Internship Report on UBL (2011)

UNIVERSITY OF SARGODHA

Department of Commerce

The Internship Report of Ali Raza Sahni submitted to Department of

Commerce, UOS under the kind supervision

UBL Railway Road Branch

Sargodha

UBL Bank Ltd.

A Practice by Ali Raza Sahni

PREFACE

The field of banking has always been a source of inspiration for me during my entire

academic career. To work in a bank, to acquaint with its working mechanism was always

a point of interest for me and God gave me a golden opportunity to complete my

internship at UBL, one of the leading bank in Pakistan and well known in world due to

its appearance in the international markets. I had a general idea about the banking, but

once I practically started the internship in banking field I observed much about banking,

I realized the importance and significance of commercial banking for the development of

economy. To adjust myself in such a large commercial organization was not an easy

task, but by the grace of Almighty Allah aids my internship in a befitting manner and I

learned a lot about the overall banking arena. This expanded my vision about the

banking sector, which in turn enabled me to make an appraisal of the economic situation

of our country.

This report is a thorough essence of my rigorous studies which I undergone through in a

period of two months in a commercial bank. I have exclusively studied and observed the

operations/ functioning of the bank and tried my best to abreast myself with all the

dimensions of the banks. The purpose of this report is to evaluate the performance of

UBL in diversified avenues and give concrete recommendation for further improvement.

Although the bank is functioning satisfactory, but the path to ultimate success is still full

of threats and hurdles.

It was a great experience to work there and contribute handsomely in the process of

appraising its pros and cons and feeling to be a significant part of the bank. I am thankful

to all those who helped me in one-way or the other and guided me.

Ali Raza Sahni

UBL Bank Ltd.


BEST REGARDS

TO

MY PARENTS & TEACHERS

WHO LOVE, AFFECTION & PRAYERS HAVE BEEN

A SOURCE OF INSPIRATION AND

ENCOURAGEMENT FOR ME…!

UBL Bank Ltd.


Acknowledgement

In the name of Allah Almighty who gave me ability and strength to complete my internship

program as requirement of my academic career. I owe considerable debt to large number of

persons who either directly or indirectly helped me during various phases of internship. It was a

new experience, exciting but challenging and indeed guidance rather frequently which was

afford very generously.

I am very thankful to my Internship Supervisor and kind teacher, My supervisor who guides me

in very beautiful & nice way. The supervision of Sir Mubashar has provided me a lot of

experience to get the view of banking sector.

In last, I am fully respectful for those friends and relatives who provide me encourage to

completing this interpretation approach.

Ali Raza Sahni

UBL Bank Ltd.


Table of Content

Unit Topic Page

01 Executive Summary 01

02 Introduction to Report 03

03 Introduction to UBL 05

04 Operational Strategies 09

05 Organizational Hierarchy 11

06 Introduction to Departments 12

07 Key Developments 19

08 Supervision of Customer Services 23

09 UBL Agricultural Financing / Input Financing 27

10 Code of Corporate Governance 31

11 Corporate Social Responsibility (CSR) 32

12 Banking Services Prospects 33

13 Financial Analysis 38

14 SWOT Analysis 54

15 Recommendations 57

16 Conclusion 58

17 References 58

UBL Bank Ltd. 1


Unit # 01

EXECUTIVE SUMMARY

Banking operations and services are one of the basic needs of an economy. These include

acceptance of deposits and disbursement of advances to individuals and others at higher rates.

Banks perform various fundamental factions, which are directly or indirectly contributory

towards economic and social development of countries.

UBL, a commercial bank was established in 1959 as result of reckless efforts made by Agha

Hassan Abidi. The UBL has shown the fastest growth pattern and in a period of just 27 years

became the second largest bank of Pakistan. The bank image however adversely destroyed when

it suffered heavy losses during its nationalization period due to political and other factors. The

bank is showing re-emerging indications as is evident from its financial statements. UBL on

October 19, 2002 was privatized and bought by two financially sound parties of international

repute i.e. best way group and Abu Dhabi group holding 51% of the banks share and thus has

emerged as the largest private bank surpassing MCB.

The purpose of this report is to study operations and analyze performance of UBL to see

whether the bank is successful in its operational performance or not, and recommending

possible solutions for problems. For meeting the purpose both secondary and primary data have

been used.

The whole report has been divided into five main sections as describe below: Section I is

introduction to the report and briefly describes the scope, purpose, methodology and limitations

faced during the preparation of the report.

Section II is the review portion and contains five chapters. First chapter is introducing the

organization, UBL which came in to being in 1959. Remaining four chapter are explaining

operations and relevant broader but comprehensive set of information of the functional

departments of the bank. An attempt has been made so that readers of this report should be able

to gain sufficient knowledge of the processing and procedures of the operations carried out by

these departments. However in the chapter pertaining to foreign exchange department main

focus is a place on the payments regulations and procedures of letter of credits in the light of

foreign exchange regulation Act, 1947.

UBL Bank Ltd. 2


Section III; the analysis part of the report and is comprising of two chapters. Chapter 5 is the

critical analysis of the departments and its functions. SWOT analysis is an integral part of this

chapter.

As an internee I was deeply concerned about the performance level of the UBL and therefore

tried to analyze the bank financial performance that is included in chapter 4, this chapter reveals

that the bank is trying to regain its position in the present more dynamic and competitive

environment. Major findings are included in this summary which is the outcome of these

analyses.

Sector IV is the recommendation part and is derived from the previous section. Major findings

are stated in the later part of this summary. Three action plans are included in section V with the

hope that if implemented properly will enhance the bank’s overall productivity and will also

enable it to compete more efficiently and effectively.

These plans are related to exploration of new opportunity present in the agriculture sector,

effective management and recovery of advances and marketing activities respectively. During

the study, findings extracted are listed below:

a) Mark up expense of the bank has reduced and administrative expenses have shown

increase.

b) Non-performing advances have reduced; deposits show consistency.

c) Due to lack of job rotation opportunity and lack of informal group existence, employees

do not share each other workload.

d) The recent downsizing hustle and bustle trends have affected bank’s efficiency due to

lay-off survival syndrome.

e) Presently about 1100 employees have been placed in surplus pools that are unaware of

their future.

f) Motivation level of employees is not satisfactory which effects their own and as well as

performance of the organization.

g) In proportion to number of accounts and functions performed sizes of branch’s buildings

are small.

h) Newly developed account opening form carries restricted space where only two

applicant’s names can be incorporated.

UBL Bank Ltd. 3


Unit # 02

INTRODUCTION TO THE REPORT

Introduction

Students of M.Com studying courses leading to Master degree in Commerce are required to

undergo an internship programmed of two months duration. This is an essential academic

requirement. The internship is followed by comprehensive report writing, required to submit to

the research and development division (R&DD) of Q uaid-e-Azam College Of Commerce,

Peshawar. This report is properly evaluated on the basis of its description and analytical

capabilities by internal and external examiners. I did my internship in United Bank Limited

Sargodha Cantt Branch.

Purpose of Study

The purpose of the study is to work in real life situation and learn banking practice by doing. In

this context its objectives are:

To analyze banking operations i.e. operational analysis, financial analysis

To develop concrete and feasible recommendations

To improve report writing skills

Scope of Study

The study is confined to banking operations. An attempt, along with all its limitations, to collect

financial data and general statistics of the bank has been made. Keeping in view the purpose of

the study, which is to make an acquaintance with practical doings in the bank, this seems a

comprehensive effort.

Limitations of Study

It is to admit that the study attempts only those aspects, which are closely relevant to the

purpose of the study. Facts and figures, which otherwise might be equally important, but not

having a direct bearing on the conclusions arrived at this study, have been ignored.

UBL Bank Ltd. 4


The most important limitation from which the study suffers is the non – availability of

information in a manner required for analysis and the secrecy of the bank. Another important

limitation of the study is time and space constraint.

Methodolgy of Study

Both primary and secondary data were used in compilation of the report.

Methodological tools used were:

Primary Data

Personal Observations.

Discussion with Bank Personnel.

Secondary Data

Brochures/ Manuals of the bank.

Annual Report

State Bank Foreign Exchange Manual

Bank internship reports on UBL available in library.

Journals, newspapers and books.

Internet.

UBL Bank Ltd. 5


Unit # 03

INTRODUCTION TO UBL

History of Banking

Consensus on the origination of word “Bank” is not yet reached at. Some authors opinion is that

this word is derived from the words “Bancus” or “Banque”, which mean a bench and they

further relate banking business inception to Jews in Lombardy. Other authorities state that the

word “Bank” is derived form the German word “Back” which means “Joint Stock fund” and

later on due to German occupation of Italy, this word was Italianated into “Bank. Authors quote

Babylonians (few quotes Chinese) who developed banking system as early as 2000. B.C1

Banking in Pakistan

Banking started in Pakistan after the bold and emergent decision of formulation of SBP on July

30, 1948. Thereafter this sector has witnessed enormous growth. In 1974 banks were

nationalized, in the hope that new era of growth could be achieved through it. However the

process is reverse since 1991, up till now MCB, ABL, and UBL have been privatized and HBL

is in the process of its privatization.

Birth of UBL bank Ltd.

On November 9, 1959, UBL was notified and included as a private schedule bank with

authorized capital of Rs. 20 million; issued and paid up capital of Rs. 10 million divided into 1

million shares of Rs. 10/ each. Currently BOD and president/ CEO Mr. Amar Zafar Khan being

a member of this newly formed set up manage UBL. Chairman His Highness Shaikh Nahayan

Mabarak Al Nahayan and Deputy Chairman Sir Mohammed Anwar Pervez are the two supreme

controllers of the bank’s affairs. Another development is the appointment of director operation,

Nauman Hussain by the newly privatized bank. Senior management of the bank is shown in the

chart given at the end of chapter.

