Best bank 2025: HBL
HBL, one of the oldest and largest banks in Pakistan, remains an undisputed leader as Pakistan’s best bank, demonstrating once again standout financial growth and continuous improvement in the digital space.
HBL achieved a record profit before tax of PRs120.3 billion ($431.9 million), which is a 6.9% increase from the previous year. Earnings per share surged to PRs39.85 ($0.14). In 2024, the bank was able to contribute PRs62.5 billion to the national treasury, highlighting HBL’s commitment to the economic development of Pakistan.
HBL remains one of the key players in Pakistan’s agriculture sector, a vital part of the country’s economy, by managing a lending portfolio of more than PRs100 billion, as of 2024.
Key initiatives were launched in 2024 to target farmers. These include HBL Zarai Services, which since its launch has supported 2,200 farmers and enhanced productivity across 57,000 acres. Similarly, HBL’s platform, Kisaan Ki Awaz reached 7,000 farmers across Pakistan through organising financial literacy and awareness campaigns.
Best investment bank 2025: HBL
HBL takes this year’s award for Pakistan’s best investment bank. The bank has been recognised for its market leadership in debt capital markets, equity capital markets and M&A, involvement in significant syndication transactions, and investment in pioneering deal offerings.
Over the past year, HBL completed 21 transactions across DCM, ECM, M&A, and syndications, generating a total of $1.7 billion, demonstrating its leadership in the market.
In debt capital markets, HBL participated in 14 deals with a combined value of $256 million during the review period. On the ECM and M&A fronts, the bank completed two transactions totalling $170 million.
However, HBL’s standout performance was in syndication transactions. The bank participated in five syndication deals with a cumulative value of approximately $1.3 billion.
On the innovation front, HBL invested in Burj Clean Energy Modaraba – Pakistan’s first Shariah-compliant energy fund – setting a benchmark for future renewable energy projects in the country and reducing the country’s dependence on traditional sources of energy.
Best investment bank for DCM 2025: Askari Bank
Askari Bank is Pakistan’s best investment bank for debt capital markets in large part because of the significant enhancements it has made to its sukuk activity. In just one year, the bank expanded its sukuk arrangement volume from two deals 2023 to five deals in 2024.
Several landmark sukuks have underscored Askari Bank’s leading position. Notably, the PMCL (Jazz) Sukuk II that was four times oversubscribed, demonstrated exceptional market confidence and was notable for its 100% non-bank participation and innovative structure. This was complemented by JDW Sugar Mills’ sukuk, a pioneering move in the sugar industry, and Mughal Steel’s sukuk, which was executed amid sector-wide stress, reflecting investor confidence and resilience.
Askari Bank has also been proactive in engaging with financial institutions and public-sector entities. A prime example involved orchestrating a syndicated restructuring facility for Pakistan International Airlines, the largest public-sector restructuring initiative in the country and one pivotal in supporting privatisation and fiscal reform.
Innovation has been another cornerstone for Askari Bank. It introduced several digital and structural innovations such as credit enhancements with partial government-backed security, digital sukuk settlements via the Central Depository Company (CDC), and compliant structures like Shirkat-ul-Aqd and Diminishing Musharakah cum Ijarah.
This robust growth highlights the bank’s strategic pivot towards Islamic capital markets in a period marked by limited syndication opportunities.
Best investment bank for M&A 2025: Arif Habib
Arif Habib receives the award for Pakistan’s best investment bank for M&A in recognition of its involvement in a range of important transactions.
The bank played a crucial role in the acquisition of a stake in Shell Pakistan by WAFI Energy Holding Limited. This landmark transaction was the first-ever execution of a majority share acquisition via the PSX Negotiated Deals Market platform, with Arif Habib ensuring seamless clearing and settlement through its partnership with the National Clearing Company of Pakistan. The bank facilitated an additional stake through a public offer.
Arif Habib served as the buy-side adviser for UBL Currency Exchange in its acquisition of Wall Street Exchange, following the State Bank of Pakistan’s directive for banks to establish or acquire currency exchange companies. This strategic deal has sparked further M&A activity in this sector.
In another key transaction, the bank acted as adviser and purchase agent for the voluntary delisting of Pak Suzuki Motor Company from PSX. This involved the meticulous acquisition of millions of shares, where Arif Habib ensured full regulatory compliance and coordinated effectively with all stakeholders.
