Soneri Bank Internship Report by MuaviaKhan

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									COMSATS Institute of Information
Technology, Lahore




      PAK ELAKTRIC LIMITED
  Bagri Plaza, Lahori Gate, Main Branch Wazirabad




         Muhammad Aleem




   Muhammad Muavia Khan
          CIIT/SP09-MBA-081/LHR

             September 16, 2010




 COMSATS Institute of Information Technology
     Defence Road off Raiwind Road, Lahore
           COMSATS Institute of Information
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                           ACKNOWLEDMENT



        “I am really pleased here to acknowledge the sheer efforts and extreme of
numerous people, those who have provided me their service in the completion of my
internship report at Soneri Bank Wazirabad branch. I would like to thank my
supervisors in the bank during my internship period of 6 weeks here in Soneri bank;

             Mr. Mahmood Ahmed (Branch manager)
             Mr. Waseem Toor
             Mr. Shehzad Hussain Awan
             Mr. Imran Khalid
             Mr. Rizwan Ahmed

      Whole staff and these officers were so cooperative and nice to me that
without their guidance and support this internship would not have resulted in
success. I learned lots of things like corporate ethics, culture, structure and
management, which will help me in my career ahead.

      Then I would like to thanks my internship adviser M’am Naila Tabassum for
the valuable advice and support she has given me in writing of this report. And most
especially thanks to my family and friends for their moral support & to God, who
made all things possible.”




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                                      PREFACE



      Normally students are indulged in formal Education and pay no heed to
practical experience. In fact, there is a large difference between knowledge and
practical work. Books are the source of Knowledge, but there is the practical work is
something different. Internship also improves the confidence in student when he
works with some professionals. Internship program provide the chance to see all the
things from near and strengthened his concepts.

      This training provides me a lot of practical knowledge and confidence, which I
feel will help me in my practical life. In Soneri Bank I learn some and the personnel‟s
with whom I worked tried their best to deliver practical knowledge to me. In this
report there is a complete profile of the Rupali Group, Who is the owner of the Soneri
Bank. There are also all the information about the policies, structure and all the
financial information about Soneri Bank.




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                       EXECUTIVE SUMMARY



      This internship report of 6 weeks period was to learn “business practices” in
an organization renowned for its policies and business operations. Its completion
date was 30th July, 2010.

      For this purpose I have chosen Soneri bank which is famous for its operations
most importantly for its export policies. Soneri Bank runs its operations according to
capitalism as a conventional bank operates. It has variety of packages to attract
customers; moreover it also has covered up different sectors of the economy like
agriculture and corporate financing. Hence one of the fast growing banks of the
country despite of current poor financial results in past three, four years. I worked
with lots of attention and motivation here and kept a deep eye on its operations and
tried to give my best on whatever I was given by my supervisors. Main findings and
recommendations supported by fi nancial analysis are given at the end of the report.




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                                  CONTENTS
                                             PAGE #
SONERI BANK LIMITED                              6
INTRODUCTION & HISTORY                           7
CORPORATE INFORMATION                            10
VISION & MISSION STATEMENT                       13
CODE OF CORPORATE GOVERNANCE                     16
     Statement of Compliance                     17
     Statement of Internal Controls              19
PLANNING PROCESS                                 21
     Organizing                                  26
     Human Resource Planning                     27
     Leading                                     30
     Controlling                                 32
ACCOUNTING POLICIES                              36
BANKING DIVISIONS                                44
     Conventional Banking                        45
     Islamic Banking                             56
     Marketing Strategy                          57
     Competitive Strategy                        57
COMPANY ANALYSIS                                 58
     Financial Analysis                          59
     Ratio Analysis                              64
     Assets Pie-charts                           83
SWOT ANALYSIS                                    85
SUGGESTIONS AND RECOMMENDATIONS                  89
LEARNING AS A STUDENT                            92
CONCLUSION                                      101
GLOSSARY                                        102
BIBLIOGRAPHY                                    104




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                       SONERI BANK LIMITED




COMPANY PROFILE:


Company profile: Soneri Bank Ltd.

Corporate status: Public limited company

Founded:              1991

Headquarters:         Karachi, Pakistan

Key people:           Rupali Group, Feerasta family

Working culture:      Supportive, coordinative

Exchange:             LSE, KSE, Islamabad Stock Exchange

Country:              Pakistan

Total Assets:         95,310,272,000 (PKR 2009)

Profit after Tax:     145,355,000 (PKR 2009)

Earning per share: 0.29 Rs. Per share

Credit Rating:        (A1+) for short term and (AA-) for long term securities




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INTRODUCTION
     &

  HISTORY
           COMSATS Institute of Information
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       Incorporated on September 28, 1991 the first branch of Soneri Bank Limited
formally opened doors for operations in Lahore on April 16, 1992 followed by Karachi
Branch on May 09, 1992. The bank now operates with 156 branches spread all over
Pakistan includi ng the Northern Areas of the country where no other private bank
has ventured so far. Expansion of branches is based on a policy of maintaining a
balance between the urban and rural areas with a view to offering services even in
the remote areas of Pakistan. Pleasant and sophisticated atmosphere has been
provided in the branches which are all fully air-conditioned and computerized.

The Sponsors:


       The Sponsor Directors are from M/s. Rupali Polyester Limited who enjoy
excellent reputation in the country both professionally and financially and who have
invested over Rs.10 billion i.e. U.S .D 200 million approximately in various industrial &
commercial projects of the country.

The Management:

       The President and Chief Executive of the Bank Mr. Safar Ali K Lakhani, a
carrier banker with experience spread over a period of more than 35 years, has had
extensive exposures to domestic and international banking both at home and
abroad. He has a team of professional and experienced bankers to assist him.

Service:

       Soneri Bank offers a full range of Corporate, Treasury, and Retail Banking
Services with emphasis on Trade-related services to importers and exporters. The
essence of business philosophy is to cater to the banking requirements of small &
medium sized entrepreneuers, providing them qualitative & competitive services.
Emphasis is on encouraging exports and major portion of the advances portfolio of
the bank is related to export financing .

       Mindful of the requirements of automation the bank has started Soneri Tele-
Banking Service & in the first phase installed two ATMs at important locations in
Karachi while the work for connecting the branches on line for customers‟
convenience is being actively pursued.



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International Relations:
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       The extensive correspondent network in just eight years of operations and the
excellent relations maintained have proved valuable in bank's efforts in conducting
international banking business. The bank was able to handle trade finance business
of over Rs. 31 billion in 1999. (approx. U.S.D. 600 million)

Human Resource Development and Training Program:

       Great emphasis is laid on the development of human resources. The bank
regularly sends officers and executives to attend Banking Seminars both inside the
country and abroad. Foundation courses for the new entrants in banking are a
continuing feature in our academy.




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            CORPORATE
           INFORMATION




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Board of directors:



      Chairman:

                       Mr. Alauddin Feerasta



      Chief Executive Officer:

                       Mr. Safar Ali K. lakhani



      Directors:

                       Nooruddin Feerasta

                       Inam Elahi

                       S. Ali Zafar

                       Abdul Hayee

                       Shahid Anwar (NIT nominee)

                       Manzoor Ahmed (NIT nominee)


Company Secretary:

               Muhammad Altaf Butt



Audit Committee:

               Nooruddin Feerasta Chairman

               S. Ali Zafar (member)

               Shahid Anwar (member)

               Abdul Hayee (member/secretary)



Auditors:

               KPMG Taseer Hadi & Co.

               Chartered Accountants




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Legal Advisor:
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             Mannan Associates



Registered Office:

             Rupali House 241-242, Upper Mall Scheme, Anand Road, Lahore-
             54000
Registrar and Share Transfer agent:

             THK Associates (private) Ltd, Ground floor, State Life building no. 3,
             Dr. Ziauddin Ahmed Road Karachi-75530

             UAN: (021) 111-000-322

             Fax: (021) 3565 5595




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                             VISION
                                   &
                         MISSION
                       STATEMENT




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                                        VISION



“To provide the visionary services and dynamic banking solutions to cater the needs
                                 of all over stakeholders”




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                        MISSION STATEMENT



      To develop Soneri bank into an aggressive and dynamic financial institution
having the capabilities to provide personalized services to the customers with cutting
edge technology and a wide rage of products. And during the process to ensure
maximum return on assets with ultimate goal of serving the economy and society.




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                    CODE OF
                   CORPORATE
                  GOVERNANCE




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Statement of Compliance:

       This statement is being presented to comply with the Code of Corporate
Governance contained in Regulation No.37, Chapter XIII and section 36 of Chapter
XI of Listing Regulations of Karachi Stock Exchange (Guarantee) Limited, Lahore
Stock Exchange (Guarantee) Limited and Islamabad Stock Exchange (Guarantee)
Limited respectively for the purpose of establishing a framework of good
governance, whereby a listed company is managed in compliance with the best
practices of Code of Corporate Governance. The Bank has applied the principles
contained in the Code in the following manner:

1.     The Bank encourages representation of independent non-executive directors
on its Board of Directors. At present the Board includes seven non-executive
directors including one independent director.

2.     The directors have confirmed that none of them is serving as a director in
more than ten listed companies, including our Bank.

3.     All the directors of the Bank are registered as taxpayers and none of them
has defaulted in payment of any loan to a banking company, a DFI or an NBFC. No
director in the Board is a member of any stock exchanges in Pakistan and hence the
question of declaring any of our directors‟ as a defaulter by any stock exchange does
not arise.

4.     No casual vacancies occurred in the Board during the year 2008. The
present Board of Directors of the Bank was elected on 29 March 2008 in the Annual
General Meeting of the shareholders.

5.     The Bank has prepared a „Statement of Ethics and Business Practices‟,
which has been signed by all the directors and employees of the Bank.




6.     The Board has developed a vision/ mission statement, overall corporate
strategy and significant policies of the Bank. A complete record of particulars of
significant policies along with the dates on which they were approved or amended
has been maintained. Materiality level has also been set by the Board.

7.     All the powers of the Board have been duly exercised and decisions on


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material transactions, including appointment and determination of remuneration and
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terms and conditions of employment of the Chief Executive Officer has been taken
by the Board.

8.     All the meetings of the Board were presided over by the Chairman and the
Board met at least once in every quarter. Written notices of the Board meetings,
along with agenda and working papers, were circulated at least seven days before
the meetings. The minutes of the meetings were appropriately recorded and
circulated.

9.     The directors are aware about their fiduciary responsibilities and most of
them have attended formal orientation courses.

10.    The appointment of Chief Financial Officer and Company Secretary were
made before the implementation of Code of Corporate Governance. However, their
next appointment, if any, including their remuneration and terms and conditions of
employment, after its determination by the Chief Executive Officer (CEO), will be
referred to the Board of Directors for their approval. However, during the year the
appointment of Head of Internal Audit, including his remuneration and terms and
conditions of employment, was approved by the Audit Committee of the Board, after
its determination by the Chief Executive Officer of    the Bank.

11.    The directors‟ report for this year has been prepared in compliance with the
requirements of the Code and fully describes the salient matters required to be
disclosed.

12.    The financial statements of the Bank were duly endorsed by the Chief
Executive Officer and Chief Financial Officer before approval of the Board.

13.    The directors, Chief Executive Officer and executives do not hold any interest
in the shares of the Bank other than that disclosed in the pattern of shareholding.




14.    The Bank has complied with all the corporate and financial reporting
requirements of the Code.

15.    The Board has formed an audit committee. It comprises four members and all
the four members are non-executive directors including chairman of the committee.




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16.       The meetings of the audit committee were held once every quarter prior to
approval of interim and final results of the Bank and as required by the Code. The
terms of reference of the committee have been framed by the Board and the audit
committee operates within the defined terms of reference.

17.       The Board has set-up an effective internal audit department.

18.       The statutory auditors of the Bank have confirmed that they ha ve been given
a satisfactory rating under the quality control review program of the Institute of
Chartered Accountants of Pakistan, that they or any of the partners of the firm, their
spouses and minor children do not hold shares of the Bank and that the firm and all
its partners are in compliance with International Federation of Accountants (IFAC)
guidelines on Code of Ethics as adopted by the Institute of Chartered Accountants of
Pakistan.

19.       The statutory auditors or the persons associated with them ha ve not been
appointed to provide other services except in accordance with the listing regulations
and the auditors have confirmed that they have observed IFAC guidelines in this
regard.

20.       We confirm that all other material principles contained in the Code have been
complied with.




Statement of Internal Controls:

          The State Bank of Pakistan had issued Guidelines on Internal Controls in May
2004. Although, the bank's existing internal control framework provides essential
support that is needed for the safe and sound banking operations, the bank had
initiated a review of its existing internal control system through a consultant firm who
have completed the review and have developed the Risk Control Matrix in line with
the requirements of the State Bank of Pakistan's guidelines and international best
practices. The Control Risk Matrix developed by the consultant is in process of being
tested.

