silkbank internship report

Internship Report

Silk Bank

Internship Report on Silk Bank

Submitted to

Internship Coordinator Submitted by

Mehreen Aslam BBA 01-111062-081

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Internship Report

Silk Bank

EXECUTIVE SUMMARY Silk bank is the Public sector financial institution. The Silk bank was established on 1949, to serve as an agent to the SBP. Silk bank head office is in Karachi. It has 1249 regional branches and 18 overseas branches. Silk bank is a 52% share owned by the Government of Pakistan (GOP). Silk bank's total assets stood at PKR820 billion on mid of 2009. This included total earning assets of about PKR268 billion with gross loan portfolio of PKR140 billion. The bank also has an investment portfolio of PKR171 billion, which comprises treasury securities, corporate bonds, shares and other securities. This report is based on internship in Silk bank branch name. It is a famous and reputed bank of Pakistan. Silk bank maintains first position in banking sector in Pakistan. This report is based on the activities, which are performed in this bank. This report contains Banking services, competitive analysis, SWOT analysis, bank tariffs and exchange rates of Silk bank. There are also stated the activities which I performed during my internship in the branch. In this report I also discuss the industry analysis of banking system in Pakistan. During the internship I was observed the jobs task of the employees and at the we find him a lot of problems at the management level. So I Have mentioned all the problems from which the branch has been suffered have given the suggestion that can they solve branch problems? There are also mentioned the way of investment, rates of investment, and all types of financing and loans facilities the Silk bank provides. The problems in this branch are also discussed. This report also intimates about the daily reserves, which are required by the branch to meet the need of its daily transactions.

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Internship Report

Silk Bank

ACKNOWLEDGMENT At the outset, I feel obliged to express my profound gratitude to the Branch Manager of the Silkbank G-9, who has throughout my internship provided me with endless help, valuable guidance and encouragement. Her experience, expertise, flexibility and ability to open new vistas of knowledge have contributed much in our educational pursuit. I am deeply indebted to my chosen bank i.e Silkbank and their customers who participated in the study. I am especially thankful to all the staff for agreeing to provide the required data and give me priceless knowledge. I owe my greatest gratitude to my parents for their continuous support, assistance, guidance, love and patience without which I could not have completed this internship and report in such a short span of time.

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Internship Report

Silk Bank

TABLE OF CONTENTS Executive Summary…………………………………...……………………………………2 Acknowledgement………………………………………...………………………………..3 Silk Bank………………………………………………...…………………………………5 Employees Hierarchy………………………………………..…………………………….6 Branch Introduction……….…………………………..……………………………………7 What I Did? ………………………………………….…………………………………….7 Services of Silk Bank……………………………...……………………………………….10 Salient Features………………………………..…………………………………………...11 Departmentation……………………………………..……………………………………..13 Application of Learned Concepts………………………………………..………………...17 Financial Analysis……………………………………………………..………………… 18 SWOT Analysis…………………………………..……..…………………………………21 PEST Analysis……………………………………………………….……………….……23 Suggestions &Recommendation…………………..………………………...………….…24 Conclusion………………………………………………………….……………….……..26

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Internship Report

Silk Bank

Silk Bank Silk bank maintains its position as Pakistan's premier bank

determined

to

set

higher

standards

of

achievements. It is the major business partner for the Government of Pakistan with special emphasis on fostering aggressive

Pakistan's and

technologically

economic balanced

oriented

growth lending

products

and

through policies, services

offered through its large network of branches locally, internationally and representative offices. Banks

new

identity Silkbank –

is

a

name

with

a

meaning that endorses our values. The name takes its inspiration from ‘Silk’, a natural element known for its unique properties. Inspiration also comes from the Silk route which has been a corridor for trade and commerce between Asia and the rest of the world for centuries.

