Sunday, July 14, 2024

Mezaan Bank’s CEO Becomes Highest Paid CEO in Banking Sector of Pakistan with Rs. 422 Million Annually

The rivalry between the banks is fierce on a range of issues, including deposit mobilization, consumer finance, services for transfers to Pakistanis abroad, preservation of shareholders’ interests, and enforcing the central bank’s laws, among others.

The CEOs, in addition to the administration and their teams, determine the primary goals for these institutions, which include asset development and financial success.

Irfan Siddiqui (The President and CEO of Meezan Bank) received the highest pay in Pakistan’s banking sector.

In 2022, he received compensation of Rs. 422 million, an increase of Rs. 116 million, or 37%, over what he received in the previous year (Rs. 306 million).

With earnings surging to a record amount of Rs. 45 billion in 2022 under his leadership, the bank became the most profitable bank in the business with a 59 percent year-over-year gain in profits.

His bank was the fifth-most profitable bank last year, and he was ranked second among CEOs with the highest salaries. He and his bank won the top spot in 2023.

Throughout the course of his almost 20-year professional career, he has significantly contributed to the growth and development of both his bank and the Islamic banking sector.

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