          The existing internal controls encompass policies and procedures relating to
all processes, products and activities of bank's operations. The internal control



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policies and procedures are being regularly reviewed by an independent internal
audit department reporting directly to the Audit Committee of the Board of Directors.

      While the Board of Directors provide necessary insight by approving internal
control strategies and policies, the senior management o f the bank is responsible for:

    Implementing these strategies and policies;
    Developing processes that identify, measure, monitor and control risks
      incurred by the bank; maintaining an organizational structure that clearly
      assigns responsibility, authority a nd reporting relationships;
    Ensuring that delegated responsibilities are effectively carried out;
    Setting appropriate internal control policies; and monitoring the adequacy and
      effectiveness of the internal control system.

      The review and improvement of internal controls is an ongoing process. To
strengthen further the internal control framework, once the testing process of the
Risk Control Matrix developed by the consultant is completed, the same would be
implemented during 2009.

      During the year under review, the exceptions reported by the State Bank of
Pakistan in its inspection report as well as exceptions pointed out by the Internal
Audit Department were reviewed and necessary internal controls are being further
strengthened.

      Based on the above, the management believes that the existing internal
controls are operating efficiently and effectively and provide reasonable assurance
that business, operational, financial, compliance and other inherent risks are
effectively managed, which will lead to achievement of bank's corporate objectives
and improvement of shareholder's value .




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PLANNING
 PROCESS
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CREATION OF GOALS


       Soneri Bank has multiple goals but it‟s a profit making organization therefore it
emphasizes on one profit making goal. The basic strategic plans of the Soneri Bank
are establishing the organization‟s overall goals. The plans that are long term deals
basically with the organizations basic goal that they desire to achieve for profit
making. The short terms plans deals with the minor goals of the organization.
The Soneri Bank has stated goals which give helps to satisfy stakeholders of the
organization. The Soneri Bank has traditional goal setting for the achievement of
goals in future.


MAKING OF PLAN


       The all short term and long term plans are made by the higher level
management. The head office of the Soneri Bank set the goal of the organization
and the top level management of every department does the planning for the
achievement of goals. Every department has their own goals and planning to
achieve goals.


CONVERSION OF PLAN
       After making of plan this plan converts into written form. Firstly planning
document creates by the managers and it also mentioned the implementation date of
this planning in the organization.


COMUNICATION
       After the conversion of plan in written form this document circulates in all
departments but some plans are restricted to the particular department for which it
make. Managers use downward communication for the awareness of employees in
the organization as well as in departments.
IMPLIMENTATION
       According to the date which mentions in the document it implement in the
department. After the communication of plan implementation is easy for the
managers.




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ACHIEVEMENT OF GOALS
       In the Soneri Bank there is an integrated network of goals in which the
accomplishment of goals at the higher level serves as the means for achieving the
goals, or ends, at the operational level.
PLANNING TOOLS AND TECHNIQUES


       Soneri Bank uses formal planning but this organization prefer to group
decision making for planning.
       The higher management makes planning but it is restricted up to that limits
and rules which described in the companies ordinance 1984. Soneri Bank normally
used strategic planning with time frame of long term and the nature of planning
normally   directional     which     can      be   change   according   to   requirement.




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              Creation                   Making of
              of goals                    plans




Achieve-
                                                      Convesion
ment of
                                                       of plans
 goals




            Impleme-                     Commun-
            ntation of                   ication of
              plans                        plans




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                 MANAGEMENT HIERACHERY




                                       Branch Mnager


                                               Asssitant
                                               Manager


Operation         Incharge Import &       Incharge Credit                     Incharge Cash
                                                             IT Incharge
Manager                Export               Department                         Department



                                                            Receipt Officer   Payment Officer




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                                       ORGANZING



       Organizing of the Soneri Ban involves assembling and coordinating the
human, financial, physical informational and other resources needed to achieve
goals. It includes attracting people to the organization, specifying job responsibilities,
grouping jobs into work units, marshaling and allocating resources, and creating
conditions so that people and things work together to maximum success.


ORGANIZATION’S DESIGN
       The Soneri Bank has formal arrangements of jobs. In Soneri Bank work
specialization is an important organizing mechanism. The Soneri Bank is
departmentalized on the basis of functions such as finance department, accounts
department, marketing department, HR department and administration department
etc. The Soneri Bank is working as a large company with its network of 156
branches in all over Pakistan. Management keeps an eye on its work and monitor.
Top level managers of the Soneri Bank tell the other manger what to do. So we can
say that there is chain of command in the Soneri Bank is not very strict. Top level
management take decisions about the organization and they also take opinions from
their employees but employees have no right to take decision the y only give
suggestions. The Soneri Bank is becoming more flexible and responsive; there is a
distinct trend towards decentralizing decision making. Since the lower level mangers
have more detailed knowledge about problems and their decisions then do top
managers so the authority has been pushed down to the regional and operational
levels and top level mangers take their suggestions into their consideration.
Employees in the bank are also guided by rules and procedures about organization.


ORGANIZATIONS STRUCTURE
       In today‟s competitive world where globalization is bringing people closer to
one another, no organization can survive with pure mechanistic structure. Even the
public company has been influenced by technology and Soneri Bank realizes this
fact. The structure of the Soneri Bank is not mechanistic but flexible. Structure of the
organization depends upon size of the organization, strategies, technology, and
degree of uncertainty of the environment.


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                        HUMAN RESOURCE PLANNING


       When organization needs employees then they show job specification and job
description. But before that they fully analyze the job. Information for job analysis is
gathered by filming an individual on job or interviewing an employee and identifying
job specific characteristics. HR department consists of 4 sections namely

      Recruitment & Selection

      Training/Learning & Development

      Performance Management

      Organization Development




RECRUITMENT

       Recruitment is on of the basic tasks of any Human Resource department.
Soneri Bank requires persons for two types of vacancies.          One is replacement
vacancy and second one is new hiring. In The Soneri Bank, the recruitment is done
by informing employees through internet, newspapers and company website. HR
department at Soneri Bank has a reasonable curriculum vitae (CV) database.




SELECTION

       Selection builds on recruiting and involves decisions about whom to hire. It is
an exercise in prediction. In the Soneri Bank, managers follow a proper process of
selection. They use a number of selection devices that are application forms, 1 st
interview, 2nd interviews and background investigation. The most frequently used
selection devices are preliminary test, preliminary interview and final interview. For
the two separate types of vacancies PEL has two types of CV pools. In case of
replacement, approval is taken from the head of department. For new vacancy
recruitment, the managing director (MD) gives approval. Head of HR department
gives final approval. Search then takes place in the CV pool, telephonic interview is
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taken from the short-listed candidates and then detailed interviews are scheduled as
per convenience of the candidate.




ORIENTATION

       An employee starting a new job needs the some type of introduction to his or
her job and the organization. In orientation the employee is made familiar with his or
her job, environment and realistic job preview. In Soneri Bank the employees are
introduced to their work unit and rules and procedures of the organization such as
work hours, pay procedures, overtime requirements. This also includes HR policies
and benefits. HR executives and management training officers MTOs give
orientation to executives whereas managers are appointed to give orientation to
freshly recruited managers. Orientation basically consists of a Power Point
presentation. New recruits are told about their rights, duties and benefits. They are
then given a branch visit. Finance, IR & A, Internal Audit and HR are included in the
tour given to the new recruits.




EMPLOYEE’S TRAINING

       In the Soneri Bank, officers training institute trains the selected candidates.
Training of employees is based on their required skills and position. They are trained
with interpersonal skills like communication, customer service, diversity and culture
awareness, leadership, coaching, technical skills about their job, information
technology and computer application and skills. Trainings are added on monthly
basis on the company‟s local area network (LAN). Whenever an employee feels that
he wants to undergo a specific training, he fills out a form and forwards it to his
supervisor. This training program is 6 months duration in Soneri training center
Lahore, where applicants are provided free residence and other facilities like
transport, mess and half salary of the month.




COMPENSATION AND BENEFITS




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       The employees are provided with compensations and benefits and also an
employee can have holidays of almost 30 days in a year, moreover 10 casual leaves
as well. Holidays of the next year maybe used beforehand incase of some problem
or any other circumstances, which require leave of absence.




APPRAISAL

       Goals are set on a quarterly basis. Section head assigns each employee
his/her goal. These are departmental goals. Performance appraisal takes place on
these goals. Performance appraisal usually takes place at the beginning of the
financial year.



COMMUNICATION WITHIN ORGANIZATION
       Communication within the Soneri Bank is formal and has downward flow. The
information is communicated in the bank through group meetings, telephone. Formal
presentations, memos, traditional mails, fax machines, employee publications,
conferences, voice mails, electronic mails. . They also provide a platform for
employee to voice their concerns and suggestions. The managers organize
meetings with staff members where discuss market trends and business updates
with them.


INFORMATION LINKAGES
       The informational linkages are very important in order to keep the people
intact and allow a smooth flow of information across the organization. It is necessary
to develop such linkages so as to coordinate activities and accomplish overall
organization goals. Strong information linkages in Soneri Bank reduce time lags and
increases efficiency and effectiveness.


HORIZONTAL LINKAGES
       It is imperative for the achievement of goals and objectives, that all the
workers must have a clear sense of direction towards their objective. This is
achieved through an effective internal communication between top executives and
employees. The type of information Linkage in Soneri Bank is Horizontal information
linkage. Soneri Bank has created best communication system within the

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organization. There       is   paper/paperless   communication. Any information or
announcement is communicated to all employees through emails. This helps in
keeping all employees updated and informed about new steps taken.


OPEN COMMUNICATION CHANNELS
       Soneri Bank has also maintained open communication channels both
downward and upward in the company‟s hierarchy. This is quite effective in creating
a good working environment for the employees.
PROJECT TEAMS
       The Soneri Bank heavily depends on the project teams for accomplishing the
task and projects.




                                          LEADING


       “The social construct of leadership is viewed as a myth that functions to
reinforce existing social beliefs and structures about the necessity of hierarchy and
leaders in organization”.


LEADERSHIP STYLE
       The managers or supervisors in bank of Punjab use different leadership styles
to attain their goals. These styles include
      Task style
      Relationship style
      Participating style
      Delegating style




TEAM WORK
       Nowadays it‟s very rare to listen that the working within an organization is
individual based. All the organizations are moving towards groups or teams and it is
preferable as well. If we talk about a Soneri Bank the work is always team based as
a person alone can‟t handle a single task or goal. Although every one is trained to do
almost every kind of work but there is a division of labor. For example in the making


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of daily statements the work is divided in a team. The teams are cross-functional in
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Soneri Bank. The teams are fusion of specialized individuals who work together on
different tasks.


MOTIVATION IS THE KEY TO PERFORMANCE IMPROVEMENT
       There is an old saying that you can take a horse to water but you can not
force it to drink; it will drink only if it‟s thirsty-so with people.
       People will do what they want to do otherwise they‟ll be motivated to do.
Whether it‟s to excel on the „work shop‟ floor or in the „ivory tower‟ they must be
motivated to or driven to it, either by themselves through external stimulus.


EMPLOYEE MOTIVATION
       Motivating high levels of employee performance is an important issue of any
organization. The key to understanding the process of motivation lies in the meaning
of, and relationships among, needs, drives, and incentives. The Soneri Bank has
highly motivated employees. The content theories of work motivation attempts to
determine what it is that motivates the people at work. The Soneri Bank is concerned
with the types of incentives and goals that their employees strive to attain in order to
be satisfied and perform well.
       Let‟s review The Soneri Bank through MASLOW‟S HIERARCHY of needs.


MASLOW’S HIERARCHY OF NEEDS
       The Soneri Bank attempts to change their organization and management
practices according to the Maslow‟s Hierarchy. The basic human needs according to
the Maslow‟s hierarchy are:


1.     Physiological needs
2.     Safety needs
3.     Social needs
4.     Self esteem needs
5.     Self actualization


       The Soneri Bank motivates its employees by fulfilling their three basic needs
by providing them with monetary incentives, status and position. The Soneri Bank
provides them with MEDICAL FACILITY, LUNCH FACILITY, and ADVANCE
SALARY PAYMENT FACILITY.

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                                        CONTROLLING


       The Soneri Bank uses two approaches of controls to monitor employee
performance and activities. 1st is Bureaucratic control and 2nd is clan control. The
Soneri Bank generally uses a mix of both controls and sometimes just one control
according to the need of situation. Soneri Bank uses rules and regulations for
bureaucratic control and values, believes and norms for clan control.
CONTROLLING APPROACHES
      The Soneri Bank does not use the whole controlling process to monitor
activities and performance. It just measures the performance of the employee and
managers take
Immediate actions to correct the deviations and inadequate standards found in the
Soneri Bank.


