How to make custom UIBarButtonItem with image and label?

UIButton *button =  [UIButton buttonWithType:UIButtonTypeCustom];
[button setImage:[UIImage imageNamed:@"image.png"] forState:UIControlStateNormal];
[button addTarget:target action:@selector(buttonAction:)forControlEvents:UIControlEventTouchUpInside];
[button setFrame:CGRectMake(0, 0, 53, 31)];
UILabel *label = [[UILabel alloc]initWithFrame:CGRectMake(3, 5, 50, 20)];
[label setFont:[UIFont fontWithName:@"Arial-BoldMT" size:13]];
[label setText:title];
label.textAlignment = UITextAlignmentCenter;
[label setTextColor:[UIColor whiteColor]];
[label setBackgroundColor:[UIColor clearColor]];
[button addSubview:label];
UIBarButtonItem *barButton = [[UIBarButtonItem alloc] initWithCustomView:button];
self.navigationItem.leftBarButtonItem = barButton;

You can add a custom view to the UIBarButtonItem.

In iOS 7, there is a new buttonType called UIButtonTypeSystem for UIButton which serve your purpose. Try this,

UIView* leftButtonView = [[UIView alloc]initWithFrame:CGRectMake(0, 0, 110, 50)];

UIButton* leftButton = [UIButton buttonWithType:UIButtonTypeSystem];
leftButton.backgroundColor = [UIColor clearColor];
leftButton.frame = leftButtonView.frame;
[leftButton setImage:[UIImage imageNamed:<YourImageName>] forState:UIControlStateNormal];
[leftButton setTitle:@"YourTitle" forState:UIControlStateNormal];
leftButton.tintColor = [UIColor redColor]; //Your desired color.
leftButton.autoresizesSubviews = YES;
leftButton.autoresizingMask = UIViewAutoresizingFlexibleWidth | UIViewAutoresizingFlexibleLeftMargin;
[leftButton addTarget:self action:@selector(<YourTargetMethod>) forControlEvents:UIControlEventTouchUpInside];
[leftButtonView addSubview:leftButton];

UIBarButtonItem* leftBarButton = [[UIBarButtonItem alloc]initWithCustomView:leftButtonView];
self.navigationItem.leftBarButtonItem = leftBarButton;

Updated Swift code,

let leftButtonView = UIView.init(frame: CGRect(x: 0, y: 0, width: 110, height: 50))

let leftButton = UIButton.init(type: .system)
leftButton.backgroundColor = .clear
leftButton.frame = leftButtonView.frame
leftButton.setImage(UIImage.init(imageLiteralResourceName: <YourImageName>), for: .normal)
leftButton.setTitle("YourTitle", for: .normal)
leftButton.tintColor = .red //Your desired color.
leftButton.autoresizesSubviews = true
leftButton.autoresizingMask = [.flexibleWidth , .flexibleHeight]
leftButton.addTarget(self, action: #selector(<YourTargetMethod>), for: .touchUpInside)
leftButtonView.addSubview(leftButton)

let leftBarButton = UIBarButtonItem.init(customView: leftButtonView)
navigationItem.leftBarButtonItem = leftBarButton