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Internship Report

Silk Bank

Employees Hierarchy PRESIDENT PRESIDENT MEMBER MEMBERBOARD BOARD SENIOR SENIOREXECTIVE EXECTIVEVICE-PRESIDENT VICE-PRESIDENT EXECUTIVE EXECUTIVEVICE VICEPRESIDENT PRESIDENT

BRANCHHIERARCHY HIERARCHY BRANCH

SENIOR SENIORVICE VICEPRESIDENT PRESIDENT

VICE VICEPRESIDENT PRESIDENT ASSISTANT ASSISTANTVICE VICEPRESIDENT PRESIDENT OFFICER OFFICERGRADE GRADE

II

OFFICER OFFICERGRADE GRADE

22

OFFICER OFFICERGRADE GRADE

33

MESSENGER MESSENGER PEON PEON SWEEPER SWEEPER

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Internship Report

Silk Bank

Branch Introduction I did internship in (Silk bank), G-9 Branch, Islamabad. This branch was founded in July 1962. From last many years this branch is not only achieving its targets of deposits and advances rather it remains above the targets. According to the financial record of last year this branch was earning more than 20% of total profit of the region. Every year the targets of this branch are increasing by 20 to 25 percent but still there is a potential in the market to meet these additional targets. This branch is performing its functions in traditional style and now it has been converted into an online branch.

What I Did…? After joining the bank for internship initially it was so difficult for me to get the attention of the employees, every body was terribly engaged in there own activities, no body was having time to accommodate me. This was a crucial time for me to get the attention of Silk bank’s management and to make them realize that their valuable information is so much necessary for the up gradation of my knowledge and for the completion of the task which I was assigned by the institution. But very soon I succeeded in making relationship with the top influence people and with the help of these people I started permeated in the system. This was my first step towards the completion of my task and with the passage of time they realized that they could also utilize my efforts in a productive way to minimize their burden. They provided me their time and information, which helped me to enhance my knowledge, and they also shared their experiences with me, which I believe that it would be helpful in my practical life. First two weeks I worked in operation department, for next two weeks I worked in credit department and for rest of the time I worked with Business Manager where I learned lot of things including how to deal with corporate customers, with individual customer and how loans can be recovered from the customers.

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Internship Report

Silk Bank

During the internship session I got the chance to perform on different activities, which are listed below, and short explanation is also given.

Account Opening Department To open an account the customer have to meet the general banking manager with an introducer (the person who is going go introduce that person in the bank) and get an application form used for account opening. Different color-coded application forms are available for each type of account. Along with the form a card for specimen signature is also supplied to customer. Manager has every right not to accept this contract if he is not satisfied by the details provided by the customer. In case the contract is acceptable to both, now it is ready to open the account formally.

Account Types Though in theory they’re many types of accounts but commonly account operators can be classified in one of the following categories, each have different documentation requirements:  Single  Joint  Partnership  Private Limited

Credit Department The earning of a commercial bank is chiefly derived from interest charges on loans and discounts it. Now loans are recognized as advances or finances. The advances are made through the deposits that are kept in the bank by the customers. The bank pays profit on the deposited amount and receives mark up on the advances made of different amounts. Silk bank introduced the mark up based advancing in Jan1, 1985 when the Islamization of the economy was influence under this system of advancing the bank is entitled to receive a constant sum of money on the amount that is outstanding on the account of the party.

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Silk Bank

Foreign Exchange To promote flow of foreign exchange in the country, the Government of Pakistan started a new scheme of opening of bank accounts in foreign currency. These accounts were entitled to receive profit percentage in shape of the currency in which the account was kept (Dollar account shall be paid profit in dollars). This has increased the flow of foreign currency especially from the Pakistani foreign residents, who used to send money to their families at home. The State Bank of Pakistan was given special rights to control and monitor the performance of the “Authorized Dealers” in foreign exchange accounts. Authorized Dealer is a person or an institution, which can deal with the foreign exchange. The authority is given by SBP to all those scheduled Banks who have adequate trained staff and facilities. These scheduled banks are given license to deal in foreign currency transactions.

Remittance Department Remittance department provides services to the customer of the bank. The main function of this department is transfer of funds. INSTRUMENTS OF BILLS AND REMITTANCE DEPARTMENT The instruments that are handled in the Remittance department are as follow: •

Demand Draft.

•

Mail transfer.

•

Telegraphic transfer.

•

Pay order.

•

Pay slip.

•

OBC (outward bill for collections).

•

IBC (inward bill for collections).

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Internship Report

Silk Bank

Clearing Department There is no legal obligation on a banker to collect cheques drawn upon other banks for a customer. However it is function of almost every modern bank of the collection of cheques and bills on behalf of the customer. Clearing department services are provided in order to make arrangements for the economic collection of the cheques, DD and other negotiable instruments. A large part of this work is carried on through the clearinghouse. After joining the bank in internship I got the practical exposure of all the above-described activities. The mechanism is not too simple to understand easily but still lots of complexities have been solved.

SERVICES OF SILK BANK: Services are he outputs of the firm, which are in intangible form.

