The central bank of Pakistan is the State Bank of Pakistan, one of the best banks in Pakistan.It was founded in 1956 under the State Bank of Pakistan Act.
However, this bank is responsible for ensuring the soundness and regulating liquidity of the state’s financial system. Anyhow, all the banks fall under the supervision of the state bank of Pakistan.
Main type of banks in Pakistan are as follow:
- Commercial Banks
- Industrial Banks
- Exchange Banks
Due to rapid economic growth and stable funding from the higher quality customer deposits and liquidity levels, Moody has rated Pakistan’s banking system as a stable and secure one.
Domestic banks, however, face challenges from their substantial low-rated Pakistani government. According to the rating agency, they face challenges because of the higher asset risks and modest capital levels.
Top 7 Best Banks in Pakistan
1. National Bank of Pakistan
The National Bank of Pakistan (NBP) is an independent organization established in 1949 and headquartered in Karachi, Pakistan. It focuses on corporate banking, consumer banking, offers savings and loans banking, and investment banking.
The bank has 1450 branches that have made $ 17 billion assets and a net profit of USD 160 million as per 2017. Henceforth, it is considered as one of the best banks in Pakistan.
2. Bank Alfalah
Bank Alfalah is a private bank owned by Abu Dhabi Group, established in 1992 and headquartered in Karachi. They started commencing the banking operations in 1997.
It provides financial and banking services to corporations, consumers, governments, and institutions in Pakistan and the Middle East, and the Asia Pacific region.
It works via International Operations, Retail Brokerage, Asset Management, Treasury, Consumer Banking, Islamic Banking, Retail Banking, Corporate Banking, and other segments.
The bank operated 475 conventional banking branches, as of December 31, 2016, comprising ten overseas branches, 153 Islamic banking branches, 18 sub-branches, and an offshore banking unit. The total net profit reached US$71.42 million, and total assets amounted to US$8.29 billion as of 2016.
3. Standard Chartered Bank
SCB is owned by the subsidiary of UK-based Standard Chartered Bank established in 2006. The bank consists of institutional and corporate banking, Central & Other Items segments, Commercial Banking, and retail banking.
They have 101 branches in Pakistan as per December 31, 2016. Besides, they reported a net profit of US$87 million and total assets of US$4.2 billion. Having linked with the UK, it is considered one of the largest banks in Pakistan.
4. Habib Bank
Habib Bank was founded in 1941 and is based out of Karachi. It operates via Treasury, International Banking segments, Branch Banking, and Corporate Banking. It manages 1,677 branches having 17,000 employees.
The components include 54 units in other countries and 45 Islamic banking branches in Pakistan. The total net loss was US$129 million, and total assets were US$24 billion as of 2016.
5. United Bank Limited
This bank is one of the largest banks in Pakistan privately owned by the state. It was established in 1959 and headquartered in Karachi, Pakistan.
The bank has 15,000 people as employees and operates through the network of approx. 1,341 branches in Pakistan.
Besides, it includes two units in the Karachi Export Processing Zone, 18 branches internationally, and 47 Islamic banking branches. The total net profit amounted to US$251 million, and assets totaled were US$14.26 billion as per 2016.
6. Meezan Bank
Meezan Bank has services like the commercial banks in Pakistan and was established in 1997. It works via Corporate and Commercial Banking, Agency Services, Payment and Settlement segments, Corporate Finance, Trading and Sales, and Retail Banking.
The overseas bank has 571 branches in 146 cities of the state, and the one in Karachi employs around 9,000 employees.
The bank posted a net profit of US$50 million and total assets of US$5.94 billion as of 2016. Henceforth, it would be justified if we call it as one of the best banks in Pakistan.
7. Allied Bank
This bank has services like the commercial banks in Pakistan and was established in 1942. It works via Corporate and Commercial Banking, Agency Services, Payment and Settlement segments, Corporate Finance, Trading and Sales, and Retail Banking.
The overseas bank has 1148 branches in the state cities, and the one in Lahore employs around 4,000 employees. The bank posted a net profit of US$130.18 million and total assets of US$9.67 billion as of 2016. Henceforth, it would be justified if we call it as one of the best banks in Pakistan.
Happy banking!
Read Also:
- How to Open a Bank Account in Pakistan?
- What Can A Bank Promo Code Do For You?
- What Kind of Loans to Apply for?
Author: Bakhtawar