UBL Bank Ltd. 6


Overview to UBL Bank Ltd.

History of banking in Pakistan stands with partition. At the time of independence there were 487

offices of schedules banks in territories now consisting Pakistan. But after the announcement of

independence plan, the banking services in Pakistan was seriously suffered the banks transferred

their registered offices from Pakistan to India. So, by 30th June 1948, the number of office

schedule banks in Pakistan declined from 487 to 195. In June 1959, Mr. Agha Hassan Abedi

decided to open a bank different from other to provide modern banking facilities to trade and

industry and to promote the habit of saving among common people. Necessary formalities have

been compiled for registration certificate to perform business to STATE A\BANK OF

PAKISTAN for permission. After all these formalities on 7th November 1959, UBL came in to

existence as a schedule bank. Head office was established in New Jubilee Insurance House;

I.I.CHUNDRIGAR ROAD, KARACHI. It was registered as Joint Stock Company.

The bank was incorporated with an authorized capital of Rs. 20 Million, which was later rose up

to Rs.96million.Mr. I. I. CHUNDRIGAR was its chairman who died in December 1960 and was

replaced by Mr.Habib-I-Rehmat. Mian Shafique Saigul was its managing director who was

replaced by Mr.Agha Hassan Abedi in 1962, after nationalized Mr. A.K. Yousaf was appointed

as managing director for a short while and later on designated as president; he was replaced by

Mr.Aia-ud-din in on 1st January 1997.

Progress of this estimated institute could be measured in terms of deposits and number of

branches opened. UBL have been ranked as number three banks in Pakistan in terms of deposits

and branches.

In 1963 first overseas branch was opened in London, in 1966 two branches in Bradford and

Birmingham were also opened in 1967 Dubai and Abu Dhabi branches were opened. More

important thing is that UBL is pioneer in computerization of banking. Its larger branches are

fully computerized. Saving and current deposit art computerized in almost all branches. Now

UBL is on the road of growth with reference to market share and network.

UBL Bank Ltd. 7


Vision Statement

To be a world class bank dedicated to excellence and to surpass the highest

expectations of our customers and all other stakeholders

Mission Statements

Be the:

Leading private sector bank in Pakistan.

With an international presence.

Delivering quality services.

Through innovative technology.

And effective human resource management.

In a modern and progressive organization.

Culture of meritocracy maintaining.

High ethical and professional standards.

While providing enhanced value to our entire stakeholder.

Core Values

Honesty and integrity

Commitment and dedication

Fairness and meritocracy

Teamwork and collaborative spirit

Humility and mutual respect

Caring and socially responsible

Number of Branches

UBL has a large network of branches, which extends to the remotest areas of the country. In

December 1983, there were 1623 branches whereas in 1974 it had only 1238 branches and in

October 2003 these figures show total number of 1007 branches.

UBL has been very active in increasing its overseas branches network. The first foreign

branches were established in London in 1963. Now UBL has branches in Bahrain, Qatar, Saudi

Arabia, United Arab Emirates, Yemen Arab Republic, UK Switzerland, Egypt, Oman and US.

UBL Bank Ltd. 8


Subsidies

UBL has four subsidiaries, namely:

United National Bank Limited (UNB), UK

United Bank AG (Zurich), Switzerland

United Executers and trustees Company Limited

United Bank Financial Services (Private) Limited

Functions of UBL

UBL is a commercial bank, which transacts the business of banking in accordance with the

provisions of BCO, 1962. Section 7 of the Act authorizes banks to engage in the prescribed form

of business. In the light of this section UBL’s functions can be categorized as under:

Agency services

General Utility Services

Underwriting of loans raised by the Government or public bodies and trading by

corporations etc.

Providing specialized services to customers, and Hajj-related services

Role of UBL in Banking Sector

The impressive growth and development, which UBL achieve, present it undoubtedly the most

dynamic and progressive. In a very shorter period of time it became one of the leading banks

overtaking several other older and its competitor banks.

The major contributions5 the bank has made are enlisted below:

Record setting performance and commitment to serve the customers

Personalized service and dynamic approach

Catalyst of changes

Professional management

Modern banking policy

Human resource development

Small loans (or) micro credits

Pacesetter in economic research established in 1967, department for economic research

UBL Bank Ltd. 9


Utility bills collection

Credit cards (unicard-1970)

Travelers Cheques (Humarah-1971)

Diaries and calendars – received prizes too

Promotion of sports

Unit # 04

Operational Strategies

We are glad to inform you that the Board has decided to carry out a comprehensive and far

reaching review to develop a strategic plan & vision for the bank. This in our view is essential to

establish a blueprint for the development of a dynamic financial institution with best practices

that could contribute positively to the country’s economic growth and create value for its

shareholders. We have recently carried out a manpower plan, which will help us segregate

customer facing staff from customer acquisition teams, not only to improve customer

satisfaction levels but to increase market share. This approach we hope would help us develop

strong, forward- looking and technology-driven units, ready to take on the challenges of

globalisation and liberalisation.

As a strategic aim, the Bank seeks greater diversification in its revenue base. We plan to further

consolidate our core business and competencies. We are seeking to diversify and focus our

energies towards consumer financing and retail banking so as to leverage our capabilities

towards greater corporate strength, synergy, and profitability.

We believe that a strong, powerful global capability is important in today’s inter-connected

world. Significant investment is planned in technology, premises and infrastructure to improve

customer service. We remain committed to have an outstanding global capability to serve both

our domestic and overseas clients.

The Bank takes cognisance of the importance of human resource development, creativity and

knowledge-acquisition in the new banking environment. We will improve compensation,

training and accountability for our staff in order to increase motivation productivity and

customer service. Thus, the attention is towards changing mindsets and developing quality

personnel with leadership attributes through provision of challenging career and learning

opportunities.

UBL Bank Ltd. 10


Your Bank is geared to meet the challenges of an economic revival through both its internal

consolidation measures and far reaching changes that are being formulated through a strategic

re-direction.

Over the years through our well-structured customer network we have developed an extremely

large clientele, majority of who have already established a sound track record of reliability and

trust with us. We will continue to act in a manner, which will further strengthen this

relationship. Every task of ours will be to optimize customer satisfaction whilst profit

generation, enhancing shareholder value and meeting mandatory and statutory requirements will

also be in the priority list.

We will develop strategies to face challenges and make best use of the opportunities that come

in our way in the short and medium term. We will transform the opportunities to a positive

force. Our clientele comprises people from all segments of population. These include the low,

middle and high- income category. While responding the varying needs of these segments, we

will make every endeavor to transform the low-income category to the middle - income and the

middle category to the high- income category,

Managing change in any organization is always a challenging and a demanding task, especially

for a large institution like UBL. Without people of the highest calibre, dedicated to the speedy

and efficient achievement of agreed goals, the job cannot be done. The Bank is fortunate to have

in abundance of these resources, represented through both management and staff in every regio n

of its operations. The Bank owes to its employees, its heartfelt gratitude for the remarkable

changes already achieved. With their continuing enthusiasm and commitment to the task ahead,

we are confident that the Bank’s future prosperity and the ultimate realization of its Vision – to

be the premier and innovative bank- would be fulfilled. We would also take this opportunity to

present our sincere felicitations to the Government and assure them that the confidence and trust

that they have reposed in the Abu Dhabi Group and Bestway Group would grow deeper with the

passage of time. We remain committed to make the Bank a premier financial institution. It will

play its role as one of the largest private banks in the development of the financial sector and

will continue providing its active support to the progress and prosperity of Pakistan’s economy.

In addition, we would like to express our appreciation to the Ministry of Finance and State Bank

cf Pakistan for their continued support.

UBL Bank Ltd. 11


Unit # 05

Organizational Hierarchy

Board of Directors

UBL Bank Ltd. 12


Unit # 06

INTRODUCTION OF DEPARTMENTS

Deposit Department

As per the definition of “Banking” under see 5(b) of BCO 1992 one of the main functions of a

bank is to accept deposit. Deposits are the backbone of any bank; other functions of the bank

primarily depend upon the type and size of deposits.

Function perfumed by cash and deposit department in UBL Railway Branch. Sargodha Cantt

Branch accepts deposits under the following three accounts.

Current account

PLS Saving account

Terms Deposits

Opening of Account

To open an account in UBL the customer will have to fill an account opening form in front of

bank officer. He has to sign in all required places in front of the officer.

Documents Required in Account Opening

N.I.C Copy.

Account opening form (provided by bank)

Two photograph (in case of illiterate person)

Specimen Signature card (Provided By Bank)

Cheque Requisition Form

Introduction of Account

Types of Account

Individual Account

In this account a single customer operates the account. The banker will run the account

according to the rules, but if the customer gives special instructions the Bank will have to follow

it.

UBL Bank Ltd. 13


Joint account

In this type of account two or more than two persons will open the account. The account will be

operated by one account holder in case of (either of the survival). If the instructions are not

given, all the account holders will have to sign the check.

Nature of Accounts

Current Account

These are non-profitable demand accounts. The account can be opened with minimum amount

of rupees 1000/-. These account are usually maintained for business purpose. Due to enormous

competition UBL has introduced daily profit current account for corporate clients called

(UNISEVER) minimum balance required is Rs. 100,000/-. If minimum balance requirement is

not met, bank is authorized to recover predetermined charges.

