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Impacts of Privatization on banking sector of Pakistan

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 Impacts of Privatization on banking sector of Pakistan
Introduction

Privatization means the procedure in which government vends their own businesses, ownership
and enterprises to private sector with root and branch or to some extent. Privatization is Process
of shifting Ownership of an enterprise, business, and organizational service from the
government to the private sector. In a Comprehensive sense, privatization refers to
Transmission of any government operation to the private sector including governmental
functions like revenue collection and law Effectuation and supervision. Privatization policy is
the instrument for engendering growth and opening up the economy to the competition. It’s
merely the conveyance of Burdon of production and services from the government to the
private sectors. Privatization was take into consideration as magnitude of economic conversion
from social democracy to free enterprise. Earlier two decades lead privatization in more than
100 transition economies of value more than US$100 trillion.

History of privatization make the first move in 1960s from Germany as postwar economic
reforms (Magginson, 2000). According of the privatization commission of Pakistan
“Privatization is processes of set out off selling the property of the government through a
carefully formed mechanism for attaining the best conceivable price of an asset”

Privatization is predominantly becomes a phenomena to pull off some most important goals by
economies all over the world. To equip and sells those sectors and department which creates
Burdon on economic activities. A well-functioning financial system is necessary for increasing
the effectiveness of Disbursement, which is achieved by take advantage of domestic savings,
ordering them into dynamic investment by recognizing and contributing in good business
opportunities, swelling information, transaction, and supervising costs and assisting the
Variegation of threat. This results in effective provision of resources, backing to a more hasty
Accumulation of material and human capital, and more rapidly technological improvement,
which in turn monitor to extreme economic growth. Longing for achieve higher growth,
establishments of many developing countries measured public ownership of banks and other
financial institutions as compulsory in order to direct credit towards Preference sectors.

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 1.2 Privatization process in Pakistan

A well-functioning financial system is a pre-requisite for the economic development of

Any country. A large body of recent theoretical and empirical research has also confirmed

The view that the development of financial markets and institutions in a country is crucial

for economic growth. (Thorsten et al. (2000) & Khan and Senhadji (2000).Recognize this
significance of the financial structure in economic development, some governments in
developing countries meet to enhance their proprietorship of banks and other financial bodies
in order to give significance to privatization process. Nevertheless, the magnitude of publicly
owned banks in many developing countries distinctions in anxiety with recent research
findings, which show that the state ownership of banks has thoughtful negative effects on
economies in developing countries. Because a lot of recent researches obvious to find that state
ownership of banking system is negatively related to the economic growth and development of
the country (Thorsten et al. (2000).

Because of that reason, the financial body was considerably made to order in the early 1970s,
with the nationalization of domestic banks and the extension of public sector Development
Finance Institutions (DFIs) under the agenda of the Banks Nationalization Act 1974. The
Pakistan Banking Council was set up to act as superintendent and holding company of
nationalized banking system.

To the end of 1980’s that the economic and social objectives of nationalization process were
doesn’t archived because of the dominancy of public sector and the rules regulation of
government sector over banking and non-financial sectors. Consequently the role of NBP was
also weaken due to the strong control of Pakistan banking council which was also control the
banking system of Pakistan.

To the 1990’s total of 24 commercial banks (7 domestic and 17 foreign) were doing business
in Pakistan under the strong public control which get hold of 90% of shares in total assets and
total deposits. Because of all these physiognomies of nationalization process some other
uppermost disputes are also get up like High settlement Costs ,Over-staffing and over-
branching , unsatisfactory Customer Services Meager Management skills , Antagonistic to
Advancing to small sector loans ,payment Impediment in Lending, advances Recovery & staff
issues were awaken all over the country in financial sectors(Shahid M.K ghauri 2013).

2
In Pakistan, the privatization process was Stem from the early 1990s, as part of the huge
economic transformations. The Privatization Commission was set up in 1991, in order to
provide a formal background for the privatization process in the country. The Privatization
Commission was Pass on with transfer the government property like as its share in banks,
industrial sector, public utilities, oil and gas companies, transportation, and infrastructure
service in an open and pellucid method.