MEASURING THE PERFORMANCE
      The managers measure the employee performance by personal observations,
oral reports by supervisors and co-workers of the employee and written reports. By
using these sources, managers can get firsthand comprehensive, formal and
unfiltered knowledge of performance.


EMPLOYEE PERFORMANCE
      The managers, by using these sources, get information about the behavior of
employees at work place, absenteeism rates, employee satisfaction, turnover etc.
Taking necessary actions:
      The managers in Soneri Bank do not go to the step of comparing; they directly
move towards to take necessary actions so that the employee performance can be
corrected. Sometimes managers take direct actions at once, at the time of mistake,
so as to correct that mistake. And sometimes they take basic corrective actions to
eliminate the source that had caused the deviation. Taking immediate actions the
managers at once the managers ask the employee to correct his performance at
once. The managers might warn orally and at times, if deviations are frequent,
written warning to employee to correct his performance so as to avoid frequent
deviations.


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      In addition using the controlling process, managers at organization also uses
              COMSATS Institute of Information
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some other Techniques to monitor different things that employees do within their
workplace as to avoid:


         To avoid theft of Soneri Bank‟s assets by employees.
         To avoid any kind of violence within the Soneri Bank premises.
         To avoid informal relations among employees and customers etc.


CONTROLLING PERFORMANCE OF Soneri Bank


    The performance of Soneri Bank is measured by two ways:
         By quality of services being provided to customers.
         Through audit.


SERVICES BASED PERFORMANCE


          Most organizations strive hard to be productive. So that they can provide best
services and products to their customers and become an efficient organization. The
Soneri Bank also uses this approach to monitor and control the activities being done.
This is the objective of Soneri Bank to get best output using least amount of inputs.
That will increase the productivity as well as reputation of Soneri Bank in the market
as cost efficient organization. To increase productivity, it is necessary to decrease
inputs.




AUDITS
          The performance of bank is usually measured by audits. There are mainly two
types of audits that bank uses to monitor the performance:
         External audit.
         Internal audit.
Internal audit
          The internal audit is usually for all geographical area of Soneri Bank. The
Soneri Bank uses it to measure the performance of the organization. There are
normal inspections and surprise inspections to check the performance of Soneri
Bank.


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INSPECTION
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       There are two types of inspection used by Soneri Bank to check the
performance these inspections are given bellow:
1.     Routine inspection
2.     Surprise inspection


ROUTINE INSPECTION
       The required inspection is one as per annual. These inspections are
conducted in many parts. These inspections are held within the financial period. The
financial period of Soneri Bank is from 1st January to 31st December. These
inspections are by the audit committee of the Soneri Bank and can be anytime within
the financial period.


SURPRISE INSPECTION
       There are some surprise inspections with normal inspection. These surprise
inspections are usually by head of audit department. Head of audit can visit any city
that is within the range of Soneri Bank.
       It can be any time to check whether the organization is performing its activities
within its criteria or not.
       Some organizations are already banned for corruption. So the purpose of this
surprise inspection is to prevent the Soneri Bank from any kind of involvement in
corruption. Otherwise it might be banned.




EXTERNAL AUDIT
       Term external audit means the audit of the organization by some other
auditing organization on the request of that organization whose audit is to be made.
These external auditors do not perform the auditing service for any organization
itself; the organization requests them to give them their services.
       The Soneri Bank has its external audit. Its purpose is to check that there
should not be any irregularity in the revenues, profits, lose, services or accounts of
the Soneri Bank by any sales office or even by any person. The Soneri Bank has its
external auditors.


EXTERNAL AUDITORS
The Soneri Bank has external auditors:

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           COMSATS Institute of Information
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KPMG Taseer Hadi & Co. Chartered Accountants


TOTAL AUDITS PER YEAR
   The Soneri Bank has two normal audits, one separate internal audit which is done
by internal audit committee of Soneri Bank and one is done by external auditors one
time in a financial year. The surprise audits and inspections are additional.




                                                                                 35
ACCOUNTING
  PLICIES
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          The principal accounting polices applied in the preparation of these financial
statements are set out below. These polices have been consistently applied to all the
years presented, unless otherwise stated.
         Cash and cash equivalents
          Cash and cash equivalents for the purpose of cash flow statement represent
cash and balances with treasury banks and balances with other banks in current and
deposit accounts.
         Lendings to / borrowings from financial and other institutions
          The Bank enters into repurchase agreements (repo) and reverse repurchase
agreements (reverse repo) at contracted rates for a specified period of time. These
are recorded as under:
         Investments
The Bank classifies its investments as follows:
(a) Held for trading
          These are securities, which are either acquired for generating a profit from
short-term fluctuation in market prices, interest rate movements, dealers' margin or
are securities included in a portfolio in which a pattern of short-term profit making
exists.
(b) Held to maturity
          These are securities with fixed or determinable payments and fixed maturity
that the Bank has the positive intent and ability to hold to maturity.
(c) Available for sale
          These are investments, other than those in subsidiaries and associates, if
any, that do not fall under the held for trading or held to maturity categories.
Investments other than those categorized as held for trading are initially recognized
at fair value which includes transaction costs associated with the investment.
Investments classified as held for trading are initially recognized at fair value, and
transaction costs are expensed in the profit and loss account.
         Advances


          Advances are stated at cost less specific and general provisions. Specific
provision for non-performing advances is determined on the basis of Prudential
Regulations and the other directives issued by the State Bank of Pakistan and
charged to the profit and loss account. General provision against consumer financing


                                                                                     37
portfolio is maintained as per the requirements of the Prudential Regulations issued
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by the State Bank of Pakistan. Advances are written off when there is no realistic
prospect of recovery.
      Fixed assets and depreciation
       Owned:
       Property and equipment, other than freehold land and capital work-in-
progress are stated at cost or revalued amount less accumulated depreciation and
accumulated impairment losses (if any). Freehold land and capital work-in-progress
are stated at cost less impairment losses (if any).
Depreciation on all operating fixed assets is charged using the straight line method in
accordance with the rates specified in note 11.2 to the financial statements after
taking into account residual value, if any. The residual values and useful lives are
reviewed and adjusted, if appropriate, at each balance sheet date.
Land and buildings are revalued b y professionally qualified value rs with sufficient
regularity to ensure that the net carrying amount does not differ materially from their
fair value.
       Leased (under finance lease)
       Assets held under finance lease, if any, are stated at lower of fair value or
present value of minimum lease payments at inception less accumulated
depreciation. The outstanding obligations under the lease agreements are shown as
a liability net of finance charges allocable to future periods.
       The finance charges are allocated to accounting periods in a manner so as to
provide a constant periodic rate of return on the outstanding liability.
       Depreciation on assets held under finance lease is charged in a manner
consistent with that for depreciable assets which are owned by the Bank.
       Leased (Ijarah)
       Assets leased out under 'Ijarah' are stated at cost less accumulated
depreciation and accumulated impairment losses, if any. Assets under ijarah are
depreciated over the period of lease term. However, in the event the asset is


expected to be available for re-ijarah, depreciation is charged over the economic life
of the asset using straight line basis.


      Operating leases
       Lease payments, if any, under operating leases are charged to income on a


                                                                                    38
straight line basis over the lease term.
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      Intangible assets
       Intangible assets having a finite useful life are stated at cost less accumulated
amortization and accumulated impairment losses, if any. Intangible assets are
amortized from the month, when these assets are available for use, using the
straight line method, whereby the cost of the intangible asset is amortized on the
basis of the estimated useful life over which economic benefits are expected to flow
to the Bank. The residual value, useful life and amortization method is reviewed and
adjusted, if appropriate, at each balance sheet date.
      Impairment
       The carrying amount of assets is reviewed at each balance sheet date to
determine whether there is any indication of impairment of any asset or group of
assets. If any such indication exists, the recoverable amount of such assets is
estimated and impairment losses are recognised immediately in the financial
statements. The resulting impairment loss is taken to the profit and loss account
except for impairment loss on revalued assets, which is adjusted against related
revaluation surplus to the extent that the impairment loss does not exceed the
surplus on revaluation of that asset.


      Taxation
       Current:
       Provision for current taxation is based on the taxable income at the current
rates of taxation after taking into account available tax credit and rebates, if any. The
charge for current tax also includes adjustments, where considered necessary
relating to prior years, which arises from assessments / developments made during
the year.
       Deferred:




       Deferred tax is recognised using the balance sheet liability method on all
major temporary differences between the carrying amounts of assets and liabilities
used for financial reporting purposes and amounts used for taxation purposes.
Deferred tax is calculated at the rates that are expected to apply to the period when
the differences are expected to reverse based on tax rates that have been enacted
or substantively enacted by the balance sheet date.


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A deferred tax asset is recognized only to the extent that it is probable that future
taxable profits will be available against which the asset can be utilized.
      Provisions
       Provisions are recognised when the Bank has a legal or constructive
obligation as a result of past events, it is probable that an outflow of resources will be
required to settle the obligation and a reliable estimate of the amount can be made.
Provisions are reviewed at each balance sheet date and are adjusted to reflect the
current best estimate.
      Staff retirement benefits
   Defined benefit plan:
   The Bank operates an approved funded gratuity scheme for all its permanent
employees. Annual contributions are made to the scheme in accordance with the
actuarial recommendations. The actuarial valuation is carried out using the projected
unit credit method. The cumulative unrecognized actuarial gains and losses at each
valuation date are amortized over the average remaining working lives of the
employees in excess of the higher of the following corridor limits at the end of the
last reporting year:
(i) 10% of the present value of the defined benefit obligation; and
(ii) 10% of the fair value of the plan assets
Gratuity is payable to staff on completion of the prescribed qualifying period of
service under the scheme.
      Defined contribution plan


       The Bank operates an approved provident fund scheme for all its permanent
employees. Equal monthly contributions are made, both by the Bank and its
employees, to the fund at the rate of 8.33 percent of basic salaries of the employees.
The minimum qualifying period of service for the purpose of the Bank's contribution
is five years.


      Employees' compensated absences
Employees' entitlement to annual leave is recognised when they accrue to
employees. A provision is made for estimated liability in respect of unveiled leaves
earned up to the date of balance sheet.
      Borrowings / deposits and their cost


                                                                                       40
- Borrowings / deposits are recorded at the proceeds received.
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- Borrowing / deposit costs are recognised as an expense in the period in which
these are incurred using effective mark-up / interest rate method.
      Revenue recognition
- Mark-up income / interest on advances and return on investments are recognised
on a time proportion basis using the effective yield on the instrument.
- Mark-up / return on classified advances and investments are recognised on receipt
basis. Interest / return / markup on rescheduled / restructured advances and
investments is recognised as permitted by the Prudential Regulations issued by the
State Bank of Pakistan, except where in the opinion of the management, it would not
be prudent to do so.
- Fee, commission and brokerage income is recognised on accrual basis.
- Dividend income from investments is recognised when the Bank's right to receive
the dividend is established.
- Premium or discount on acquisition of investments is capitalised and amortized
through the profit and loss account over the remaining period till maturity.
      Provision for guarantee claims and other off-balance sheet obligations
       Provision for guarantee claims and other off-balance sheet obligations are
recognised when intimated and reasonable certainty exists for the Bank to settle the
obligation. Charge to profit and loss account is stated net of expected recoveries.
Acceptances
       Acceptances comprise undertakings by the Bank to pay bills of exchange
drawn on customers. The Bank expects most acceptances to be simultaneously
settled with the reimbursement from the customers. Acceptances are accounted for
as off-balance sheet transactions and are disclosed as contingent liabilities and
commitments.