PLS Saving Account

These accounts were intended with the aim of encouraging thrift among people. These accounts

can be opened either in Pakistani rupees or in few major currencies of the world. Bank offers

(4%- 6%) return on these accounts. The basic feature is the profit and loss sharing as according

to non-interest based banking system. These accounts can be opened in the name of; individuals,

joint names, trust accounts, charitable organizations.

Unlike current accounts, Zakat is applicable on local currency saving accounts. Minor’s

accounts can be opened on the condition that their guardians shall operate these accounts.

Term Deposits

Term deposits are also called fixed deposits. These can be with drawn after a specified period of

time. Interest is paid to the depositor on all fixed or term deposits. The rate of return varies with

the duration for which the amount is kept with bank There are two types of term deposits.

STDR’S – Special Term Deposit Receipt (local currency)

Special Term Deposit Receipts are issued for different periods of maturity ranging from one

month to 5 years, having attractive returns. There is no limit on denominations.

UBL Bank Ltd. 14


NTDR’s – Notice Term Deposit Receipt (local currency)

These are term deposit with special features that these can be withdrawn any time but after

giving a predetermined and pre agreed early notice.

Remittances Department

Current business trends demand fast movement from one geo-graphic end to another. Latest

technology and telecom data transmission has made it possible to make such transactions with in

minutes. UBL Sargodha Remittances Department performs following functions.

Demand draft (D.D)

D.D is a negotiable instrument issued by branch of the bank drawn on other branch of the same

bank.

Procedure For D.D.

Purchaser is asked to fill in an application form duly singed by applicant. Three things should be

maintained in the form.

Name of Payee

Place of payment

Amount of D.D

Commission is charged on D.D as bank income. The applicant is asked to deposit the cash

specified on the application form to the teller. After depositing cash the remittances incharge

prepare a D.D. That is singed by two officers must having power of attorney.

Bank also provides this facility to general public who don’t have account in UBL. They will

have to submit a N.I.C copy along with D.D application form.

Telegraphic Transfer (T.T.)

Transfer of funds to another branch of the same bank with the help of test numbers. If the test

number agrees the bank make payment to the party.

UBL Bank Ltd. 15


Procedure for T.T:

The procedure for T.T is same as D.D. But in D.D it is given on a printed-paper and singed by

two officers but, in T.T, only test number is given to the customer.

Mail Transfer (MT)

When the money is not required immediately, the remittances can also be made by MT. Here the

selling officer of the bank sends instructions in writing by mail to the paying bank for the

payment of a specified amount of money. The payment under transfer is made by debiting the

buyer’s account at the sending office and crediting it the recipient’s account at the paying bank.

UBL takes mail charges from the applicant where no excise duty is charged.

Pay Orders

Pay order is banker cheque issued favoring a named beneficiary. The issuance bank is

discharged by payment in due course. Application for the PO stamped and the customer’s

account balance is checked or cash received for the amount PO and other charges. Pay Order

leaf is typed and crossed if required and signed by two authorized persons. Thereafter it is

delivered to the customer. PO can be cancelled at original purchaser’s request in writing and

surrender the instrument, which then marked canceled along with other documents and prior

entries.

Rupee Traveler Cheques

UBL has launched R.T.C Brand named “Hamrah” in November 1996. These are issued to

applicants with varied denominations without excise duty and commission. When issued HO

account is credited and on encashment the same account is debited. RTC’s lost cases are

communicated to HO and client is either repaid or new RTC’s are issued to him/her.

Uni Remote

This is a new tool for the transfer of money. This is a step towards the online banking taken by

UBL. This tool transfers money from one branch of UBL to other through electronic transfer.

The customer will have to fill the deposit slip. On the slip he will write the name and account

number of the person to whom the money will transfer, the name of the branch is also written.

UBL Bank Ltd. 16


The amount is deposited with teller and the receipt is shown to remittance inchraged. One I.D

copy is also attached with slip. The remittances incharge will transfer if by using device

(computer) through online service. The fund transfer is must be supervised by another

authorized officer. Every time for this is five minutes.

Credit Department

Credit extension is the principal function of a bank, through which pace of activity is accelerated

in the various sectors of economy. Also the indicators, which mainly reflect the high quality of

bank’s management, are its prudent financing decisions, proper control of finance and prompt

recovery. In this regard the credit policy of a bank play a very important role as it provides the

overall framework, responsibilities, authorities and facilitate decision-making.

Credit department performance is subject to a defined policy on credit control exercised by the

SBP. SBP affect credit decisions through the weapons of bank rate, open market operations,

variable reserve requirements, selective credit restrictions and prudential regulations.

UBL Credit Policy

Credits operations are undertaken in accordance to bank’s credit policy. The policy strictly

prohibits violation of SBP/Local central bank’s rules and suggest financing of self liquidating,

cash flow supported and well collateralized transactions, which equate the principle of lending

(safety, liquidity, dispersal, remunerations and suitability).

Facilities Provided by UBL

Facilities offered by UBL Railway Branch as:

Running Finance (for one year)

Demand Finance (3to 5 years)

Bills Clearing Department

Bank can make payments of only open Cheques on the counter payment. Payment of cross

Cheques cannot be made on counter its payment is possible through collecting bankers. The

functions of clearing department are divided into two main classes.

UBL Bank Ltd. 17


Inter Branch Transaction

Inter Bank Transaction

Procedure of Clearance of Cross (Cheques)

Whenever bank receives a cheque of other bank from the client he cannot make payment on the

counter. The first job banker has to perform is to put a special crossing across the face of

cheque. By special crossing cheque is secured. If it is stolen the paying banker would not suffer

because of non-endorsement. On the back of the cheque the stamp is made of payee account will

by credited on realization. It is signed by authorized person. Along with the cross cheque the

customer has to fill the deposit slip.

The half part of slip is given back to the customer. after the special crossing and is necessary

endorsement the banker write the amount along with cheque number on paper and attach with

each slip. Then again on he smile paper the amount of all the Cheques along with the bank

names are added and attached to cheque presented for clearing, and advice is also attached with

the cheque presented for clearing. The following entry is passed on sending the cheque for

clearing.

Bill lodged for clearing ……. Dr

Bill for collection ………. Cr

The Cheques are sent on the same day for clearing. The bank receives it on other day. The

paying bank receives the receipt and the amount is credited in the respective account. The

paying banker passed the following.

Bill for realization. ……. Dr

Bill lodged. ………. Cr

It means “Inter Branch Transaction” when UBL received a cheque a drawn on the customers of

his branch; first they will cheque the amount in the account on which cheque is drawn. Of the

required amount is available in the account they will match the signature on the cheque along

with their SS card. If all the requirement are completed the bank will send an IBCA to the bank

from which cheque is sent

UBL Bank Ltd. 18


LBC

LBC means local branch cheques received for collection. UBL Sargodha, received cheques from

their spoke braches as well as from other UBL branches of the country, drawn of any other bank

in Sargodha. They send the cheque to responding bank and after clearing the cheque through

clearing houses (which is NBP) in Sargodha. They send LBC advised to the bank from which

the cheque was received. The following entry is passed after sending LBCA.

NBP a/c ………. Dr

HO a/c………. Cr

OBC

When the bank receives the cheque from its customer or from any other spoke branch drawn on

any other bank of any other city. They sent the cheque to the UBL main branch of that city, after

receiving OBCA the bank will passed the following entry. In case of his own customers.

HO a/c………. Dr

Customer a/c………. Cr

In case of spoke branch,

HO a/c………. Dr

Spoke Branch a/c………. Cr

UBL Bank Ltd. 19


Unit # 07

KEY DEVELOPMENTS

Watan Card

The Government of Pakistan (GOP) selected UBL to disburse Rs 20,000 each to over one

million families displaced by the flooding. For this effort UBL issued debit cards, called “Watan

cards”, to beneficiaries identified by NADRA and GOP. Additional planned installments in

2011 will assure beneficiaries have multiple opportunities to use (and get used to) the cards.

UBL's ultimate goal is to retain the beneficiaries as Branchless Banking customers by

introducing them to the benefits of using additional services such as savings, remittances, and

bill payments that are accessible via their Watan card Omni accounts.

The Bill & Melinda Gates Foundation will contribute US$1.5 million through MEDA

(Mennonite Economic Development Association) to support UBL's management and

administrative costs of procuring and distributing the cards as well as the cost of ongoing

disbursements via Omni Agents. The funding will also support MEDA in monitoring and

documenting the UBL Watan experience, in order to share learnings with the wider

microfinance and financial sector communities globally.

UBL Omni

UBL Omni commenced commercial operations in April 2010 and with it UBL achieved the

honor of being the first commercial bank to launch branchless banking operations in Pakistan.

With Omni, UBL aims to attract the unbanked population via its retail business agents called

Omni Dukaans which are located in over 350 towns and cities of Pakistan and currently number

more than 2,300. Pakistan has nearly 65 million unique mobile phone subscribers whilst it has

less than 20 million individuals with bank accounts.

This provides the Bank with the unique platform of being able to include a large segment of the

country's unbanked population and provide them financial services which have previously

remained inaccessible to them.

UBL Bank Ltd. 20


In recognition of UBL's innovative product offering, strong management credentials and

admirable goals of financial inclusion, the Bill and Melinda Gates Foundation has given UBL a

grant of US$6.9 million through Shore Bank International to promote UBL Omni and ensure its

reach to the widest possible community.

Launch of UBL First Minor Account

The Bank launched 'UBL First Minor PLS Savings Account' in 2010, a savings account

designed especially for children, with exciting benefits that are unmatched in the industry. By

providing an avenue to parents for financial planning for their children, it should also increase

the number of parents in the banking system, as well as develop a new generation of customers

loyal to UBL. This product has already generated a high degree of interest amongst children via

the Bank's youth outreach and social media campaigns.