DEMAND DRAFTS If you are looking for a safe, speedy and reliable way to transfer money, you can now purchase Silk bank’s Demand Drafts at very reasonable rates. Any person whether an account holder of the bank or not, can purchase a Demand Draft from a bank branch.

SWIFT SYSTEM The SWIFT system (Society for Worldwide Inter bank Financial Telecommunication) has been introduced for speedy services in the area of home remittances. The system has built-in features of computerized test keys, which eliminates the manual application of tests that often cause delay in the payment of home remittances. Using the Silk bank network of branches, you can safely and speedily transfer money for our business and personal needs.

LETTERS OF CREDIT Silk bank is committed to offering its business customers the widest range of options in the area of money transfer. If you are a commercial enterprise then our Letter of Credit service is just what you are looking for.

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Internship Report

Silk Bank

TRAVELER'S CHEQUES Traveler’s cheques are negotiable instruments, and there is no restriction on the period of validity of the cheques. Rupee traveler’s cheque is available at all 700 branches of Silk bank this can be encashed in all 400 branches of Silk bank. There is no limit on purchase of this cheque. It is one of the safest ways for carrying money.

PAY ORDER Silk bank provides another reason to transfer your money using our facilities. Silk bank pay orders are a secure and easy way to move your money from one place to another. And, as usual, Silk bank charges for this service are extremely competitive.

MAIL TRANSFERS Move your money safely and quickly using Silk bank Mail Transfer service. And Silk bank also offers the most competitive rates in the market. They charges Rs 50/- exchange rate and RS 75/- postage charges on issuing mail transfer.

FOREIGN REMITTANCES: To facilitate its customers in the area of Home Remittances, Silk bank has taken a number of measures to: •

Increase home remittances through the banking system

•

Meet the SBP directives/instructions for timely and prompt delivery of remittances to the beneficiaries

Salient Features: •

Rs 2-million are required to open an account and there is no maximum limit.

•

Profit is paid on half yearly basis on monthly balances.

•

The rates of profit vary according to the slabs of deposit. On Deposits of Rs.2 million to 2,000 million, the rate fluctuates from 1.4 to 1.75

•

It is a checking account and there is no limit of withdrawals.

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Internship Report

Silk Bank

SILK BANK is involved in the following: •

Investment into the capital market

•

Introduction of capital market accounts (under process)

Silk bank’s involvement in capital markets is expected to increase its earnings, which would result in better returns offered to account holders COMMERCIAL FINANCE Silk bank dedicated team of professionals truly understands the needs of professionals, agriculturists, large and small business and other segments of the economy. They are the customer’s best resource in making Silk bank’s products and services work for them. TRADE FINANCE OTHER BUSINESS LOANS There are two types of trade finance. AGRICULTURAL FINANCE Silk bank provides Agricultural Finance to solidify faith, commitment and pride of farmers who produce some of the best agricultural products in the World. a. Agricultural Finance Services: “I Feed the World” program, a new product, is introduced by Silk bank with the aim to help farmers maximize the per acre production with minimum of required input. Select farms will be made role models for other farms and farmers to follow, thus helping farmers across Pakistan to increase production. b. Agricultural Credit: The agricultural financing strategy of Silk bank is aimed at three main objectives:•

Providing reliable infrastructure for agricultural customers

•

Help farmers utilize funds efficiently to further develop and achieve better production

•

Provide farmers an integrated package of credit with supplies of essential inputs, technical knowledge, and supervision of farming.

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Internship Report

Silk Bank

c. Agricultural Credit (Medium Term): •

Production and development

•

Watercourse improvement

•

Wells

•

Farm power

•

Development loans for tea plantation

•

Fencing

DEPARTMENTATION CASH DEPARTMENT Cash department performs the following functions Receipt The money, which either comes or goes out from the bank, its record should be kept. Cash department performs this function. The deposits of all customers of the bank are controlled by means of ledger accounts. Every customer has its own ledger account and has separate ledger cards. Payments It is a banker’s primary contract to repay money received for this customer’s account usually by honoring his cheques. The Requisites of Cheque There is no prescribed form of words or design of a Cheque, but in order to fulfill the requirements mentioned in Section 6 above the Cheque must have the following. a)

It should be in writing

b)

The unconditional order

c)

Drawn on specific banker only

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Internship Report d)

Payment on Demand

e)

Sum Certain in money

f)