                                                                                      41
RISK MANAGEMENT


        Risk is defined as a potential or actual event that may result in damage or loss
to the bank, and includes adverse impact of, not taking opportunities or not
capitalizing on corporate strengths, prevention, hindrance or failure to achieve
corporate objectives, incurrence of additional costs or loss of money or assets.
        The risk management is a fundamental part of bank's activity and an essential
component of its planning process. The Bank's risk management framework
encompasses the culture, processes and structure that are directed towards the
effective management of potential opportunities and threats to the Bank. The prime
objective of Bank's risk management strategy is to abandon the traditional approach
of 'managing risk by silos' and to put in place integrated risk and economic capital
management capabilities that will enable the bank to achieve a single view of risks
across its various business operations and to gain strategic advantage from its risk
management capabilities.
       Credit Risk
        Credit Risk is a risk arising from the potential that an obligor is either unwilling
to perform on an obligation or its ability to perform is impaired resulting in financial
loss to the Bank. Credit risk arises from all transactions that give rise to actual,
contingent or potential claims against any counterparty, borrower or obligor. The
principal source of credit risk arises from the lending and investing activities of the
Bank.
       Market Risk
        Market risk is the risk that the Bank's earnings or capital, or its ability to meet
business objectives, will be adversely affected by changes in the level or volatility of
market rates or prices such as interest rates, credit spreads, commodity prices,
equity prices and foreign exchange rates. In the absence of trading book, the Bank is
only exposed to interest rate risk in the banking book.
        The main objective of the Bank's market risk management is to minimize
market risk in the banking book and to facilitate business growth within a controlled
and transparent risk management framework.
       Liquidity Risk
           COMSATS Institute of Information
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       Liquidity risk is the risk that the Bank is unable to meet its obligations when
they fall due and to replace funds when they are withdrawn, with consequent failure
to repay depositors and fulfill commitments to lend. The risk that it will be unable to
do so is inherent in all banking operations and can be impacted by a range of
institution specific and market-wide events including, but not limited to, credit events,
merger and acquisition activity, systemic shocks and natural disasters. The Bank
maintains a portfolio of highly marketable assets viz., Treasury Bills and Pakistan
Investment Bonds that can be sold or funded on a secured basis as protection
against any unforeseen interruption to cash flow. This is further supported by
investments in short term securities viz., Certificate of Investments etc. In line with its
liquidity risk management policy, the Bank maintains a cushion over and above the
minimum statutory requirements of SBP, for maintaining liquidity reserves, to ensure
continuity of cash flows.
      Operational Risk
Operational risk is the risk of direct or indirect losses resulting from human factors,
external events, and inadequate or failed internal processes and systems.
Operational risks are inherent in Bank's operations and are typical of any financial
institution. Major sources of operational risk include: weaknesses in operational
processes, IT security, outsourcing of operations, dependence on key suppliers,
implementation of strategic change, integration of acquisitions, fraud, human error,
customer service quality, regulatory compliance, recruitment, training and retention
of staff as well as social and environmental impacts.
The Bank's operational risk management framework aims to understand and report
the operational risks being taken capture and report operational errors made and to
understand and minimize the frequency and impact, on a cost benefit basis, of
operational risk events.




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COMSATS Institute of Information
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                    BANKING
                    DIVISIONS




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              COMSATS Institute of Information
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Soneri bank has two banking divisions in operations;

    Conventional banking
    Islamic banking




CONVENTIONAL BANKING

       Soneri Bank Limited was formally incorporated on September 28, 1991. The
first Branch commenced operations in Lahore on April 16, 1992, followed by the
launch of Karachi's first Branch on May 09, 1992. The bank currently operates 156
branches, spread all over Pakistan including the Northern Areas of the country. The
bank‟s expansion policy is based on the principle of maintaining a balance between
the urban and rural areas.

       It takes great pride in offering services even in the remote areas of Pakistan,
fully air-conditioned and computerized branches provide a pleasant, convenient and
hassle free banking experience every time.

       The essence of its business philosophy is to cater to the banking
requirements of small & medium sized entrepreneurs, effectively providing them
qualitative & competitive services with emphasis on encouraging exports. Nearly
forty percent of our credit portfolio is related to export financing and credit decisions
are taken within 48 hours.

Products and services:

    Saving accounts

       Soneri bank offers attractive rates of returns on its saving accounts. It has two
saving accounts in operations.

          -      PLS saving account


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           COMSATS Institute of Information
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       PLS Savings Bank Account is a simple, straight forward Savings Bank
Account with a great convenience for individuals (in single or joint names) minors (to
be operated by the guardian) charitable institutions, provident fund and other funds
of benevolent nature local bodies, autonomous corporations, limited companies,
firms associations, educational institutions, etc.

       The account may be opened with any amount; however accounts with
balance below Rs.5000- on any day shall be subject to Service Charges as per our
Schedule of Charges in force

The PLS Savings Account entitle Account Holder to avail amazing facilities
such as:

      Checking Account facility with no limit on a number of transactions.
      Free Cash Deposit and Withdrawal facilities through your bank branch.
      Free clearing facility to deposit cheques of other banks within the city.
      Online Funds Transfer through Cheques to any account across Pakistan
       through your bank branch.
      Online Cash Deposit, Withdrawal and Funds Transfer through cheques from
       any of our branch across Pakistan.
      Remittance facilities such as Payment Orders, Demand Draft, Telegraphic
       Transfers and Free Rupee Traveler‟s Cheque through your bank branch.
      Standing Orders facilities.
      Safe Deposit Locker at designated branches.
      Statement of Account on six monthly bases.
      Usage of Electronic Banking through:


    TMs across Pakistan owned by Soneri Bank and other banks.
    Shopping/purchasing/payments through outlets displaying ORIX sign.
    Free Online Cash Withdrawal facility up to Rs. 300,000/- from designated
       branches without Cheque Book.
    Free 24-hours Telephone Banking and Call Centre facility.
          Free 24/7 Online Funds Transfer to any customer of Soneri Bank through
           ATMs owned by Soneri Bank.
          Free 24/7 Internet Banking to view Statement of Account.
          No one-time and renewal fee on Soneri Banking Card.

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          All purchases and cash withdrawals made with the Soneri Banking Cards
           is deducted directly from your bank account.
          Free Cash Withdrawal on ATMs owned by Soneri Bank.
          Govt. Withholding Tax applies on all cash withdrawals and profit credited
           into account.
          Zakat is deductable from Account however Zakat exemption forms are
           accepted.




SHARING PROFIT/LOSS

      No minimum balance is required to qualify for profit.
      Provisional rates are announced on a six monthly basis however profit/loss
       earned/incurred on PLS Savings Bank Accounts are determined by the Bank
       at its sole discretion on the basis of its net working result at the end of each
       half-year/ year.
      Calculation of products on PLS Saving Bank Accounts is computed for each
       calendar month on the lowest credit balance in an account.
      Profit/loss   earned/incurred          on   PLS   Savings   Bank   Accounts   are
       credited/debited on a six monthly basis within a reasonable time from the date
       of the close of half-yearly/ yearly books of accounts of the Bank.

PROVISIONAL RATES

ANNUALISED RATES OF EXPECTED PROFIT FOR DIFFERENT TYPES OF PLS
DEPOSITS

Effective: 01.July.2010

Period: July - December, 2010

PLS SAVINGS ACCOUNT

      Rate of Return 5.00% p.a.
      Rs. 5,000/= minimum balance requirement.
      Regular Checking Account.
      Profit paid bi-annually.



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                                  SPECIAL NOTICE DEPOSITS
              COMSATS Institute of Information
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                 PERIOD                           RATE OF RETURN

                 07 days                          6.00% p.a

                 30 days                          8.00% p.a




          -      Soneri saving account
       Soneri Savings Account is a flexible and fast growing cumulative profit
account with a great convenience for individuals (in single or joint names), minors (to
be operated by the guardian), charitable institutions, provident fund and other funds
of benevolent nature local bodies, autonomous corporations, limited companies,
firms associations, educational institutions etc. The rate of Profit in this savings
scheme increases as your balance increases without demanding and negotiating
with us. The account may be opened with any amount.

Soneri Savings Bank Account entitles Account Holder to avail amazing
facilities such as:

      Checking Account facility with no limit on a number of transactions.
      Free Cash Deposit and Withdrawal facilities through your bank branch.
      Free clearing facility to deposit cheques of other banks within the city.
      Online Funds Transfer through Cheques to any account across Pakistan
       through your bank branch.
      Online Cash Deposit, Withdrawal and Funds Transfer through cheques from
       any of our branch across Pakistan.
      Remittance facilities such as Payment Orders, Demand Draft, Telegraphic
       Transfers and Free Rupee Traveler‟s Cheque through your bank branch.
      Standing Orders facilities.
      Safe Deposit Locker at designated branches.
      Statement of Account on six monthly bases.
      Usage of Electronic Banking through:




    ATMs across Pakistan owned by Soneri Bank and other banks.
    Shopping/purchasing/payments through outlets displaying ORIX sign.


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          COMSATS Institute of Information
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   Free Online Cash Withdrawal facility up to Rs. 300,000/- from designated
      branches without Cheque Book.
   Free 24-hours Telephone Banking and Call Centre facility.
   Free 24/7 Online Funds Transfer to any customer of Soneri Bank through
      ATMs owned by Soneri Bank.
   24/7 Online Inter Bank Funds Transfer through ATMs owned by Soneri Bank
      to any account of increasing list of enabled 1 LINK member banks.
   Free 24/7 Internet Banking to view Statement of Account.




     No one-time and renewal fee on Soneri Banking Card.
     All purchases and cash withdrawals made with the Soneri Banking Cards is
      deducted directly from your bank account.
     Free Cash Withdrawal on ATMs owned by Soneri Bank.
     Govt. Withholding Tax applies on all cash withdrawals and profit credited into
      account.
     Zakat is deductable from Account however Zakat exemption forms are
      accepted.




SHARING PROFIT & LOSS

     No minimum balance is required to qualify for profit.
     Provisional rates are announced on a six monthly basis however profit/loss
      earned/incurred on Soneri Savings Accounts are determined by the Bank at
      its sole discretion on the basis of its net working result at the end of each half-
      year/ year.
     Calculation of products on Soneri Savings Accounts is computed on daily
      product basis.
     Profit on Soneri Savings Accounts is credited on a monthly basis on the
      provisional rate of Profit.

PROVISIONAL RATES

ANNUALISED RATES OF EXPECTED PROFIT FOR DIFFERENT TYPES OF PLS
DEPOSITS

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                 COMSATS Institute of Information
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Effective: 01.July.2010

Period: July - December, 2010

         Minimum balance requirement 5,000/-
         Operational facility like Current Accounts without any restriction on amount
          and number of Cheques.
         Profit paid on monthly basis on daily products.

BALANCE                                                 RATE OF RETURN p.a

Up to Rs. 100,000                                              5.00%

Over Rs. 100,000 but up to Rs. 1.0 Million                     7.00%

Over Rs. 1.0 Million but up to Rs. 5.0 Million                 8.00%

Over Rs. 5.0 Million but up to Rs. 10.0 Million                9.00%

Over Rs. 10.0 Million                                         10.00%




     Term Deposits

          Soneri bank offers valuable and attractive term deposit rates of returns
available in variety of packages.

             -      Term deposit account


          Term deposit is offered by Soneri Bank to Individuals (in single or joint
names), Minors (to be operated by the guardian), Charitable Institutions, Provident
Fund and other funds of benevolent nature local bodies, Autonomous Corporations,
Limited Companies, Firms, Associations, Educational Institutions etc who have the
intention of retaining their savings for a fixed period thereby earning a higher rate of
profit. The Term Deposit allows you to save a fixed amount in Pak Rupee for a set
period ranging from 1 month to 60 months at a provisional and attractive profi t rate.
The depositor has the option to reinvest the deposit automatically with or without
profit.

AUTOMATIC RENEWALS



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Upon maturity, your deposit is automatically renewed for the same tenor at the
prevailing profit rate unless you instruct otherwise.

PRE-MATURED ENCASHEMENT

Pre-matured encashment is allowed without any penalty however you will receive
profit less than originally contracted.

RUNNING FINANCE FACILITY

      Govt. Withholding Tax apply on all cash withdrawals over Rs. 25,000/ - and
       profit credited into account.
      Zakat is deductable from Account however Zakat exemption forms are
       accepted.

SHARING PROFIT AND LOSS

      Provisional rates are announced on a six monthly basis however profit/loss
       earned/incurred on Term Deposits are determined by the Bank at its sole
       discretion on the basis of its net working result at the end of each half-year/
       year.
      Calculation of products on Term Deposit is computed on a daily product basis.

PROVISIONAL RATES

ANNUALISED RATES OF EXPECTED PROFIT FOR DIFFERENT TYPES OF PLS
DEPOSITS

Effective: 01.July.2010
Period: July - December, 2010

TERM                                                    RATE OF RETURN p.a

1 Month                                                 8.00%

3 Month                                                 8.50%

6 Month                                                 9.00%

1 Years                                                 10.50%

2 Years                                                 11.50%

3 Years                                                 12.50%

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                 COMSATS Institute of Information
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             -      Soneri premium deposit


       Soneri premium deposit has semi yearly compounding of interest but payable
on yearly basis.

             -      Diamond deposit certificate

       It gives high interest rates charged on monthly compounding basis and also
payable on monthly basis.

             -      Soneri Sahara Deposit Certificate

       Soneri Sahara deposit certificate is for senior citizens or pensioners who have
fixed sources of income, it offers high interest rates to customers.