Hajj Services

In order to meet the varied consumer needs UBL offers Hajj Scheme, which is primarily focused

on providing convenience and financial assistance to the intending hajjis.

Hajj Mali Sahulat Scheme

UBL is the pioneer and the only Bank that offers Hajj financing up to Rs. 25,000. Salient

features of the scheme are as under:

Interest free

Loan up to Rs. 25,000

Personal guarantee of a person acceptable to the Branch Manager

Repayment of loan in 45 days from the data of disbursement or before departure for

Hajj, whichever is earlier?

Launch of UBL Business Partner Plus

UBL launched 'Business Partner Plus' in 2010, the best current account offering in Pakistan.

This is a specialized current checking account, with a full menu of services, aimed at providing

the necessary tools for individuals, traders, businessmen and commercial customers to transact

their entire bank related business activities nationwide through a single platform. This product

has been a major success story in its first year of launch.

UBL Bank Ltd. 21


Signature: Priority Banking

2010 was the first full year of operations for the UBL Priority Banking lounges launched in

November 2009. These exclusive lounges cater to the Bank's existing and potential high-net-

worth customers, with relationship managers trained to offer a range of wealth management

products to service customer needs. UBL has had a successful experience with this offering and

plans to expand this business across Pakistan in the future.

Launch of Pakistan's First Premium Debit Card

In 2010, UBL in collaboration with MasterCard, announced the launch of Pakistan's first

Premium Debit MasterCard, exclusively designed to cater to the needs of affluent consumers in

Pakistan. Customers who fulfill the stipulated eligibility criteria are being offered this card, as

part of UBL's continuing commitment to offering the best products to its customers. In addition

to the features and privileges inherent in the card program, UBL has also teamed up with

various partners to provide preferential benefits to its cardholders.

Wiz for ACCA

Wiz is a prepaid debit card which was launched in 2008, and UBL is the only bank in the

country to have this offering. Customers can deposit up to a limit of Rs 200,000 in their debit

card and use it all over the world. The card can be topped-up for usage (just like a prepaid

mobile phone connection) from any UBL online branch. UBL entered into a partnership with

the Association of Chartered Certified Accountants, UK (ACCA), a global body of accounting

professionals, which has thousands of registered students in Pakistan.

In this connection, the Bank has launched a Wiz prepaid card specifically for ACCA students,

which is especially convenient to them in making fee payments online. This is a key initiative

that is expected to increase awareness and usage of the Wiz card.

Hamrah Rupee Traveler Cheque

In today’s competitive business environment, inability to fulfill commitments on time can make

all the difference between success and failure. UBL Hamrah Rupee Travelers cheque enables

you to make swift payments when you need to.

UBL Bank Ltd. 22


No bank commission

Secure – Refundable in case of theft or loss

Nation – wide network for convenient encashment

Not necessary to maintain an account with UBL

Easily transferable by one signature only

Credit Ratings

The credit rating company JCR-VIS re-affirmed the bank's long-term entity rating at AA+ and

the ratings of its four subordinated debt instruments at AA. The short term ratings remain at A-

1+ which is the highest rating denoting the greatest certainty of timely payments by a financial

institution. All ratings for UBL have been assigned a Stable outlook.

Capital Intelligence (CI), the international credit rating agency, has re-affirmed UBL's Foreign

Currency long-term rating at B-, while it's Foreign Currency short-term rating has been

upgraded from C to B in line with CI's sovereign ratings action on Pakistan. In addition, the

Bank's Financial Strength rating has been re-affirmed at BB+, with the Outlook upgraded from

Negative to Stable based on the Bank's strong performance in 2009 and the first half of 2010.

UBL Online Services

It is an internet based service for account access/information. Alerts can be received through.

Email

Mobile phone

Both on email and mobile phone

Alert services is not available

UBL can be accessed through

A PC having internet connection

A mobile phone with WAO service

Personal digital assistant (Pocket PC)

Receive Customized Alerts

You can receive alerts regarding your account (e.g. realization of amount of a cheque) through

incoming SMS or an e-mail.

UBL Bank Ltd. 23


Unit # 08

SUPERVISON OF CUSTOMER SERVICES

Two officers are working in Supervisor Customer Services who are providing their services to

the customers Mr. Moosa and other is Miss Noshana. These officers perform the following

services. UBL has taken progressive steps and has introduced innovative products and services

to provide you a variety of banking and financing services.

a) UBL Profit.

b) Business Partner.

c) PLS Term Deposit Receipt.

d) Special Notice Received.

e) PLS Saving Account.

f) Unisaver Account.

g) Foreign Currency Account.

h) Foreign Term Deposit Account.

UBL Profit

UBL Profit - Certificate of Deposit

Now you can earn a higher income on your surplus cash by investing it in UBL Profit

Certificate of Deposit. UBL Profit helps you earn extra income with your hard earned money,

while providing absolute trust and security.

UBL Profit COD gives you the satisfaction of planning your future by providing a lump sum

payment of principal and profit at the time of maturity. Avail one of the best and most stable

rates of return by investing in UBL Profit CODs.

Business Partners

UBL Business Partner is a current account that especially caters to the needs of a businessman

by offering the convenience and accessibility of online banking across the country.

UBL Bank Ltd. 24


Features of Business Partner

350 Online Branches in 71 Cities

Now access your account from 71 cities across Pakistan. Our network is growing at an amazing

pace and now you can avail services like cash withdrawal, payments, deposit, stop payment,

acquisition of account statement and many more from more than 350 online branches.

9-5 Non-Stop Banking

Banking at your own convenience has been made possible. UBL now offers 9-5 Non-Stop

Banking service at more than 450 branches across Pakistan.

Countrywide Instant Cheque Clearance

Submit a cheque in one city and get it cleared in another miles away just within minutes. With

online banking services, you can get your cheque cleared instantly, without any hassle.

Instant Funds Transfer

Funds transfer was never this easy. Make payments or receive payments within minutes using

our online facility. With the introduction of Internet Banking now funds transfer is even made

easier and is just a click away.

PLS Term Deposit Receipt

If you wish to make a secured long-term investment, UBL’s Term Deposit Receipt is the smart

choice, just make an investment and see your deposit grow over time. By investing in UBL

TDR’s:

You get an attractive rate of return.

Your profit is credited to your account every six months.

You have the flexibility to choose from a wide range of tenure.

Your investment is secured.

You can avail the Rollover or Renewed option at any time before encashment

You can get your TDR en-cashed at any time before maturity period.

UBL Bank Ltd. 25


Available Tenures

One Month

Two Months

Three Months

Six Months

One Year

Two Years

Three Years

Five Years

PLS Saving Account

For all you saver’s. If you choose to keep a deposit in a secured savings account, which also

gives an attractive rate of return then UBL’s PLS, Savings Account will serve all your financial

needs. By keeping your deposits in UBL’s PLS Savings Account you can also avail the

following services:

350 Online Branches In 71 Cities

Now access your account from 71 cities across Pakistan. Our network is growing at an amazing

pace and now you can avail services like cash withdrawal, payments, deposit, stop payment,

acquisition of account statement and many more from more than 350 online branches.

9-5 Non-Stop Banking

Banking at your own convenience has been made possible. UBL now offers 9-5 Non-Stop

Banking service at more than 450 branches across Pakistan

Countrywide Instant Cheque Clearance

Submit a cheque in Karachi and get it cleared in Peshawar within minutes. With online banking

services, you can get your cheque cleared instantly, without any hassle.

UBL Bank Ltd. 26


Instant Funds Transfer

Funds transfer was never this easy. Make payments or receive payments within minutes using

our online facility. With the introduction of Internet Banking now funds transfer is even made

easier and is just a click away.

Unisaver Accounts

UBL Unisaver Account is an innovative way of serving your banking needs. Be it trade,

business or personal finance, the UBL Unsaved allows you maximum flexibility, yet gives you

optimum returns. Special Features as:

Daily Profits on your daily balance

Higher returns on higher balances

Attractive rate of return

Backed by the bank awarded AAA Credit

Rating

Foreign Currency Savinf Account

If you wish to maintain a secured foreign currency savings account then UBL is the safest bet.

By opening a UBL foreign currency savings account:

You get to choose from different range of currencies i.e. US Dollar, British Pound, and

Euro etc.

You can avail different attractive rates depending on the currency you choose.

Foreign Term Deposit Account

If you wish to make a secured long-term foreign currency investment, UBL’s Foreign Currency

Term Deposit Receipt is a smart choice, just make an investment and see your deposit grow

over time. By investing in UBL TDR’s:

You get to choose from different range of currencies i.e. US Dollar, British Pound, and

Euro etc.

You can avail different attractive rates depending on the currency you choose.

You get the pleasure of availing the best rate of return in the market. This is what you

call value for money.

UBL Bank Ltd. 27


Unit # 09

UBL AGRICULTURAL FINANCING / INPUT FINANCING

UBL's agricultural loans on easy terms and conditions to small-scale land owning farmers boost

the country's economy and yield greener harvests. UBL enables farmers to buy good quality

seeds, fertilizers, pesticides and agricultural implements. Through the Government's Loan

Schemes for Haris, UBL lets your crops prosper and your dreams materialize, making Pakistan's

economy stronger.

Agricultural loaning is an art or science of business, which deals with productions of Crops and

rearing of birds and animals to meet the basic necessity of life that is food cloth and shelter.

Sources of Funds

The only and strong sourcing of financing agricultural loans is banks own deposits and income

receiving from its investment.