Payable to a specific person

g)

Signed by the drawer

Silk Bank

Parties to Cheque The normal Cheque is one in which there is a drawer, a drawee banker and a payee, or no payee but bearer. a)

The Drawer

b)

The Drawee

c)

The Payee

CLEARANCE DEPARTMENT A clearinghouse is an association of commercial banks set up in given locality for the purpose of interchange and settlement of credit claims. The function of clearinghouse is performed by the central bank of a country by tradition or by law. In Pakistan, the clearing system is operated by the SBP. If SBP has no office at a place, then Silk bank, as a representative of SBP act as a clearinghouse. After the World War II, a rapid growth in banking institutions has taken place. The use of cheques in making payments has also widely increased. The collection as settlement of mutual obligations in the form of cheques is now a big task for all the commercial bank. When Cheque is drawn on one bank and the holder (payee) deposits the same in his account at the bank of the drawer, the mutual obligation are settled by the internal bank administration and there arises no inter bank debits from the use of cheques. The total assets and total liabilities of the bank remain unchanged. In practice, the person receiving a Cheque as rarely a depositor of the cheque at the same bank as the drawer. He deposits the cheque with his bank other than of payer for the collection of the amount. Now the bank in which the cheque has been deposited becomes a creditor of the drawer’s bank. The depositor bank will pay his amount of the cheque by transferring it from cash reserves if there are no offsetting transactions. The banks on which the cheques are drawn become in debt to the bank in which the cheques are deposited. At the same time, the creditors’ banks receive large amounts of cheques drawn on other banks giving claims of payment by them. The easy, safe and most efficient way is to offset the reciprocal claims against the other and receive only the net amount owned by them. This facility of net inter bank payment is provided by the clearinghouse.

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Internship Report

Silk Bank

The representatives of the local commercial banks meet at a fixed time on all the business days of the week. The meeting is held in the office of the bank that officially performs the duties of clearinghouse. The representatives of the commercial banks deliver the cheques payable at other local banks and receive the cheques drawn on their bank. The cheques are then sorted according to the bank on which they are drawn. A summary sheet is prepared which shows the names of the banks, the total number of cheques delivered and received by them. Totals are also made of all the cheques presented by or to each bank. The difference between the total represents the amount to be paid by a particular bank and the amount to be received by it. Each bank then receives the net amount due to it or pays the net amount owed by it.

ADVANCES DEPARTMENT Advances department is one of the most sensitive and important departments of the bank. The major portion of the profit is earned through this department. The job of this department is to make proposals about the loans. The Credit Management Division of Head Office directly controls all the advances. As we known bank is a profit seeking institution. It attracts surplus balances from the customers at low rate of interest and makes advances at a higher rate of interest to the individuals and business firms. Credit extensions are the most important activity of all financial institutions, because it is the main source of earning. However, at the same time, it is a very risky task and the risk cannot be completely eliminated but could be minimized largely with certain techniques. Principles of Advances There are four principles, which must be duly observed while advancing money to the borrowers. •

Safety

•

Liquidity

•

Dispersal

•

Remuneration

Forms of Loans In addition to purchase and discounting of bills, bankers in Pakistan generally lend in the form of cash finance, overdrafts and loans. Silk bank provides advances to different people in different ways as the case demand.

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Internship Report

Silk Bank

a) Cash Finance This is a very common form of borrowing by commercial and industrial concerns and is made available either against pledge or hypothecation of goods, produce or merchandise. In cash finance a borrower is allowed to borrow money from the banker up to a certain limit, either at once or as and when required. The borrower prefers this form of lending due to the facility of paying markup/services charges only on the amount he actually utilizes. If the borrower does not utilize the full limit, the banker has to lose return on the unutilized amount. In order to offset this loss, the banker may provide for a suitable clause in the cash finance agreement, according to which the borrower has to pay markup/service charges on at least on self or one quarter of the amount of cash finance limit allowed to him even when he does not utilize that amount. b) Overdraft/Running Finance This is the most common form of bank lending. When a borrower requires temporary accommodation his banker allows withdrawals on his account in excess of the balance, which the borrowing customer has in credit, and an overdraft thus occurs. This accommodation is generally allowed against collateral securities. When it is against collateral securities it is called “Secured Overdraft” and when the borrowing customer cannot offer any collateral security except his personal security, the accommodation is called a “Clean Overdraft”. The borrowing customer is in an advantageous position in an overdraft, because he has to pay service charges only on the balance outstanding against him. The main difference between a cash finance and overdraft lies in the fact that cash finance is a bank finance used for long term by commercial and industrial concern on regular basis, while an overdraft is a temporary accommodation occasionally resorted to.

