Term Report On

Financial Management

Banking Industry Habib Metropolitan Bank (HMB) (Subsidiary of Habib Bank AG Zurich)

Submitted to: Mr. Sohail Sawani Course Instructor Financial Management Institute of Business Management

Submitted by: Nur Ali Tejani Student ID: 2009-1-03-10745 Institute of Business Management

July 31, 2011

LETTER OF AUTHORIZATION
May 15, 2011

Dear Readers As a student of MBA Educational Management, our course instructor of Financial Management Mr. Sohail Sawani authorized me to conduct a term report at Habib Metropolitan Bank (HMB). I was required to conduct the research on the selected topic, in accordance with the acquired learning throughout the semester.

This report is to be conducted to look at the impact of budget 2011-12 on banking industry in general and HBM in particular along with the Industry Analysis bases on desired indicators.

The report is required to be submitted on July 31, 2011.

Sincerely

Nur Ali Tejani MBA - Educational Management (EM) 2009-1-03-10745

Institute of Business Management, Karachi

LETTER OF TRANSMITTAL
May 15, 2011 Mr. Sohail Sawani Rizvi Course Instructor: Financial Management Institute of Business Management Karachi Subject:

Term Report on Financial Management at Habib Metropolitan Bank

Dear Mr. Sawani Here is the final research report on the said topic which you had authorized me to conduct at the beginning of this semester. The report is now ready for your perusal. This report is a brief description of the introduction of banking industry and placement of Habib Metropolitan Bank (HMB). I have covered SWOT analysis of the Industry that leads to the SWOT analysis of HMB. It also covers in-depth about the finance department their term of reference, daily routine work which inform us the flow of work in that particular area. Furthermore, it also discuss about the impact of budget 2011-12 on banking industry and at HMB. Finally the industry analysis inform us about the strategic importance of HMB. The making of this report has been a wonderful learning experience for me as a part of organization and I thank you to allow me to write report that helps me in both ways. I have worked diligently to provide you a real and complete picture that organization allows me to mention. If you have any queries, please call me on my no. 0333-3266154 I would be glad to respond to your queries. Sincerely

Nur Ali Tejani MBA - Educational Management (EM) 2009-1-03-10745

Institute of Business Management, Karachi

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LETTER OF ACKNOWLEDGEMENT
July 31, 2011

Mr. Sohail Sawani Technical Report Writing Facilitator Institute of Business Management Karachi

Dear Reader It has been a great honor for me to prepare a term report on Financial Management Banking Industry Habib Metropolitan Bank (HMB), which was assigned to me by my course facilitator of Financial Management, Mr. Sohail Sawani, without his guidance and support the compilation of the report would not have been possible.

I also want to express my token of thanks to Mr. Ahmad Pasnani, Assistant Vice President Finance Division and Muhammad Imran, Assistant Vice President Finance Division and Company Secretary for providing me the relevant and current information regarding the prospect of required term report which has benefited me a lot in compiling my report and making it worthwhile.

Thanking you

Sincerely

Nur Ali Tejani MBA - Educational Management (EM)

2009-1-03-10745
Institute of Business Management, Karachi.

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EXECUTIVE SUMMARY
As authorized to me by Mr. Sohail Sawani, on May 01, 2011, this report reveals the important financial aspect and industry analysis along with the impact of budget 2011-12 at Habib Metropolitan Bank (HMB).

Section I of the report gives an over view of the current situation of the financial sector in Pakistan, the changes it has witnessed over the period of last decade. In this part of the report details of the top ten banking services as per their assets is provided which is issued by the state bank of Pakistan. The next section briefs about HBM, its vision, products and services provided to the consumer. An analysis of the bank is part of this report indicating a detailed list of strengths such as that ranks in the first ten banks of Pakistan with large capital assets, however out of many weaknesses one of its weaknesses is that it does not invest in advertising, similarly it has many features that can be used as opportunities for growth and last but not the least is a list of challenges that the bank needs to keep in view so that these can be combated.

The report features the organizational structure and job descriptions of the finance department. A brief over view is also given of the activities of the finance department. The report in the end illustrates the impact of the budget 2011 -12 on the banking sector and analyses in depth the implication the budget will have on HBM finances. The industry analysis in relation then gives rise to a set of recommendations for the bank that can assist the bank in improvising its financial status.