Type of Financing

There are three types of financing which are as follows….

On the Basis of Time Period

Short-Term Loans (for 1 to 1 and half year).

Medium-Term Loans (for 1 and half year to 5 years)

Long-Term Loans (6 years and onward)

On the Basis of Utilization

Production Loans are normally short-term Loans: This type of Financing is for the

purchase of seeds, fertilizer, labors, and Food for animals etc.

Development Loans are normally medium-term and long-term loans: This type of

financing is for the purpose of purchase of Tractors, Tub wells, go downs, storage

houses, bulldozers, land labeling, agri-equipments or any material for the construction of

poultry form or fish Form etc.

UBL Bank Ltd. 28


On the Basis of Land Utilization

Form Loans are for the purchase of seeds and Tubwells, in this type it should be

necessary that land should utilized.

Non-Form Loans are for the purchase of those things, which cannot utilize the land diary

form, fishing form and pottery from etc.

On the Basis of Limit

Demand Finance is for the production loans, which should be renued every year it can be

for 3 to 7 years.

Cash / Running Finance is production loans it is fixed for 3 years not will be renued.

Criteria of Financing

The following persons are fallowing in the criteria financing for agri loans.

On the Basis of Land Holding

Subsistence holding are those who holds 12 and half acre and blew.

Economic holding are those who holds 12 and half acres to 50 acres.

Above economic are those who hold above 50 acres land.

80% landlords fall in the first category, 50% loans of 50% given

To subsistence holding according to state bank of Pakistan for Production purposes.

On the Basis of Cultivation

Owner’s cultivators are those who is cultivating their own land.

Owners and tenant cultivators are those who cultivate their own as well others on lease.

Tenant cultivators are those who cultivate only leased land.

Terms and condition

The person should not be defaulter of any bank.

He should himself be cultivator.

Satisfactory track record.

The security should be insured.

Copies of NIC of party and his witnesses

UBL Bank Ltd. 29


Two photographs of party

No objection certificate from that area Financial intuitions

If loan is above 5 lac then CIB report should clear.

Prof of cultivation.

Security as per requirement.

IB 7 (Islamic Banking).

Letter of continuity for running finance.

Letter of hypothecation (delivery).

Charge creation certificate.

Naqal intacal

Securities Acceptable

Agricultural land position will remain to the party.

Any urban or roller property with the name of party.

Gold and Silver etc.

Liquid Securities like saving certificate, bonds, shares and TFC’s.

Any other Securities, which is acceptable according to rules of UBL.

Personal guaranty of two persons.

Hypothecations of property.

Sanction Limits

For productions

Sugarcane per acre Rs 16,000

Cotton per acre 10,000

Wheat per acre 6,000

Rice per acre 6,000

Rate and limits can vary area to area.

UBL Bank Ltd. 30


For Development

The person should bring quotations of the thing for which he is approving loans from three

authorized dealers. It is in the option of the bank that which one is accepted, one of them should

be acceptable. After accepting the quotation bank can sanction one these debt equity ratio 90:10,

80:20 and 75:25.

Markup

Markup is vary from property to property upto 18% its internal and plus KIBOR.

Repayment Schedules

Demand Finance for productions purposes paid at maturity. Demand Finance for Development

repay on the basis of installments on quarterly, half yearly an yearly on the will of party after

judging his cash flow.

Cash Finance for production should clean up for 3 days at any time once in a year; there is no

renewal of documents. Markup is charge on daily product basis.

UBL Bank Ltd. 31


Unit # 10

CODE OF CORPORATE GOVERNANCE

The Board is committed to ensure that requirements of corporate governance set by Securities

and Exchange Commission of Pakistan are fully met. The Bank has adopted good Corporate

Governance practices and the Directors are pleased to report that:

The financial statements present fairly the state of affairs of the Bank, the result of its

operations, cash flows and changes in equity.

Proper books of account of the Bank have been maintained.

Appropriate accounting policies have been consistently applied in preparation of these

unconsolidated financial statements, except for the changes in the accounting policies as

described in note 5.1. Accounting estimates are based on reasonable and prudent

judgment.

International Accounting Standards, as applicable to Banks in Pakistan have been

followed in the preparation of the Accounts of financial statements without any

departure there-from.

The system of internal control in the Bank is sound in design, and effectively

implemented and monitored.

There are no significant doubts upon the Bank's ability to continue as a going concern.

There has been no material departure from the best practices of Corporate Governance.

The Board has appointed the following three Committees with defined terms of

references

Board Risk Management Committee

Board Human Resources & Compensation Committee

Board Audit Committee

Performance highlights for the last six years are attached to these unconsolidated

financial statements.

The Bank operates five post retirement funds Provident Fund, Gratuity, Pension, Benevolent,

and General Provident Fund and two benefit schemes Post Retirement Medical and

Compensated Absences. Gratuity and Provident Fund Schemes are available to staff who joined

the bank post privatization.

UBL Bank Ltd. 32


Unit # 11

Corporate Social Responsibility (CSR)

The commitment to continuously create value for its customers, employees and local

communities is a major priority of UBL. In 2010, the Bank provided support of over Rs 80

million for CSR initiatives principally in the areas of education, health care and community

development. UBL's efforts in the field of CSR were also acknowledged by the Pakistan Center

for Philanthropy (PCP), an independent organization, as one of the largest donors to charitable

causes in Pakistan.

UBL, as a “Contributing Sponsor” of the Karachi Education Initiative (KEI), contributed Rs 40

million to this cause. This initiative aims to set up a world class School of Business and

Leadership in Karachi. Additionally, Rs 3.9 million were also donated to other organizations

operating in the field of education, including The Citizens' Foundation and the Lahore

University of Management Sciences. In the areas of health and community development, UBL

contributed over Rs 10 million to the Edhi Foundation, SOS Villages of Pakistan, Marie

Adelaide Leprosy Centers, Special Olympics Pakistan, The Police Hospital Fund and Friends of

Burns Center. The massive floods across Pakistan in July 2010, resulted in almost 20% of the

country being inundated, and over 20 million people rendered homeless and stripped of basic

needs such as food and clean drinking water.

UBL initiated a donation program nationwide, accompanied by a significant media campaign,

with a pledge to match each donation rupee for rupee. UBL's employees also answered the call;

voluntarily donating one day's salary, which was also matched by the Bank. These funds were

then utilized towards rehabilitation of the flood affectees, with a focus on the provision of clean

drinking water.

As a result of its previous success and credibility in distributing Government aid to the

Internally Displaced Persons in Swat, the Government of Pakistan chose UBL to route payments

of Rs 20,000 each to 1 million households displaced in the floods. UBL made this possible by

collaborating with NADRA and using the Bank's established Omni Branchless Banking

platform to deliver payments to recipients via “Watan”-Visa debit cards.

UBL Bank Ltd. 33


UBL successfully disbursed the funds in 70 districts of Pakistan in record time, and with a

transparency that has been appreciated by several international donor organizations.

Recognizing UBL Omni's efforts for financial inclusion of this previously unbanked population,

the Bill and Melinda Gates Foundation has supported UBL through a US$ 1.5 million grant for

supporting the Watan project.

Unit # 12

Banking Services Prospect

The performance of the Bank's International business also improved over the last year as the

Middle East economies stabilized. Costs were held at prior year levels while active portfolio

management resulted in significantly lower provisions. This business remains a key part of

UBL's strategy and the Bank will be looking to consolidate and build on gains achieved this

year.

Retail Banking Services

The Retail Bank consists of Commercial and Consumer Assets and Agri Lending. This business

is also responsible for the majority of the branch network and deposit mobilization. In 2010, the

Retail Bank undertook some major new initiatives and product introductions to supplement the

menu of products and services. The liabilities and branch banking business had a strong year,

resulting in an improved deposit mix. Low cost deposit generation remained the key element of

the deposit strategy and enabled the Bank to achieve a significantly lower cost of deposits. For

the asset businesses, 2010 was a year of consolidation, focusing on leveraging the right mix of

technology and people to manage the portfolio. There was also a focus on the newly introduced

Relationship Model, to best deploy the strengths of the branch network in initiating and

managing asset relationships.

Market conditions are still not conducive for large scale consumer lending. Consequently, the

focus was on quality acquisitions, loss containment from the legacy portfolio, and cost

rationalization. This strategy was complemented with key strategic alliances on both the

acquisitions and the collections fronts, and initiatives to improve the offering and service levels

to our existing customers to maximize loyalty.

UBL Bank Ltd. 34


During 2010, UBL also reached out to two significant segments; one was the high net worth

segment, through Signature, UBL's Priority Banking offering. This has shown encouraging

results in its first year of operation, and is augmented by the introduction of the Premium Debit

MasterCard, a product which offers a range of benefits to the Bank's large base of affluent

customers. The other segment targeted by the Retail Bank was the youth. Over 70% of the

population of Pakistan is under the age of 21, and various targeted offerings were developed for

this market.

UBL First Minor Savings Account, a product with exciting benefits targeted specifically at

children and their parents, offers a creative vehicle for parents to save for their children as well

as to teach them about sound financial planning. UBL First will also serve to introduce a new

generation to UBL and build customers for life.

Islamic Banking Services

UBL's Islamic Banking business, “Ameen”, also took steps towards establishing itself with an

additional dedicated Islamic Banking branch and better leveraging of the availability of Islamic

Banking services throughout all UBL branches, including specialist Islamic Banking windows

in key areas. The business doubled its deposit base in 2010, and expects further strong growth in

2011.