In short the privatization process firstly put into operation by prime minister of Pakistan of that
epoch M. Nawaz Sharif on 22nd of January 1991.the intention behind the policy was to
improve the nationalized industries to take part with the worldwide market. The privatization
process was sustained but not successful as much as it was anticipated because the wealth of
the nation cut down into the few and far between personalities of the nation and wealth gap
greater than before automatically in 1990’s.

In 1999 prime minister of that period Benazir Bhutto was come to a close the program and
make a decision to nationalize the main industries to disturbed the gap of wealth between rich
and poor.

In 2004 another program was launched by Prime Minister Shaukat Aziz. Aziz officiously and
sharply hard up 100% privatization of state-owned originalities while to some extent schemed
to privatize 85% of banking sector. Starting from 2003 until 2007, Aziz fruitfully privatized
80% of the financial sectors into private-ownership Corporation, while privatizing the shares
of Pakistan International Airlines and other big sectors into the public hands.

According to ADB the privatization process is successful in all aspects of creativeness

enhancement in effectiveness of sectors and economy, capital possession, employment and
utilization of their resources and assets.

Privatization process of Pakistan started from suggested simplicity turned into complexity due
to legal implications through changes in political climates over period. Experience of
privatization resulted into varied conclusions, some of them reflected better performance by
new management and some resulted into disaster of untrained management (Bokhari, 1998).

3
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1.3 Privatization in banking sector

1.3.1 Muslim Commercial Bank Limited:

In April 1991, 26% shares were vended to National group for PRs. 838.8 millions. Another
25% shares were tendered for payment to the public in Feb 1999.

Enduring share were have been dissociate from Jan 2001, Nov 2001 and Oct 2002 for pay
envelope of RS. 1287.2 million .Privatization commission report (PCR 2007)

1.3.2 Allied bank Limited:

In Sep 1991, 26% of share were hawked to Allied management group (AMG) in support of
employee of Allied bank limited. Another 25% shares were sold in 1993, resulting in handover
to ownership from the public sector to AMG (PCR 2007).

1.3.3 Banker Equity Limited:

In June 1996, 51% shares were sold to LTV group for 618.73% million (PCR 2007)

1.3.4 Bank Alfalah limited:

In June 1997, extreme bid of PRs. 1.64 billion received for jumble sale of 70% shares of Habib
credit and exchange bank limited. 2% shares were meet for employees, 28% share s sold in
block for PRS. 1226.0 millions. The shares not taken up by the employees were also sold. Sale
purchase agreement was signed on 13th December 2002. (PCR 2007)

1.3.5 United bank limited:

In October 2002, 51% shares were sold for the amount of 176,907,858 US$ and PRS.
1,852,500,000 are received. (PCR)

1.3.6 Habib bank limited:

On 29th of December 2003 highest bid of PRs. 22.409 billion received from agha khan fund
for economic development, for sale of 51% of the total shares. Transfer to the new hands took
place in 26th of Feb 2004. (PCR 2007)

6
1.3.7 National bank of Pakistan:

In November 2001, 23.2% share have been divested through IPO/PO.

PRs 373.0 millions in Feb, 2002. PRs. 782.0 millions in November 2002 and PRs. 604.0
millions in November 2003. (PCR 2007).

7
Review of literature

Shah, A. (2012) studied comparative study of allied bank of Pakistan and Muslim commercial
bank of Pakistan in pre and post privatization era in his study he declared privatization as a
central tool of increasing efficiency of sectors in Pakistan especially banking system for his
comparative study of pre privatization and post privatization era he selected two major banks
of Pakistan Allied bank limited and Muslim commercial bank and used A new techniques the
reliability model he found that both banks are improved in the deposit and assets as well as
shows a progress in the employment rate while income is unchanged for both the banks after
privatization process the study shows a clear efficient progress of MCB over ABL the reason
may be the separate policy of both banks. While he conceded the privatization process has the
Positive impacts on Pakistan’s banking system.

