7.soneri Bank - (Finance)

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Internship Report On Soneri Bank Limited.
Introduction: -
In the college, we study theoretical knowledge and I
implement this knowledge practically in SONERI BANK,
LTD, which is incorporated on September 28, 1991 as a
public limited company. The report in your hand is to
consider the brief knowledge about banking and its
implementation, which is work done by me during my
internship. And after that as my field of specialization is
“Accounts”, so then I emphasis to consider the financial
position of Soneri Bank Limited and its analysis.
Hailey College of Commerce,

University of the Punjab.
Part A
Bank.

The Word--“Bank”
There are various view points about the origin of the word ‘Bank’.
Some of them are:
♦ The word bank is said to be derived from the Italian word
“BANCO”—meaning a bench. The early bankers, the JEWS in

Lomberdy used to transact their business on benches in market
place. The original meaning of the “Bank” as a commercial
institution is identical with the bank of a ditch where the contents
are piled up.
Source: Advance Accounts, By M.A.Ghani. Page #353
♦ The word bank is said to be derived from the German word,
‘Banc’, which means a joint stock firm.

Source: Banking, Currency and Finance, By Saeed Nasir.
Page #1

Evolution of Banking
The history of banking is traced to as early as 2000.B.C. The priests in

Greece used to keep money and valuables of the people in temples. These
priests thus acted as financial agents. The origin of banking is also traced to
early goldsmith. They used to keep strong safes for storing the money and
valuables of the people. The persons who had surplus money found it safe
and convenient of deposit their valuables with them. The first stage in the
development of modern banking, thus, was the accepting of deposit of cash
from those persons who had surplus money with them.
The goldsmiths used to issue receipts for the money deposited with
them, these receipts began to pass from hand to hand in settlement of
transactions because people had confident in the integrity and solvency of
goldsmiths. When it was found that these receipts were fully accepted in
payment of debts; then the receipts were drawn in such a way that it entitled
any holder to claim the specified amount of money from goldsmiths. A
depositor who is to make the payments may now get the money in cash from
goldsmiths. Or pay over the receipt to the creditor. These rece8pts were the
earlier bank notes. The second stage in the development of bnka9in thus was
the issue of bank notes.

The goldsmiths soon discovered that all the people who had deposited
money with them do not come to withdraw their funds in cash. They found
that only a few persons presented the receipts for encashment during a given
period of time. They also found that most of the money deposited with them
was lying idle. At the same time; they found that they were being constantly
requested for loan on good security. They thought it profitable to lend at
least some of the money deposited with them to the needy persons. This
proved quite a profitable business for the goldsmiths. They instead of
charging safe keeping charges form the depositors began to give them
interest on them money deposited with them. This was the third stage in the
development of banking.

Definition of Bank
There are different definitions of banks according to the function
performed with it. Some of them are:
According to Mr. Crowther
He defines bank as;

“A bank is a firm which collects money from those who have spare. It
lends money to those who require it.”
Source: Banking, Currency and Finance, By Saeed Nasir. Page #2
According to Mr. Parking
He defines bank as;

“A bank is a firm that takes deposits from households and firms and
makes loans to other households and firms.”
According to www.dictionary.com
The definition given in this site is:

“A business establishment in which money is kept for saving or
commercial purposes or is invested, supplied for loans, or exchanged”
Source: www.dictionary.com

According to Imperial Dictionary
The imperial dictionary defines a bank as,

“An establishment which trades in money, an
establishment for the deposit, custody and issue of money and also for
granting loans, discounting bills, and facilitating the transactions of
remittances from one place to another.”
Source: Principal of accounting, By M.A.Ghani. Page #66
According to hyper Dictionary
The Hyper dictionary defines a bank as,

“An establishment for the custody, loan, exchange, or issue, of
money, and for facilitating the transmission of funds by drafts or bills of
exchange; an institution incorporated for performing one or more of such
functions, or the stockholders (or their representatives, the directors), acting
in their corporate capacity.”
Source: www.hyperdictionary.com
According to Security and Exchange Commision Ordinacne 1969
According to the Security and Exchange Commission Ordinance

1969,
“Bank" means a banking company as defined in the Banking
Companies Ordinance, 1962 (LVII of 1962).”
Source: www.secp.org.pk

