Pakistan’s banking industry posted a landmark year in 2024, registering total profits nearing Rs. 600 billion—a historic high despite a surge in taxation and rising operational costs.
From Islamic finance to government-backed Sukuks and deposit-driven lending strategies, the sector displayed resilience and adaptability in the face of macroeconomic challenges. In this comprehensive ranking, we highlight the Top 10 most profitable banks in Pakistan for 2024, based on earnings, shareholder returns, and tax contributions.
1. Meezan Bank
Meezan Bank made history in 2024 by becoming the first bank in Pakistan to cross the Rs. 100 billion profit milestone. Its commitment to Islamic banking, coupled with strategic investments in Sukuks and private sector financing, allowed it to lead the pack despite increased tax obligations. The bank’s Shariah-compliant model has not only driven profits but also positioned it as a future-ready institution ahead of the country’s transition away from interest-based banking.
Key Financials:
- Profit: Rs. 101.5 billion
- Pre-tax Profit: Rs. 222 billion
- Tax Paid: Rs. 121 billion
- Earnings Per Share (EPS): Rs. 57
- Dividend: Rs. 28 per share
2. United Bank Limited (UBL)
UBL reclaimed its position as the second most profitable bank, recording a remarkable 34% YoY growth. The bank’s ongoing digital transformation and aggressive pivot to Islamic banking—especially the complete conversion of its operations in KP and Balochistan—played a vital role in expanding its earnings base and boosting investor confidence.
Key Financials:
- Profit: Rs. 75.7 billion
- Pre-tax Profit: Rs. 150 billion
- Tax Paid: Rs. 74.3 billion
- EPS: Rs. 61
- Dividend: Rs. 44 per share
3. MCB Bank
MCB Bank slipped from second to third place in 2024, registering a decline in profits of over Rs. 2 billion. While the bank maintained strong pre-tax earnings, post-tax profitability was impacted by heavier tax loads and increased operational expenses. Still, it remains a dominant player with a solid dividend policy and consistent shareholder returns.
Key Financials:
- Profit: Rs. 57.6 billion
- Pre-tax Profit: Rs. 118.4 billion
- Tax Paid: Over Rs. 60 billion
- EPS: Rs. 48
- Dividend: Rs. 36 per share
4. Habib Bank Limited (HBL)
HBL retained its place among the top four despite showing flat profit growth in 2024. The bank’s balance sheet expansion, reaching Rs. 6.1 trillion, reflects strength in deposits and asset management. While earnings remained steady, higher taxes and administrative costs weighed down net income.
Key Financials:
- Profit: Rs. 57.8 billion
- Pre-tax Profit: Rs. 120 billion
- Tax Paid: Rs. 62.5 billion
- Deposits: Rs. 4.4 trillion
- Dividend: Rs. 16.5 per share
- Share Value: Rs. 38
5. Standard Chartered Bank Pakistan (SCBPL)
SCBPL delivered its highest-ever annual profit of Rs. 46 billion, driven by a healthy mix of non-interest income and cost management. The bank rose from sixth to fifth in the rankings and is now actively working toward a transition to Islamic banking, anticipating shifts in Pakistan’s financial ecosystem.
Key Financials:
- Profit: Rs. 46 billion
- Pre-tax Profit: Rs. 100 billion
- Tax Paid: Rs. 54 billion
- EPS: Rs. 11.90
- Dividend: Rs. 9 per share
6. Allied Bank Limited (ABL)
ABL rose to sixth place with its highest-ever profit of Rs. 43 billion. Strategic investments and better cost controls helped the bank climb from seventh position last year. It continued to offer reliable dividends, while its stock value appreciated steadily throughout the year.
Key Financials:
- Profit: Rs. 43 billion
- Pre-tax Profit: Rs. 87 billion
- Tax Paid: Rs. 44.8 billion
- Dividend: Rs. 16 per share
- Share Value: Rs. 37.5
7. Bank Al Habib
Bank Al Habib registered 12% growth in profitability, reaching a record Rs. 39 billion. With rising net interest income and sustained loan growth, the bank’s shares saw improved valuation. Its consistent dividend payments further added to investor appeal.
Key Financials:
- Profit: Rs. 39 billion
- Pre-tax Profit: Rs. 83.8 billion
- Tax Paid: Rs. 43.9 billion
- Dividend: Rs. 17 per share
- Share Value: Rs. 35.8
8. Bank Alfalah
Bank Alfalah posted its highest-ever profit of Rs. 38.3 billion, continuing its momentum from a stellar 2023. Though growth slowed compared to last year, the bank remained strong in digital banking and SME lending, maintaining its upward profitability trend.
Key Financials:
- Profit: Rs. 38.3 billion
- Pre-tax Profit: Rs. 83 billion
- Tax Paid: Rs. 44.7 billion
- Dividend: Rs. 8.5 per share
- Share Value: Rs. 24.3
9. National Bank of Pakistan (NBP)
NBP experienced a steep drop in profitability, falling from fifth to ninth place. Its profits declined by over 50%, largely due to one-time pension liabilities and operational inefficiencies. However, the bank resumed dividend payments for the first time since 2016, signaling a focus on investor relations.
Key Financials:
- Profit: Rs. 26.8 billion
- Pre-tax Profit: Rs. 56.6 billion
- Tax Paid: Rs. 29.8 billion
- EPS: Rs. 12
- Dividend: Rs. 8 per share
10. Habib Metro Bank
Rounding off the list, Habib Metro Bank maintained stable profitability at Rs. 24.6 billion. While it didn’t experience significant growth, it preserved its position in the top 10 with consistent earnings, a strong tax contribution, and shareholder-friendly dividend policies.
Key Financials:
- Profit: Rs. 24.6 billion
- Pre-tax Profit: Rs. 56.7 billion
- Tax Paid: Rs. 27.9 billion
- Dividend: Rs. 12 per share
- Share Value: Rs. 23
Looking Ahead: Shariah-Compliant Finance
The financial landscape in Pakistan is evolving rapidly as the 26th Constitutional Amendment mandates a complete shift away from interest-based banking by 2028. Banks with established Islamic frameworks—such as Meezan, UBL, and SCB—are expected to lead this transformation. With continued investment in Sukuks, digital channels, and ethical finance, these institutions are well-positioned to shape the next era of Pakistan’s financial system.