Corporate Banking Sercives

The Corporate Banking Group at UBL continues to remain a preferred provider of strategic and

structured financial solutions to the top tier corporate clientele in Pakistan. Backed by an

experienced Relationship Management team stationed at Regional Corporate Centers across the

country, the team is recognized for their knowledge and innovative solutions which help

maintain the highest quality of service standards and further allows cross-sell of other UBL

products within the Investment Banking Group, Treasury, Trade Finance and Cash

Management.

For the Corporate Bank, 2010 has been a year of proactive management of its loan book,

restructuring of stressed assets and recovery. Despite the prevailing strained credit and economic

environment, good progress was made as provisions declined by 60% and NPL formation

reduced substantially.

UBL Bank Ltd. 35


However, with a continued focused approach towards marketing, fees and commissions revenue

generated during the year increased by 50% over the previous year, primarily due to the

innovative products and the superior client servicing capabilities of the bank in the areas of

Trade Finance, Cash Management and Home Remittances. Complementing this healthy growth,

operating cost increase was restricted to only 5%.

The Cash Management Business sustains its market leadership position and continued to

provide around 31% growth over last year. Overall transaction volume handled reached nearly

Rs 450 billion through provision of industry specific products and solutions for collections and

payments, despite increasing competitive pressures. The migration to the new core banking

system (Symbols) is likely to further enhance maneuverability in terms of centralized data base

management and improved working capital cycle management.

The Home Remittances business during the year has further established UBL as a lead player,

where market share has increased to 18% recording an aggregate volume of US$1.7 billion. This

YOY growth in volumes by around 43% is a result of continued support of the Bank's

correspondents all over the globe, persistent marketing efforts, development of new products

and high quality service standards.

UBL continued to launch innovative products for domestic and offshore clients, using its in-

house state of the art cash management and net banking solutions. Products like Tezraftaar

Cheque and Account to Account Transfer have been in the market for some time while

“Tezraftaar Cash” - Cash over the Counter product was introduced during the year and was a

significant contributor towards attainment of these volumes.

UBL plans to further expand its presence through actively pursuing foreign counterparty tie-ups

with the support from the Pakistan Remittance Initiative and has already taken several steps in

this direction.

Investment Banking Services

Despite a difficult environment, the Investment Banking Group (IBG) maintained its leadership

in the domestic market during 2010. UBL continues to build on its Middle East initiative with a

significant rise in overseas earnings supplementing domestic revenues. A landmark transaction

during 2010 was the successful close of the first ever syndicated project finance transaction in

Yemen amounting to US$ 20 million.

UBL Bank Ltd. 36


Debt Capital Markets & Syndications remained a strong performer by successfully concluding a

number of large and important transactions including leading one of the most high profile local

market transactions of the year, i.e. the Rs 8 billion syndicated financing facility for Qasim

International Container Terminal.

Project & Structured Finance remained the largest contributor to IBG's fee earnings for the fifth

consecutive year. Focus for the year was on soliciting and executing non-fund-based project

advisory assignments domestically, most notably that for a hydro power project sponsored by a

Government of Korea owned entity. The Middle East initiative remained a priority area during

the year, especially in Yemen and the smaller UAE emirates with a focus on the Energy and

Power sectors.

The Equity & Advisory business emerged as a strong private equity shop within the domestic

banking industry, aimed at developing and growing a middle-market M&A expertise both in

Pakistan and the GCC. Carrying a sustainable deal pipeline into 2011, the business has gained

significant momentum over the last eighteen months with a notable success being the successful

arrangement of foreign direct investment by a Korean multinational in one of the country's most

notable food brands.

International Banking Services

The impact of the global financial crisis that started in 2008 continued to be felt in 2010,

however, in general, macroeconomic stability was seen in most GCC economies. Oil prices

continued to rise and enhanced the revenue generation of two key markets of the franchise, Abu

Dhabi and Qatar. The restructuring of the Dubai World conglomerate provided a much needed

boost and helped revive investor confidence in the region. This was evidenced by the launch of

new bonds that were extremely well received and heavily oversubscribed.

The International Business continued to remain focused on liquidity management, asset quality

management and expense control. The Asset portfolio was under constant scrutiny in every

territory through proactive relationship management and prudent risk taking. Corporate

Banking, the mainstay of the bank in most of the overseas operations, performed well, and the

bank continued to do business with top rated borrowers. Delinquencies in the unsecured retail

portfolio have stabilized; however, the mortgage portfolio in UAE suffered on account of the

further downturn in the real estate market.

UBL Bank Ltd. 37


The overall lending was very closely monitored, with prudent provisioning of loans as

evidenced by the improvement in the coverage ratio. The Bank successfully completed the first

syndicated investment banking transaction for a private power project in Yemen. This was the

first ever transaction of its nature in Yemen and also the first ever for the Bank outside Pakistan.

It has opened up new avenues for revenue generation for the international operations and also

enhanced the brand image of the franchise.

Going forward, the international business of the bank is well positioned to build on the

momentum started in 2010 with particular emphasis on optimizing the existing customer base,

focusing on non-fund income streams and continuing proactive risk management strategies. The

business remains alert to potential opportunities and will continue to enhance its presence both

in existing and in new markets, where appropriate returns are available.

UBL Bank Ltd. 38


Unit # 13

FINANCIAL ANALYSIS

These section efforts have been made to cover all relevant aspects of the financial performance

of UBL. Overtime comparison and Common Size analysis are carried out with the view to

extract concrete conclusion to describe financial standing and performance of the bank.

Significance of Accounting Policies

Revenue Recognition

Returns on advances and investments are recorded on accrual basis. Debts securities purchased

at premium or discount are amortized over their maturity periods. Dividend income is

recognized on accrual basis of declaration of dividend up to the year-end. Returns on classified

assets are recorded on receipt basis, rescheduled and restructured loans are treated in accordance

to SBP regulations. Fees/commissions etc. on Letter of Credit and others are recorded on accrual

basis.

Advances

These items are stated net of provisions against non-performing loans as per SBP PR – IIIV.

UBL Bank Ltd. 39


Investments

UBL classify its investments as stated below:

Held for trading

Held to maturity

Available for sale-other than the above two types

In the light SBP regulations quoted securities are shown at market values and any changes

arising are taken to profit and loss account only upon actual realization. Unquoted securities are

valued at the lower of cost and break up value and difference is charged to income. Provisions

for diminution in the values are made after permanent impairment, if any.

Lending/Borrowing from Financial Institutions

Sales under Purchase Obligation: These are reflected as liabilities and the charges

against these are recorded as an expense on pro rata basis.

Purchase under Resale Obligation:

The differential of the contracted price and resale price is amortized over the period of

their contract and recorded as income.

Fixed Assets and Depreciation

Such assets are showed at their cost or revalued amount less accumulated depreciation and

impairment loss, if any. No depreciation is charged on freehold land. During the year,

amendment related to section 235 of the Companies Ordinance 1984, surplus on revaluation can

now be reversed to the extent of incremental depreciation charged. As a result such differentials

are now transferred to retained earnings/accumulated losses as per the Securities and Exchange

Commission of Pakistan’s (SECP) clarifications.

Gains and losses on sale of fixed assets are included in income currently, except that the related

surplus on revaluation of fixed assets is transferred directly to retained earnings/accumulated

losses.

Assets under financial leases are stated at cost. The outstanding obligations are shown as a

liability. The finance charges are allocated to accounting periods in a manner so as to provide a

constant periodic rate of charge on the outstanding liability.

UBL Bank Ltd. 40


Taxation

Provision is based on the taxable income for the year or minimum tax computed on the basis of

turnover, whichever is higher. The bank accounts for deferred taxation on major timing

differences, using the liability method in respect of those timing differences, which may reverse

in the foreseeable future. Deferred tax debits are, however, recognized only if there is reasonable

expectation of realization of the amount.

Foreign Currencies

Balances are translated into rupees at the applicable rate of exchange prevailing at the balance

sheet date or where applicable at contractual rates.

During year transactions are converted into Pak rupees applying the exchange rate at the date of

respective transactions. Gains and losses are included in income currently.

Deferred Cost and Lease Payments

These are amortized over a period of five years. Rental obligations under operating leases are

charged to profit and loss account as incurred.

Risk Management

The Bank has an integrated Risk Management structure in place. The Board Risk Management

Committee (BRMC) oversees the whole risk management process of the Bank. The Risk and

Credit Policy Group assists the BRMC. The Group is organized into the functions of Credit

Administration, Market and Treasury Risk, Commercial and FI Credit Policy, Consumer and

Retail Credit, Credit Risk Management and Operational Risk & Basel II. Each risk category is

headed by a senior manager who reports directly to the Group Executive, Risk and Credit

Policy.

As Pakistan progresses through a period of eco-political turmoil, UBL strengthened its capacity

for identifying and reducing risk. The year saw emphasis on close monitoring of the asset

portfolio across all segments, including actively working with clients to help them with

repayments and restructuring. Steps were also taken to enhance the efficiency of the credit

approval process through appropriate delegation of approval authority.

UBL Bank Ltd. 41


A holistic Risk Management Policy was finalized in 2010. This is an umbrella policy, providing

an integrated framework to encompass Credit, Liquidity, Agricultural, International, Market and

Human Resource risk, aimed at portfolio quality improvement. A comprehensive Agriculture

Credit Policy was also developed and finalized over the year. The formulation and approval of

these policies involved input from the Board and senior management to ensure that risks were

accurately assessed. In order to keep businesses aware of market and industry developments, the

Credit Policy & Research Division provided regular updates on major macroeconomic issues

and specific industry developments.