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TABLE OF CONTENTS
LETTER OF AUTHORIZATION ................................................................................................... 2 LETTER OF TRANSMITTAL ........................................................................................................ 3 LETTER OF ACKNOWLEDGEMENT .......................................................................................... 4 EXECUTIVE SUMMARY .............................................................................................................. 5 TABLE OF CONTENTS ........................................................................................................................ 6 Introduction ...................................................................................................................................... 1 About Habib Metropolitan Bank (HMB) ........................................................................................... 3 SWOC Analysis .................................................................................................................................. 5 Overview of Finance Department .................................................................................................... 7 Job Description of Finance Department ........................................................................................... 8 Daily Activities of Finance Department ............................................................................................ 9 Impact of Budget FY12 on Banking Industry .................................................................................. 11 Impact of Budget 2011-12 on Habib Metropolitan Bank (HMB) financials ................................... 15 Industry Analysis as of March 2011................................................................................................ 17 PEER BANK ANALYSIS ................................................................................................................. 17 BIG FIVE BANK ANALYSIS ............................................................................................................ 21 Recommendation ........................................................................................................................... 24 References ...................................................................................................................................... 25

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Introduction
Overview of Financial Sector A sound and well functioning financial sector is essential to support economic growth of a country. Pakistan possess a wide range of financial institutions; commercial banks, specialized banks, national savings schemes, insurance companies, development finance institutions, investment banks, stock exchanges, corporate brokerage houses, leasing companies, discount houses, microfinance institutions and Islamic banks. They offer a whole range of products and services both on the assets and liabilities side.

The current structure of the financial sector in Pakistan is the result of several policy shifts and developments. Like many other developing countries, Pakistan also undertook the process of financial restructuring through reforms in early 1990s to establish a more marketbased system of financial intermediation and Government financing, conduct the monetary policy more efficiently through greater reliance on indirect instruments and increase the contribution to the rapid development of the stock markets.

During the last few years, financial markets and institutions in Pakistan have witnessed significant changes in terms of consolidation as well as diversification. Since 2000, more than 40 transactions of mergers and acquisitions have been executed within banks and between banks and non-bank finance companies. On the other hand, a number of banks/development financial institutes as well as their holding groups have expanded their activities into the areas where the banks hitherto were either not allowed or not interested. These include insurance, asset management, brokerage, leasing and other non-banking finance services essentially through separate entities. Along with financial services, various groups that control different banks have also stakes in non-financial/real sector of economy.

State Bank of Pakistan (the central bank of the country) is the sole supervisory and regulatory authority of Commercial Banks, Islamic Commercial Bank, Development Financial Institutions (DFIs), Micro Finance Banks and foreign exchange companies in Pakistan. The remaining financial institutions are monitored by other authorities, such as the Securities and Exchange Commission. (Pervez, 25th February 2011)

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Banking Sector Today, the Banking sector of Pakistan is playing pivotal role in the growth of countrys economy. In accordance with the State Bank of Pakistan Act, the banking system of Pakistan is a two-tier system including the State Bank of Pakistan (SBP), commercial banks, specialized banks, Development Finance Institutions (DFIs), Microfinance banks and Islamic banks. As of June 2010, the banking sector comprised 36 commercial banks (including 25 local private banks, 4 public sector commercial banks and 7 foreign banks) and 4 specialized banks with a total number of 9,087 branches throughout the country. Among the banks, there are 6 fully fledged Islamic banks as at end of June 2010. Top ten banks in Pakistan by their size of assets
End December 2009, in thousand Rs.

Ranking 1 2 3 4 5 6 7 8 9 10

Name of Bank Assets National Bank of Pakistan 944,232,762 Habib Bank Limited 820,981,347 United Bank Limited 619,744,051 MCB Bank Limited 509,223,058 Allied Bank Limited 418,374,331 Bank Alfalah Limited 389,070,055 Standard Chartered Bank (Pakistan) Limited 312,874,212 Askari Bank Limited 254,327,466 Bank Al-Habib Limited 249,806,600 Habib Metropolitan Bank Limited 237,412,230 Source: State Bank of Pakistan

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About Habib Metropolitan Bank (HMB)

Vision Based on foundation of trust, to be the most respected financial institution, delighting customers with excellence, enjoying the loyalty of a dedicated team, meeting the expectations of regulators and participating in social causes while providing superior returns to shareholders

Habib Metropolitan Bank was incorporated in Pakistan as a Public Listed Company in 1992 under the name, Metropolitan Bank Limited. The Bank commenced, duly licensed, full scheduled commercial-banking operations in October 1992.

Metropolitan Bank, from October 1992 to September 2006, remained a highly rated bank and, vide its nationwide 51-branch on-line network, established as a distinguished provider of trade finance services.

On October 26, 2006 Habib Bank A G Zurich`s Pakistan Operations merged into Metropolitan Bank Limited and the merged entity was named Habib Metropolitan Bank Limited (HMB). Demonstrating a strong commitment to Pakistan economy, HBZ is the principal shareholder of HMB.

