National Bank of Pakistan (NBP) shareholders have formally ratified a massive compensation and benefits package for President and Chief Executive Officer Imran Sarwar, anchored by a gross monthly salary of Rs9.5 million alongside extensive allowances for housing, security, transport, and domestic staff. Approved during an extraordinary general meeting in Karachi on October 22, 2026, the remuneration framework officially applies from Sarwar’s assumption of office on September 9, 2026, and covers a three-year contractual term extending to 2029.
The sweeping executive compensation aligns with the state-owned bank’s massive operational scale and recent financial trajectory. During the first half of calendar year 2026, NBP reported a robust profit after tax of Rs32.4 billion and expanded its total asset base to Rs7.8 trillion. The newly approved pay structure provides Sarwar with a fixed annual salary of Rs114 million, augmented by a Rs1 million monthly housing allowance, bringing his base annual entitlement to Rs126 million before accounting for performance bonuses and peripheral lifestyle benefits.
Beyond the base salary, the comprehensive package indemnifies the CEO against virtually all living and logistical expenses. Shareholders approved a one-time home furnishing grant equivalent to one month’s gross salary (Rs9.5 million), a Rs1.5 million residential generator facility, and full reimbursement for electricity, gas, and water utilities at actual costs. The bank will also cover the salaries of five domestic workers—capped at an aggregate of Rs150,000 monthly—and deploy four private security guards to maintain a round-the-clock presence at his residence, divided into 12-hour shifts. Additionally, Sarwar is entitled to Rs30 million in life insurance coverage, with premiums split equally with the bank, as well as full reimbursement for domestic medical and dental expenses for his dependent family members.
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Transportation and lifestyle benefits form another major pillar of the executive contract. NBP will provide two official vehicles, including a dedicated car valued up to Rs3.5 million and a secondary vehicle from the bank’s existing pool, complete with fuel at actual cost and the provision of two drivers or a Rs45,000 monthly allowance per driver. At the end of his tenure, Sarwar holds the option to purchase the primary vehicle at just 10% of its original cost or its written-down value, whichever is higher. Furthermore, the bank will finance entry fees for two elite club memberships of his choosing, alongside regular subscription charges for up to three clubs.
The agreement includes structured leave and exit clauses, granting 30 days of annual leave and 18 days of casual or sick leave, with the ability to encash up to 90 accumulated days at his final gross salary rate upon departure. A standard gratuity equivalent to one month’s gross salary for each completed year of service is also included. While shareholders were slated to approve his specific Key Performance Indicators (KPIs) for the 2026 performance bonus, that specific agenda item was withdrawn during the meeting. In the event of early contract termination by NBP, Sarwar will be paid out for the unexpired duration of his term, whereas a resignation will trigger a mandatory three-month gardening leave.
During the same extraordinary general meeting, shareholders elected Muhammad Afzal as a director representing private shareholders for a three-year term commencing October 22, 2026. Afzal secured a dominant mandate with 213,498,993 votes, capturing 75.45% of the total ballots cast to successfully replace outgoing director Farid Malik. His formal induction remains subject to standard regulatory clearance from the State Bank of Pakistan.