    Current Account


       Current is a non profit account, flexible account with a great convenience for
individuals (in single or joint names), minors (to be operated by the guardian),
charitable        institutions,    autonomous           corporations,   limited   companies,   firms,
associations, educational institutions, etc.



       Features of this account:

      Checking Account facility with no limit on a number of transactions.
      Free Cash Deposit and Withdrawal facilities through your bank branch.
      Free clearing facility to deposit cheques of other banks within the city.
      Online Funds Transfer through Cheques to any account across Pakistan
       through your bank branch.
      Remittance facilities such as Payment Orders, Demand Draft, Telegraphic
       Transfers.
      Rupee Traveler‟s Cheque through your bank branch.
      Import, Export and other business transactions.
      Standing Orders facilities.
      Safe Deposit Locker at designated branches.

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              COMSATS Institute of Information
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         Statement of Account on six monthly bases.
         Usage of Electronic Banking through:


       ATMs across Pakistan owned by Soneri Bank and other banks.
       Shopping/purchasing/payments through outlets displaying ORIX sign.
       Free Online Cash Withdrawal facility up to Rs. 300,000/- from designated
          branches without Cheque Book.
       Free 24-hours Telephone Banking and Call Centre facility.
       Free 24/7 Online Funds Transfer to any customer of Soneri Bank through
          ATMs owned by Soneri Bank.
       4/7 Online Inter Bank Funds Transfer through ATMs owned by Soneri Bank to
          any account of increasing list of enabled 1 LINK member banks.
       Free 24/7 Internet Banking to view Statement of Account.


         No one-time and renewal fee on Soneri Banking Card.
         All purchases and cash withdrawals made with the Soneri Banking Cards is
          deducted directly from your bank account.
         Free Cash Withdrawal on ATMs owned by Soneri Bank.
         Facility of Running Finance can be requested for specific purpose against
          collaterals and nominal markup rates being charged on quarterly basis.
         Govt. Withholding Tax applies on all cash withdrawals.


       Soneri Ikhtiar Account


          Ikhtiar current is a non profit account, flexible account with a great
convenience and Multiple FREE Services for individuals (in single or joint names),
minors (to be operated by the guardian), charitable institutions, autonomous
corporations, limited companies, firms, associations, educational institutions, etc.
Ikhtiar current account may be opened with minimum amount of Rs. 50,000/-. To
avail free facilities maintenance of balance on or above Rs. 50,000/- is mandatory.


Ikhtiar current account entitles account holder to avail amazing facilities such
as:
         Checking Account facility with no limit on a number of transactions.
         Free Cash Deposit and Withdrawal facilities through any bank branch.
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   Free clearing facility to deposit cheques of other banks within the city.
   Free issuance of Pay orders.
   Online Funds Transfer through Cheques to any account across Pakistan
    through your bank branch.
   Online Cash Deposit, Withdrawal and Funds Transfer through cheques from
    any of our branch across Pakistan.
   Remittance facilities such as Payment Orders, Demand Draft, Telegraphic
    Transfers.
   Rupee Traveler‟s Cheque through your bank branch.
   Import, Export and other business tra nsactions.
   Standing Orders facilities.
   Safe Deposit Locker at designated branches.
   Statement of Account on six monthly bases.
   Usage of Electronic Banking through:


 ATMs across Pakistan owned by Soneri Bank and other local banks.
 ATMs internationally displaying VISA or plus logo.
 Shopping/purchasing/payments through outlets displaying VISA sign.
 Free Online Cash Withdrawal facility up to Rs. 300,000/- from designated
    branches without Cheque Book.
 Free 24-hours Telephone Banking and Call Centre facility.
 Free 24/7 Online Funds Transfer to any customer of Soneri Bank through
    ATMs owned by Soneri Bank or through Soneri Direct (internet Banking).
 24/7 Online Inter Bank Funds Transfer through ATMs owned by Soneri Bank
    or through Soneri Direct (internet Banki ng) to any account of participating 1
    LINK member banks.
 Free Payments of Utility Bills through ATMs owned by Soneri Bank or through
    Soneri Direct (internet Banking).
 Free 24/7 Internet Banking to view Statement of Account.


   No one-time and annual fee on VISA Classic Debit Card.
   All purchases and cash withdrawals made with the VISA Classic Debit is
    deducted directly from your bank account.
   Free Cash Withdrawal on ATMs owned by Soneri Bank.

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      Free SMS Alerts on cash deposits, withdrawals, funds transfers, inward
       cheque clearing returns and Purchase transactions etc.
      Facility of Running Finance can be requested for specific purpose against
       collaterals and nominal markup rates being charged on quarterly basis.
      Govt. Withholding Tax applies on certain transactions.


    Basic Bank Account

       Soneri Bank Limited introduces Basic Banking Account Scheme with effect
from July 01, 2006. Salient feature of the Scheme are:

Features of this account:

      Basic Banking Accounts may be opened in the Pak Rupees by individuals
       including minors under guardianship.
      The accounts may be opened by initial deposit of any amount.
      No minimum balance requirement is applicable.
      Basic Banking Account is non-profit bearing account.
      Soneri Banking Cards for the use of Bank's Electronic Banking Service are
       issued without charges for one time issuance of the cards
      Cash withdrawals from Soneri Bank's ATMs are free of Service Charge. Use
       of another bank's ATMs shall be subject to Service Charges applicable.
      Accounts have -NIL- balances for six consecutive months shall be closed
       without prior intimation.
      Statement of Accounts is provided once a calendar year at the year ends.
      Govt. Withholding Tax applies on all cash withdrawals.


    Online Banking
       Soneri bank provides online banking services 24 hours in an easy way from
anywhere, online deposit and withdrawal according to regulations of State Bank of
Pakistan.
    SMS Alert
       Soneri bank provides SMS alerts on customer‟s cell phones after every
transaction in the account whether deposit or withdrawal or ATM transactions.
    SME Finance


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        Soneri bank offers financing facilities for Small & Medium Enterprises (SME)
at reasonable interest rates.
    Agriculture Financing
        Agricultural loans are also available at reasonable interest rates and different
packages against mortgage land.
    Lockers
        Lockers are also available in most branches of the bank and in major cities.

Consumer Finance

        Soneri bank provides different types of asset financing facilities on affordable
conditions and reasonable rates of interests. These finances are offered for various
assets.

       - Soneri Car Finance
       - Soneri Ghar Finance
       - Soneri Personal Finance
       - Soneri Generator Finance

Electronic Banking

        As the world is moving towards the fastest means of banking “electronic
banking” so Soneri bank has also adopted it in an efficient way with various facilities.




       - ATM / Visa Debit Card
       - Internet Banking
       - Cheque Free Banking
       - Telephone Banking
       - Utility bills payments


ISLAM IC BANKING

        Islamic banking is growing all over the world abruptly specially in Muslim
countries, so Soneri bank has also taken a step towards it and to spread Islamic
banking operations all over the world. It is providing facilities in Islamic Banking.

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         Soneri Jari Account (Current A/C)

         Soneri Bachat Account (Savings A/C)
         Soneri Munafa Account (Savings A/C)
         Soneri Meaadi Account (Term Deposits)




MARKETING STRATEGY OF SONERI BANK:

         Soneri bank has most of its branches in northern areas and in major cities of
Karachi and Lahore. It does not have proper marketing strategies in fact very few
funds are invested for advertisement purposes. Because of poor marketing
strategies Soneri Bank does not have very clear and strong image in the eyes of
customers that are interacting with banking sector, hence failed to attract their
attentions. Although have some very strong business policies but still requires
investment in marketing department.




COMPETITIVE STRATEGY:

         Despite of its business policies, Soneri Bank does not have strong competitive
strategies to cop-up with current market challenge offered by many new banks. 18
years of banking experience is going in vain while new banks growing so rapidly that
earned greater ratings then Soneri Bank.

         It does not have proper solutions to the business strategies of competitors,
hence facing real tough business conditions in this digital and glamorous market
environment.




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                     COMPANY
                     ANALYSIS




                                   58
           Financial Summary: (Rupees in „000‟, except EPS)


                            2,003         2,004             2,005              2,006           2,007        2,008          2,009
Investments          11,912,517      13,982,828      16,390,624        16,724,253      19,181,562      14,053,177    29,537,179
Advance s            17,348,525      24,375,905      32,052,544        35,412,248      40,154,449      47,575,364    48,727,103
Deposits             27,868,418      37,383,756      47,605,508        53,000,647      60,150,128      61,634,491    63,548,226
Profit before tax       813,512       1,046, 566        1,400, 032      1,448, 901      1,476, 685       953,223        190,413
Profit after tax        438,712        648,380           920,233             985,298    1,000, 334       701,041        145,355
Net Asse ts            2,603, 846     3,043, 308        4,389, 659      5,611, 903      6,610, 479      7,113, 047     7,803, 201
EPS                          3.45             3.92           3.08               2.39            2.43         1.40           0.29




                    Historical data of past 7 years show company‟s performances in different
           aspects. Let‟s have some graphical analysis of every aspect of this data.



                                                     Investments
              30,000,000

              25,000,000

              20,000,000

              15,000,000
                                                                                                         Investments
              10,000,000

               5,000,000

                        0
                             2,003    2,004     2,005     2,006      2,007     2,008   2,009



                    Above graph shows a bit satisfactory position for investments which continue
           to increase despite little decline in 2008. But in 2009 these are at the highest level of
           past seven years.
                    COMSATS Institute of Information
                    Technology, Lahore



                                                   Advances
            50,000,000
            45,000,000
            40,000,000
            35,000,000
            30,000,000
            25,000,000                                                                             Advances
            20,000,000
            15,000,000
            10,000,000
             5,000,000
                     0
                         2,003    2,004    2,005     2,006     2,007      2,008   2,009



               Graphs show upward trend in both advances and deposits every year which is
      quite favorable for the organizatoin, but fact is growth rate in advances & deposits is
      at lowest in 2009. Lets check out growth rate in every year.

                     2,003         2,004           2,005          2,006           2,007         2,008          2,009
Advance s      17,348,525    24,375,905    32,052,544        35,412,248     40,154,449     47,575,364   48,727,103
Deposits       27,868,418    37,383,756    47,605,508        53,000,647     60,150,128     61,634,491   63,548,226
Growth Rate Advances (%)           40.51           31.49          10.48           13.39         18.48           2.42
Growth Rate Deposits (%)           34.14           27.34          11.33           13.49          2.47            3.1




                                                   Deposits
            70,000,000
            60,000,000
            50,000,000
            40,000,000
            30,000,000                                                                              Deposits

            20,000,000
            10,000,000
                    0
                         2,003    2,004    2,005     2,006      2,007     2,008    2,009



               Graph shows encouraging positions for deposits and advences, but table
      shows us real situtaion of both of them. It shows that despite of continuous incrfease
      in both of deposits and advances but growth rate in them is actually decreasing and
      in 2009 it reduced to around 3%, which is quite alarming.
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                                     Profit before tax
   1,600,000
   1,400,000
   1,200,000
   1,000,000
    800,000
                                                                                Profit before tax
    600,000
    400,000
    200,000
          0
                  2,003   2,004    2,005   2,006    2,007    2,008    2,009



       Profits before and after tax almost show same trend but it is really alarming for
the company, continous decrease in profits in past two years which is also resulting
decrease in operational efficiency of the company and threatning situtation for share
holders as well.




                                       Profit after tax
   1,200,000

   1,000,000

     800,000

     600,000
                                                                                  Profit after tax
     400,000

     200,000

           0
                  2,003    2,004   2,005    2,006    2,007    2,008     2,009




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                                              Net Assets
   8,000,000
   7,000,000
   6,000,000
   5,000,000
   4,000,000                                                                         Net Assets
   3,000,000
   2,000,000
   1,000,000
             0
                  2,003      2,004    2,005    2,006   2,007    2,008     2,009



          Although net assets incresing reapidly, a bit satisfacoty position but still
shoking performance is in EPS which is dropped down to 0.29 RS. per share.
Overall company‟s performance has nothing to give a sigh of relief to shareholders.




                                                  EPS
     4
    3.5
     3
    2.5
     2                                                                                     EPS
    1.5
     1
    0.5
     0
             2,003        2,004      2,005     2,006    2,007     2,008      2,009




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  70,000,000

  60,000,000

  50,000,000

  40,000,000                                                                 Investments
                                                                             Advances
  30,000,000
                                                                             Deposits
  20,000,000                                                                 Net Assets

  10,000,000

          0
                  2,003    2,004    2,005    2,006   2,007   2,008   2,009




       Much detailed graph showing trends of Investments, advances, deposits and
net assets, interpreting this graph states that there is sudden increase in Investments
which is favoring company in tough business conditions. Moreover, there is decrease
in the growth of advances and deposits which is giving a little disadvantage against
fighting conditions and proving a big challenge for the management to cop-up with,
although assets are increasing at constant rate.