According to Global Investor
An institution which:
• takes deposits from individuals, companies, organizations etc. and
provides them with various financial services
• pays interest on deposits, which may be fixed or variable, but
which usually vary according to the amount of money deposited
and the amount of time it stays in the account
• makes loans and charges interest on them
Source: www.globalinvestor.com
According to Banking Companies Ordinance 1962
The Banking Companies Ordinance 1962 defines banking as:

“Banker means a person transacting the business of accepting, for the
purpose of lending or investment, of deposits from the public, and
withdrawal by cheques, drafts, order of otherwise, and include any post
office saving banks”
Source: Banking Companies Ordinance 1962, Section 5(b).
According to commerce-database.com 1962
“An organization that offers customers specific financial services such

as allowing deposits, loaning of money and other investment opportunities”
Source: www.commerce-database.com

Kinds of Banks
Every bank has different features. On the basis of functions, spheres
of activities, ownership, domicile, etc, the banks are classified into various
types, which are:
A. Classification on the basis of Functions.

B. Classification on the basis of Ownership.
C. Classification on the basis of domicile.
D. Classification as Scheduled bank and Non-scheduled bank.
Classification on the basis of Function
On the basis of function, we can classify banks are in the following

ways:
1) Central Bank
2) Commercial Banks
3) Exchange Banks
4) Saving Banks
5) Agricultural Banks
6) Industrial Banks.

Classification on the basis of Ownership
On the basis of Ownership, we can classify banks are in the following

ways:
1) Public sector banks.

2) Private sector banks.
3) Cooperative banks.
Classification on the basis of Domicile

ways
1) Domestic Banks.
2) Foreign Banks
Classification as Scheduled Bank and Non-scheduled bank

ways
1) Scheduled Banks.
2) Non-scheduled Banks.

Central Bank
Every civilized country, now, has its own central bank, because all the
banking structure of the country revolves around it. Its main function is to
manage the monetary system of the country internally as well as externally.
It also acts as the banker’s bank. It is closely associated with the money
market and banking system in the country. It is not a profit making concern.
Ø State Bank of Pakistan
State bank of Pakistan is acting as the central bank of Pakistan. At the

time of independence, the immediate and foremost task of the Government
of Pakistan was to establish a Central Bank. Because at the time of partition,
it was decided with India that the “Reserve Bank of India” would continue to
act as the Central Bank and currency authority, under “Monetary System and
Reserve Bank Order 1947”, till the establishment of its own Central bank.
The General Governor of Pakistan late Quaid-e-Azam Muhammad Ali

Jinnah soonly realized that the Reserve Bank of India could not be relied
upon and further dependence, so he issued the order on 1st of July 1948 for
the establishment of own Central Bank. This order of 1948 has been
substituted by the State Bank of Pakistan Act, 1956.

Commercial Bank
Commercial banks are those banks, which are engaged in performing
the routine duties of banking business. They collect surplus money from the
people. They make loans and advances in the form of overdrafts, cash
credits, discounting bills of exchange. Commercial banks also manufacture
credit money. They also provide agency services and general utility services.
The banks, in shot, are considered the lifeblood of the economic policy.
Functions of Commercial Bank
As, a tree is known about its fruits, which is hanging by it. Similarly, a
bank is known by its function, which it performed.
A commercial bank performs a variety of functions. These functions are

classified under two main heads
A. Basic functions.
B. Secondary functions.

FUNCTIONS
Primary or Secondary or
Basic Functions Subsidiary Functions
Accepting Making loans Agency functions Utility

deposits & advances & service functions
a).Fixed or time a) loans a) Collection of che- a) Foreign

Deposits ques bills, interest etc. exchange
business.
b).Saving b) Cash credits b) Execution of sta- b) Acts as a

Deposits. nding Instructions. Referee.
c).Current c) Overdrafts c) Purchase & sale of c) Issue of -

deposits Securities. travellers cheque.
d) Purchasing & d) Transfer of funds d) Supply of

discounting of trade informations-
bills
e)Acting as trustee e) Export

promotion

Commercial Banking in PAKISTAN

The historical background of Banking & Financial sector in which
great improvement and growth is observed since the formation of Pakistan.
For studying the growth of this sector, we can divide it into three stages,
whish are s follows;
A. Pre-Nationalization Era.
B. Nationalization Era.
C. Post Nationalization Era.