Shah A, et al. (2012) they studied privatization of banks in Pakistan a case study of allied Bank
they compare the various measures of performance such as
(Profitability,Efficiency,Investment, Employment and Assets) of Allied Bank in pre
privatization era and for post privatization period and suggest policy measures. The study was
based on the hypotheses, profitability of Allied bank has been changed after Privatization, and
ABL’s efficiency of Privatized banks has been changed. The deposits, pre-tax profit and
investment of Allied bank and Muslim Commercial bank changed after privatization. In their
study they used the methodology of comparative analysis and efficiency levels were measured.
The results show that Allied Bank Limited Showed a slow progress as compared to the other
Banks throughout the privatization period. The reasons Explored by them that the transfer of
the bank from before nationalization to the nationalization without taking in account of the
capital dividends on certain vivid policy measures. They suggested in their study that the clear
advisory policy should be framed and privatization policy should be revised and create a trust
among the investors and government.

Faisal, et al. (2015) studied the financial performance of banks in Pakistan a comparative
analysis of private and public banks for their study they compare Financial performance of

8
MCB Bank Ltd and National Bank of Pakistan by applying common size analysis and ratio
analysis of financial statement of banks used the data from 2005-2009 and conclude that both
banks are working efficiently but they need improvement in some areas like current ratios,
return on equity and operating profit of both banks they also found that the MCB is working
more efficiently and utilized their assets more effectively as compare to NBP. They suggest
both banks to improve their debt level to enhance their funds and profit level in the right time
in the right way.

Rizwan. M, et al. (2015) studied the impact of privatization on banking sector a case study of
MCB and ABL. They considered the privatization is best tool for the economic stabilization
for their study they select two firstly privatized banks major banks MCB and ABL for the
comparison they used the data range from pre privatization era 1987-91 and for post
privatization phase 2008-2012 and used the ratio analysis method they found a significance
improvement in both banks especially in MCB as compare to ABL. The rate of equity of both
banks increases after privatization with compare to pre privatization era. Return on earning
assets are also quiet high after privatization. Interest margin to total assets and loans to deposit
ratios are also appreciated after privatization. While a constant growth in earning are noted
after privatization. Suggested that the privatized banks should expend their areas
internationally taking advantage from globalization while the state banks of Pakistan act as a
guidance rather than as direct body to the privatized banks.

Khalid. U, et al (2006) studied The Effect of Privatization and Liberalization on Banking Sector
Performance in Pakistan for his methodology he used the CAMEL framework of financial
performance of the respective banks and used the data “between” 1990-2000. Results obtained
show little evidence of improvement in most of the indicators of Financial health as a result of
the privatization and liberalization policy so far for the Pakistan a poor performance is shows
by ABL because the transfer to the employee sector, however entire observation on the bases
of CAMEL shows that the performance of all sector and undertaken industries shows a
satisfactory changes after privatization process.

Janusz, T.J. (2015) studied about the scope and nature of privatization in financial sectors he
observed that The methods of banking system privatization and transformation in the European
countries examined here took place typically as the product of changes in the legitimate and
structural outline for managing financial activity and as a significance of specific privatization
assessments occupied for the most part for macroeconomic reasons. He recommends the high

9
proportion of philosophical and macroeconomic motives for the course of action in Europe.
The spectacle was most evidently able to be seen in CEE nation state, even though it might
also be seen in the privatization procedures take into account in many countries of Western
Europe. As a result, dissimilarities in the objective and subjective latitude of financial-sector
privatization in especially European countries ought to be accredited much more to the
encouragement of Conceptual comprehensions an effect hold back on the whole from the
impact of pressure groups fascinated in privatizations than to pressure from the economic
determining factor of financial commotion make plain themselves in microeconomic ins and
outs for privatizations.