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                      RATIO
                     ANALYSIS




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Ratio analysis is an important technique of financial analysis.
       These simplify the comprehension of financial statement and tell the whole
story of changes in the financial conditions of the business.
       These provide data for inter-firm comparison. The ratios highlight the factors
associated with successful and unsuccessful firms; also reveal strong and weak
position of firm.
       These help in planning and forecasting these can assist management in its
basic functions of forecasting, planning, coordination a nd control.
       These help in investment decision in case of investor and lending decision in
case of Bankers etc.
       However, the ratios are only indicators, they cannot be taken as final
regarding good or bad financial position of the business other things ha ve also to be
seen.
USE OF RATIO ANALYSIS
     1. Investors
     2. Assessment of earnings and dividend prospects
     3. Growth in economic value of investments with respect to the risks undertaken.
     4. Bankers/Creditors concern
     5. Assessment of the ability of the business to service its debt obligations.
     6. Debt coverage.
     7. Proper utilization of assets financed.
     8. Government's concern
     9. Evaluation of the economic contributions of the business entity.
     10. Determination of the entity's financial strength to carry social and
        developmental programs




RATIO CLASIFICATION
        Ratio analysis is the best analysis to measure performance of an
organization, there are many type of ratios. We can classify these ratios as follows:
1.      Liquidity ratios/Short term solvency ratios.
2.      Profitability ratios
3.      Activity ratios.
4.      Solvency ratios.


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5.      Investments ratios.
           COMSATS Institute of Information
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                                      Rupees in (“000”)


                                                2007          2008              2009
 1. LIQUIDITY RATIOS

 I. CURRENT RATI O                                  1.01          1.23              1.02


 CURRENT ASSETS
 CASH AND BALANCES WITH TREASURY
 BANKS                                         5,861, 205    5,646, 755        6,471, 173
 BALANCES WITH OTHER BANKS                     4,349, 673    3,908, 859        1,497, 193
 LENDINGS TO FINANCIA L AND OTHER
 INS TITUTIONS                                 3,175, 009    3,990, 269        2,755, 377
 DEFFERE D TA X ASSE TS                          108,429      125,843     -
 *ADVANCES                                    32,764,623    39,891,038        41,142,194
 **OTHER ASSE TS                               1,981, 207    2,550, 130        2,879, 927
                                     TOTAL    48,240,146    56,112,894        54,745,864


 CURRENT LIABILITIES
 DEPOSIT & OTHE R ACCOUNTS                    39,975,871    35,358,310        41,991,708
 BORROWINGS                                    4,914, 751    7,530, 971        8,368, 007
 BILLS PAYABLE                                 1,640, 514    1,254, 496        1,763, 401
 DEFFERE D TA X LIAB ILITIES                     425,398
 OTHE R LIABILITIES                              963,270     1,335, 446        1,612, 082
                                     TOTAL    47,919,804    45,479,223        53,735,198




Current Ratio = Current Assets / Current Liabilities




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                                 CURRENT RATIO

      1.40
      1.20
      1.00
      0.80
      0.60
      0.40
      0.20
      0.00
                      2007                 2008              2009



Interpretation:

        Solvency or more commonly known as liquidity ratios or credit worthiness
ratios are calculated to determine the degree of financial risk existing in a business
entity before and after making an investment in a project. Current ratio is one tool to
find out it.

        Solvency means ability of a company to meet its liabilities. The extent of
solvency of an individual company depends on the amount of assets vis-à-vis
liabilities.

        As a rule of thumb, the specialists say that it should be 2:1. It means that a
company should have 2 current assets to cover up 1 current liability. However,
practically the rule of the thumb can vary with industry, depending upon the nature of
assets and liabilities.

        If we bring focus on the finding figures of Soneri Bank, it is obvious that the
thumb rule is not fulfilled. It just covers its current liabilities in 2008, although it
increased in 2009 up to 1.23 times due to increase in advances, lendings and other
asset and decrease in deposits and absence of deferred tax liabilities (despite of
increase in liabilities like borrowings and bills payables). But it again fell down at
same level in 2009 due to increase in deposits and borrowings.




 II. QUICK RATIO                                      1.00          1.23           1.01


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 *QUI CK ASSETS
 CURRENT ASSE TS                               48,240,146      56,112,894    54,745,864
 LESS: PREPAYMENTS                                265,076          261,301      379,821
                                      TOTAL    47,975,070      55,851,593    54,366,043


 CURRENT LIAB ILITIES                          47,919,804      45,479,223    53,735,198




Quick Ratio = Quick Assets / Current Liabilities


                                QUICK RATIO

     1.40
     1.20
     1.00
     0.80
     0.60
     0.40
     0.20
     0.00
                  2007                  2008                2009



Interpretation:

       Quick Ratio or Acid Test Ratio is quite similar to the current ratio. It is a bit
more severe in the sense that it takes into account only those current assets that can
be transferred into cash with a minimum effort. Inventories and prepaid expenses are
excluded form the current assets and the balance is divided by the current liabilities
to compute the acid test ratio.

       As a rule of thumb 1.5:1 is taken which also meets the requirement of SBP
Prudential Regulations. However, practically the rule of the thumb can vary with
industry, depending upon the nature of assets and liabilities.

       Soneri Bank could not meet that rule of thumb in recent financial years, its
prepaid expenses remain almost same, and so the difference was the same that


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described in previous ratio.
               COMSATS Institute of Information
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 2. PROFITBILITY RATIOS

 I. GROSS PROFIT RATIO (%)                             30.89               37.64        29.29


 GROSS PROFIT                                      1,937, 281          2,944, 594   2,734, 505
 *MARK-UP EARNE D (DIRE CT REVENUE)                6,271, 636          7,822, 941   9,337, 284




Gross Profit Margin/ Ratio = [Gross Profit / Sales (Direct Revenue) ] X 100


                         GROSS PROFIT RATIO (%)

    40.00
    35.00
    30.00
    25.00
    20.00
    15.00
    10.00
        5.00
        0.00
                       2007                 2008                2009



Interpretation:

         This ratio shows how large an operating margin the company has on its sales.
The lower the margin, the greater the volume of sales, that must be achieved in
order to make an adequate return on investment.

         Soneri Bank has good GP margin in all three financial years, it increased up
to 37.64%, in which direct revenue increased too but GP margin increased with
greater ratio, hence resulted healthy margin in 2008 which could not maintained in
2009.




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 II. NET PROFIT RATIO (%)                           15.95            8.96        1.56


 NP (PROFIT AFTE R TA X)                        1,000, 334      701,041      145,355
 MARK-UP EARNE D                                6,271, 636    7,822, 941    9,337, 284



Net Profit Margin/ Ratio = [Net Profit / Sales (Direct Revenue) ] X 100


                          NET PROFIT RATIO (%)

    16.00
    14.00
    12.00
    10.00
     8.00
     6.00
     4.00
     2.00
     0.00
                   2007                  2008                2009



       Net profit margin ratio tells that a company how much earns after the
administrative and selling expenses. He above data in table and graph reflection
shows an increasing trend in the net profit of company.

       It shows that in recent years Soneri Bank could not control its operating
expenses in last three financial years despite of almost constant increase in mark up
earned which increased up to 24.73% in 2008 but net profit became almost half of
what it was in 2007 and fell to 1.56% in 2009 despite of 19.35% growth in mark up.




 III. MARK-UP EXP ENS E RATIO (%)                   69.11           62.36       70.71


 MARK-UP E XPENSES                              4,334, 355    4,878, 347    6,602, 779
 MARK-UP INCOME                                 6,271, 636    7,822, 941    9,337, 284



Expenses Ratio = [Expenses / Direct Revenue] X 100

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                   MARK-UP EXPENSE RATIO (%)

     72.00
     70.00
     68.00
     66.00
     64.00
     62.00
     60.00
     58.00
                      2007                2008                2009



Interpretation:

      Mark-up expenses ratio tells how much direct expenses consumed to gain
direct revenue (mark-up). Mark up income as discussed above, increased at good
growth rate, but mark up expenses could not be controlled by Soneri Bank except
2008 in which ratio falls to 62.36% and in remaining years it remain at around 70%
which reveals its mark up expenses. Which is also higher than 2007 in which it was
69.11%.




IV. NON MARK-UP EXP ENS E RATIO (%)                  20.62           24.95       22.26


NON MARK-UP E XPE NSE                            1,293, 445    1,951, 625    2,078, 942
MARK-UP INCOME                                   6,271, 636    7,822, 941    9,337, 284




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               NON MARK-UP EXPENSE RATIO (%)

     25.00

     20.00

     15.00

     10.00

      5.00

      0.00
                     2007                 2008                 2009



Interpretation:

       Non mark-up expenses ratio tells us about non mark-up expenses percentage
over mark up income. Above table and graph shows that it increased little in 2008
due to increase in non mark-up expenses which increased up to 50.88% of what it
were in 2007. Which remain almost same in 2009 but due to increase in mark-up
income, ratio fell to 22.26%.




 V. RETURN ON INVESTMENT (%)                           1.30           0.87         0.15


 NE T PROFIT AFTE R TA X                          1,000, 334     701,041       145,355
 TOTAL ASSETS                                    76,854,060    80,977,254    95,310,272



Return on Investment Ratio (ROI) OR Return on Capital Employed (ROCE) OR
Return on Assets (ROA)

                        = [Net Profit after Tax / Total Assets] X 100




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                   RETURN ON INVESTMENT (%)

     1.40
     1.20
     1.00
     0.80
     0.60
     0.40
     0.20
     0.00
                   2007                  2008                2009



Interpretation:

       The earning power of a company's assets is vital for its success and the
principal way of calculating the earning power is to compute the return on total
assets. Of all the financial ratios, the return on assets comes closest to the rate of
return concept used in the economic analysis of projects.

       Soneri Bank has failed in recent financial years to maintain its net earnings
which are decreasing every year, resulting ROI to decrease, despite of increase in
total assets ratio is not supported by net profits of the bank. It reduced down ROI to
lowest 0.15% in 2009.

 3. ACTIVITY RATIOS

 I. WORKING CAPITAL RATIO                           19.58            0.74         9.24


 MARK-UP                                        6,271, 636      7,822, 941   9,337, 284
 *NE T WORK ING CAP ITAL                          320,342      10,633,671    1,010, 666




Working Capital Turnover Ratio = Direct Revenue / Net Working Capital




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                       WORKING CAPITAL RATIO

     20.00
     18.00
     16.00
     14.00
     12.00
     10.00
      8.00
      6.00
      4.00
      2.00
      0.00
                     2007                 2008                 2009



Interpretation:

       Working capital turnover ratio tells us how much times sales revenue is of net
working capital which is calculated by deducting current liabilities from current
assets. The greater the ratio, the stronger the organization‟s position to support its
orking capital and utilize running finance requirements.

       Abve data shows that company‟s working capital turnover ratio reduced to
0.74 times in 2008 due to increase in working capital because of increase in current
assets.

 II. TOTAL ASSETS TURNOV ER RATIO                      0.08            0.10          0.10


 MARK-UP                                          6,271, 636      7,822, 941    9,337, 284
 TOTAL ASSETS                                    76,854,060      80,977,254    95,310,272



Total Assets Turnover Ratio = Direct Revenue / Total Assets




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                TOTAL ASSETS TURNOVER RATIO

     0.10

     0.08

     0.06

     0.04

     0.02

     0.00
                   2007                  2008            2009



Interpretation:

      ROA (Return on Assets) ratio shows us relationship between direct revenue
and assets, whether revenues growing with the growth in total assets or capital
employed or not.

      In 2007 mark-up was 0.08 times of total assets which increased to 0 .10 times
in following years. It shows that mark-up is responding with the increase in assets or
capital employed.