A. PRE NATIONALIZATION PERIOD:
There were only two Muslim books in Indo Pak before partition, they
were:
Habib Bank Ltd.(estd, in 1941 at Bombay) & Australia Bank
Ltd.(estd in 1944 at Lahore). All other banks, at that time, were either owned
by Hindus or Foreigners.
At the time of partition there were 631 bank branches in area which
came under Pakistani control. But due to blood shed and violence at large
scale, mostly branches were closed and the disparity can be assessed from
the fact that on July 1948 there were 195 branches with deposits of Rs. 88
crore (880 million) only. Also a factor lagging in Pakistani industry was a
central bank of its own, by that time Reserve Bank of India was acting as
central bank for both countries and same currency notes were used in both
countries. But Reserve Bank of India was biased and set down Pakistan on
many occasions such as the issue of funds transfer etc, etc.
In this period drastic steps were taken in government sector for the
improvement of overall position. The private sector also responded to those
changes and some very positive changes were observed. Some of the steps
taken by the government in this regard were as under:
Ø Inauguration of State Bank of Pakistan (SBP) on 1st July

1948.
Ø Setting up of National Bank of Pakistan (NBP) in
November, 1949 to control the ‘Jute’ export in East Pakistan
and to act as agent of SBP.

Ø Larger powers were given to SBP through SPB Act 1956 for
controlling purposes.
Ø Banking Companies Ordinance 1962 for protection and
guidance to banks.
Ø Establishment of specialized banks, such as: -
v ADBP (1952);
v HBFC (Nov, 1952);
v PICIC (Oct, 1957);
v IDBP (Aug, 1961);
v NDFC (Jan, 1973).
These were the steps, which built a from the facts that by 1973 there
were almost 10 foreign banks were working in Pakistan and all over strong
banking sector in Pakistan. This is also obvious deposit was around Rs.2300
crore (Rs. 23,000 million). A bird eye view of 5 top banks was as given
below:
BANK POSITION IN 1973.
BANK NO. OF BRANCHES DEPOSITS.

HBL 667 6,160.
NBP 579 5,660.
UBL 497 5,670.
MCB 506 1,640.
ABL 145 570.

B. NATIONALIZATION PERIOD:
On January 01, 1974 all Pakistani banks were nationalized through
Nationalization Act 1974. Under this law all Pakistani banks became a
public property. All small banks were merged in bigger banks to create
5major Pakistani banks. These banks were to control by Pakistan Banking
Council. There are still controversies about this act of government as
whether it contributed in success of failure of banks. However the major
changes after nationalization were as follows:
Ø Working of banks was extended to under developed areas.
Ø Market expansion for credit and deposits.
Ø Decrease in service level of bank officers.
Ø Decrease in profitability as well.
However the effect of expansion was enormous and it can also be
depicted with the help of table 2 which shows the deposit & branch positions
of different nationalized banks.
BANK POSITION IN 1992

BANK NO. OF BRANCHES DEPOSITS.
HBL 1926 153,431.
NBP 1448 128,679.
UBL 1684 87,482.
MCB 1288 50,013.
ABL 750 33,757.
TOTAL 7096 453,362

C. POST NATIONALIZATION PERIOD:

In 1990 the government decided to denationalize all the nationalized
institutes. Some was also suggested in banking sector. For this purpose,
amendments were privatized. Along with this a permission to open banks in
private sector was also granted. The rules regarding establishment of new
banks and for incoming foreign banks were also revealed.
The three privatized banks are: -
a) MCB taken up by a private group in April, 1991.
b) ABL up by its own employees in September, 1991.
c) UBL taken up by U A E party in 2002.
After theses changes a large number of private and forign banks

started their operations in Pakistan and the present status can be seen from
the following figures:
SCHEDULE BANKS
Category No.of Banks.
Nationalized Commercial Banks 3
Private/ Privatized Commerce Banks 18
Public Sector Speicalized Banks 4
Foreign Banks 19
Total Scheduled Banks 44
In addition to above mentioned scheduled banks there are 7 Development
Financial Institutes, `14 Investment Banks and Modarbah Companies.