Muhmmmad, R.M. (2012) studied banking sector reforms in Bangladesh and its I mpact the
aim of this study was to look at the main restructurings carry out in the financial sector of
Bangladesh and to estimate their effects on the banking development and particularized
performances of the banks. Improvement of banking sector is measured by financial expanding,
effectiveness and cost-effectiveness within the financial sector industry. Particular efficiency
of the banks are calculated by "Capital Adequacy, Asset Quality, Management Soundness,
Earning performance and Liquidity" of the banks. The study made known that the banking
system in Bangladesh has been developed to some extent. On the other hand, he spot a varied
result for different types of financial sectors in instance of working appraisal of the banking
sector. Even though the domestic financial system unsuccessful to accomplish adequate
development, the overseas banks were capable to get better their implementation significantly
perchance for having hard-wearing and effective administration, and supplementary falling in
line with the policy, guiding principle, ethics give out by their head office.

Ghulam, C M. et al. (2016) explored impact of privatization upon efficiency of enterprises

demonstrate from the banking sector of Pakistan aims of the study was to investigated the
influence of privatization upon competence of banking sector in Pakistan. It deal with
commercial banks of the Pakistan that were nationalized in 1970s and soon after on privatized
in the middle of 1991 and 2007. They used banking data of 1981 to 2007, from the annual
reports of accepted banks. Moreover, nationalized banks for that epoch was correspondingly
weigh up to investigate the comparative effectiveness and effects of privatization on aggressive
banks in cluster. The non-parametric Data Envelopment Analysis method was used to analyze
the relative efficiency scores for particular banks in both before and after privatization state of
affairs as well as in diverse stages for relative reason. The results indicated that the overall

10
proficiency of banks in after privatization era as well as in every single period hang around
considerably lesser than the period underneath that.

Omran, M. (2007) privatization, state ownership and banking performance in Egypt in the
study he embark on the financial and operational implementation of a sample of 12
Egyptian banks from 1996 to 1999, in the course of which time control was transmitted from
the government to the private sector. At the back of privatization, the outcomes point towards
that some profitability and liquidity ratios for privatized banks falling-off considerably, but
other performance instruments are close to unchanged. Opposing, the results designate that the
comparative efficiency change of privatized banks were enhanced than those of diverse banks
with widely held public proprietorship but shoddier than those of banks with other ownership
forms (private, state-owned, and mixed private ownership). On the other hand, he finds a
durable indication to backing the theory and preceding empirical conclusions that banks with
superior private possession perform well again public ownership of banking system.

Ilyas, M. et al. (2012) the Impact of Privatization on the Financial Performance of

Banking Sector in Pakistan the study was conducted to examine the effects of privatization on
financial implementation of banking sector of Pakistan. For the investigation they used ten
years secondary data five years of before and five years of after privatization phase and method
of ratio analysis, paired t-test statistical method and
Trend analysis were taken for research. Results of ratio analysis in paradigm of Habib Bank
Limited and United Bank Limited are helping hand of privatization for the reason that the
financial performances are get better after privatization process. Paired t-test analysis results
give more prosperous indication in case of Habib Bank Limited, 8 within 15 ratios be in favor
of the privatization process had encouraging effects on the banking sector performance, its
results are considerably with 53.33%, while in the case of UBL outcomes are underprivileged
in favor of privatization only 4 ratios results are substantial with 26.67 %. The movement
examines with the exception of some ratios are also indicating the effective results in
Compassion of privatization for HBL and UBL.

Nazir, M S. et al. (2010) The Impact of Financial Restructuring on the Performance of Pakistani
Banks using the DEA Approach in their study they considered Privatization is one of the most
complicated procedures to get better the financial status of the banking sector and has been

11
statistically verified by means of various econometrics models; and even now, many
investigation are under observation to judge its consequences on the economy. The study was
get done to estimate the operational efficiency of 28 Pakistani commercial banks over a five
year phase, back and forth the conventional techniques and Data Envelopment Analysis (DEA)
approach was taken for the study. The outcomes of the traditional methodology put forward
that privatization cannot assist banks in getting higher their operating income. These results
add supplementary strength to the resulted of the DEA methods of analysis of computing
effectiveness, which indicates that government banks are well able to shelter their interest and
Non-interest operating expense from their conforming returns.

