There is no doubt that Pakistan’s banking industry is burdened with high taxes, but as a result of its attractive interest rates and profit margins, it remains highly profitable.
During these challenging times, the dwindling of the funding available to the private sector is squeezing the margins of the banks, but the return on investment in the government securities provides them with a safe haven.
Pakistan’s 10 highest-paid bank CEOs
It is evident that the competition among the banks is fierce across a wide range of areas, ranging from deposit mobilization to consumer financing to remittance services to overseas Pakistanis, to protecting the shareholders’ interest, to implementing the central bank’s policies and much more. In order to accomplish this objective, there is a need for these banks to increase their assets and profitability, which is a goal led by their CEOs, as well as the management and their teams.
Here is an overview of Pakistan’s top bankers and their salaries.
1. Irfan Siddiqui – President and CEO of Meezan Bank
He earned one of the highest salaries in the banking industry of Pakistan, which was paid to Irfan Siddiqui. He received an amount of Rs. 422 million in 2022, which is 37 percent higher or Rs. 116 million higher than what he earned last year (Rs. 306 million) as compared to the amount he earned in 2021. His leadership allowed the bank to become the most profitable bank in 2022, with profits soaring to a record level of Rs. 45 billion – the highest ever in the industry, with a 59 percent growth rate year-on-year.
He was ranked 2nd in the list of the highly paid CEOs in the list of the top 100 highly profitable banks last year, while his bank stood at the 5th position on the list of the most profitable banks last year. As a result of his efforts, his bank and he were able to reach the top of the market in 2023.
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As the founding president of the bank, he was instrumental in setting up the business of the bank from scratch, laying the foundation for modern Islamic banking in Pakistan and establishing the foundation for future developments. He has played a significant role in the growth and development of his bank and the Islamic banking industry in nearly 20 years of his professional career.
2. Muhammad Aurangzeb – President and CEO Habib Bank Limited
In the banking sector, Muhammad Aurangzeb is the second highest earner in terms of salary. His salary package for the year 2022 was Rs. 307 million, compared to Rs. 265 million he received for the year 2021. Although the bank failed to maintain its top position in terms of profit for the year, it still managed to generate a reasonable profit of Rs. 34.4 billion, which has historically been recorded as the bank’s second highest profit ever.
The bank has been able to make significant progress under his leadership in various fields including agriculture lending, branchless banking, and the most popular and successful project of all, Pakistan Super League. It is likely that different banks in the future will follow his initiatives and take similar steps.
3. Shazad Dada – President and CEO United Bank Limited
There is no doubt that Shazad Dada is among the highest-paid bankers in Pakistan. The salary package of his salary package was Rs. 269 million, which puts him on the third position in 2022. A total of Rs. 340 million was earned by him in 2021, which was the highest profit he earned in 2021 from the banking industry.
His management of the bank grew the bank’s profits to a record level of Rs. 32 billion during the period of time under his watch with a growth rate of 4% year on year. As far as technology is concerned, the bank has also made remarkable progress in recent years.
4. Rehan Shaikh — President and CEO Standard Chartered Bank
In 2022, Rehan Shaikh earned a salary of Rs. 244 million, up from Rs. 194 million reported in 2021, showing that his salary had gone up by Rs. 50 million as compared to 2021. As a result of his management, the bank was able to maintain its profit trajectory with a record profit of Rs. 19.84 billion reported for 2022, which was 45 percent higher than in the previous year. The bank has jumped two positions in the ranking of the most profitable banks in the country.
5. Atif Bajwa –President and CEO Bank Alfalah
A strong grasp of the dynamics of the local market has been developed by Atif Bajwa over the past few years. The income he earned in 2022 was Rs. 225 million, up from Rs. 187 million reported in 2021, showing an increase of Rs. 37 million over the income he earned in 2021. As a result of his management, the bank registered a significant increase in profitability over the past year, with an increase of 27 percent over the previous year. Additionally, in 2022, the bank is expected to see a growth in deposits, assets, as well as the number of branches it has.
6. Zafar Masud – President and CEO Bank of Punjab
A significant raise of Rs. 47 million was given to Zafar Masud, the president and CEO of Bank of Punjab, in 2022. In 2022, he reported a total income of Rs. 181 million, which is significantly higher than the income of Rs. 134 million reported in 2021. Since Zafar is the president and chief executive officer of a public sector bank owned by the provincial government, his salary is far higher than that of the president of the National Bank of Pakistan, which is also owned by the provincial government. As a banker last year, he was ranked among the top 10 highest-paid bankers, but this year he managed to move up to number six.
In terms of both technical implementation and service quality, Masud has adopted a strategy to transform his bank into a private bank in terms of both service quality and technology.
7. Mansoor Ali Khan – President and CEO Bank AL Habib
Mansoor Ali Khan got a raise of Rs. 38 million or 29 percent in his salary which surged to Rs. 166 million in 2022 from Rs. 128 million in 2021. Unfortunately, the performance of the bank in terms of making profitability was dismal which saw a drop of 11 percent in 2022 on a year-on-year basis, primarily due to provisioning in sovereign bonds. It is the second bank that saw a decline in profitability among the top ten banks in the country.
8. Yousaf Hussain – President and CEO Faysal Bank
Yousaf Hussain got an annual raise of Rs. 29 million or 21 percent in his salary which surged to Rs. 166 million in 2022 from Rs. 137 million in 2021. Under his management, the bank reported an all-time high profit of Rs. 11.4 billion in 2022.
In 2022, the bank also accomplished a task of transformation from a conventional to a Sharia-based banking system under his management.
9. Mohsin Ali Nathani, President and CEO Habib Metro Bank
Mohsin Ali Nathani earned an annual income of Rs. 144 million in 2022 compared to an income of Rs. 124 million reported in 2021, showing an increase of Rs. 20 million or 16 percent. Under his management, Habib Metro Bank established its position among the top 10 profitable banks in Pakistan in 2022. It reported a profit of Rs. 14.9 billion with a growth of 8 percent from last year, which is also the highest-ever profit made by the bank.
10. Shoaib Mumtaz– President and CEO MCB Bank
Shoaib Mumtaz, President and CEO MCB Bank made an income of Rs. 105 million in 2022. His salary was far lower than his predecessor, Imran Maqbool who last drew his annual income of Rs. 233 million in 2021 along with benefits and perks.
Under his management, MCB Bank maintained its second position in the ranking of the top ten profitable banks in the country. It made a decent growth of 6.6 percent in profitability which surged to Rs. 34.45 billion in 2022—the highest-ever value.
The salary range of these bankers varied significantly from over Rs. 400 million to Rs. 100 million. The remaining banks expect a few such as Samba Bank and BankIslami — usually pay an annual salary package of less than Rs. 100 million depending on performance and the profitability of the banks.
Besides the lucrative salary packages, these bankers also received various benefits and perks including special allowances, awards, company-maintained cars, club fees, and foreign tours.