Financial performance indicators of Pakistani banks strong compared to regional peers: Governor SBP

Key financial performance indicators of Pakistani banks remain strong compared to many regional peers, according to Jameel Ahmad, Governor of the State Bank of Pakistan (SBP).

Speaking at the Pakistan Banking Awards ceremony 2024, he highlighted the strength of the sector but also noted areas needing improvement, especially in financial inclusion for agriculture and SMEs.

Governor Ahmad identified five core areas for banks to focus on: rethinking business models for better financial intermediation, leveraging technology to enhance financial services, actively participating in financial literacy, partnering with Fintechs for innovative products, and improving user experience and customer service.

Ahmad emphasized the need for financial institutions to strive for excellence and collaborate to create a more inclusive, dynamic, and future-ready financial ecosystem. He urged banks to contribute to the betterment of the economy and society.

The 9th Pakistan Banking Awards ceremony was held on Friday, November 29, 2024, at a local hotel in Karachi. Senior executives and distinguished professionals from Pakistan’s banking and finance industry attended the event.

Jameel Ahmad, who is also the Chairman of the Board of Directors of NIBAF Pakistan, praised the participating banks for their efforts in innovation, transformation, and sustainability.

He also highlighted the important role that Pakistan’s banking industry has played in the country's economic development, especially during challenging times, by providing uninterrupted financial services.