Ijaz, D. et al.(2012) impact of privatization on non-performing loans of conventional

commercial banks in Pakistan the aims of the study was to designates the impacts of
privatization on non-performing advances of conservative schedule banks in Pakistan to some
areas. For their investigation they selected MCB, ABL, UBL and HBL banks which were
privatized in order to achieve effectiveness and all of these banks point toward momentous
development after the privatization procedure. Graphical as well as logical examination is
wrought to evaluate the effects of de nationalization. Average values of non-performing loans
showed a considerable decline in the values of non-performing advances in the post
privatization era. There are also some other momentums for this enhancement like the Banking
Restructurings. Due to these Reallocations the ideas of corporate authority, threat measurement
and advances files case etc. supervisions and some others were introduced. Extremely minor
amount of people starved of the significance of these reconstruction procedure. An obvious
enhancement indicates that privatization has declines the values of non-performing loans.

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 Data and Methodology

Objectives of the study is to examine the privatization impacts on banking sectors. For the
investigation of study i used the method of ratio analysis this method is widely use in various
studies to put side by side the different industries and different division of companies this
method is helpful to analyze the financial performance of the firm. Four major privatized banks
are pick out for the inquiry are Muslim commercial bank, Allied bank limited, habib bank
limited and United bank limited. For investigate the result and assessment two different periods
for the study pre privatization phase (1988-1992) and post privatization (2011-2015) are
selected. The secondary data are collected for the study from a number of annual financial
statements of both banks of pre-privatization and post-privatization phases. Some major
sources are follow:

State bank publications

Pakistan banking system review various publications

Pakistan banking statistics various issues

Financial sector analysis of financial sectors

Asian development bank publication

Privatization commission of Pakistan annual reports

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3.1 Ratios Used in Analysis

3.1.1 Earning Assets to Total Assets (EA to TA)

EA includes advances, investing in securities, and money market assets. It ignores

Cash and non-earning credits as well as fixed assets. This ratio express how much banks
utilized efficiently their assets. High the ratio indicates high performance of the industry.
To calculate Earning assets to total assets formula is given below

Averagte earning assets

EA to TA =
Average total assets

3.1.2 Return on Earning Assets (ROEA)

ROEA calculated dividing net income minus taxes by average earning

Assets (AEA), is a profitability calculate to be watched in Concurrence return on assets (ROA)
and return on Equity (ROE)
Formula to calculate ROEA given below:

Income−Taxes or Net income

ROEA =
Average earning assets

3.1.3 Interest Margin to Total Assets (IM to TA)

IM to TA is a main factor of bank profitability, this ratio shows the efficiency of banking
management towards interest expenses and interest earnings. This ratio can be calculated as
below:
interest earned−interest expenses interest margin
IM to TA = = Average earning assets
Average earning assets

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3.1.4 Equity Capital to Total Assets (EC to TA)

EC to TA ratio is correspondingly described as funds to total assets, calculate the length of

equity ownership in the financial sectors. This possession affords the protection in
contradiction of the risks. Formula to calculate the ratio is given:

Average equity
EC to TA =
Average total assets

3.1.5 Loans to Deposits (LD)

LD ratio is the type of bank’s assets and his liabilities. Bank’s advances and deposits shows
the performance of banks assets and risks with respect to deposits and loans of the industry.
This ratio is calculated as:

Average total advances

LD =
Average total deposits

15
3.2 Ratios for ABL
Ratios for ABL before privatization

Ratios for ABL after privatization

16
17
3.3 Ratios for MCB

18
Ratios for MCB before privatization with the help of diagram

Ratios for MCB after privatization with the help of diagram

19
3.4 Ratios for HBL

20
21
3.5 Ratios for UBL

22
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 Chapter No: 4
4.1 Results and Conclusion