DEPOSIT DEPARTMENT It controls the following activities: a)

A/C opening.

b)

Issuance of cheque book.

a)

Current a/c

b)

Saving a/c

c)

Cheque cancellation

d)

Cash

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Internship Report

Silk Bank

Types of Accounts Following are the main types of accounts 1)

Individual Account

2)

Joint Account

3)

Accounts of Special Types  Partnership account  Joint stock company account  Accounts of clubs, societies and associations  Agents account  Trust account  Executors and administrators accounts  Pak rupee non-resident accounts  Foreign currency account

Application of Learned Concepts After getting entered into practical life this is a common complaint that practically things are quite different from theoretical learning, but I did not face such big difference because the concepts I got from the course of “Money and Banking” and “Business Institutions” were so much close to the real world. In management and marketing style of the employees there were somehow differences exist. While doing internship I got lot of experience and I got the chance to apply my knowledge practically, which helped me in getting interest in learning new concepts. After doing this practice I feel that I can even compare my practical knowledge in further studies.

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Internship Report

Silk Bank

Financial Analysis Liquidity Ratios: Ratios Current R a ti o Cash Ratio Net W.C Quick Ratio

2003

2004

2005 0.809

0.484 0.377

0.870

0.780 0.503

0.382

-29385417 -106408508 -91049316 0.484

2006

0.780

0.809

0.363 -68179014 0.870

Description: If we look at the liquidity ratios we can see that the bank has improved its liquidity position from 2003 to 2006. There is a continuous improvement in Silk bank’s liquidity position in 2003 the liquidity position was alarming and it was even less than 0.5. Although in banks it is difficult to keep these ratios up because banks mainly depend upon short-term liabilities but still Silk bank’s improvement is appreciated.

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Internship Report

Silk Bank

Leverage Ratios: Ratios

Debt Ratio Debt/Equi Ratio Times Int E a r R a ti o Debt to Tangible N.W

2003

2004

0.941

0.922

16.002

11.943

2.080

2.348

16.002

11.943

2005

0.869

2006

0.870

6.620

6.750

2.659

2.930

6.620

6.750

Description: If we look at the Debt ratio and Debt/Equity ratio it is clearly understandable that the bank has greater portion of debts in its capital structure, but as compare to 2003 in 2006 the condition is better and the bank has gradually increased its equity portion as compare to the debt. Still management need to change its capital structure and higher portion of

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Internship Report

Silk Bank

equity may result in better results, as it is present in times interest earned ratio which is showing that increase in the equity is putting healthy effect in returns.

Profitability Ratios: Ratios

2003

2004

2005 1.64%

2006

R.O.Assets

0.9%

1.2%

2.7%

R.O.Equi

15.2%

14.7%

16.7%

20.8%

R.O.Inv

6.0%

17.7%

19.7%

23.2%

R.O.Op Assets

3.7%

3.8%

5.3%

6.3%

Description: As we have seen in other ratios of leverage and liquidity the company’s financial position is much better in later years as compare to the year 2003, bank has got gradually and continuous increase in its income which is increasing its return on assets, equity and investment. Still return on assets is showing that bank is not utilizing its assets properly

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Internship Report

Silk Bank

and its efficiency is to be increased. Return on equity is satisfactory and showing that bank is having very less portion of equity.

SWOT ANALYSIS Strengths: 

Public confidence



Sound financial strength



Highest profitability



Vast operational network



Role in economic development



Utility bills collections



Corporate branches



Evening banking



Efficient home remittance



Recognition of hard work of staff



SWIFT



Internet access (www.silkbank.com)



Pension & salaries payments

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Internship Report



Silk Bank

Online city branch

Weaknesses: 

Lack of good delegation



Inadequate, poorly placed network technology



Complex MIS



Deep rooted bureaucratic approval



Lack of long term & short term plans



Less share in import & export business



Poor resource utilization



Need better service policy



Frequent change in senior management

Opportunities:  New style management  Introduction of new products and services  Introduction of new technology & electronic banking  Capital management & equity financing  Secondary market operations  New deposit scheme

Threats:  Establishment of new private financial institutions & expansion  Govt. sponsored schemes  Political pressure  Reducing branch network

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Internship Report

Silk Bank

 New products form private Pakistan Establishment of new private financial institutions & expansion  New products form private Pakistani & foreign banks  Non-banking institutions  Inability to change  Inability to change  Stakeholders interests

PEST ANALYSIS Political: 

Privatization policy and deregulation.



