Wednesday, July 17, 2024
HomeBusinessTop 7 Best Banks in Pakistan

Top 7 Best Banks in Pakistan

Pakistani banks offer banking services and goods to everyday citizens, public entities, and organizations, which supports the country’s development and economic growth. In addition, Banks support clients with money management and long-term growth.

The banking industry in Pakistan consists of different types of banks, such as commercial banks, Islamic banks, development financial institutions, foreign banks, and microfinance banks. There are 31 banks in the Pakistan region such as 22 are private banks, five are public, and four are international.

Best banks in Pakistan

Banks play a vital role in the growth of Pakistan’s economy.

List of top 7 Banks in Pakistan

  •       National Bank of Pakistan
  •       Habib Bank Limited
  •       MCB Bank
  •       Meezan Bank  
  •       United bank Limited
  •       Allied bank Pakistan
  •       Bank Alfalah

The Banking system in Pakistan

With greater competition, regulatory changes, and technological developments over the past ten years, the banking sector in Pakistan has seen major changes. The National Financial Integration Plan and the Pakistan Money Initiative are two further actions the SBP has made to enhance the market and advance financial access.

Commercial banks in Pakistan

The largest financial institutions in Pakistan are commercial banks, which offer a variety of services to both private and public clients, including deposits, loans, and other insurance instruments.

Islamic Banks in Pakistan

With multiple Islamic banks functioning in Pakistan, Islamic banking, which adheres to the norms of Shariah law, is also a substantial portion of the financial sector.

Microfinance Banks in Pakistan

In Pakistan, microfinance banks prioritise providing low-income people and small enterprises with financial services. On the other side, long-term finance for significant infrastructure projects is offered by the development of financial organisations.

Top 7 banks in Pakistan

  1. National Bank of Pakistan

The National Bank of Pakistan (NBP), is a unit of the State Bank of Pakistan and is owned by the Pakistani government. In Pakistan, NBP is one of the major banks. The Bank represents the SBP and serves as a trust for public funds. It offers banking services to the private and public sectors.

Some further information on Pakistan’s National Bank.

  •       There are 1,511 branches spread out across Pakistan as of September 2020
  •       the company has assets of around USD 20.2 billion
  •       Its main office is in Karachi
  1. Habib bank Limited

The biggest Bank in Pakistan in terms of assets was Habib Bank Limited. Muhammad Ali Jinnah, the founder of Pakistan, asked for the establishment of this bank in Bombay in 1941 to support Indian Muslims. Also, the HBL offers asset management services both within Pakistan and worldwide.

One of the Bank’s departments is Branch Banking, which offers loans, securities, and a range of financial services to clients in the agricultural, retail, small business, and commercial sectors.

Further information about Habib Bank Limited

  •       Serving consumers via 55 branches in other nations
  •       More than 1500 branches are spread throughout different cities in Pakistan.
  •       Headquarter in Karachi
  •       The system of about 2007 ATMs
  1.   MCB bank

To provide Shariah-compliant goods and services, the bank set up an Islamic Banking division with branches specifically for Islamic banking in six cities. Furthermore, the Bank has received the esteemed Euromoney Award for Pakistan’s Best Investment Banks for the two previous years (2016 and 2017).

These facts regarding the bank are provided:

  •       There are about 8 branches globally.
  •       Its main office is in Pakistan’s Lahore.
  •       In Pakistan, there are more than 1100 branches.
  •       At the end of 2021, the Bank’s total assets were estimated to be around PKR 1.91 trillion.
  1.     Meezan Bank

Meezan Bank is an online banking platform that provides its users with a wide range of offerings and services. Pakistan’s first and biggest Islamic Bank started operating in 2002 after receiving the nation’s State Bank of Pakistan’s first-ever licence for Islamic Commercial Banking.  

  •       With more than 815 retail locations across Pakistan
  •       The main branch in Karachi
  •       900 plus branches spread all around the globe
  •       The Bank’s capital adequacy ratio is a strong 12.89 percent
  1.     United bank limited

UBL can be Pakistan’s largest private bank, but it is also the state’s oldest. It was started in 1959. Through its network of branches and presence in 12 countries on four continents, including Pakistan, UK, Oman, US, Iran, China, Qatar, Yemen, UAE, and many more. Furthermore, UBL offers a full range of banking services in wholesale and retail banking.

  •       The main branch in Karachi
  •       The bank has more than $15 billion in assets
  •       This bank serves around 4 million people.
  1.     Allied bank Pakistan

A part of the Ibrahim Group, Allied Bank Ltd is one of Pakistan’s biggest commercial banks. Since its founding in 1920, the bank has met the financial requirements of people in Pakistan. It is a major private-sector bank.

  •       More than 4000 people work
  •       1100 branches in Pakistan cities and 1150 ATMs
  •       The bank offers its clients short-term financing options to help them meet their regular working capacity needs.
  1.    Bank Alfalah

The Abu Dhabi Group owns Bank Alfalah Limited, a bank in Pakistan that was founded in 1997. Pakistan’s sixth-largest bank is Bank Alfalah. Bank Alfalah began offering banking services on November 1, 1997, after being established as a public partnership firm under the Companies Law on June 21, 1992.

  •       corporate investment and resources
  •       Islamic finance and asset investing loans and savings
  •       The bank reports revenue of Rs. 55.378 billion and a net profit of Rs. 8.513 billion.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments