PROFILE    The Bank being acquired by the Consortium Re-launch itself with new corporate Identity Core Management team of quality professionals 1.1 On September 15, 2001, under the supervision of the State Bank of Pakistan (SBP), the Prudential Bank was acquired by the management and associates of the Saudi Pak Industrial and Agricultural Investment Company (Pvt) Ltd (SAPICO). 1.2 On March 31, 2008, a Consortium comprising Corporation, of Bank International Muscat, and Finance Nomura

change in management taken as is good sign of consolidation of the bank after years of deteriorating profits. The new management bought in a new image for the bank. The bank is currently in process of re-branding with new vision, mission and core values. A new organization structure has been established which support clear lines of communication and tiered level of authority with accountability. The bank also availed the services of a consultancy firm for professional guidance. The new management team bought in focus on the employee training in the areas of internal policies and procedure, prudential regulations. The management believes that this will strengthen the control environment. 1.4 Silk Bank has a network 65 branches throughout Pakistan. Bank’s Head office is in Karachi. The bank offers online and mobile banking. The bank plans to increase the branch network to increase the market share. Ten new branches were open to provide banking facilities and develop the outreach. This will help the bank to increase its customer base. 1.5 With new management in place the bank now focus on investment in technology and aligning it to the business strategy. The bank has purchased state of the art core banking system, Temenos T-24. The bank believes that this will improve the business efficiency when will aligned with employee training. The bank has developed new policies and procedures and is creating awareness through training workshops

European Investments. The consortium is led by the led by senior bankers Shaukat Tarin and Sadeq Sayeed who have acquired an 86.55% stake in Silk Bank for around $213 million or $0.47 per share (PKR 29.3 equivalent per share). Under the new leadership, the bank will continue to focus on SME & Consumer financing resulting in efforts of increased profitability. The year 2007 marked the year of consolidation for the bank. The Bank as at December 2007 had a shortfall of Rs 3.1billion in minimum paid up capital requirement. The shortfall be met by the new sponsors after assuming the control of the bank as per the share purchase agreement, 1.3 After the bank was acquired by the consortium there is been a change in the senior management of the bank. Mr. Azmat Tarin has taken over as President& CEO of the bank. The

covering 32882 participants during the current period. 1.6 The bank re-organizes itself on modern lines clearly segregating the functions of Business, Risk and Operations. Critical functions such as Compliance, Risk Management and Middle Office were setup 1.7 The main strategic aim of the bank after the takeover by the consortium is to increase the size of the balance sheet by significantly increasing the deposit base with major emphasis on quality and reduction in the NPLs. To achieve its strategic aim the bank plans to increase its branch network, provide highly innovative customer deposit and develop strong risk management systems. 2. REVIEW OF THE BANKING SECTOR -2008 PERFORMANCE AND PROSPECTS 2.1 The banking sector enjoys monopoly in providing financing to virtually all sectors of the economy. The banking sector in Pakistan has even a greater role to play in supporting the real sector by meeting its financing needs. Due to the recent macro economic pressures banks need to make a sustained deposit growth by increasing financial penetration and facilitating the process of financial intermediation. The global financial crisis and the closure of the capital market followed by withdrawals from the banking system stressed the Pakistani banks. However the Pakistani banks remained intact from a direct impact of the crisis. Largely because there was

no direct exposure to securitized instruments, risks to financial stability were largely restricted. Going forward, the impending economic slowdown may dampen the growth rates of the banking system in coming quarters. Low demand for banks’ advances will shift asset mix away from advances to Govt. papers, and deposits are likely to grow at a steady pace. 2.2 Historically the banking sector of Pakistan has enjoyed acceleration in economic activities and strong growth in banks’ credit and deposits but the recent scenario was marked by passive growth, increase in credit risk and lowered earnings. The asset base increased partly though deposit and partly through equity. There was less dependence on borrowed funds, although some of the small banks remained highly dependent upon borrowings. Loans growth also remained low as compared to the previous years. Due to the economic crisis there has been an increase in the NPLs of the banking system. The deterioration business and economic environment to some extent increased the credit risk, which constrained the banks to adopt cautious lending strategy, particularly in consumer sector where the advances have been decreasing during the CY 2008. The present tough economic environment will also enhance the credit risk and affect the earnings due to increased loan loss charges and constrained incomes. 2.3 The banking sector faced significant liquidity stresses, also witnessed a minor increase in advances and their share in total