HMB operates in all major cities of the country. The Bank ranks within Top 10 in Pakistan with a strong vision to be the most respected Financial Institution. HMB has its primary focus on retail banking and trade finance and also offers highly innovative E-Banking solutions and Consumer Banking to its customers. The Banks Islamic Banking Division is fully capable of catering to customers seeking Shariah compliant products.

The HBZ Group is heir to a rich tradition of banking and commerce dating back to more than 160 years. The groups flagship and HMBs principal, HBZ (incorporated 1967) enjoys International ranking of 687 in terms of capital. With Headquarters in Switzerland, the HBZ Group also operates in Hong Kong, Singapore, United Arab Emirates, Kenya, South Africa, United Kingdom and North America.

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The Pakistan Credit Rating Agency (PACRA) has allotted both long-term and short-term ratings of Habib Metropolitan Bank Limited at AA+ (Double A plus) and A1+ (A one plus), respectively. These ratings, being the highest amongst the local sector Private Banks, denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. (About HMB, 2008)

Products There is a list of comprehensive products at Habib Metropolitan Bank. Privilege 55+ Savings HMB Premium Deposit Scheme HMB Access ( ATM / Debit Card ) HMB Auto Finance HMB Auto Leasing HMB Basic Account HMB Call Account HMB Curremt Account HMB Education Loan HMB Izafa Certificate HMB Multiplier Account HMB Mahana Scheme HMB Personal Loan HMB Savings Plus Account PLS Savings Account with Free Life Insurance Super Current Account HMB MAKRO Prepaid Cards

Services Habib Metropolitan Bank offers the following services to their valued custormer. 24 Hours Call Centre (0800-habib) Cash Management Services E-Salary HMB GSM Mobile Banking HMB Rent Free Lockers HMB TeleInfo Service HMB WebInfo Service (www.hmb.com.pk) POS (Point of Sale) Machine

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SWOC Analysis
Here is the SWOT (Strength, Weaknesses, Opportunity and Challenges) analysis of Habib Metropolitan bank. Strength Large capital base. Rank in top 10 bank of Pakistan Continuous growth in ROE The managements realizes the necessity of existence of effective internal controls to ensure smooth operations in current technical and swift business environment. Loyal management The bank has efficient and experienced management making significant. Credit rating in long-term AA+ and in short term A1+. The financial statement, prepared by the management of the bank present fairly the state of affairs. Bank is continuously focusing on developing new and innovative products to attract their target market. Strong customer relationship. Asset utilization is very good. Non markup income is high in Profit and Loss Account.

Weaknesses Only valued client is important. Bad portfolio management (55% advances in textile industry). No exposure of advertisement to electronic media. Declining standards of banking after merger. Inter organizational conflicts after merger. Compromises upon policies to keep customer happy. Old management (No room of creativity). No further growth in branches. Majority of shares are owned by one family. Low consumer finance Less job satisfaction of employees.

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Opportunity A good scope in Islamic Banking More focus on CASA Deposit There is a room to go in global market. Low exposure to consumer banking providing opportunity to explore the segment. The year 2010 will prove to be another demanding year for the bank with scattered diversification, innovation and mission driven approach are the key to success which bank should adopt. Progressive but cautions business expansion with strategic branch network extension and introduction of innovative products in all areas of business. Branch network need extension. Should emphasize much on e-banking. The bank being Swiss incorporated; it follows dual banking regulations i.e. Pakistan as well as Switzerland which attract foreign investors. SBP policy to allow Islamic banking business separately. Bank introduces Islamic banking in country that attracts large number of people. Greater profitability can be achieved through strong internal control. New scheme for deposits and finances should be introduced regularly. Opportunity to open branch in ruler area and other provinces to increase its branch network.

Challenges Adverse impact of Credit Crisis can badly effect on HMB. Facing a strong competition by its competitors and high reliability on only one market segment i.e. Textile (55%). Inconsistency in government policies. Increasing competition in the banking sector. Entry of many foreign banks Geopolitical condition of country. Global liquidity crisis has constrained bank to stop lending. Current economic crunch. Political instability Strong competition Rising deposit rates Decline in private and public sector credit due to tight monetary policy.

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Overview of Finance Department

Organization chart / finance division at Habib Metropolitan bank is mentioned below.