LIST OF BANKS OPERATING IN PAKISTAN
NATIONALIZED COMMERCIAL BANKS
• First Women Bank, Limited

• Habib Bank Limited
• National Bank of Pakistan
• United Bank Limited
DE-NATIONALIZED COMMERCIAL BANKS
• Allied Bank of Pakistan Ltd

• Muslim Commercial Bank Ltd
SPEICALIZED SCHEDULED BANKS
• Agricultural Development Bank of Pakistan

• Federal Bank for Co-operatives
• Industrial Development Bank of Pakistan
• Punjab Provincial Co-operative Bank Ltd
PRIVATE SCHDEULED BANKS
• Askari Commercial Bank Ltd

• Bank Alfalah Limited
• Bank Al-Habib Limited
• Bolan Bank Limited
• Faysal Bank Limited
• Meezan Bank Limited

• Metropolitan Bank Limited

• PICIC Commercial Bank Ltd
• Platinum Commercial Bank Ltd
• Prime Commercial Bank Ltd
• Soneri Bank Limited
• Union Bank Limited
PROVINCIAL BANKS
• The Bank of Khyber

• The Bank of Punjab
MICRO-FINANCE BANKS
• The First Micro Finance Bank Limited
FOREIGN BANKS
• ABN Amro Bank N.V.

• Al-Baraka Islamic Bank B.S.C.(E.C.)
• American Express Bank Limited
• Bank of Cylon
• Credit Agricole Indosuez
• Citibank N.A.
• Deutsche Bank AG
• Doha Bank
• Habib Bank A.G. Zurich
• International Finance Investment & Commerce bank
Limited (IFIC)

• Mashraq Bank psc

• Oman International Bank S.O.A.G.
• Rupali Bank Limited
• Standard Chartered Bank
• Standard Chartered Grindlays Bank Limited
• The Bank of Tokyo-Mitsubishi Limited
• The Hongkong and Shanghai Banking Corporation Limited
DEVELOPMENT FINANICAL INSTITUTIONS
• Investment Corporation of Pakistan

• National Investment Trust Limited
• Pak Kuwait Investment Company(Pvt) Limited
• Pak Libya Holding Company (Pvt) Limited
• Pak Oman Investment Company (Pvt) Limited
• Pakistan Industrial Credit & Investment Corp. Ltd.
• Saudi Pak Industrial & Agricultural Investment Company
(Pvt) Limited
• SME Bank Limited
INVESTMENT BANKS
• First Standard Investment Bank Limited

• Asset Investment Bank Limited
• Atlas Investment Bank Limited
• Crescent Investment Bank Limited
• Escorts Investment Bank Limited

• Fidelity Investment Bank Limited

• First International Investment Bank Limited
• Islamic Investment Bank Limited
• Jehangir Siddiqui Investment Bank Limited
• Orix Investment Bank (Pak) Limited
• Prudential Investment Bank Limited
• Security Investment Bank Limited
• Trust Investment Bank Limited
VENTURE CAPITAL
• Pakistan Venture Capital Limited

• Pak Emerging Venture Limited
DISCOUNT HOUSES
• First Credit & Discount Corporation (Pvt) Limited

• National Discounting Services Limited
• Prudential Discount & Guarantee House Limited
• Speedway Fondmetal (Pak) Limited
HOUSING FINANCE COMPANIES
• Asian Housing Finance Limited

• Citibank Housing Finance Co. Limited*
• House Building Finance Corporation
• International Housing Finance Limited

WHERE DID I INTERNSHIP:
I joined Soneri Bank Limited (Defence Branch (0011)) to get my

internship experience of two months, which falls under the category of
Private BANKS in PAKISTAN.
While it is felt in certain quarters that the operations of the private

banks tend to inhibit the development of the Pakistan, other fell that
private banks must be allowed to play their valuable role by setting up
sound traditions which can help the national banking system to develop
on the healthy lines. A rather important feature of private bank
financing is the predominance of exports, and stock exchange securities
financing in their operations. In the past few decades, the financing of
the private banks in these agriculture, manufacturing, commerce, and
construction has been so far increasing.