assets. This was aggravated further by collapse of capital market in Pakistan and the series of news on the financial meltdown in the advanced markets raised general public doubts about the financial strength of some Pakistani banks. This further burdened liquidity profiles of the banks. The impact was severe in some banks especially the small banks with the constrained liquidity profile. The banking system is distinct with a high concentration as a fewer number of banks hold a major share of the system’s total assets and deposits. This concentration has been following an overall declining trend as the medium-sized banks steadily gained market share. However, due to unusual liquidity stress that affected mainly the small and medium sized banks. The deposits in the previous witnessed strong growth. During the CY08 the deposit based grew slowly but the foreign remittances, a key factor maintained the momentum of growth. There was an increase in share of fixed deposits while the share of saving accounts slowed during the year. Advances witnessed a significant slowdown in sharp contrast to previous year’s robust growth. There was modest growth that was basically led by public sector enterprises. Segment wise analysis shows that mainly Corporate and Commodity Operations increased their usage of bank credit during the year 2008, while SME sector advances saw a slight increase. The advances to Agriculture sector slightly contracted which declined their relative share in banks’ advances. The consumer finance after showing a strong and persistent increase up till the end of CY07

has been gradually declining since then. The decline in consumer loan was most significant in Auto Loans category. However, Personal Loans contributing the largest share of consumer finance followed by Auto and Mortgage Loans. 2.4 A general rise in interest rates and slow down in stock market during the recent quarters significantly marked down the value of both fixed-income and equity securities of banks. Accordingly, the overall revaluation surpluses of the system eroded. The equity investment portfolio of the bank faced a significant mark down due to slump in capital market. KSE-100 index plummeted by 36 percent to 5,865 by the end of December 2008. The gradual recovery seen in the market is expected to make up for the impairment losses. 2.5 The heightened credit risk transpired in significant increase in non-performing loans (NPLs) and associated asset quality indicators The NPLs of the banking system increased. The eruption of NPLs is observed in all classification categories requiring provisions, with proportionately higher increase in Substandard and Doubtful categories. However, the inflow of fresh NPLs and deterioration of existing NPLs have substantially increased the amount of NPLs in Substandard, Doubtful and Loss categories. This trend indicates that in periods ahead, banks might have to provide additional loans losses in case they are not able to recover/restructure these NPLs. The composition of segment-wise NPLs of the banking system shows that infection ratio of all the segments except

agriculture have increased. The exposure to corporate sector has moved up to around 63 percent of the total loan portfolio, from around 54 percent a year ago. However, with worsening business climate, the infection ratio of the corporate sector, which remained almost at same level during the previous two quarters, has increased. NPLs of the SME sector are also rising at relatively fast pace Analysis of NPLs by the end use of loans shows that infection is more pronounced in working capital finance; indicating slackness in turnover of inventories and receivables, in the come around of general slowdown in business activities. Consumer financing has been reducing since the start of CY08. However, NPLs of the sector have been increasing in absolute as well as in percentage terms. Rising inflation and contained disposable incomes coupled with increasing lending rate have reduced consumers’ appetite for credit resulting in increasing defaults rate in the consumer finance. 2.6 Operational risk is an inherent feature of financial institutions by virtue of the nature of their operations, and constitutes an important component of their enterprise‐wide risk management systems. This make the bank prone to sudden event, such as equipment failure, a blackout, terrorism, supply chain interruptions, or an e‐commerce failure, can occur at any point in time and seriously affect the continuity of business. Quantification of operational risks is concerned, it is a relatively new arena for financial institutions, for which banks are still in the process of developing formal models. State

Bank of Pakistan also assesses the gravity of threats emanating from lapses in banks’ internal control environment. For this purpose, it keeps track of the frequency and volume of frauds and forgeries committed in the banking system. 2.7 A number banks have moved into the Islamic Banking segment. High percentage share of cash and balances is itself a reflection of limited investment alternatives available to Islamic banking, which has affected the operating efficiency of these institutions. 2.8 Factors such as SBP’s new requirements for enhancing the minimum capital base to Rs23 billion (US$ 300 million) by end CY13, and the introduction of variable CAR based on banks’CAMELS‐S rating, are likely to provide fresh thrust to the process of consolidation in the financial sector, which would create strong market participants and further strengthen banks’ capacity to withstand any potential decline in profits 2.9 The banking sector has shown strong buoyancy to recent and growing challenges emerging from the macroeconomic environment, on the back of a healthy capital base, healthy profitability and strong deposit growth. Going forward, the impending economic slowdown and domestic securities issues may dampen the growth of the banking system in coming quarters. Low demand for banks’ advances and increased risk aversion on the part of banks will further shift asset mix away from advances to Govt. papers. Banks will have to brace up their efforts for mobilizing the deposits,

which are still showing stagnancy in the latest post quarter statistics. RREGULATORY FRAMEWORK 2.10 The State Bank of Pakistan is committed to develop and diversify the financial sector in order to enhance its role in supporting the country’s economic growth. In its efforts to introduce and implement financial sector reforms essential for the smooth functioning and progress of the financial sector, the State Bank of Pakistan (SBP) recently released its 10‐year vision and strategy. Strategic Plan is the implementation of consolidated supervision of conglomerate groups that include banks. The need to supervise on a consolidated basis, in addition to supervising individual licensed banks, has long been accepted by the The international regulatory community.

concern In the case of a mixed conglomerate is that the group may shift impaired assets from commercial entities within the group to the bank, thereby shifting risk from shareholders to depositors, weakening the bank and potentially the entire financial system, and imposing possible recourse on any depositor protection scheme. In developing an appropriate framework for consolidated supervision, SBP has drawn on international experience and expertise, while giving due consideration to the specific characteristics of Pakistan’s financial system and its current stage of development. 2.11 No reform can be complete without also further strengthening of the central bank. In this context, SBP has launched work to modernize the central bank legislation in line with the international best practices. The SBP Act is one of the oldest laws in the world and as such it includes some outdated provisions, even though the law has served the central bank well in delivering several of its function. The new SBP Act ought to provide more autonomy to SBP, along with proper accountability, to pursue clearly defined goals of monetary and financial stability and would make unambiguous how the SBP has to report on its performance to the Cabinet and Parliament. SBP has advocated commercialization of the microfinance industry which will help provide financially and socially sustainable financial services. Under this program, effort will be made to enhance outreach to initially 3 million people relative to fewer than 1 million a year back, with the ultimate goal to raise it to 10 million. SBP is

validation for implementing a consolidated approach to the supervision of banks is based on the need to protect banks from contagion risk. The most obvious regulatory concern with a conglomerate is that the member bank could be used as a central source of cheap funding for the group. While it is clearly commercially attractive for the owners of the conglomerate group to use cheap deposit funding for activities throughout the group, prudential concerns arise where intra‐group lending occurs without proper assessment of risks, proper pricing for risk, and proper consideration of exposure concentrations. The impact of this conflict on market efficiency and fairness is greatly augmented in the case of mixed conglomerates. The major regulatory

steering the Islamic finance industry to also deepen financial penetration to serve the requirement of that segment of population and industry which has self excluded itself for faith reasons. SBP is planning to launch several initiatives to enhance SME financing and such initiatives include, among others, development of credit scoring, and Bill, credit enhancement product and mechanism Protection innovative requires

   

Deteriorating overall performance High NPLs Declining Spreads Lower capital gains

3.1 The asset/liability structure of the bank is as follows:

modalities. SBP plans to introduce a Consumer Pakistan Banks’ Association (PBA) to adopt a Banking Code to commit banks to fairness, disclosure and ethical standards, while nurturing competitive pricing of products, strengthen the Consumer Protection Department which was recently established in SBP, transforming banking sector ombudsman, introduce the small depositor protection scheme and launch campaign of financial literacy. 2.12 Consolidate and strengthen the banking sector by promoting continued mergers and acquisitions, while seeking to restructure the outstanding public financial institutions. To promote consolidation, SBP will maintain its moratorium on new licenses but will on exceptional basis issue license with capital requirements of $300 million – both existing conventional and Islamic banks will need to comply with these requirements over an agreed timetable. Licenses for Microfinance banks will continue but confined at national and provincial levels only. 3. PERFORMANCE OF THE SAUDI PAK COMMERCIAL BANK LIMITED

3.2 Saudi Pak bank achieves a modest increase in its total assets during the year 2008. The bank also expanded the branch network from 65 (end. July 07:55). The bank manages to secure high growth in credit comparable to its peer banks. The bank focuses more on the corporate sector financing while the share of consumer financing decreased. This is translated into low credit risk. 3.3 Saudi Pak banks performance – measured in terms of both ROE and ROA marked a significant decline. This was mainly due to continuous erosion of revaluation surplus and negative spreads with low volume growth. There is been a substantial growth in other operation system with fee- based having a greater proportion. The bank with enhanced focus on treasury function achieved higher income from dealing in foreign currencies. This continues to be a stable source of revenue. The operating cost of bank increased almost doubled mainly because of increase in branch network and higher employee compensation. The total net revenue could not be sustained by low net revenue of the bank resulting in pre provision operating profit.

