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PAKISTAN |
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Best Bank: HBL |
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HBL enjoyed its strongest-ever performance in 2021, and, by extension, the strongest performance in Pakistan. Its Rs62 billion ($351.2 million at the time) consolidated pre-tax profit for the year represented 17% year-on-year growth. After-tax profit of $201.1 million equivalent was also a record. It became the first bank to achieve a Rs4 trillion balance sheet – Rs4.3 trillion by the end of the year, up 12% in 12 months – while total deposits at Rs3.4 trillion were up 19%.
Alongside all of this, expenses remained steady and asset quality improved; HBL uses a metric it calls the infection ratio, and its current level of 5.1% is an all-time low. Chief executive Muhammad Aurangzeb is delivering.
Several engines drove all this: a vibrant year in consumer banking, digital momentum, record volumes in cash management, and a 20% growth in the farmer financing portfolio.
A commitment to become meaningful in Islamic finance showed great progress this year too, with the conversion of Islamic windows to branches boosting the network from 62 to 259 branches.
HBL is also the only Pakistani bank among the signatories of the Green Investment Principles, China, and in 2021 extended its existing commitment to stop financing coal to industries that contribute to deforestation.