The above analysis are presents performance, utilization of assets and financial decisions of
four major banks of Pakistan. For pre privatization era from 1988 to 1992 for selecting five
years for the era of pre privatization and also for post privatization era from 2011 to 2015. The
data of five years before privatization and five years after privatization is selected to measure
the effect. The graphs is expressing inappropriate growth in the post privatization performance
with more or less same values however, in comparison with pre privatization period
performance. The share value has considerably increased as apparent by loan to deposit ratio,
return on earning assets and equity capital to total assets values. The reason for this static
growth in post privatization era could be its attainment by its own employees. In short the
privatization decision is valuable and effective significant for the bank present situation as well
as for future also.

In case of MCB study concerning functioning, financial and resource utilization in order to get
competence and financial growth. There is a significant growth shown during the After the
privatization period as contrasted to the period of before privatization. The interest margin,
Equity capital to Total Assets and Return on Earning Assets are observed with considerable
development with in the period selected for our study moreover Loan to Deposit ratio is even
found a substantial increase in the trend. Hence the performance of MCB after being privatized
is highly patent from the above tables and diagram showing that privatization has the
significant role in the present situation and for the future success.

While the HBL and UBL also got the increased in the interest margin, Equity capital to Total
Assets and Return on Earning Assets. But not as much compares to the ABL and MCB. The
UBL has efficiently increase their return on earning assets, which was felled negative in the
phase of pre privatization. Which is clear sign in the favor of privatization in banking sectors
of Pakistan.

24
Study was conducted to evaluate the performance of four major privatized banks of Pakistan.
Firstly major privatized banks Muslim Commercial Bank, Allied Bank Limited, Habib bank
limited and united bank limited. The effort were made to evaluate the impact of privatization
on the performance, intensity, output and net worth of the banks for the duration of the selected
periods for the study before and after privatization process. The results were very flawless and
pleasing. The investigation presents a measureable change in Assets, Investment, Deposits,
Profitability, and Equity in post privatization era. The results have proved the significance of
privatization towards all the dependent variables of study. It is significantly apparent from the
empirical values that privatization is a worthy process for the affluence of banks and sooner or
later for the economy.

After a comprehensive ratio analysis of all selected Banks’s balance sheets and financial
statements the study come across the following results
• The rate of equity increased with respect to time in the post privatization periods in
2011-2015 as compared to pre privatization phase.
• The Return on Earning Assets is found to be quiet raised before privatization era as
compare to the after privatization phase.
• The rate of Interest Margin to Average Earning Assets indicates a noteworthy
percentage change positively.
• The Loans to Deposits Ratio has also been envisaged as a prosperous change in the post
privatization process.
• A stable and persistent growth is detected, while seeing Earning Assets to Total Assets
in pre privatization and post privatization periods.

25
 Chapter No: 5
Recommendation

After a comparative analysis of privatization impact on two large banks MCB, ABL, HBL and
UBL selected for the study, recommendation for the study is given below.

• when the income of financial institution are increasing it must re-invest their income
further to increase performance through management, output and efficiency of banking
structure
• The state bank should take steps as a guiding organizational structure rather than a
directive body for the financial institutions.
• The financial sector should take head-to-head group effort with the state bank to
downtrodden the inconsistencies.
• The banking sector should be expend more to everywhere in the world it must get the
advantage of globalization to make the banking sector also a global village to adopt
new technology and means of advancement in every department of financing.

26
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of Pakistan limited
Annual Report (1988-1992 & 2011-2015)”Financial statement of Muslim commercial bank”
Muslim commercial bank of Pakistan limited.
Annual Report (1988-1992 & 2011-2015)”Financial statement of Habib bank limited” Habib
bank of Pakistan limited.
Annual Report (1988-1992 & 2011-2015)”Financial statement of united bank ltd.” united
bank of Pakistan limited
PBS (2011, 2012, 2013, 2014, 2015)”Banking review system of Pakistan” Publication of state
bank of Pakistan.
Baumol, W J. (1996): “Rules for Beneficial Privatization: Practical Implications of
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