Part B.
Brief History and Introduction

of
Soneri Bank Limited

Brief History
Introduction
Soneri Bank, Limited was incorporated on September 28, 1991, by

taking the advantage of the financial deregulation of the economy and the
government’s invitation to reputed business groups for participation in
banking.
The first branch of Bank was formally opened doors of operations in
Lahore on April 16, 1992, with a paid-up capital of Rs. 300 million (US $
11.938 million; exch. @ 1US $=Rs. 25.1299 as of April 1992). After that,
the bank has since then opened branches in Karachi, Peshawar, Quetta,
Mirpur (AJK) Gujranwala, Hyderabad, Sialkot, Gilgit and Faislabad.
Its capital and reserves have grown by 75% to Rs. 550 million (US $
17.715 million; exch. @ 1US $=Rs.30.9848 as of December, 1994)in under
three years of operations. The Bank is managed by professional bankers of
excellent reputation and enjoys facilities totaling US$ 40 million from
international banks including Citibank, NA, ABN AMRO. NV, Standard

Chartered and American Express. The Bank earned a pre-tax profit of Rs.
220.617 million (US$ 7.120 million; exch. @ 1US$-Rs. 30.9848 as of Dec,
1994)in the year of 1994.
With the grace of ALLAH, Soneri Bank has growth of Pakistan’s

economy and has established a niche position in foreign trade financing of
the country and the Bank is now operating with 42 branches with emphasis
on greater automation. The business expansion through increasing branch
network is underway. The Bank management, however, prefers the slow and
steady growth.
Status and Nature of Business:
Soneri Bank Limited incorporated in Pakistan on 28 September 1991

as a public limited company under the company ordinance 1984 with
registered office in Lahore, Punjab. Its shares are quoted in all the stock
exchanges of Pakistan. This bank is engaged in banking service as describe
in the Banking Companies Ordinance 1962 and operate 42 branches in
Pakistan.
Main Sponsor:
The sponsor directors of the Soneri Bank Limited are from M/S
Rupali Polyester Limited, who enjoy excellent reputation in the country both
professionally and financially and who have invested more than Rs. 10
Billion upto 1998, in various industrial and commercial projects of the
country.

Essence of Business:
The essence of our business philosophy is to cater to the banking

requirements of small & medium sized entrepreneurs, providing them
qualitative & competitive services with emphasis on encouraging exports.
Nearly forty percent of our credit portfolio is related to export financing and
credit decisions are taken within 48 hours that is why we say
“We have more time for you”
Corporate Data
BOARD OF DIRECTORS
CHAIRMAN
MR.BADRUDDIN J.FEERASTA.
CHIEF EXECUTIVE OFFICER.

MR. SAFARALI K. LAKHANI.

DIRECTORS.
MR. ALAUDDIN J. FEERASTA.
MR. AMIN A. FEERASTA (EXECUTIVE DIRECTOR)
MR. NOORUDDIN FEERASTA (SR.)
MR. ABDUL HAYEE.
MR. ASADULLAH KHAWAJA (NIT NOMINEE)
MR. HASAN A. BILGRAMI (NIT NOMINEE)
AUDIT COMMITTEE.
MR. ALAUDDIN J. FEERASTA, CHAIRMAN.
MR. HASAN A. BILGRAMI, MEMBER
MR. ABDUL HAYEE, MEMBER/SECRETARY.
COMPANY SECRETARY.
MR. ABDUL HAYEE.
AUDITORS.
TASEER HADI KHALID & CO.
Chartered Accountants.
LEGAL ADVISORS
MANDVIWALLA $ ZAFAR, Advocates
TAHIR ALI TAYEBI & CO, Advocates
SHAIKH ATTA-UR-REHMAN & ASSOCIATES.Advocates.

Mission Statement
(a) Providing an opportunity to the public to participate gainfully in the

economic development of Pakistan in accordance with the Government’s
aim of Islamization of the economy and the economy and the promotion
of the private sector;
(b) Mobilizing personal and corporate savings by introducing new methods

of finance and re-channeling into economy for productive purposes such
as development of industrial and agricultural;
(c) Serving the common man and the middlemen class business community,
which are not receiving proper attention;
(d) The shareholders in channeling their financial resources to profitable

avenues for investment and to that end;
i. Maximizing dividend income for distribution to the

shareholders;
ii. Producing capital appreciation through increase in the

intensive value of shares;
(e) Generating long term growth.