Impact of subsidized credit affecting and Silkbank’s.



Employment practices, Unions, Associations.



Political Interference and harassment.



Incidents of high taxation on banking industry.

Economical: 

Constraints in mobilization of public savings because of inflation.



Staff cost.

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Internship Report



Operating cost.



Bad debts

Silk Bank

Social & Cultural: 

Inadequate human resources.



Cultural strain to savings.



Defaulter’s lobby.



Declining education and work ethics.



Inadequate accountability.



Adequate empowerment.

Technological: 

Inadequate communication infrastructure.



Inadequate computer facilities.



Inadequate IT training.

Suggestions and Recommendations Based on the SWOT and PEST analysis of the Silkbank, it is observed that the Bank like the other public sector industries has not been showing up to mark performance. There is a long list of weaknesses that is given on the previous page. Most of them are going along since long time and that all efforts made to remove them have not succeeded. On the basis of SWOT analysis of the Bank the following suggestions and recommendations are given.

∗

Bank should try to get rid of the political influence to be able to compete in the industry with prudent and strong policies.

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Internship Report

∗

Silk Bank

The undue reliance on the public sector be minimized and ventures of private sectors should be taken as well.

∗ ∗

Redefining of rules, regulations and policies should be made implemented at all costs. Efforts of great importance to be made for the over the counter services of general banking making it more simple and faster to get a better response of the customers.

∗

The behavior of the employee, especially on the counter has to be strictly monitored and checked.

∗ ∗

The still existed bureaucratic approval system has to be demolished. All advances should be made by getting the maximum security and should focus on productive work.

∗

Better and comprehensive long-term and short-term planning should be made to forecast the future needs.

∗

There is a possibility of establishing a task force to ascertain the effectiveness of the policies being implemented.

∗

The Bank should develop a comprehensive recruitment policy to make only the competent ones to be on the job.

∗ ∗

There is a still a vast pool of incompetent employees that has to right sized. There is a lack of promotional element in the planning and budgetary decisions of the Bank that has to think seriously.

∗

All branches of the Bank should be computerized for increasing the effectiveness and efficiency of its employees.

∗

Efforts should be continued to keep the powers of employees union to the minimum, like the current situation.

∗

Promotions must not be delayed and should be made on time to further increase the commitment and efficiency of the employees.

These and many other that can make a good set of recommendations, which have to be made possible to escape from the threats and weaknesses and the risks in environment that surrounds the Bank. The management do considers the policy matter that is not helping the Bank, but is still in practice due the absence of prudentially regulated system to protect them and the Bank.

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Internship Report

Silk Bank

Efforts have been made with serious concern to give Silkbank a status that it has to maintain by having practices of:

∗ ∗ ∗ ∗

Right sizing of the employees. By closing unprofitable branches. By introducing a merit based selection criteria. Promotions made conditional with qualifications.

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Internship Report

Silk Bank

Conclusion The economy of the country is booming and with the investment favorable policies and their smooth implementation, the role of banks in today’s economy have become an important one. The banking industry is also reaping the fruits of this economic boom by growing rapidly over the past few years. There are a number of mergers happening in the economy with foreign investments coming into the banking sector. It has been only one year since the establishment of Silkbank, and since its establishment it has aimed to become the leading bank of Pakistan by that provides outstanding services to its customers. The bank has seen phenomenal growth in the past year by opening more branches in the country, increasing the deposit base, while also increasing the assets and profits of the bank. The services that Silkbank provides have a great market penetration not only because of their features but also the profit and markup rates that they charge. Also the products that Silkbank provides cater to sector of the economy. The top management of the bank is always developing strategies that cope with unexpected challenges to deliver products and services more efficiently Furthermore, as the bank is growing, the number of employees at Silkbank are increasing, which shows that Silkbank is being considered as an employer, that provides its employees with a challenging environment to work in, where they can harness their full potential and shows confidence as an employer by the employees of the bank. Lastly to become the leading bank of Pakistan, Silkbank has to benchmark its services to its major competitors in the industry or the market leader in the industry and provide a continuous mean of improvement in its existing products and services, while introducing new ones to the industry.

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