3.4 During 1Q09, the bank’s performance still showed negative ROE. The bank has been acquired by a consortium and still undergoing the consolidation process. The current macro economic situation and bullish market further aggravate the situation by eroding of revaluation surplus. 3.5 Going forward, the new management plans to grow and increase the size of balance sheet by enhancing market share. This is planning to launch a suite of products / alternative delivery channels and services; it also plans to launch specialized business units for consumer, corporate and investment banking. The step taken will help the bank move to the next level and change the image to vibrant, progressive and growing bank. 4 RISK   4.1 Depleting Asset Quality Weak internal risk management system. RISK MANAGEMET.

policies, overall risk explore, overall investment strategy. And capital deployment and risk tolerance. The ALCO is responsible for the composition of assist and liabilities, management of liquidity, timely identification of sources of market and liquidity risk, prices of deposit and advances, deciding on the required maturity profile and the mix of incremental assets and liabilities defining the internal rate view of the bank and deciding on the future strategies for treasury, receiving funding policies and evaluation the market and liquidity risk in new product. 4.1.3 Saudi Pak has taken over by new management. improved. 4.1.4 Credit risk is overviewed by the broad’s risk Committee. In addition to which there are committees of the management. Authorities have been appropriately delegated and separate risk management units operates for the corporate/SME and consumer business with properly laid down policies and procedures formulated in the form of Manuals and products program. Credit Admin unit have also have been established in the various aforesaid segments of the Bank. The Bank has its own credit rating system for corporate, commercial and relationship SME, which is further being revamped. In consumer banking, separate collection units also operate for recovery and additionally a new collection system is being procured for the Consumer business. A Since the takeover risk management function has been continuously

4.1.1 The bank reorganized itself under the new management. Critical function such as compliance, Risk management us set up. The bank has shifted its focus to more effective risk management and for this bank has set up a risk management committee and asset and liability committee (ALCO) in the year 2007. 4.1.2 The RMC is responsible for determination of general principles for measuring managing and reporting the risk explore of the bank, risk

centralized Special Assets Management unit is responsible for the classified Corporate/SME portfolio and its recovery. A new Credit Policy Manual has been finalized which will be approved by the Board in 2009 in which target market and risk acceptance criteria have been outlined, and per party limits revised to spread the risk over a broader base. Heavy investment in technology has been initiated to enhance the level of effective MIS and monitoring. A process of post approval review of credit lines has commenced, which will be gradually converted into a risk asset review unit (RAR), as the RAR function is currently being performed by the internal audit department. 4.1.5 Appropriate policies and procedures have been documented and disseminated, and an Internal Control unit is in operation which is continuously being expanded. An independent audit function has been established by the Bank, reporting to the Audit Committee of the Board. A compliance department has been established, to ensure that legal and regulatory risks are properly addressed in addition to the implementation of Anti Money Laundering, Know Your Customer (AML/KYC) policies, and strict monitoring training of plans transactions. have been Appropriate

Control systems have been initiated and are planned to be completed in 2009. The Bank as reported above, has acquired the T24 system from Temenos, which is currently in process of implementation. Further, the Bank is also implementing Oracle Financials to improve upon its MIS and improve controls over financial reporting. 4.2 Credit Risk 4.2.1 Finances made up 44 % of the total asset of the bank at the end of the year 2004. The portfolio mix is more towards corporate financing with major concentration in textile sector. The bank has a diversified portfolio into various sub sectors of the economy. More focus of corporate financing lower as the credit risk profile of the bank and major portion of trade financing mitigate liquidity risk. 4.2.2 The consumer finances portfolio

