Habib Bank Limited
Habib Bank Limited (HBL) has earned the title as the best bank in Pakistan following an excellent performance in 2002, especially where profitability and efficiency are concerned. Last year, it raised net profit by 83% to a record $70.1m. Its ROE improved to 20.74% in 2002. This compares with 7.73% in 2000.
HBL, which is in the process of being privatised, further consolidated its strong position in the Pakistani banking market, increasing deposits by 12% and revenues by 13%. Overall, it grew assets by 20%. By keeping a tight lid on costs, it was also able to improve its cost-to-income ratio, which totalled 64.7% in 2002.
The bank has taken the lead in technology, unveiling internet banking and PC banking in 2002 to provide customers with round-the-clock access to its services. It is the first Pakistani bank to introduce US dollar financing for Pakistani exporters.
Hamid Imtiaz Hanfi, head of financial institutions at HBL, said: “HBL has achieved a massive turn around in all the balance sheet items, especially with respect to profits, equity, assets and costs, by way of introducing new innovative products and the use of modern technology.”
Following a strong performance, the runner-up was last year’s winner, the National Bank of Pakistan.
