NBP President to Receive Rs9.5M Salary, Rs30M Life Insurance, Two Cars
Shareholders of National Bank of Pakistan (NBP) have given the go-ahead to the compensation package of the bank’s President and Chief Executive Officer, Imran Sarwar, applicable from September 9, 2026, the day he took charge.
The approval was disclosed by the bank in a notice filed with the Pakistan Stock Exchange (PSX) on Friday. The package has been sanctioned under Section 11(3)(a) of the Banks (Nationalization) Act, 1974, and all payments will be subject to applicable tax deductions.
For the 2026-2029 term, Sarwar will draw a gross monthly salary of Rs9.5 million. He will also be eligible for an annual performance-linked bonus, tied to key performance indicators set by shareholders and assessed by the board of directors. In addition, he will receive a monthly house rent allowance of Rs1 million instead of a concessional staff housing loan.
His perquisites include utilities, two residential landlines and two mobile phones with bills paid at actual cost, round-the-clock residential security comprising four guards working 12-hour shifts, and Rs150,000 a month to cover the cost of five domestic staff.
The CEO is entitled to two vehicles: an entitlement car of up to 3,500cc and a second from the bank’s vehicle pool. At the end of his contract, he may buy the entitlement vehicle for either 10 percent of its cost or its written-down value, whichever is greater. He will also be provided two drivers, or alternatively be reimbursed Rs45,000 per driver each month.
On leave, Sarwar will get 30 days of annual leave and 18 days of casual and sick leave every year. Unused annual leave can be carried forward up to 90 days and cashed out at his last drawn gross salary.
Other benefits include a residential generator worth up to Rs1.5 million, amortised over the contract period; medical and dental coverage at actual cost for himself and his dependent family within Pakistan; and life insurance of Rs30 million for the duration of the contract, with the premium shared equally between him and the bank.
He will further be entitled to gratuity equal to one month’s last drawn gross salary for every year of service, while the bank will pay entry fees for two clubs and subscription charges for three.
According to the filing, the package will stay unchanged throughout the contract term.
Should the bank end his contract before it expires, Sarwar will be compensated for the remaining period of the agreement under the approved terms. If he resigns, he will serve a three-month gardening leave as part of his notice period.
Imran Sarwar's profile
Sarwar was appointed President and CEO of NBP for a three-year term earlier this year. A seasoned banker with more than 36 years of experience in Pakistan and abroad, he has worked across corporate, institutional and investment banking, as well as credit and risk management.
Prior to joining NBP, he was Group Executive, Risk & Credit Policy and Chief Risk Officer at United Bank Limited (UBL).
He has also held senior roles at Standard Chartered Bank, including Managing Director and Head of Corporate Banking for the UAE, and has served on the boards of Khushhali Microfinance Bank and the Pakistan Mortgage Refinance Company (PMRC).
