. Along with the results, the Bank declared an interim Cash dividend of Rs 4 per share (i.e 40%) for the quarter.

HBL’s balance sheet stood at Rs 5.5 trillion with total deposits closing at Rs 4.4 trillion. Domestic deposits grew by more than Rs 220 billion reaching Rs 3.7 trillion, with current accounts recording their highest first-quarter growth in the last 5 years. Total advances declined by 6% over December 2023 to Rs 1.75 trillion as credit demand continues to remain subdued. However, the Bank’s market-leading Consumer business maintained its growth trajectory, reaching Rs 130 billion in March 2024.

The average domestic balance sheet grew by Rs 522 billion, leading to a 6% increase in net interest income despite falling market yields. This was well supported by growth in revenue from the international business, helped by rising spreads in most markets. The Bank’s total net interest income thus rose by 8% to Rs 60.5 billion. HBL continued to lead the market in fees, which posted a stellar growth of 27% increasing to Rs 11.9 billion in Q1’24. The flagship Cards business continued to lead, contributing 35% of the fee growth, while trade and branch banking also registered strong double digit fee growth. Consequently, HBL’s total revenue increased by 25% to Rs 80.7 billion.

Despite persistent high inflation, a strong revenue base helped to reduce the cost to income ratio from 60.8% in Q1’23 to 57.2% in Q1’24. The Tier-1 Capital Adequacy Ratio remained at December 2023 levels of 12.4%, while the total CAR stood at 16.0%.

Commenting on the Bank’s performance, Muhammad Nassir Salim, President & CEO – HBL, said, “HBL’s strong Q1’24 results showcase our unwavering commitment to client-centricity. The Bank saw significant growth across digital channels, while enjoying a leadership position in the credit cards business. HBL’s dedication to SME and agriculture was highlighted by exceeding Rs 100 billion in SME advances and launching HBL Zarai Services. In the period ahead, the Bank’s focus will be on operationalizing its strategy. This means putting its client segmentation approach into action; each segment will be managed as a distinct stream, with defined propositions, channels, and products. HBL will continue accelerating the momentum in its business trajectory.”

Business Developments:

HBL’s mobile and internet Banking witnessed a year-on-year growth of 36% in financial transactions and service requests, with Rs 1.64 trillion processed in Q1’24.

To cater to freelancers and IT exporters, Konnect by HBL, the Bank’s branchless banking platform, launched a USD debit card linked to their Exporter’s Special Foreign Currency Account (ESFCA), allowing them to make seamless international payments, both inbound and outbound.

HBL’s momentum of growth carried into the POS merchant acquiring business, where HBL terminals’ throughput grew by 26% to Rs 102.5 billion from the same period last year, accounting for more than 27% of the country’s total sales volume.

HBL Zarai Services Limited – a fully owned agriculture services extension subsidiary – launched its first Dera in Burewala. HBL’s Agriculture Financing Portfolio expanded to Rs 57 billion (an 18% increase over Q1’23), driven by fresh disbursements of around Rs 4 billion in Q1’24 (up 5% from Q1’23).

On the SME front, HBL became the first in the industry to cross Rs 100 billion in advances in Q1’24. HBL’s ambition to grow the SME business has led to delivering accelerated growth with both advances and the number of borrowers, registering a YoY growth of 16% and 20%, respectively during Q1’24.

The Prestige network expanded with coverage across all 19 regions of the Bank. The business showcased a record growth in Assets Under Management (AUMs) of Rs 10.2 billion, a 30% increase over the same period last year. The Bancassurance business witnessed a record quarter with Rs 878 million of insurance premiums written.

HBL Islamic successfully launched two new liability products, HBL Mahana Amdan and HBL Nisa Tawfir Plus, the latter being in line with HBL’s strategic agenda to increase women’s participation in the financial sector.

In Q1’24, HBL maintained its leading position in cash management, with a throughput of Rs 4.08 trillion, increasing by 13% over the corresponding period last year. Digital payments through HBL Pay Business Banking surged to around Rs 2.2 trillion, facilitating 10.3 million transactions.

HBL’s International Business continued to deliver strong results across its core markets.

