Pakistan’s banking sector delivered another strong year in 2025, with combined industry profits climbing to Rs. 671 billion, up from Rs. 600 billion in 2024. The increase came despite a decline in the policy rate, which traditionally compresses banking margins. While overall profitability improved, performance across individual banks varied sharply, reshaping competitive standings within the industry.

The list of the country’s ten most profitable banks remained unchanged from last year, but the underlying trend shifted notably. Only three banks managed to post profit growth, while seven recorded year-on-year declines, highlighting the impact of falling interest rates on earnings momentum.

By comparison, 2024 had been a more balanced year, with six banks reporting profit expansion, two posting flat results, and only two experiencing declines.

Below are Pakistan’s top 10 most profitable banks in 2025.

1. United Bank Limited

United Bank Limited (UBL) emerged as the clear industry leader, delivering a historic performance with net profits reaching Rs. 130 billion in 2025, the highest ever recorded by any bank in Pakistan.

The bank jumped from second place in 2024, when it earned Rs. 75.8 billion, to claim the top position by a wide margin. Earnings per share surged to Rs. 51.3 from Rs. 30.7 a year earlier, while shareholders received total dividends of Rs. 29.5 per share.

UBL also became the second-largest listed company on the Pakistan Stock Exchange, with a market capitalization exceeding $4 billion. Its merger with Silk Bank’s operations strengthened its footprint and contributed to the bank’s exceptional performance.

2. Meezan Bank

After years of consistent expansion, Meezan Bank experienced a rare slowdown. Profit declined to Rs. 89 billion in 2025 from Rs. 101 billion in 2024, causing the country’s largest Islamic bank to lose its long-held leadership position in profitability.

Despite the dip, Meezan Bank maintained strong fundamentals. EPS stood at Rs. 49.54 compared to Rs. 56.62 last year, and the bank continued to reward investors with a dividend of Rs. 28 per share.

3. National Bank of Pakistan

National Bank of Pakistan (NBP) delivered one of the most dramatic turnarounds of the year. Net profit surged to a record Rs. 85.9 billion, compared to Rs. 26.8 billion in 2024, representing an impressive 220% increase.

The public-sector lender climbed from ninth position to third, supported by improved operations and stronger income streams. NBP also announced its largest-ever dividend of Rs. 35 per share, amounting to roughly Rs. 75 billion in payouts. Its share price rose sharply from Rs. 12 to Rs. 40 during the year.

4. Habib Bank Limited

Habib Bank Limited (HBL), once the industry’s top earner, held onto fourth place in 2025 with profits of Rs. 66.8 billion, up from Rs. 57.8 billion in 2024.

The bank retained the largest deposit base in the sector, exceeding Rs. 5.5 trillion. Improved investor confidence lifted its share price to Rs. 45.48 from Rs. 39.85, while shareholders received dividends totaling Rs. 20 per share.

5. MCB Bank

MCB Bank slipped further down the rankings, moving from second position last year to fifth. Profit declined slightly to Rs. 54.2 billion from Rs. 57.6 billion, reflecting a 5% year-on-year contraction.

Despite weaker earnings growth, MCB offered the highest dividend payout in the industry at Rs. 36 per share. EPS decreased to Rs. 45.73 from Rs. 48.62 in 2024.

6. Allied Bank Limited

Allied Bank Limited (ABL) maintained sixth position despite lower earnings. Profit fell to Rs. 35.175 billion compared to Rs. 43.116 billion a year earlier, marking an 18% decline.

EPS dropped to Rs. 30.72 from Rs. 37.65, while shareholders received dividends totaling Rs. 20 per share.

7. Bank Al Habib

Bank Al Habib posted profits of Rs. 32.46 billion in 2025, down 23% year-on-year as lower policy rates and rising operating expenses weighed on performance.

EPS declined to Rs. 5.2, though the bank maintained shareholder returns through a dividend of Rs. 15 per share, retaining seventh place in the rankings.

8. Standard Chartered Bank (Pakistan) Limited

Standard Chartered Bank (Pakistan) Limited faced one of the steepest profit declines among major banks. Net profit fell 37% to Rs. 28.78 billion due to reduced interest income, weaker gains on investments, and higher operating costs.

EPS dropped sharply to Rs. 7.43 from Rs. 11.90, pushing the bank down to eighth position from fifth last year.

9. Bank Alfalah

Bank Alfalah reported profits of Rs. 28.34 billion, compared to Rs. 38.3 billion in 2024. The decline led to a fall to ninth place in the profitability rankings.

EPS decreased to Rs. 17.97 from Rs. 24.30, while shareholders received a cash dividend of Rs. 10.50 per share.

10. Habib Metro Bank

Habib Metro Bank retained tenth position, although profits slipped to Rs. 23.1 billion from Rs. 25.7 billion in 2024.

Askari Bank followed closely with profits of Rs. 23.02 billion, signaling tight competition at the lower end of the top-ten rankings heading into 2026.

Outlook for 2026

The year highlighted a widening performance gap within Pakistan’s banking sector. While UBL and NBP delivered standout results, several peers struggled to maintain profitability amid declining interest rates.

As economic conditions evolve, changes in asset allocation, digital expansion, operational efficiency, and balance-sheet management are expected to reshape rankings in the coming years. The composition of Pakistan’s most profitable banks is likely to remain dynamic, with stronger performers potentially replacing existing players through improved financial performance.