 4. SOLVENCY RATIOS

 I. DEBT-EQUITY RATIO                                 3.58            4.07          5.38


 TOTAL LONG TERM DEBTS :                        22,323,777      28,384,984    33,771,873
 FIXED DEPOSITS CUS TOMERS                      18,498,298      26,276,181    31,556,518
 FIXED DEPOSIT Fis                               1,675, 959               -             -
 FINA NCE FOR PLA NT & MACH.                              -         66,875      193,269
 FINA NCE FOR E XPORT ORIE NTE D
 PROJECTS                                         950,720         843,608       824,246
 SUB-ORDINA TED LOANS (UNSECURE D)               1,198, 800      1,198, 320    1,197, 840


 EQUITY:                                         6,229, 666      6,965, 749    6,276, 448
 SHARE CAP ITAL                                  4,114, 222      4,114, 222    4,114, 222
 UNAPP ROP RIA TE D PROFIT                        238,775         834,650       158,278
 RESERVES                                        1,876, 669      2,016, 877    2,003, 948



Debt-Equity Ratio = Total long term debt / Shareholders equity



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                            DEBT-EQUITY RATIO

      6.00
      5.00
      4.00
      3.00
      2.00
      1.00
      0.00
                    2007                  2008                    2009



Interpretition:

       Debt-Equity ratio shows solvency position of the company. It also gives
information about capital structure of the company that how much of its capital
contains internal and external sources of funds. The higher the ratio, the weaker the
company‟s position to cop up with challenges of external sources of funds. Moreover
higher D/E ratio also shows higher investment risk.

       Table shows that long term debt increased in 2008 and 2009 with almost
constant rate but on the other hand equity decreased (despite of increase in 2008) in
2009 resulting an increase in ratio from 4.07 times in 2008 to 5.37 times in 2009.

 II. FIXED ASSET RATIO                                     0.08          0.09         0.08


 FIXED ASSE TS                                    2,150, 955       3,126, 857    3,111, 891
 LONG TERM FUNDS:                                28,553,443       35,350,733    40,048,321
 EQUITY                                           6,229, 666       6,965, 749    6,276, 448
 LONG TERM LOANS                                 22,323,777       28,384,984    33,771,873

 Long Term Funds = Shareholders Equity + Long term Loans

Fixed Assets Ratio = Fixed Assets / Long term Funds




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                             FIXED ASSET RATIO

    0.09
    0.09
    0.09
    0.08
    0.08
    0.08
    0.08
    0.08
    0.07
    0.07
    0.07
    0.07
                    2007                  2008                2009




Interpretition:

         Fixed assets ratio shows us relationship between fixed assets and long term
funds of the organization. Lower ratio tells us stronger position of the organization
and tells us that organization depends more on its equity and has less external
funds.

         Soneri Bank maintained good ratio in 2007 which slightly increased in 2008
upto 0.09 times but again reduced to 0.08 times.

 III. RESERV ES TO CAPITAL RATIO                      0.51           0.69         0.53


 *RESERVES                                       2,115, 444     2,851, 527   2,162, 226
 CAPITA L                                        4,114, 222     4,114, 222   4,114, 222




Reserves to Capital Ratio = Reserves / Capital




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                   RESERVES TO CAPITAL RATIO

     0.70
     0.60
     0.50
     0.40
     0.30
     0.20
     0.10
     0.00
                   2007                 2008                 2009



Interpretition:

       Reserves to capital ratio shows how much reserves contain of total capital.
Reserves always shows stronger position of the organization, the higher the reseves
to capital ratio the stronger the position of organization.

       Sneri bank earned 0.51 times of this ratio in 2007 which teremendously
increased in 2008 upto 0.69 times but again reduced to 0.53 times due to slight
loosing of reserves.

 IV. CAPITAL GEARING RATIO                           0.28                0.25          0.19


 EQUITY                                         6,229, 666          6,965, 749    6,276, 448
 *FIXED COS T BEARING SECURITIES               22,323,777       28,384,984       33,771,873




Capital Gearing Ratio = Shareholders Equity / Fixed cost bearing securities




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                       CAPITAL GEARING RATIO

     0.30

     0.25

     0.20

     0.15

     0.10

     0.05

     0.00
                    2007                 2008                  2009



Interpretition:

       Capital gearing ratio shoes relatioship between equity and fixed cost bearing
securities. Constant increase in fixed cost bearing securiies causing continuously
decrease in last three financial years.

 V. PROPRIETORY RATIO                                  0.08           0.09          0.07


 EQUITY                                           6,229, 666     6,965, 749    6,276, 448
 TOTAL ASSETS                                    76,854,060    80,977,254     95,310,272



Proprietory Ratio = Shareholders Equity / Total Assets


                            PROPRIETORY RATIO

      0.10

      0.08

      0.06

      0.04

      0.02

      0.00
                     2007                 2008                 2009



Interpretition:

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       Proprietory ratio shows how much of shareholders‟ funds are contributed in
total assets of the organization. Higher ratio shows that organization depends more
on its internal funds which is favorable for the organizational operations.

       Proprietory ratio increased in 2008 upto 0.09 times due to increase in equity
portion of capital but again fell to 0.07 times because of decrease in equity portion in
2009, which could not compete with growth of total assets.

 VI. DEBT TO TOTAL ASS ETS RATIO                      0.29          0.35          0.35


 TOTAL DEB T                                    22,323,777    28,384,984    33,771,873
 TOTAL ASSETS                                   76,854,060    80,977,254    95,310,272



Debt to Total Assets Ratio = Total Debt / Total Assets


                  DEBT TO TOTAL ASSETS RATIO

     0.40
     0.35
     0.30
     0.25
     0.20
     0.15
     0.10
     0.05
     0.00
                    2007                 2008                2009



Interpretition:

       Debt to total assets ratio shows how much organization depends on its
external equity for organizational operations. The higher this ratio, the higher will be
dependance over external equity.

       Graph and table shows continuous increase in ratio showing how mcuh
Soneri Bank is depending over its debt portion of the capital. Which is upto 0.36
times in 2009.

 5. INVESTMENT RATIOS


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 I. RETURN ON S HAREHOLDER'S
 FUNDS (%)                                           16.06          10.06         2.32
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 NP AFTE R INTE RES T & TA X                       1,000, 334       701,041        145,355
 EQUITY                                            6,229, 666      6,965, 749     6,276, 448



ROE = NP after Interest & Tax / Shareholders Equity


             RETURN ON SHAREHOLDER'S FUNDS (%)

     18.00
     16.00
     14.00
     12.00
     10.00
      8.00
      6.00
      4.00
      2.00
      0.00
                     2007                  2008                  2009



Interpretition:

       Return on Equity (ROE) ratio tells relationship between net profits and equity.
It is the best ratio to check investment position and returns of the organization.

       Due to consistant decrease in net profits of soneri bank its ROE ratio is
continuously falling and reached down to 2.32% of sahreholders equity which is quite
alarming situtation for Soneri Bank management.

 II. EARNING P ER S HARE                                 2.43           1.70           0.29


 NE T PROFIT                                    1,000, 334,000   701,041,000    145,335,000
 TOTAL NO OF SHA RES                              411,660,082    411,422,210    501,935,096



EPS = Net Profit / Total no of Shares




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                              EARNING PER SHARE

         2.50

         2.00

         1.50

         1.00

         0.50

         0.00
                       2007                  2008        2009



Interpretition:

          EPS ratio always gives us clear situtaion of company‟s earnings over its total
no of shares, best ratio to analyze company‟s profits.

          And Soneri Bank management should have to take drastic steps to cover its
profits which are continuously decreasing and i nfact dropped down to an threatning
level.




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ASSETS PIE-CHART

2008

                                                       Cash and
              Deferred tax Other assets -
                                                     balances with
              assets - net, net, 2,550,130,
                                                   treasury banks,
              125,843, 0%         3%
                                                    5,646,755, 7%
                                                                      Balances with
                                                                       other banks,
             Fixed assets,
                                                                      3,908,859, 5%
             3,126,857, 4%
                                                                       Lendings to
                                                                      financial and
                                                                           other
                                                                       institutions,
                                                                     3,990,269, 5%
               Advances - net,                          Investments -
                47,575,364,                                  net,
                    59%                                  14,053,177,
                                                             17%




Interpretation:




Assets pie chart shows contribution of different assets in its total capital. It shows
that major portion of its total assets consist of advances which are 59% of total
assets. Investments are at second with 17% of total assets. Both investments and
advances represent 76% portion of total assets.




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2009


                                                Cash and
                          Other assets -      balances with
                          net, 2,879,927,                     Balances with
                                            treasury banks,
                                3%                             other banks,
            Deferred tax                     6,471,173, 7%
                                                              1,497,193, 2%
            assets - net,
            108,429, 0%
                                                                     Lendings to
                  Fixed assets,                                     financial and
                  3,333,891, 3%                                          other
                                                                     institutions,
                                                                   2,755,377, 3%

                                                       Investments -
                                                            net,
                  Advances - net,
                                                        29,537,179,
                   48,727,103,
                                                            31%
                       51%




                                SWOT
Interpretation:
                              ANALYSIS
Assets pie chart in                                               2009 gives us idea
about composition of                                          total assets. It shows
that advances are                                        decreased to 51% but
investment increased up to 31% of total assets. Both these two advances and
investments represent 82% portion of total assets which is 6% increase from 2008.
STRENGTHS:
     Efficient business policies

     Favorable import and export trade policies

     Increasing amount of net assets in tough business conditions

     Increasing in advances and deposits

     Favorable position of advances

     Strong HR department for recruitment of employees, with proper training
      centers for fresh graduates to make themselves familiar with banking
      environment

     Most of branches are spotted in main trading areas of the country e.g. Karachi
      and Lahore

     Branches in northern areas as well, where only few other banks provide
      services in that region




WEAKNESSES:
     Decreasing operational efficiency

     Poor business and financial results in recent years

     Fewer incentives to employees and decreasing payout ratio to shareholders

     Absence of abilities to compete in declining economic situations

     Employees‟ lack working efficiency and less motivated
          COMSATS Institute of Information
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     Absence of proper marketing strategies for the business

     No strategies against competitors for fully competitive banking industry of
      Pakistan

     Continuously decreasing image in the eyes of valuable customers for the
      company, forcing themselves to switch to other banks

     Lack of services in agricultural sector

     Lack of services i n most industrial areas and other big cities famous for trade
      and industry.




OPPORTUNITIES:
     Opportunity to compete in Islamic banking sector due to increasing Islamic
      banking industry

     To play a vital role in country‟s trade through its favorable trade policies

     To compete in market through better marketing policies.

     It should consider more on its promotional activities to target profitable
      customers as well as attract competitor‟s customers, which is major
      achievement of any organization.
     These are days when organizations come with quality products and succeed
      in the market without taking any change in products with time but times have
      surely changed now the organizations have to introduce new innovative
      products with high quality to sustain its position in market. So Soneri Bank
      should introduce new innovative products to sustain its position in market.

     No doubt its network has been going to expand all over the country but
      opportunities always exist so it should expand its network in those areas
      where it is lacking due to increase in competition all over the country.




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THREATS:
     Current recession in overall economy of Pakistan

     Entrance of new banking companies in market

     Increasing media advertising trend in the banking sector, adopted by new
      banks too, giving tough time to the bank and making market more competitive

     Declining overall image in the eyes of customers and losing repute in market
      as well, because of less payout ratio

     Negative credit rating by PACRA for long term securities

     Decreasing market share and prices of share




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                      SUGGESTIONS
                                   &
               RECOMMENDATIONS




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 Bank needs to improve operational and business efficiencies to compete in
   market and to improve image in the eyes of customers.

 Employees should be given more incentives so that they could feel relaxed
   and focus on their working efficiency.

 Controlled branch wise expenses can also help a lot to cover budget de ficits
   and will result profits to increase.

 Flaws in account opening procedures, like person guarantee for new account
   opening is unnecessary in the presence of NADRA verification and
   WROLDCHECK clearance, moreover there is lack of awareness for the
   customer about the procedures of account opening, causes many customers
   to lose.

 Marketing department of Soneri Bank is not much active; more funds should
   be invested in it for the proper marketing of its products.

 Soneri Bank is far behind in advertisements, in this competitive industry of
   banking every new entrant focuses on promotion of its products and services
   that‟s why they are gaining market share quite rapidly, although Soneri bank
   has recently launched an advertisement for “SMS Alert” and “Soneri Ikhtiar
   Account”, yet it requires a lot to attract more customers.

 A media campaign must be started for the awareness of customers in basic
   operations like OBC, Intercity, Demand Draft, Pay Order etc. Many customers
   don‟t even know the difference between DD and Pay Order. So a media
   campaign will help improving image in the customers‟ eyes and in market as
   well.

 Incentives should be granted on performance based system, it will create
   competition between employees.

 Define proper codes of corporate culture and ethics for the organization.

 There is no vision and mission statements for the organization, what thing will
   be motivating employees towards their organization, define proper vision and
   mission statements for the company.




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 Cheque and balance over branch wise operations is little weaker, making it
   better can solve certain problems, most importantly business efficiencies.




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                     LEARNING
                                   AS A

                       STUDENT




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       As a student of business operations studies I learned lots of things about
banking operations and environment. Some of my learning relating to operational
services of the bank is given below.

