​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.

​Ahmed Naazer Minhaj, Head Agriculture Banking - HBL (sitting 2nd from left), and Jawwad Hasan, CEO – Agrilift (sitting 3rd from right) signed the agreement. Senior members from both organizations were also present on this occasion.

​Pakistan, Karachi – 8 May 2024:

​HBL, Pakistan’s leading financial institution, has entered into a strategic partnership with Agrilift, to accelerate the digitization efforts in the agriculture sector. This move reiterates HBL’s commitment to playing a leading role in developing the agricultural sector and promoting food security, under the guidance of the Aga Khan Fund for Economic Development (AKFED) and in line with Pakistan’s strategic priorities.

​Agrilift, a pioneer in innovative agricultural solutions, is collaborating with HBL to deploy its advanced ‘Farm Monitoring’ solution, Agrilift SmartRisk. This state-of-the-art solution will provide HBL with invaluable insights into farming practices, crop yields, and potential risks. By leveraging Agrilift SmartRisk, HBL aims to enhance its credit limits for farmers, based on performance data.

​Commenting on the collaboration, Ahmed Naazer Minhaj, Head Agriculture Banking – HBL, stated, “By harnessing Agrilift’s technology, HBL is poised to revolutionize the crop lending cycle, ensuring greater financial inclusion and security for farmers. This partnership will provide farmers with the tools they need to optimize their farm practices.”

​Speaking on the occasion, Jawwad Hasan, CEO – Agrilift, said, “This collaboration with HBL aligns perfectly with our strategic vision to reshape Pakistan’s agricultural sector. By integrating Agrilift SmartRisk into HBL’s operations, we are enabling data-driven decision-making that will not only benefit HBL but also empower farmers across the country.”

Muhammad Aurangzeb, President & CEO – HBL along with valued clients and senior leadership of the Bank at the inauguration of HBL Prestige Lounge located in Sialkot

Sialkot – 17 November 2021:

HBL inaugurated its new Prestige Lounge located in Sialkot. This is the first HBL Prestige Lounge in the city and the twelfth across the country with future plans to expand the Prestige footprint. The inauguration was led by Muhammad Aurangzeb, President & CEO – HBL. Valued clients and senior leadership of the Bank was also present on the occasion.

HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive proposition offers tailor made solutions through dedicated digital and physical channels including portfolio managers who provide personalized banking services to their clients. The state-of-the-art Prestige Lounges are located strategically in high visibility areas of key cities.

Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “HBL is delighted to be offering its exclusive Prestige clientele with an incomparable value proposition in Sialkot. The Sialkot HBL Prestige branch is the first of its kind outside Karachi, Lahore, and Islamabad, and will provide par excellence financial services to its high-net-worth clientele. We hope to remain true to HBL Prestige’s motto of “With you, in what you value.”

The agreement was signed by Adnan Pasha, Chief of Staff to the President & CEO – HBL and Faisal Bilal, Founder – GROWTECH services. Other senior members from both the organizations were also present on the occasion.

Islamabad:

HBL entered into a strategic partnership with GROWTECH Services, a leading agriculture technology company operative in Pakistan. Through this agreement, GROWTECH Services will provide technological solutions to HBL to tackle the agricultural challenges faced by farmers.

The agreement was signed by Adnan Pasha Siddiqui, HBL Chief of Staff to the President & CEO – HBL and Faisal Bilal, Founder – GROWTECH Services. The ceremony was attended by GROWTECH co-founders Shahnawaz Mahmood and Abdul Rahan Mahmood, along with Sohail Saraj, Head - North Branch Banking – HBL.

GROWTECH is working on a scientific basis with its own team of agronomists to remotely guide farmers with their analysis and recommendations. Through this collaboration, farmers that are working with HBL will have access to state-of-the-art, technology-driven solutions provided by GROWTECH including remote sensing-based services. These will help to solve agricultural land problems, determination of pesticide infestation in affected areas, crop health and nutrition needs. Furthermore, supplemental recommendations will also be made available on an ongoing basis to the HBL pilot farmers via HBL’s Development Finance agronomists to help further optimize crop yield.

GROWTECH has been providing its services to corporates and individual farmers across the country. It has also developed an application by the name of GROWPAK which is providing various functionalities, including a marketplace or eShops for farmers.

The HBL team also visited the assembly line of DIGIT smartphones, partner of GROWTECH and appreciated the efforts to locally assemble affordable smartphones, Pakistan ka Smartphone, for the masses and farmers who can be the potential users of such phones for digital inclusion.

Commenting on the partnership, Adnan Pasha, Chief of Staff to the President & CEO – HBL said, “HBL’s strategic Development Finance initiative and its contribution to the Agri value chain is the bedrock of Pakistan’s economy and will contribute towards job creation and food security by deploying best practices in agronomy combined with tech and mechanized solutions. As a result of HBL’s strategy, farmer’s productivity has significantly increased. This partnership with GROWTECH is in line with HBL’s vision of financial inclusion and will further the development of the agricultural landscape in Pakistan.”

The Bank also wins Best Bank for Small & Medium Businesses award at the Pakistan Banking Awards 2021

Muhammad Aurangzeb, President & CEO - HBL (second from right) receiving the award for ‘Best Bank 2021’ on behalf of HBL from Reza Baqir, Governor - State Bank of Pakistan (third from left) at the Pakistan Banking Awards 2021.

Karachi – 29 October 2021:

HBL wins Pakistan’s Best Bank award 2021 at the Pakistan Banking Awards held in Karachi on 29 October 2021. 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. PBA also recognizes HBL as the Best Bank for Small & Medium Businesses for its strong performance, diversification and quality of SME lending nationwide.

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., Azhar Hamid, Former Banking Mohtasib Pakistan & Former Country Head - SCB Pakistan and Shehzad Naqvi, Former Regional Head - Citibank Middle East and Pakistan.

Reza Baqir, 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 2021 is a testament to HBL’s commitment to financial excellence and contribution towards national development. This win is dedicated to our staff and clients whose continued patronage and confidence in HBL have enabled us to win the Best Bank of Pakistan 2021. HBL continues to consolidate its leadership position on all business fronts, while, shaping the financial industry of Pakistan.”

Karachi – 15 October 2021:

HBL today declared a consolidated profit before tax of Rs 46.4 billion for 9M’21, a growth of 8% over the same period last year. Profit after tax increased to Rs 27.0 billion, with earnings per share increasing to Rs 18.21 in 9M’21 compared to Rs 17.17 in 9M’20. The Bank declared an Interim Cash Dividend for the third quarter ended September 30, 2021 at Rs 1.75/- per share i.e. 17.5%. This is in addition to the Interim Cash Dividend already paid at Rs 3.5/- per share i.e. 35%.

HBL has the industry’s largest balance sheet which further increased to Rs 4.1 trillion, in the nine months of 2021. This was achieved by continued strong growth in deposits, which increased by more than Rs 330 billion (12%) during 2021 to Rs 3.2 trillion; the Bank’s industry leading current account book exceeded Rs 1.1 trillion. With HBL ready and willing to lend in support of economic growth, domestic advances continued to increase, rising by 9.0% over Dec’20 and surpassing Rs 1.1 trillion. Our flagship Consumer assets have continued their strong, well-managed growth and crossed Rs 95 billion in the current quarter. With international franchises on a growth trajectory, HBL’s total advances increased by 12% over Dec’20, to Rs 1.4 trillion.

HBL registered total revenue of Rs 123 billion as the strong growth in fees and balance sheet volumes were able to offset the impact of industry-wide margin compression. The Bank recorded a net interest income of Rs 97.2 billion, driven by a Rs 400 billion growth in average balance sheet volumes. Fee income showed an impressive growth of 34% to Rs 17.9 billion, driven by stellar performance from the Cards and Consumer businesses and a strong growth in domestic trade volumes which surpassed the $10 billion mark for the first time.

Total expenses remained flat year-on-year despite the Bank’s continued investment in technology and digital initiatives and in contributing to Pakistan’s economic growth and development. The Bank’s cost to income ratio (excluding capital gains) thus reduced from 60.9% in 9M’20 to 57.7% in in 9M’21.

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO – HBL said, “HBL maintained its robust performance across all business fronts and continued its strong business momentum in Q3 2021. The period saw significant gains, owing to the Bank’s strong core banking performance, transformative digitalization efforts, strategic partnerships and groundbreaking interventions on financial inclusion and development finance initiatives.”

The Bank remains a market leader in personal loans, merchant acquiring, credit cards and debit cards. The throughput of both debit and credit cards was over Rs 129 billion, up by 63% over the same period last year. The Bank’s merchant acquiring business has the largest Point of Sale network of 35,000 terminals in the country and recorded a growth of 50% by managing a throughput of Rs 125 billion which is the highest in the country.