constituted about 7 % of the total advances the managers plans to continue minimum focus on consumer financing and maximum towards the corporate sector. This lowers the credit risk for the bank. The bank showed an increase in NPL’s despite low consumer focus 4.2.3 The bank has portion of TFC’s. The portfolio comprises of both listed and unlisted securities with the large proportion in the unlisted securities. 4.2.4 Loan loss Experience and accumulated provisions: Saudi pak faced deteriorating assets quality. The impaired lending to gross finances

implemented including training on AML/KYC. Contingency plans are in place and are in the process of being tested. Self Assessment of key risk indicators (KRI's) and compliance of standards, codes and guidelines will be regularly carried out and documented. Reviews of internal

increased further to 34% at the end of 2008. During the year 2007, the State Bank of Pakistan has withdrawn the benefits of Force Sale Value (FSV) of the securities taken by the bank while calculating the provision against NPL’s. The bank has to increase the provisioning against the NPL’s. The provisions were only half of the NPL value thus the risk is not completely mitigated. With the new management in place greeter focus on reduced NPL’s and cleaning of balance sheet. 4.2.5 Off Balance Sheet Credit Risk: The bank has lowered it’s off balance sheet exposure which is evident from decreasing pattern of fee, commission and brokerage income. The significant pattern of securities cash and balances medicate the off balance sheet credit risk 4.3 Market Risk Saudi Pak investment portfolio shows a declining trend. The proportion of government securities in the investment portfolio is the highest. The risk arises due to fluctuation in the price of securities by changing interest rate. The bank holds almost equal proportion of government securities as market treasury bills and PIB’s. Part of PIB’s held in the portfolio are under the head of available for sale. But this increasing interest rates scenarios the cost was more than the yield resulting in erosions of revaluation surplus.

4.3.2 The bank exposure in equity investment decline due to slow down in the stock market of Pakistan. 4.4. Asset/Liability Management: The bank overall assets liability structure is mixed. It has raised funds to greater portion of fixed and saving deposits. The cost increased but liquidity risk was minimizing by having lower demand deposits. The portion of government securities was an equal mix of marketable treasure bulls and PIB’s. Saudi pak bank mainly has short term asset structure due to trading capital finance in its advances portfolio. 5. FUNDING AND CAPITAL STRUCTURE   Low customer base Deteriorating capital base.

5.1 Funding: The main source of funding is the deposits based which is not very strong current But with increasing branch network and under new management policies the bank likely to increase its market penetration. The concentration on deposits is mainly increased to raising fixed and saving deposits and less demand deposit. 5.2 Capital: The bank equity has been decreasing due to higher losses and deteriorating revaluation surplus. Going forward the bank under the new management injected fresh equity to clear the balance sheet and remove/recover the NPL’s. 6. TFC Issue:

 

Unsecured, Subordinated Listed

This was short term bridge financing provided by Saudi pak industries and agriculture limited investment company (private)

(SPIAICO) with the approval of SBP through a formal agreement between the bank and SPIAICO on Dec 31, 2003. The arrangement was initially for a period of six months, which was rolled over till repayment on June 27, 2008.


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A. PERFORMANCE 1. ROA 2. ROE 3. Pre-Provisioned Operating Profit/Avg Equity 4. Pre-Provisioned Operating Profit/Avg Assets 5. Personnel Expenses-To-Total Net Revenue 6. Cost - To- Total Net Revenue 7. Other Operating Income/ Total Net Revenue 8. Taxes/ Pre Tax Profit 9. Net Non-Earning Assets/Assets Net of Non-Interest Liabilities B. CAPITAL ADEQUECY 1. Equity/Total Assets 2. Adjusted Equity(Including Reveluation impact )/Total Assets 3. Revaluation Surplus ( Deficit) / Adjusted Equity 4. Capital Adequecy Ratio as per SBP C. LIQUIDITY 1. Liquid Assets / Deposits & Borrowing 2. Finances / Deposits & Borrowing 3.Finances / Deposits 4. Demand Deposits / Total Deposits 5. Export Refinance/ Advances 6. Finances( Net of Export Refinances) / Deposits 7. Govt Securities / Total Assets 8. Finances/Total Assets 9. Lending to Financial Institutions / Borrowing fromFis ( Net ERF) D. LOAN LOSS COVERAGE 29.19% 50.89% 61.72% 21.30% 8.75% 58.02% 20.26% 46.80% 21.11% 5.55% 7.89% 29.63% 799.00% -3.62% -96.13% -56.89% -2.18% 149.12% 274.87% 47.82% 28.93% 24.81%