PROCEDURE FOR ACCOUNT OPENING:

       Whenever to open a new account, we require copy of CNIC of customer,
which is sent to H.O. H.O verifies it from NADRA and sends its verification report
back to branch. Then we ask a utility bill for verification of address and also verify
customer from WORLDCHECK. Then occupatio n status of customer is verified, if he
has a business to operate then a letter pad of its business with address and his
signatures on it are required, if salaried then employment letter of his organization
from employer of that organization is required. At the end we require an introducer
who has account in our branch. All this is done for security purposes and to verify
that from what sources he gets his income.

REQUIRED DOCUMENTS FOR OPENING AN ACCOUNT:

    CNIC copy

    NADRA verification

    WORLDCHECK verification

    Utility Bill

    Undertaking (for customers who can‟t sign in English or use thumb)

    Signature change certificate (to use different signatures than ID card)

    Employment Letter/Proprietor Letter (for verification of sources of income)

    NTN (for corporate customers)

    Stamp (for business accounts)

       After all this verification is done and particulars are attached with an account
opening form which is filled duly by the officer. All the data of customer is registered
online and prepared a CRM which is specific for every customer. CRM is issued by
the H.O after supervision of branch manager, and then request is sent to H.O for
account no and then specific no is issued for the customer.


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       After issuance of account no a KYC (know your customer) profile is prepared
and attached a copy of it with the form. Moreover an interview report and an
undertaking (for customers who cant sign in English or use thumb) is received. And
for corporate customers a seal or stamp is required along with signatures of
proprietor or partners. A n either or survivor certificate is prepared for joint account.




CORPORATE FINANCE:

       Finance is normally of two purposes, manufacturing or exports. For
manufacturing purposes we have three types of finance available for customers

Running Finance (RF):

       Running finance is nothing but the fiancé offerings by the financial institution
against mortgages. It works under the working capital finance. Specifically, the
running finance is a credit establishment for a specific time limit at variable interest
rates. Its major advantage is interest is charged in it on the days of usage of limit.
One got issued limit but did not use yet will not be liable for interest until its use.

Demand Finance:

       Another type of finance for specific order or period or project, reaso nable
assets are required for mortgages against it.

Term Finance:

       It is payable in installments and usually issued for specific period, work same
like an annuity.

And for export purposes we have three types of finance for customers

Export Re-Finance (ERF):

       A finance issued by the State Bank of Pakistan for exporters under export
development scheme, its interest rate to be charged is around 9.5% which includes
1% as bank‟s agency commission. For this purpose state bank requires exports
history of past one year and limit is available equivalent to 50% of total exports done
by the customer in last year.

FAPC (Finance against packing charges):
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       Finance issued for shipment and packing of export order, its duration is time
till receipt of payment of that bill.

FAFB (finance against foreign bill):

       Finance available to customers for fulfillment of a foreign export order,
customer presents order to the bank and bank prepares proposal for the issuance of
finance.

       For all these finances primary requirement of the bank for the assets to be
mortgaged are inventory and final goods. While immovable property are second
priority, moreover assets to be mortgaged should be greater than the value of
finance applied. Soneri Bank also demands State Bank‟s CCIB (Customer‟s Credit
Information Beaureu) report.

Import Financing Facility

Import financing facility is further divided into two types, these are given below.

      Inward foreign bills
      Finance against imported merchandise




CONSUMER FINANCE

       Soneri bank gives finance to their loyal customers, who have good transaction
record and where the risk chances are less.

       The consumer finance has different types of products which are as follows:

      Soneri car finance
      Soneri ghar finance
      Soneri generator finance

During my internship I learned about the car finance of whom the details are below:

       Soneri car finance

Purpose of finance

       Purchase of brand new: sanctioned finance must be utilized for brand new
cars. No finance will be available for used or reconditioned cars.
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      Un-registered cars for private use.
      Un-registered light commercial vehicles for private use.




Eligible Borrowers

       Salaried person and the person who has well past record with bank, can avail
this opportunity. In case of salaried person he must be a permanent employee with
minimum two years continuous employment with present job employer. And
employer must be a financial institution MNC‟s and public company.

Eligible Borrowers are:

      Salaried persons
      Self employed professionals
      Business persons

Financing Amount

For cars up to 2000 CC:                       Rs. 1.0 Million

For cars exceeding 2000 CC:                   Rs. 2.0 Million

Down Payment

On finance up to Rs. 1.0 Million                     Minimum 15% of the vehicle price

On finance up to Rs. 2.0 Million                     Minimum 20% of the vehicle price

Mark Up Rate

1 year KIBOR + 3% p.a to be received on each anniversary of finance



LETTER OF CREDIT
       Letter of credit is used primarily in international trade transactions of
significant value, for deals between a supplier in one country and a customer in
another country. The parties to a letter of credit are usually a beneficiary who is to
receive money, the issuing bank of whom the applicant is a client. And the advising
bank of whom the applicant is a client. Almost all letter of credit are irrevocable i.e.


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can‟t be amended or cancelled without prior agreement of the beneficiary, the
issuing bank and the confirming bank, if nay.


Steps involved in opening of L/C


There are the following steps involved in opening and L/C:


      After a contract is concluded between buyer and seller, buyer‟s bank supplies
       a letter of credit to seller.
      Seller consigns the goods a carrier in exchange for a bill of lading.
      Seller provides a bill of lading to bank in exchange for payment. Seller‟s bank
       exchanges bill of lading for payment from buyer‟s bank. Buyer‟s bank
       exchanges bill of lading for payment from buyer.
      Buyer provides bill of lading to carrier and takes delivery of goods.


FORM “E”
       It describes the details of the goods to be exported, the importer, particulars
the amount of foreign currency payments and the details of the importer as well.
Government has to provide facility to exporter in taking form “E” from any bank and
can present it to any bank for negotiation.

Following steps are involved in the preparation of from “E”

      Firstly bank requested his customer to fill all the documents.
      After completing the documents send to custom for clearing, and receive
       customer clearing certificate.
      Then send the shipment to port.
      Lastly bank will send all the documents to importing party for collection of bill
      Four copies of „E‟ From are prepared, one copy for exporter, one for State
       Bank of Paksitan to be sent at the month end, one for TDAP (Trade
       Development Authority of Pakistan) and one for bank‟s own references.

NOTE

      Bank deals only in documents.
      Bank is not responsible for any damage.


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      100% margin required for opening L/C. with passage of if party developed
       understanding with bank. The bank would give some kind of relaxation in cash
       margin.




INSTRUMENTS USED IN REMMITANCES

      Demand Draft

      Pay Order

      Pay Slip

      Telegraph Transfer

Demand Draft

       Demand Draft is a way in which customers can transfer money outside the
city. There are two types of situations for transfer of money through demand drafts:

       Outward DD’s:

       When a customer comes to Soneri Bank to make a DD to transfer money
outside the city is known as outward DD. The customer will fill the details in a DD
application form, and will attach a cheque or pay cash as he wish.

       Inward DD’s

       This is the procedure adopted when the issuing branch sends copy of the
instrument as an advice. When the bank receives the advice, the officer will pass the
following entries:

       Head Office A/c        Dr…               XXX

               DD Payable A/c                          XXX




When the customer comes with the DD to get his payment, the following entries are
passed:

       DD Payable A/c         Dr…               XXX

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              Cash A/c                                  XXX

If that customer is a Soneri Bank account holder then the following entries are
passed:

       DD Payable A/c         Dr…                 XXX

              Customer Account                          XXX

Pay order:

       Pay order is a negotiable instrument made by the bank, on account of a
customer, to pay on order the specified amount to the directed person (payee).

       Use of Pay Order:-

       Pay orders are used to make payment or to transfer money, with in the same
city. Pay order is always drawn on the bank that has issued it. The main advantage
of pay order is that it cannot be dishonored by the bank. Pay order can be endorsed
if it is not crossed. The payee may present Pay Order for payment either over the
counter for cash payment or the payee may transfer credit to his account.

Pay slip

“It is a negotiable instrument like cheque issued by the bank on its own account to
pay a specified amount to the directed person.”

       Use of Pay Slip:-

Pay Slips are used to make payment by the bank itself against certain expenses
incurred; like furniture purchased by bank, electricity charges.

   Issuance of pay slip

    Bank issue a pay slip in favor of person, to whom payment is made.
    Affixes payee‟s Account only stamp.


    Revenue stamp pasted on it.
    Entry in bank smart

Telegraph Transfer Rupee Traveling Cheque



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       TT is just a shape of Demand Draft. The difference is that it is not drawn on
the specified branch. It can be drawn on any branch of the same bank.

Outward Bills for Collection (OBC):

       There are some cheques that are drawn by a Non Soneri Bank Account that
is outside the region for example Bank Alfalah Sialkot Branch in favor of Soneri Bank
Wazirabad account holder and thus are treated as OBC‟s. The process for clearing
of the OBC‟s is as follows:

      Cheques received by Soneri Bank the officer affixes the OBC stamp on the
       cheques and writes its individual number from the OBC register.

      Entries of all OBC cheques are written in an OBC register.

      An OBC form is prepared, which shows the cheque numbers, the branch
       drawn on and amount.

      Original Cheques are attached to these form and sent to the main Soneri
       Bank branch in Sialkot by courier. It will be IBC (Inward Bill for Clearing) for
       the Sialkot Branch. When that area branch clears the amount from the Bank
       Alfalah Branch, it sends an Inter Branch Credit Advice (IBCA) to Bank Alfalah
       and the officer at the branch credits the customer account with that amount.

Intercity:

       It is an alternate for OBC, in which NIFT collects cheques from regional
branch and receives payment from non-Soneri Bank branch of other region, then
reports back to the corresponding branch.




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                                  CONCLUSION




       The six weeks spent at Soneri Bank Limited, Wazirabad branch were, no
doubt a source of great learning for me about a lot of things particularly working in
bank‟s atmosphere and system of bank. It was my first experience to do work
practically in some organization. This practical training program did not only help me
acquire loads of knowledge about the predominant functions performed by banking
companies, but also imparted a lot of training as regards the set of behavioral traits
which distinguish a particular person from the rest of the lot in a professional
environment.

       During my internship I concluded that currently Soneri Bank no doubt facing
some crisis in business but the main objective of bank is to build strong relationship
with the customers and make them believe that Soneri bank is right for them by
providing effective and efficient services.

       It has also created a strong goodwill and trust in the local market. At this point
it is significant to write a word of gratitude for the institute, which makes it sure, that
all the students get an exposure to practical life in relatively well -reputed
organizations.

I must underscore the fact that writing this internship report was an evenly
memorable experience as actually doing the internship. Honestly tried my level best
to come up with an original piece of writing that could serve as a vivid proof of the
fact that students of COMSATS Institute of Information Technology, Lahore are
certainly doing the internship.




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             Technology, Lahore




                                      GLOSSARY
Demand Draft:                           A way to transfer money outside the city.

EPS:                                    Earning per share

Intercity:                              An alternative for OBC, in which NIFT is involved,
                                        who directly communicates with the related
                                        branch.

Letter of Credit:                       A letter issued in international trade for the safety
                                        of shipment and payment as well.

NADRA:                                  National Database and Registration Authority

Outward Bill for Clearing:              A non Soneri Bank cheque of another region
                                        received by a Soneri Bank Branch.

Pay Slip:                               An instrument issued by the bank to pay for certain
                                        expenses incurred by the bank.

Pay Order:                              An instrument made by the bank to pay on order a
                                        specified amount to a specific person.

Telegraph Transfer:                     Same like a DD but not drawn on any specific
                                        branch but can be encashed from any branch.

WORLDCHECK:                             A social website that contains a list of banned
                                        persons or organizations or fall under terrorist
                                        activities.

OBC                                     Outward Bills for Collection

NIFT                                    National Institute of Facilitation Technology

IBC                                     Inward Bills for Collection

RHQ                                     Regional Headquarters (Lahore)




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        COMSATS Institute of Information
        Technology, Lahore

FDBC                               Foreign Direct Bills for Collection

DD                                 Demand Draft

TT                                 Telegraphic Transfer

PO                                 Pay Order

PKR                                Pakistani Rupee

PIN                                Personal Identification Number

SME                                Small and Medium Enterprises

FTD                                Foreign trade Department

KIBOR                              Karachi Interbank offer rate

PACRA                              Pakistan Credit Rating Agency




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         COMSATS Institute of Information
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                             BIBLIOGRAPHY
WEBSITES:

     www.soneribank.com

     www.sbp.org.pk

     www.wikipedia.org

     www.ibp.org.pk

     www.ezinearticles.com

BOOKS:

     “Fundamentals of Accounting” by Meigs and Meigs

     “Fundamentals of Financial Management” by Brigham and Houston

NEWSPAPERS:

ARTICLES:

JOURNALES AND MAGAZINES:




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