Meezan Bank Wins Best Bank Award for Fifth Time

Bank of Punjab takes three awards; HBL, Bank Alfalah, Faysal Bank, Askari Bank and microfinance institutions also recognised Meezan Bank Limited has been recognised as Pakistan's Best Bank for the fifth time at the 11th Pakistan Banking Awards, while Bank of Punjab emerged as the biggest multiple-category winner with three awards. The ceremony, held in Karachi on Friday, saw Meezan Bank also receive the award for Best Bank for Customer Engagement. Bank of Punjab was recognised in the categories of Women's Inclusion, SME Banking and Agriculture Inclusion. Habib Bank Ltd won the Best Bank for Environmental, Social and Governance (ESG) category, while Bank Alfalah received the Digital Excellence Award. Read this: SBP governor urges banks to boost retail deposits and private-sector lending Faysal Bank Ltd and Askari Bank shared the Best Mid-Sized Bank award. Pakistan Microfinance Investment Company Ltd was recognised for Best Contribution by a Non-Bank Entity, while ASA Microfinance Bank Ltd won the Best Microfinance Bank award. The Pakistan Banks Association (PBA) congratulated the winners of the 11th edition, saying the recognitions reflect the banking sector's continued focus on excellence, innovation and progress. The selection process covered banks as well as non-bank financial institutions. Jury Chairperson Zubyr Soomro highlighted the difficulty of choosing winners, particularly for the overall Best Bank award, before Meezan Bank was announced as the winner. Bank of Punjab President and CEO Zafar Masud made an unexpected announcement at the event, saying the bank would stay out of next year's awards by not submitting entries in any category. He said this would give other institutions a chance to compete for the honours. State Bank of Pakistan Governor Jameel Ahmad outlined the challenges facing the banking sector amid the prevailing economic conditions and regional conflict. He said the banking industry was in a relatively favourable position but pointed to weak private-sector credit penetration, which he said was around half the level seen in Bangladesh. He said a reduction in the government's financing requirements could create more room for banks to expand lending to the private sector. The SBP governor also stressed the need for the banking industry to speed up digitalisation.