RECORDER REPORT

KARACHI: Bank Alfalah Limited has been declared Pakistan's "Best Bank" at the Second Pakistan Banking Awards Ceremony on Tuesday night.

Tariq Bajwa, Governor of the State Bank of Pakistan, was the chief guest of the event held by the Institute of Bankers Pakistan, Dawn and A.F. Ferguson and Co.

Eight awards were presented in different categories. Winners of the Pakistan Banking Awards were selected by a distinguished jury, whose decision was based on the evolution and performance of a bank over time, as well as its current standing in Pakistan.

The,"Best Bank" award was secured by Bank Alfalah as it has demonstrated the most significant contribution to national development and the most effective management of its resources, including its employees, clients, franchise, community and financials.

The "Bank the Unbanked Award" was won by Telenor Micro Finance Bank, because it has paid most attention to financial inclusion by expanding its outreach through rural and low-income urban penetration and diversification among all segments of account holders, including female accountholders. Telenor Micro Finance Bank also bagged the "Best Micro Finance Bank" award for the best all-around micro-finance bank in terms of penetration, outreach, efficiency and access to low-income communities across Pakistan.

Habib Bank Limited secured the "Best Bank for Small Businesses and Agriculture" award for strongest performance, diversification and quality of SME and agricultural lending nationwide.

United Bank Limited was declared "Best Bank for Corporate Finance & Capital Market Development" as the bank has excelled in promoting capital market development, deepening secondary markets, and providing advisory services to optimise the efficient use of industrial and commercial assets.

Bank Alfalah Limited also secured "Best Customer Franchise" award for most efficient service delivery and attention to customer requirements.

Meezan Bank bagged the "Best Islamic Bank" award as the bank has made the most progress in extending and expanding its Islamic banking franchise and raising public awareness.

"Best Environmental, Social and Governance Bank" award was presented to JS Bank for its main focus on ESG attributes for conduct of responsible business. ESG attributes cover holistic respect for the environment, society, and governance.

In his address at the ceremony, the State Bank governor urged banks to focus on agricultural and SMEs financing to for the long-term and for higher economic growth.

The State Bank is focusing on the agricultural and SME sector. Banks have disbursed Rs700 billion agricultural loans during the last fiscal year.

The State Bank has set a target for this year of Rs1.001 trillion in agricultural lending to support agriculture, one of the largest sectors of the economy.

The agricultural sector "contributes some 27 percent in GDP growth, however bank's lending to this sector is about 4.5 percent," he said.

H said that after a long gap the country's economy is on the right path, adding that last year Pakistan achieved 5.3 percent growth and this year the growth will be an estimated 6 percent. Previously, economic growth was lower than inflation, however now the growth is higher than inflation, he added.

The governor said that the financial sector, particularly the banking sector, plays a pivotal role in determining the overall economic growth and development of the nation. The efforts and achievements of the institutions contributing to this sector in Pakistan should be recognized and acknowledged, he added.

The Pakistan Banking Awards were also meant to support and promote the efforts of banks for developing new and innovative products and services, while giving them the incentive to enhance their performance for the coming year, he said.

Hussain Lawai, Chief Executive of the IBP, and Syed Muhammad Shabbar Zaidi, Territory Senior Partner and Chairman of A.F. Ferguson & Co (AFF) PWC, also spoke on the occasion and congratulated the winning banks.

The Awards were adjudged by a five-member jury of experts comprising Syed Salim Raza, former governor the State Bank, Azhar Hamid, former Banking Mohtasib Pakistan and former country head of SCB Pakistan, Feroz Rizvi, President & CEO of the Pakistan Institute of Corporate Governance, Dr. Zeelaf Munir MD & CEO of English Biscuit Manufacturers, and Shehzad Naqvi former regional head of Citibank Middle East and Pakistan.