The bank is primarily subject to interest rate, credit and currency risks. The bank has designated

and implemented a frame work of controls to identify, monitor and manage these risks are as

follow;

Currency Risk Management

For the purpose of efficient management of this risk, the group enters into ready, spot, forward

and swap transactions in the interbank market and with the State Bank of Pakistan in order to

kedge its assets and liabilities and cover its foreign exchange position.

Credit Risk Management

Out of the total assets of Rs.183, 139.879M assets subject to credit risk amounted to Rs.178;

958.323M. The bank’s major credit risk is concentrated in textile sector. To manage it the bank

applies credit limits to its customers and obtains collaterals. Credit risk in the portfolio is

monitored by the CRM who formulate appropriated policies and procedures to ensure building

and maintaining quality credits and efficient credit process. The bank’s financial institution risk

management unit assesses, recommends financial institutions and also controls cross

border/country risk.

Interest rate Risk Management

The group is mainly exposed to mark up interest rate risk on its deposit liabilities and its loans

and advances and investment portfolios. The asset liability committee of the bank reviews the

portfolio of the bank to ensure that risk is managed within acceptable limits. Most of the loans

and advances portfolio comprises of working capital, which are reprised on a periodical basis.

UBL Bank Ltd. 42


Concentration of Credit & Deposits

The major class of business for UBL related to advances is the textile and private sectors. UBL

is advancing 27.2% to textile and 74.5% to private sector. Majority of the depositors fails in the

category of individuals, contributing 65% of the total deposits.

Investment Portfolio

UBL employs diversified investment portfolio. The bank invests its funds both in risk free assets

as well as in risky assets. This enables it to minimize its unsystematic risk to a great extent. UBL

values its security holding on market value, in accordance with the guidelines given in SBP

circular. Any unrealized surplus/deficit arising on such revaluation is taken directly to

“Surplus/Deficit on revaluation of securities” in the balance sheet.

Where an active market is not available, securities continue to be stated at cost. Provision for

diminution in the value of these securities is made after considering permanent impairment, if

any, in their value.

Where securities are sold subject to commitment to repurchase them at a predetermined price,

they remain on the balance sheet and a liability is recorded in respect of the consideration

received in “Borrowing from Bank” or “Deposits” as appropriate.

Conversely, securities purchased under analogous commitments to resell are not recognized on

the balance sheet and consideration paid is record in “lending to financial institutions” or “loans

and advances” as appropriate.

Profitability

The operating profit before provisions and write offs increased by 80%, where as the profit

before tax and extraordinary items increased by 62% as compared to last year. The increase is

mainly attributed to 14% increase in the net revenue from funds (NRFF), 10% increase in fee

and brokerage income and 75% reduction inn write offs/provisions for non-performing assets as

compared to year 2002. Performing advances increased by Rs. 2 billion as compared to 2002

while NPAs decreased by 53%. Presently NPA constitutes 7.4% as compared to 14.6% in 2002

of the total loan portfolio. The branches reduced to 1077 from 1112. The bank handled over Rs.

96 billion of import and export business during the year, an increase of 24.7% as compared to

last year.

UBL Bank Ltd. 43


Statements Analysis

Financial statements are the principal means of reporting the financial condition and results of

operations of a business entity. These statements are meant to assist various parties in decision

making who are interested in the activities of the business.

These statements are means to an end of helping stakeholders in decision-making. To improve

the quality of decision making proper analysis of these statements helps a lot. Financial

statements analysis helps in determining the financial conditions at any particular points in time

and effectiveness of operations of a firm during a specific period.

The various stakeholders of business are interested in the analysis of financial statements. But

the focus of interest of all is not the same. For example, creditors and credit reporting agencies

are interested in finding out the credit worthiness of the firm to which they have extended credit

or intend to extend credit.

Short term creditors are interested in short term liquidity of the business and long term creditors

are interested in the long term cash flow which the firm can generate over the long period of

time.

Investors are interested in the firm’s ability to sustain profitability over a period of time.

Government agencies analyze financial data for tax purposes. The internal users of financial

statements like management also analyze financial data for planning and control.

Ratio Analysis

A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values

taken from an enterprise's financial statements. Often used in accounting, there are many

standard ratios used to try to evaluate the overall financial condition of a corporation or other

organization.

Financial ratios may be used by managers within a firm, by current and potential shareholders

(owners) of a firm, and by a firm's creditors. Security analysts use financial ratios to compare

the strengths and weaknesses in various companies. If shares in a company are traded in a

financial market, the market price of the shares is used in certain financial ratios.

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George Michaelides: Financial Ratio Analysis is the calculation and comparison of main

indicators - ratios which are derived from the information given in a company's financial

statements(which must be from similar points in time and preferably audited financial

statements and developed in the same manner). It involves methods of calculating and

interpreting financial ratios in order to assess a firm's performance and status. This Analysis is

primarily designed to meet informational needs of investors, creditors and management. The

objective of ratio analysis is the comparative measurement of financial data to facilitate wise

investment, credit and managerial decisions. Some examples of analysis, according to the needs

to be satisfied, are:

Horizontal Analysis - the analysis is based on a year-to-year comparison of a firm's

ratios,

Vertical Analysis - the comparison of Balance Sheet accounts either using ratios or not,

to get useful information and draw useful conclusions, and

Cross-sectional Analysis - ratios are used and compared between several firms of the

same industry in order to draw conclusions about an entity's profitability and financial

performance. Inter-firm Analysis can be categorized under Cross-sectional, as the

analysis is done by using some basic ratios of the Industry in which the firm under

analysis belongs to (and specifically, the average of all the firms of the industry) as

benchmarks or the basis for our firm's overall performance evaluation.

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Current Ratio

UBL’s current ratio is increasing over the time. Higher the current ratio higher the ability to meet the short-term obligations as they come due. The UBL’s current ratio is increased by 0.18% as compared to 2002. This in turn decreases the risk of insolvency. The change is

occurring due to increase in short term investment and decrease in short term borrowings.

Asset Turnover

This shows revenue generated per rupee investment in total assets. UBL’s assets turnover ratio

has shown a little decrease. This is because of increase in total assets with proportionate increase in revenue. Banks have relatively low ATR capital, as they are selective in advancing loans and generating smaller sales.

Debt to Asset Ratio

The analysis of total debt to assets ratio, there has been decrease of one percent as compared to 2002 and 6% to 2001. in 2001 every rupee one of assets was being financed by rupees 0.098 or

debt and in 2002 it is 0.94 while in 2003 it is reduced to 0.93 worth of debt per rupee of asset. Although the decrease is not large enough but it is a good sign for bank’s creditors. The decrease may be attributed to the substantial decrease in borrowings from financial institutions

but the affect was weakened by an increase in bills payable and other liabilities.

Debt to Equity Ratio

This ratio measures how the company is leveraging its debt against the capital employed by its

shareholders. Analysis of debt to equity ratio indicates that the current position for the debt to equity is that for every one rupee in equity provided by the shareholders the bank has Rs. 13.5 as

a debt. This shows that the bank is heavily relying on debt financing. The reason for huge difference stated in the table is because of losses occurred in 2001 and 2002.

Coverage Ratio

This ratio shows the number of times a company can cover or meet its financial charges or

obligations. One of the most commonly used ratios is the interest coverage ratio that measures the number of times the income is available to pay interest charges. The UBL interest coverage

ratio has shown significant improvement in these three years. The ratio is increased from 0.10 to 3.34.

Gross Profit Margin Ratio

Gross profit margin is the difference between the revenue and cost of goods sold. Gross profit is

critical because it represents the amount of money remaining to pay operating expenses financing cost and taxes. UBL’s gross profit margin per rupee has shown rising trend in last

three years. There is an increase of 27% in 2003 as compared to 2002. this shows efficiency of the bank to control the cost of sales.

UBL Bank Ltd. 46


Net Profit Margin Ratio

This ratio shows the profit that is available from each rupee of the sale. After all expanses have

been paid. Net profit margin is also showing an increasing trend. UBL has improved net profit margin in the current years. The net profit margin has reached to 30% as compared to 2002 in which it was only 12.69%. While in 2001 it was in negative figure. It shows a good impact on

the UBL’s Balance Sheet.

Return on Investment

This ratio measures the profitability per rupee of investment in assets. UBL’s return on

investment has shown an improvement more than 100%. In 2003 the ratio is 1.24% while in 2002 it was 0.76% and in 2001 it was in –ive figures. Although the assets have increased but the operational recovery of the bank is main cause of increasing this ratio.

Return on Equity

This ratio shows the profit as a proportion of the book value of the common shareholders. The return on equity is also shown a great deal of positive change. In 2003 the ratio is 45% while in

2002 it was only 16% and in 2001it was in negative figures.

Advances to Deposits Ratio

This ratio shows the companies advances employed per unit of deposit. This ratio of UBL over

the recent three years shows a decreasing trend. In 2001 it was 56% while in 2002 it was 46% and in 2003 it is 45%.

Invest to Deposit Ratio

This ratio shows the company’s investment employed per unit of deposit. This ratio increased in

2002 as compared to 2001 but in 2003 it again decreased. It is because of industrial development factors in the country by which lending have been increased and investment is

slightly decreased.

Cash Ratio

It is the ratio of cash and cash equivalent of current liabilities. It shows that how much cash is available to meet the current liabilities. In 2003 this ratio has increased by 2%. The balance of

bank is increased with 20%. Although the current liabilities also increased but the increase in cash is very high.