Pakistan, Karachi – 22 July 2024:

Euromoney Awards for Excellence 2024 has awarded HBL the accolades of Pakistan’s Best Bank, Pakistan’s Best Bank for Corporates and Pakistan’s Best Bank for ESG.

These awards are the most prestigious recognition in the banking industry, globally. They are a recognition of HBL’s leadership performance and innovative approach reaffirming its dedication to providing superior banking services and sustainable business practices.

The Euromoney citation for HBL acknowledges that “HBL achieved a record profit before tax of $403 million in 2023, a 47% increase compared with 2022.”

The citation went on to note that HBL is undergoing a transformation that is “focused around creating synergy between the largest physical network in the country and its advanced digital capabilities to serve its base of over 37 million customers”.

The citation mentioned that HBL had improved “its internal environmental, social and governance structure, updating its social and environmental management policy and developing a sustainable environmental management operating procedure.”

Commenting on the achievement, Muhammad Nassir Salim, President & CEO, HBL, said, “We are deeply humbled to be recognized by Euromoney in these three critical categories. Winning these awards is a testament to our relentless pursuit of excellence and innovation. These wins are a tribute to our millions of clients’ continued trust and confidence in HBL, and our continuous effort to lead with integrity and sustainability in all our operations.”

Euromoney is a global English-language publication focused on business and finance.

Pakistan, Karachi – 12 August 2024:​

Konnect by HBL (Konnect), the Bank’s branchless banking platform, leads the Esports scene in Pakistan with the launch of its third ‘Aur Khelo’ tournament, this time featuring the game ‘Valorant’.

Through this initiative, Konnect aims to provide a platform for gamers to support the growth of the gaming community in Pakistan. The tournament, taking place on 17 August 2024 in Karachi, is powered by IGN and Raptr.

Konnect is a pivotal player in the growth of Pakistan’s Esports ecosystem. By organizing the ‘Aur Khelo’ tournament series, the platform is not only tapping into the immense potential of the youth market but also actively fostering a vibrant gaming community. Konnect is committed to shaping the future of Esports in the country and empowering the next generation of gamers.

Commenting on the initiative, Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Konnect by HBL recognizes the immense potential of Pakistan’s 37-million-strong gaming community and we are excited to embark on our next chapter in Esports. By leading in this arena, we aim to empower the next generation of gaming champions and contribute significantly to the growth of Pakistan’s digital economy.”

Team Boosters (Ibrahim Sarfaraz, Roman Aqeel, Bilal Bashir, Huzaifa Ashraf, Usman Aziz, and Syed Hasnain Ali) received the coveted champion trophy and a grand prize of Rs 350,000 at the Konnect by HBL, Valorant Gaming Tournament in Karachi.

Pakistan, Karachi – 18 August 2024:​

Konnect by HBL (Konnect), the Bank’s branchless banking platform, held its third Aur Khelo tournament, featuring the game ‘Valorant’ in Karachi. The event provided a platform for gamers to showcase their skills and passion for the popular game. The electrifying game welcomed nearly 200 enthusiastic gamers.

Konnect is a pivotal player in the growth of Pakistan’s Esports ecosystem. By organizing the ‘Aur Khelo’ tournament series, the platform is tapping into the youth market’s immense potential and actively fostering a vibrant gaming community.

A thrilling battle concluded with the crowning of the top three competitors. The audience was captivated by their exceptional gaming abilities. The podium finishers are:

1st Place: Team Boosters (Ibrahim Sarfaraz, Roman Aqeel, Bilal Bashir, Huzaifa Ashraf, Usman Aziz, and Syed Hasnain Ali) – Claiming the coveted champion trophy and a grand prize of Rs 350,000.

2nd Place: Team Snakes (Zain Muneer, Mustafa Kamal, Abdul Rehman, Abdul Sami Khero, Mohammad Usman, and Shayan Shahab) – Taking home the runner-up prize of Rs 150,000.

Commenting on the initiative, Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said, “Konnect congratulates all the gamers for their skills and sportsmanship. We are thrilled to see the overwhelming response to these gaming tournaments. By leading in this arena, Konnect is committed to shaping the future of Esports in the country and empowering the next generation of gamers.”