These series of transactions not only demonstrate Arif Habib’s capability in facilitating high-stakes M&A activities but also underscore its pivotal role in shaping Pakistan’s investment banking sector.
Best bank for research 2025: Arif Habib
Arif Habib maintained its competitive edge with the biggest research team in Pakistan. The research division expanded in 2024, welcoming an additional analyst. The team covers more than over 50 companies across 14 diverse sectors, accounting for more than 80% of the KSE-100 index.
Over the year, Arif Habib issued 566 research pieces ranging from initiation reports to economic analyses and sectoral evaluations. Notably, the intensified focus on the technology, oil, marketing and automotive sectors involved detailed studies on companies such as Airlink, HTL and Sazgar Engineering Works, providing clients with layered, nuanced insights that drive decision making in complex markets.
The bank leveraged digital platforms to extend the reach and accessibility of these insights – initiating a WhatsApp channel, significantly enhancing video content on YouTube, and using platforms like LinkedIn, Facebook, and X.
The tangible outcomes of their research efforts were shown by the successful recommendation of the BF Biosciences IPO, which saw a 3.3 times return within just three months – and the company’s subsequent inclusion in the MSCI Frontier Markets Small Cap Index.
Furthermore, Arif Habib has tailored its research offerings to meet specific client demands. This bespoke approach ensures that both domestic and international clients benefit from personalized insights aimed at fostering informed investment decisions.
Best digital bank 2025: United Bank Limited (UBL)
United Bank Limited (UBL) has firmly positioned itself as Pakistan’s best digital bank through its prolific growth, innovative service offerings and its financial inclusion campaigns.
In 2024, the bank posted 41% year-on-year growth in digital transaction volume alongside an impressive 68% increase in value. The active digital customer base grew by 29%, with new digital customer acquisitions showing a 10% annual rise. The average ticket size increased by 19% year on year.
Moreover, in 2024 the bank experienced a 71% increase in customers migrating to digital platforms, with digital channels accounting for 86% of the total transaction volume.
Innovations included fully digital Smart Digital Accounts augmented by artificial intelligence (AI)-powered features for account openings. The bank has enhanced its digital platforms with a pioneering Augmented Reality Car Loan application and a Metaverse Lounge for sophisticated virtual banking experiences. UBL introduced a seamless authentication module, using biometric verification and AI for identity checks, not only streamlining operations but significantly reducing fraud cases, which dropped to zero in the first quarter of 2024.
Strategic partnerships play a critical role in UBL’s digital strategy, with 60% of digital initiatives coming from collaborations, including Google Wallet integration in February 2025.
Moreover, UBL’s commitment to increasing digital literacy is evident in its Myth Campaigns launched in 2024, which are designed to bolster trust and understanding of digital banking by debunking common myths about digital banking in the society.
Best digital bank for large corporations 2025: Allied Bank
Allied Bank Limited has established itself as Pakistan’s best digital bank for large corporations through innovative digital solutions that cater specifically to the needs of large corporate clients.
The myABL Business platform has executed 981,577 financial transactions worth a total of PRs204 billion ($716 billion). This impressive volume underlines the platform’s robust capability in handling large-scale corporate transactions efficiently.
Significant strides have been made in the integration of open banking application programming interfaces, enabling clients to seamlessly automate their financial workflows, enhancing productivity and operational efficiency.
The introduction of AlliedPay has further consolidated Allied Bank’s standing in the digital domain. This service is specifically designed to ease reconciliation processes and improve cash flow management for corporate clients.
Overall, Allied Bank has successfully leveraged technology to create streamlined, secure and user-centric digital banking services, which not only enhance transactional efficiency but also provide tailored financial solutions that meet the needs of large corporations in Pakistan.
Best securities house 2025: Topline Securities Pakistan
Topline Securities Pakistan has emerged as Pakistan’s best securities house thanks to its remarkable financial performance and pioneering service innovations over the past year.
The firm reported a significant 40% increase in revenue and a 45% rise in profits in 2024, a record achievement driven by an increase in market share and a strategy focusing on high-margin products. Its dominance is further underscored by its impressive role in foreign institutional sales at the Pakistan Stock Exchange (PSX), capturing nearly 40% of foreign trading activity.