UBL Bank Ltd. 47


Financial Highlights

UBL Bank Ltd. 48


Shares Information

UBL achieved a profit after tax of Rs 11.2 billion which is 21% higher than the corresponding

period last year and translates into earnings per share of Rs 9.12 (2009: Rs 7.51). On a

consolidated basis, UBL achieved a profit after tax of Rs 11 billion, an increase of 16% over

2009. The Board of Directors' is pleased to recommend a Final cash dividend of Rs 4 per share

i.e. 40% and a bonus share issue of Nil for the year ended December 31, 2010, bringing the total

cash dividend for the year 2010 to 50%.

Despite the challenging economic environment, UBL has achieved a profit before tax of Rs 17.7

billion. This is 26% higher than last year as a result of continued improvement in operating

efficiency and margins. Provisions for the year declined substantially due to the Bank's prudent

approach given the difficult credit environment whilst the NPL formation has also reduced year

on year.

Gross advances have reduced by 3.6% as a result of rationalization across our portfolios and

more prudent lending. The advances to deposits ratio (ADR) decreased from 78% in December

2009 to 67% in December 2010. The bank increased total deposits by 11.9% over 2009 levels

but at a significantly reduced cost, in line with its strategy of replacing high cost deposits with

lower cost current and savings accounts. The Bank's domestic CASA increased from 76% in

December 2009 to 78% in December 2010. Similarly, the bank's domestic low cost deposit mix

improved from 66% in December 2009 to 68% in December 2010.

UBL Bank Ltd. 49


Vertical Analysis

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Horizontal Analysis

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The common size analysis of income statement is given in the table. Which shows that the UBL

has been able to control its interest or mark up expense. As a result of decrease in mark up

expense as a percentage of total revenues the gross profit margin has shown a trend of

continuous increase. The increasing G/P Margin shows efficiency of the bank in controlling cost

of sales (Markup expense) and better strategy of pricing, products and services.

The provision for non-performing loans has a decreasing trend making no provision for non-

performing loans and diminution in value of investment, which increases the profit of current

year. The reduction in provision is a good sign, which shows that the bank is recovering its

disbursed advances. It shows the good credit management of the bank.

There is a great increase in non-markup income, which is about 23%. Among its individual

components investment income has shown a large increase as a percentage of sales. Non markup

expenses also show a rising trend in absolute amount though the common size in percentages

have shown a mixed trend due to the changes in revenue figures. The non-performing expanses

also increased to about 25%, which is a very high percentage, but the other aspect of this is that

it increased the efficiency and credit management of the staff.

Like gross profit the net profit margin before tax has also increased with 24% rate. The

extraordinary item expanse has not occurred in 2003 that caused a slight increase in the net

income. The tax expanse is increased about 7% because of the increase in profit. Loss brought

forward from previous year is reduced by 14%.

The common size analysis of the UBL is clearly showing that the bank has shown a lot of

improvement in its performance. The organization shows profit for the first time in the last 5

years which is a positive sign and it will build up the moral of the employees by which they can

work more effectively and efficiently increasing the performance of the bank.

UBL Bank Ltd. 54


Unit # 14

SWOT ANALYSIS

SWOT is useful tool for providing a framework for analysis of an organization. SWOT stands

for Strengths, Weaknesses, Opportunities and Threats. It is a common approach to make

assessments in terms of internal and external environment of the organization, and to formulate

strategies analyzing its internal strengths and weaknesses, external opportunities and threats,

coming up is the SWOT analysis for the UBL.

Strengths

It is one of the largest private banks with a deposit base of Rs. 94883/- millions showing

constant growth over the period from 1999 till the day. It has a well-knitted and adequately

equipped branch networking system that efficiently covers both the domestic and international

markets. It is involved in both corporate and retail banking. The bank is actively emerging and is

engaged in international trade and foreign exchange transactions. Foreign trade volume showed

an increase of 17% over the previous year.

Advances investment of the bank shows a constant growth pattern. The current year’s growth

rate is 32%. · The overall efficiency of the bank operations and management ability can be

noticed by looking at to its income pattern and provisions/write off practices.

Net revenue from funds increased by 18% for the current period.

Provisions decreased by 14%.

Total income increased by 16%.

UBL is actively participating in international markets and has recently introduced credit cards in

UAE, Behrain, and Qatar, being backed up by 24 hours call center out of UAE. The bank is

owned by parties of financial repute and credit worthiness like, SBP with 48.69% interest, Best

Way group and Abu Dubai group with 25.50% of interest each. Others are GOP, NBP Trustee

Department, State Life Insurance Corporation etc. The bank is run by highly professional

recruited from and trained by foreign banks like Citi Bank.

UBL Bank Ltd. 55


Weakness

Due to risks such as political, economic and legal etc the bank has suffered losses the main

reason was that of piling up of large amount of unrecoverable loans and debts which has

adversely affected the image of the UBL. Accumulated losses pushed the bank to cut down its

promotional activities in order to reduce expenses for last few years.

During the nationalization life span of the bank political lords used influence in bank business

and selection of employee at each level and thus adversely affected the bank’s efficiency and

effectiveness. Administrative expenses are 51% of the mark up revenue.

Promotions are carried out on annual basis ignoring the importance of capabilities and

performance outputs. The bank has large number of employees who are simple graduates with

no banking knowledge. The ineffective system of recruiting and selection. The lengthy credit

processing and documentation procedures. Unsatisfactory working conditions.

Opportunities

Growing policies of the GOP on business and economic sectors provide UBL an opportunity to

efficiently meet with the business people requirements of instant cash facilities e.g. the

government intentions of developing housing and agriculture sectors. The efficiency of stock

market and sound exchange reserve level is providing a good opportunity for effective

investment decisions. Foreign remittances are another area as present worldwide control systems

over transfer of currencies through illegal channels has facilitated the area for the banks.

Reconstruction of Afghanistan is a golden opportunity where the bank can effectively

participate. Expansion of IT platform and internet based banking system. · Interest of businesses

in leasing facilities provides a healthy opportunity for banks. There is a large pool of

unemployed MBAs who can be hired to achieve professionalism on its organizational culture.

Outsourcing of promotional companies or use of available excellent promotional facilities.

Entering new market segments. Increase the product range to meet the broader range of

customers’ needs.

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Threats

Increase in competition due to increasing number of foreign and domestic private banks offering

highly specialized and attractive services. Growing global technological advancements and

adaptation of modern style of management in banking sectors. Extensive promotion campaigns

run by competitors. Unemployment, lower level of income and prices like problems in the

motherland coupled with low rate of industrialization, geo political adverse conditions, religious

factor, lack of consistency in policies due to political instability are some of the other major

threats.

This SWOT analysis is a mirror image of the bank’s present conditions. Some efforts are made

and others are still required to be made in order to improve the situation. The management can

develop elaborate strategic plans for capitalizing the available opportunities. The bank should

maintain principal of professional management and adhere to sound and sophisticated banking

rules and regulations so that confidence and trust of the public in the institutions could be re

earned.

UBL Bank Ltd. 57


Unit # 15

RECOMMENDATIONS

Recommendations are considered to be the most important part of an internship report, without

which no report is considered complete and meaningful. This part of the report is based on the

previous sections i.e. review and analysis. Moreover, for bringing suggestions, discussions have

been conducted with the staff of UBL officers, who not only provided the basis for

recommendations but also pointed out some areas, where the change for the development is

utmost important. Realizing the importance of this section, efforts have been made to give

feasible recommendations, which are categorized under the following headings.

Recommendations of the report are as under:

Training for developing managerial leadership should be provided.

Political interference in placements etc. should be discouraged.

Exercise should be evolved to bring needed cultural and other management changes.

Recruitment policies should be changed, MBA’s and other business related qualified

individuals should be hired.

HRD should frequently conduct refresher courses.

Computer training courses should be imparted.

Staffs, who deal with credit, should be properly trained for their jobs.

HRD should focus on designing new courses to build organizational image and

goodwill.

Use of cheap means for posting etc. should be curbed.

Customer orientation culture should be developed among employees.

For enhancing motivation level fair and clear career development policies should be

implemented.

Relationship managers should be trained to correctly access credit related risks.

Skills should be development of employees to assess management abilities of the

borrower’s of their business.

Credit officers should be enabled to carry out proper and correct documentation.

Credit officers should be equipped with knowledge and skill to analyze, verify and

maintain securities in handsome manner.

UBL Bank Ltd. 58


Various administrative reforms should be made to resolve quickly default cases.

Marketing department at Hub branches should be created.

All employees should participate in marketing operations of the bank.

Marketing at Desk concepts should be practiced.

Proper promotional campaign on media should be carried out.

Marketing research and development department of the bank should carry out situational

analysis and develop short medium and long-term plans.

Unit # 16

Conclusion

This organization is well managed with organized structure and efficient employees. Due to its

growth in online branch system, it has bright future in Financial Organizations.

Unit # 17

References

Aswathpa, K, (2003) Human Resource and Personnel Management: New Delhi: Tata

McGraw Hill Gibson, Charles H, (2002), 7th. Ed., Financial Statement Analysis,

Prentice Hall International Corporation.

Meenai, S A, (1999) Money & Banking in Pakistan, Karachi: the Elahi’s Book

Corporation.

Siddiqui, A H, (1998), 6th Edition. Practice and law of banking in Pakistan, Royal Book

Company, Karachi.

UBL (1999). Credit Manual. Karachi.

UBL (2000). Deposit Manual. Karachi.

UBL. (2002 – 2003). Annual Report. Karachi.

Van Horne, J. C & J.M Wachowicz, (1998), 10th Edition. Fundamentals of Financial

Management. New York, Prentice Hall International Corporation.

http/. www.ubl.com.pk

Internship Report on UBL (2011)

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