Meezan Bank has been awarded the Best Bank title for the sixth consecutive time

 Meezan Bank has been awarded the Best Bank title for the sixth consecutive time, while the Bank of Punjab has received three accolades.

For the sixth time, Meezan Bank has clinched the Best Bank award, and the Bank of Punjab has secured three prestigious honors.For the sixth year in a row, Meezan Bank has won the Best Bank award, and the Bank of Punjab has achieved three significant recognitions.

Bank of Punjab wins awards for Women’s Inclusion, SME and Agriculture Banking; HBL takes ESG honour, Bank Alfalah wins Digital Excellence, while Faysal Bank and Askari Bank share

Meezan Bank Limited has been honored as Pakistan’s Best Bank for the sixth time at the 11th Pakistan Banking Awards, while the Bank of Punjab stood out as the largest winner across multiple categories, securing three awards.

The event, which took place in Karachi on Friday, also saw Meezan Bank awarded for Best Bank for Customer Engagement.

"Alhamdulillah, we are delighted to share that Meezan Bank has been acknowledged as the Best Bank in Pakistan for the sixth time and for the fourth consecutive year by the Pakistan Banking Awards," Meezan Bank stated in a post on X.

Bank of Punjab was recognised in the categories of Women’s Inclusion, SME Banking and Agriculture Inclusion.

Zafar Masud, President and CEO of Bank of Punjab, stated that, having won the Women, Agriculture, and SME Inclusion categories for four consecutive years, BOP would step aside from competing in these three categories to allow other institutions the opportunity to be recognized. He further indicated that BOP would continue to compete in the remaining four award categories for which it is eligible, including the Best Bank award.

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.

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.