Innovation in products and services has been a cornerstone of the firm’s strategy. Topline Securities excelled as a top broker in the newly inaugurated sukuk auction market at PSX, partaking in 15 auctions and assisting in raising $7.2 billion. Its product portfolio now includes the Margin Trading System, Margin Financing System, exchange-traded funds and single stock futures, commanding about a fifth of the market share in derivatives. The launch of two online trading applications and the bespoke automated foreign trade update system has enhanced client engagement across the US, Europe and Asia.
Topline Securities’ role in capital market transactions further enhanced its standing. It was instrumental as lead adviser and arranger for Alkaram Textile Mills’ PRs2.2 billion ($7.7 million) Islamic bond and arranged an oversubscribed PRs1 billion syndicated term finance facility for Panther Tyres. Additionally, successful share placements for Searle Pharma and AGP Pharma with international funds underlined the firm’s excellent transactional capabilities.
Best bank for ESG 2025: The Bank of Punjab
The Bank of Punjab (BOP) has showed leadership in environmental, social and governance (ESG) practices in Pakistan’s banking sector through a series of innovative initiatives launched in 2024. These have been geared towards both environmental sustainability and social empowerment, aligning closely with global ESG criteria.
BOP introduced a green loan scheme to assist traditional brick kilns in transitioning to zigzag technology. This transition is significant as it dramatically reduces emissions and diminishes child labour practices in the industry. Aligning with efforts to promote clean transportation, BOP also collaborated with the government of Punjab to finance electric bikes, offering an eco-friendly transport solution.
In supporting climate-smart agriculture, BOP allocated approximately PRs484 million ($1.75 million) to the Agriculture Renewable Energy Financing project. Additionally, the Women’s Entrepreneur Finance Scheme was launched, offering pre-approved loans to women on payroll, thereby fostering female entrepreneurship.
The bank has also impacted financial inclusivity by opening over 152,000 wallet accounts for underprivileged women under a World Bank-backed health and nutrition programme. Furthermore, it has facilitated agricultural development by issuing 500,000 Kissan credit cards and integrating over 2,500 agri-dealers to digitise agricultural payments.
Another important initiative is the introduction of the Livestock card, which provides PRs11 billion in interest-free credit to support small-scale livestock farmers, encouraging sustainable farming practices.
Best bank for securities services 2025: Citibank Pakistan
Citibank Pakistan cemented its position as Pakistan’s best bank for securities services over the awards period.
It provides comprehensive custody services for various securities, including Pakistan-domiciled listed securities, corporate debt and government securities. As a founding member of the Central Depository Company of Pakistan, Citibank continues to be a pioneer in offering these services to foreign institutional investors. Furthermore, the bank has significantly enhanced the framework of its global depositary note programme to optimise flows and increase processing efficiency.
In clearing, settlement and tax services, Citibank serves as a clearing and settlement agent, ensuring efficient post-trade processing and safekeeping. It manages capital gains tax reporting and acts as a withholding agent for government securities. The bank has also been a leader in the push for T+1 settlement, providing guidance and thought leadership through white papers.
Technologically, Citibank leverages its proprietary platforms to foster automation in core processes such as settlement, reporting and corporate actions. The bank’s advances in reporting capabilities include features such as prematching, regulatory reports and Swift messaging. Furthermore, Citibank’s FX systems exhibit robust connectivity and enhanced multi-layered reporting.
For investment analytics and client tools, Citibank offers cutting-edge resources through Citi Velocity, providing clients with access to market and portfolio analytics. The Market Guide tool offers access to Citi’s global publications network, aiding investors’ decision making.
Citibank also collaborates with regulators to simplify know-your-customer requirements and has played a pivotal role in legalising powers of attorney through Pakistan’s accession to the Hague Convention, as well as in advocating for a simplified tax regime for foreign investors in the fixed income market.
Best bank for SMEs 2025: The Bank of Punjab
The Bank of Punjab (BOP) has emerged as Pakistan’s leading financial institution for small and medium-sized enterprises through a concerted drive to enable growth and development in this vital business sector. BOP demonstrated remarkable increases in the financial year 2024, achieving 22% growth in SME deposit customers and 26% year-on-year growth in deposit values. The bank’s lending initiatives saw an impressive 47% increase in SME advances and a 21% growth in the number of SME borrowers.