Control & Implementation of Branches
Head Office.
The Head Office of Soneri Bank, Limited is situated on 87- Sharah-e-
Quaid-e-Azam, Lahore.
Central Office:
The Central Office of Soneri Bank, Limited is situated on 5th floor Al-
Rahim Tower. I. I Chandigar Road, Karachi. The President heads this
office and all the circulars regarding different policies are issued from here.
Registered Office:
The Registered Office of Soneri Bank, Limited is situated on 4th Floor
IEP Building, 97-B/D-1, Gulberg III Lahore.
Share Transfer Office:

The Share Transfer Office of Soneri Bank, Limited is situated on the
associates (private) limited ground floor, Sheikh Sultan Trust, Beaumont
Road, Karachi.

Organization Chart:

Branch Network
The first branch of Soneri Bank Limited was formally opened doors
for operations in Lahore on April 16, 1992, followed by second branch in
Karachi on May 09,1992 and after that, the group opened its branches in
Peshawar, Quetta, Mirpur (AJK), Gujranwala, Hyderabad, Sialkot, Gilgit
and Faisalabad. The bank now operates with 42 branches spread all over
Pakistan including the Northern Area of the country where no other bank has
ventured so far. Expansion branches is based on a policy of maintaining a
balance between the urban and rural areas with a view to offering services
even in remote area of Pakistan.
The branches of Soneri Bank, Limited and their

addresses with Telephone Numbers are as follows:
LAHORE (Main Branch) LAHORE (Gulberg)

87, Sharah-e-Quaid-e- 90-B-C/II, Liberty Market,
Azam, Lahore. Gulberg-III, Lahore.
Tel: 6368141-48. Tel: 5713445-48.
LAHORE (Defence) LAHORE (Circular Road)
Defence Housing Authority, 49/2-B, Circular Road,
Lahore. Lahore.
Tel: 5897181-83. Tel: 7670486 & 7670489


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Hailey College of Commerce,

Hailey College of Commerce,

♦ The word bank is said to be derived from the Italian word

“BANCO”—meaning a bench. The early bankers, the JEWS in

♦ The word bank is said to be derived from the German word,

‘Banc’, which means a joint stock firm.

Hailey College of Commerce,

The history of banking is traced to as early as 2000.B.C. The priests in

Hailey College of Commerce,

Hailey College of Commerce,

According to Mr. Crowther

He defines bank as;

According to Mr. Parking

He defines bank as;

The definition given in this site is:

Hailey College of Commerce,

According to Imperial Dictionary

The imperial dictionary defines a bank as,

According to hyper Dictionary

The Hyper dictionary defines a bank as,

According to Security and Exchange Commision Ordinacne 1969

According to the Security and Exchange Commission Ordinance

Hailey College of Commerce,

According to Global Investor

According to Banking Companies Ordinance 1962

The Banking Companies Ordinance 1962 defines banking as:

According to commerce-database.com 1962

“An organization that offers customers specific financial services such

Hailey College of Commerce,

A. Classification on the basis of Functions.

Classification on the basis of Function

On the basis of function, we can classify banks are in the following

Hailey College of Commerce,

Classification on the basis of Ownership

On the basis of Ownership, we can classify banks are in the following

1) Public sector banks.

Classification on the basis of Domicile

On the basis of Ownership, we can classify banks are in the following

Classification as Scheduled Bank and Non-scheduled bank

On the basis of Ownership, we can classify banks are in the following

Hailey College of Commerce,

Ø State Bank of Pakistan

State bank of Pakistan is acting as the central bank of Pakistan. At the

The General Governor of Pakistan late Quaid-e-Azam Muhammad Ali

Hailey College of Commerce,

Functions of Commercial Bank

A commercial bank performs a variety of functions. These functions are

Hailey College of Commerce,

Accepting Making loans Agency functions Utility

a).Fixed or time a) loans a) Collection of che- a) Foreign

b).Saving b) Cash credits b) Execution of sta- b) Acts as a

c).Current c) Overdrafts c) Purchase & sale of c) Issue of -

d) Purchasing & d) Transfer of funds d) Supply of

e)Acting as trustee e) Export

Hailey College of Commerce,

Commercial Banking in PAKISTAN

Hailey College of Commerce,

A. PRE NATIONALIZATION PERIOD:

Ø Inauguration of State Bank of Pakistan (SBP) on 1st July

Hailey College of Commerce,