KARACHI – Pakistan’s banking sector has demonstrated resilience despite economic challenges, with Meezan Bank, UBL, MCB, HBL, and Standard Chartered leading the list of the most profitable banks in Pakistan in 2024.
With fluctuating policy rates, higher deposit costs, and increased taxation, the country's commercial banks navigated a complex financial landscape. However, they still managed to generate impressive profits, with total earnings surpassing Rs. 600 billion in 2024.
Top 10 Most Profitable Banks in Pakistan (2024)
| Rank | Bank Name | Profit (Rs. in Billion) | Growth (%) |
|---|---|---|---|
| 1 | Meezan Bank | 101.5 | 20% |
| 2 | United Bank Limited (UBL) | 75.7 | 34% |
| 3 | MCB Bank | 57.6 | -4.2% |
| 4 | Habib Bank Limited (HBL) | 57.8 | 0% |
| 5 | Standard Chartered Bank | 46 | 7.9% |
| 6 | Allied Bank Limited (ABL) | 43 | 7.5% |
| 7 | Bank Al Habib | 39 | 12% |
| 8 | Bank Alfalah | 38.3 | 5% |
| 9 | National Bank of Pakistan (NBP) | 26.8 | -53.3% |
| 10 | Habib Metro Bank | 24.6 | 0% |
Banks That Paid the Most Taxes in 2024
| Bank Name | Tax Contribution (Rs. in Billion) |
|---|---|
| Meezan Bank | 121 |
| United Bank Limited (UBL) | 74.3 |
| MCB Bank | 60 |
| Habib Bank Limited (HBL) | 62.5 |
| Standard Chartered Bank | 54 |
| Allied Bank Limited (ABL) | 44.8 |
| Bank Al Habib | 43.9 |
| Bank Alfalah | 44.7 |
| National Bank of Pakistan (NBP) | 29.8 |
| Habib Metro Bank | 27.9 |
Meezan Bank Tops the List – Crosses Rs. 100 Billion in Profit
Meezan Bank emerged as Pakistan’s most profitable bank in 2024, achieving a record-breaking profit of Rs. 101.5 billion, marking a 20% growth from Rs. 84.5 billion in 2023. The leading Islamic bank also contributed Rs. 121 billion in taxes, further solidifying its dominance in the industry.
UBL Reports 34% Growth in Profitability
United Bank Limited (UBL) posted an impressive 34% increase in profits, reaching Rs. 75.7 billion in 2024, up from Rs. 56.4 billion in 2023. With over 10 million customers, the bank is also accelerating its shift toward Islamic banking, particularly in Khyber Pakhtunkhwa and Balochistan.
MCB Sees a Decline in Profit
MCB Bank dropped to third place as its profit decreased to Rs. 57.6 billion, reflecting a 4.2% decline. Despite this, MCB remains a strong contender, paying over Rs. 60 billion in taxes in 2024.
HBL Maintains Stability with Rs. 57.8 Billion Profit
Habib Bank Limited (HBL) saw zero profit growth, maintaining Rs. 57.8 billion in earnings. However, the bank significantly expanded its assets, reaching Rs. 6.1 trillion in total. HBL also contributed Rs. 62.5 billion in taxes while maintaining its strong market position.
Standard Chartered Hits Record Profit
Standard Chartered Bank reported its highest-ever profit of Rs. 46 billion, with a 7.9% growth in 2024. The bank is also transitioning toward Islamic banking, reflecting a broader shift in Pakistan’s financial landscape.
In 2023, the top five most profitable banks included MCB, HBL, UBL, National Bank of Pakistan, and Meezan Bank. However, with Meezan Bank’s record performance in 2024, the rankings have changed significantly.