Further extending its pivotal role in SME financing, BOP successfully executed various targeted programmes. Noteworthy among these are the Sindh Enterprise Development Fund, providing PRs705 million ($2.48 million) in subsidised financing, and the relaunch of the SME Asaan Finance Scheme, with PRs20,298 million disbursed for collateral-free loans up to PRs10 million. The introduction of the Karandaaz Digital Agri Product and initiatives such as BOP Electric Warehouse Receipt Financing are also notable for their innovative approach towards promoting agricultural productivity and digital lending solutions.
In the SME sector capacity building is a critical success factor and BOP has particularly excelled in the agriculture space. The bank has conducted dozens of training sessions, reaching hundreds of participants and helping strengthen financial literacy and operational readiness. It has also played a key role in supporting SMEs through value chain financing, working to build an integrated ecosystem of corporate stakeholders across the market.
Additionally, the e-business Qarza Product and SME Digital Portal initiatives reinforce BOP’s commitment to simplifying access to financial services and supporting the ongoing digital transition in the SME sector.
Overall, the Bank of Punjab’s focused and innovative strategies and products exemplify a deep understanding of SME needs. They have made a profound impact on Pakistan’s SME landscape and earn it the award for Pakistan’s best bank for SMEs.
Best bank for large corporates 2025: HBL
HBL has established itself as Pakistan’s best bank for large corporates through significant growth and new product offerings. In 2024, HBL demonstrated robust growth in net advances, which rose by 45.6% to $3,791 million, reflecting strong lending capabilities targeted at large corporate clients.
Despite an 11.3% decline in deposits to $1,457 million, the bank’s performance in trade of goods and services compensated this with an impressive 17.4% increase to $7,657 million. An integral part of HBL’s strategy has been the digitisation of financial services, significantly enhancing client experience and operational efficiency. In 2024, HBL successfully processed PRs19 trillion ($68.2 billion) in cash management transactions, with an impressive 85% conducted digitally.
The bank also implemented improved digitisation protocols for receivables management, payments and salary processing, allowing large corporates easier access to financial services while also reducing costs.
Moreover, HBL continued to innovate in product offerings. It introduced the Diminishing Musharka facility with a substantial finance provision of approximately $17.95 million to Engro Fertilizer Limited, aimed at enhancing the operational capacity of the HRL Reservoir of Mari Gas Field.
Additionally, HBL’s syndicate term loan facility provided significant financial support amounting to about $2.5 million for Sheikhoo Sugar Mills Ltd to establish a new distillery unit. These strategic financial engagements highlight HBL’s dedication to supporting large-scale corporate projects and contributing to Pakistan’s economic growth in key sectors.
Best investment bank for financing 2025: The Bank of Punjab
The Bank of Punjab (BOP) is Pakistan’s best investment bank for financing following a series of landmark transactions. Key among these was the arrangement of a PRs254 billion ($892 million) financing package for the privatisation of Pakistan International Airlines. This complex deal included a mix of syndicated term finance, sukuk and Islamic term finance, supported by a government of Pakistan guarantee and engaging 36 financial institutions.
BOP’s leadership in sustainable finance was shown went it organised Pakistan’s first foreign currency on-lending climate finance facility in conjunction with Agence Française de Développement (AFD). This initiative included $54 million for climate projects and a €675,000 technical assistance grant. The bank also led a PRs1.7 billion Islamic project finance facility to support Pakistan’s inaugural energy storage as a service project, supporting over 1,300 telecom towers through Infralectric Ltd.
In structured finance, BOP facilitated high-impact transactions like the PRs75 billion syndicated term finance for Pakistan Mobile Communications Ltd (PMCL), marking the largest private-sector financing in Pakistan’s history. Significant facilities were also structured for Pakistan State Oil and JDW Sugar Mills, encompassing both conventional and Islamic financing elements.
BOP’s capability to innovate across assets was demonstrated in combining Islamic and conventional structures in major deals, as with PMCL, and introducing modern foreign currency lending through its partnership with AFD.
The breadth of BOP’s financing across different sectors such as telecoms, energy, aviation, and oil and gas not only underscores its pivotal role in these industries but also highlights its strategic importance in driving national development and sustainability in Pakistan.
