UBL has overtaken HBL in deposits, but deposit size alone cannot tell us how effectively Pakistan’s banks channel money into lending and productive activity. The League Table That Made Me Stop A banking league table stopped me while I was scrolling through LinkedIn in Karachi. UBL occupied the first position with deposits of Rs 6.12 trillion, while HBL stood just behind it at about Rs 5.92 trillion. I have spent enough time around banking and cross-border payments to know that a balance-sheet number rarely tells its full story. The headline claim survives scrutiny. UBL reported deposits and other accounts of Rs 6.1186 trillion at 30 June 2026, up from Rs 5.1684 trillion at the end of December 2025. HBL's half-year report says its total deposits reached Rs 5.9 trillion, with domestic deposits alone rising to Rs 5.1 trillion. On the numbers used in the LinkedIn graphic, UBL led HBL by roughly Rs 200 billion. That sounds huge when viewed from a household account, but the diffe...
Iran and the United States use different doctrines to defend military escalation, while the consequences travel through Gulf oil routes to economies such as Pakistan. A Reader Asked the Question I Could Not Ignore Early one Karachi morning, I was reading the comments under my post when one sentence stopped me. The reader was not arguing about missile range or the price of Brent crude. He was accusing me of something more uncomfortable. “آپ کی لاجک ویسی ہی ہے جیسے کسی زمانے میں عراق اور افغانستان پر امریکی حملے کو جسٹیفائی کرنے والے دیتے تھے۔ حوثیوں اور ایرانیوں کیلئے آپ بھی وہی لاجک استعمال کر رہے ہیں۔” “Your logic is similar to the arguments once used to justify the American attacks on Iraq and Afghanistan. You are now using the same logic for the Houthis and the Iranians.” My first instinct was to reject the comparison. Iran in 2026 does not possess the military reach America enjoyed in 2003, and the Houthis certainly do not command anything resembling the Pentagon. Then I...