The Bank’s SME and Rural Banking businesses have an Advances portfolio of Rs 58 billion and Rs 38 billion respectively which is a testament of the Bank’s commitment to serve the real sectors of the economy. SME trade volume recorded a YoY growth of 23%. Supporting the country’s agenda to promote exports, the export trade volume recorded a YOY growth of 28%.

HBL crossed Rs 1 billion for disbursements in the Dairy financing business. The Bank also became the first bank in the country to lend against an Electronic Warehouse Receipt, thereby enhancing financial inclusion of the supply chain ecosystem.

HBL serves 6 million clients globally to make their payments through the Bank’s cutting-edge digital platforms. HBL Mobile and Internet Banking has maintained its leadership position, with a record milestone of more than 7 million transactions and throughput of Rs 100 billion in a single month.

Konnect by HBL, the Bank’s branchless banking platform, continued its momentum, doubling transactions to 49 million and volumes reaching Rs 707 billion in Q3 2021. A focused strategy led to a 41% increase in in-app registrations and 32% increase in overall account portfolio. Konnect has strengthened its digital product offering with the launch of ‘Gulak’ – a first of its kind digital saving product.

Financial inclusion is at the heart of HBL’s business philosophy which manifested itself with the continuation of the Ehsaas Kafalat Program and the Punjab Agri Kissan Card mandate. Konnect by HBL has impacted 1.4 million farmers, and digitally empowered 460,000 of them through the Kissan Cards.

HBL has been pursuing its client centricity agenda aggressively across multiple client segments.

The Roshan Digital Account (RDA) portfolio maintained its growth momentum and has been ranked # 1 in accounts opened across the industry with a market share of 20%. HBL has brought in close to $330 million through the proposition.

HBL Prestige, a banking proposition for High-Net-Worth Individuals, expanded its footprint to 8 touch points in Karachi, Lahore and Islamabad. HBL Prestige has delivered positive results with 25% growth in the portfolio through an incremental deposit of Rs 4.2 billion within 6 months of launch.

HBL Islamic Banking is operating over 250 dedicated branches, the 4th largest Islamic banking network in the country. Islamic Banking continues to focus on Commercial and SME businesses by expanding trade hubs to provide ease of service to these segments.

The HBL Development Finance team through its pilot programs have delivered enhanced yields for farmers. The Bank scaled up its Development Finance 2020 proof-of-concept interventions by over 30 times through mid-scale pilots led by field-based, full-time agronomists who use handheld tablets to digitally on-board farmers onto HBL Pay. Pilot projects of over 3,200 acres (maize crop) were completed and over 7,200 acres (rice crop) will be completed with the harvest in October, followed by the wheat and potatoes pilots in Q3 over 7,000 acres.

HBL Corporate, Commercial & Investment Banking Group closed a first of its kind Syndicated Transaction of Rs 7.5 billion to develop a real estate project. Additionally, the Bank also closed the largest rights issue in the domestic corporate sector of Rs 11.6 billion. The Bank continues to pursue infrastructure projects under the Public Private Partnership (PPP) mode.

HBL’s presence in China has also played a significant role in enhancing trade flows as over 43% of CNY trade has been routed through HBL China, delivering on the strategy of developing trade corridors utilizing the Bank’s network presence.

Q3 2021 saw the Bank celebrate the 50th Anniversary of the HBL Plaza building, an iconic landmark of the country.

HBL in collaboration with the Government of Sindh set up a COVID-19 Drive-through Vaccination Facility in Karachi. More than 28,000 citizens have so far been vaccinated. The Bank remains committed to the Government of Pakistan’s vision of Sustainable Development; during Q3 2021, as its contribution to the 10 billion Tree Plantation initiative, HBL commenced a plantation drive with the Federal Minister for Climate Change and members of the diplomatic community.

During Q3 2021, HBL won multiple awards from international and local publications/platforms. These include, among others, the awards for contribution to the Roshan Digital Account initiative, Equity Deal of the Year, Best Acquisition Financing, Best Corporate Sukuk and the Environment Excellence Award. Moreover, the Bank also won the Best Mobile Bank Application Award and was also recognized as the # 1 Primary Dealer in Government Securities by the State Bank of Pakistan (SBP) for a second year in a row.