Chief Financial Officer (CFO) Vice President (VP)

Assistant Vice President (AVP)

Chief Manager (CM) Manager (MAN) Dupty Manager (DM) Officer Grade (OG)

JO Junior Officer (JO)

CFO (Fuzail Abbas)

VP (Mohammad Imran) Financial Statement and Taxation

VP (Salman H Siddiqui) State Bank of Pakistan and Group Reporting

AVP (Ahmed Pasnani) MIS, Budget & Targets adn Industry Analysis

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Job Description of Finance Department

1. Chief Financial Officer (CFO)-Senior Executive Vice President (SEVP) The CFO will be responsible for strategic level financial analysis and oversight. CFO will be expected to analyze actual expenses and revenues against the bank business model and financial projections in order to provide advice and counsel on strategy, operations, or finances necessary to maintain effective and sustainable operations. The essential duties of CFO are Strategic Management of Financial Resources that provide strategic level oversight, analysis, and proactive problem solving around bank operations against its business model. Business Planning and Analysis that collaborate on strategic and business planning with the CEO and Finance Manager. Provide strategic recommendations to CEO and management staff on financial issues, including financial analysis and projections, cost identification and allocations, and revenue and expense analysis. 2. Vice President (VP) The Vice President (VP) / Assistant Vice President (AVP) will be responsible to head the department and reports to CFO. The essential duties of VP/AVP are Prepare key management reports and analysis to inform management and ensure compliance with all reporting entities, including investors, foundations, and public and private financial institutions. Provide strategic oversight to accounting function including cash flow projections and accurate financial statements. Workforce name and designation
Mohammad Imran Vice President Ahmed Batavia Mohammad Somani Mohsin Abrar Saira Maryam Feroz Panthakey Imtiaz haider Mohammad Khurram M. Ali Jiwani Raza AVP DM OG I OG I OG II OG II OG III Zahid Hasmi Mohammad Shehzad Aqib Dadha Kashif Lodhi Furqan Akhund Mustufa Vadia CM DM OG I OG III OG III J.O Fareena baig OG II AVP Salman H. Siddiqui Vice President Ali raza Merchant AVP Ahmed Pesnani AVP Naqi raza Khan DM

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Daily Activities of Finance Department

Financial Statement and Taxation Task SBP & Other Regulatory reporting Frequency/Details Daily Weekly Monthly Quarterly Half Yearly Monthly Quarterly Half Yearly Basel II Audit Payments (all) Donation Expense approval weekly Insurance of cash & Deposits(including reporting) Insurance claims (including equipments) Reporting Weightages Distribution of profit Monthly closing co-ordination with branches State Bank of Pakistan and Group Reporting Task SBP & Other Regulatory reporting Frequency/Details Daily Weekly Monthly Quarterly Half Yearly Monthly Quarterly Half Yearly Basel II Audit Payments (all) Donation Expense approval weekly Insurance of cash & Deposits(including reporting) Insurance claims (including equipments) Reporting Weightages Distribution of profit Monthly closing Co-ordination with branches

Group Reporting

Administrative work

IBB Desk

Group Reporting

Administrative work

IBB Desk

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MIS, Budget & Targets adn Industry Analysis

Task

MIS

Budget & Targets

Frequency/Details Daily Position - CE Daily Position (old) MANCOM (weekly & Monthly) Branch managers meeting Reporting to MRH, HMH Get data from branches Compilation Scenario analyses Confirmation from Zonal heads

Industry Analysis

Compilation of data, analysis and presentation of key indicators

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Impact of Budget FY12 on Banking Industry

A. INCOME TAX ORDINANCE, 2001

1. Carry forward of excess provisions of advances for consumer and SMEs clarified; lower of actual provisions or at prescribed limit to be deductible

[Rule 1(c)] seventh schedule of income tax ordinance, 2001

The amendments introduced in Rule 1(c) through Finance Act, 2009 changed the mechanism for allowability of provision for advances and off balance sheet items and the admissibility was disconnected from general provisions contained in sections 29 and 29A. These provisions provided allowability upto a maximum of 1 per cent of the total advances with a condition that actual provision, if in excess of 1 per cent, would be allowed to be carried over to succeeding years.

Through Finance Act, 2010, an amendment was introduced in this provision and separate allowability at 5 per cent of total advances to Consumers and Small and Medium Enterprises (SMEs) was prescribed. In view of the fact that no corresponding amendment was made in that part of the provision which prescribed the amount eligible for carry over, the tax authorities were interpreting these provisions to restrict carry forward at 1 per cent of total advances including those to consumers and SMEs.

The Bill proposes to rectify the above explained anomaly with effect from July 1, 2010 confirming thereby that the earlier omission was inadvertent.

Consequently, while provisions for advances and off balance sheet items will be admissible to the following extent with effect from July 1, 2010, the excess provisions, if any, would remain eligible for carry over to be deducted against taxable income of succeeding tax year(s):1 (I) 1 per cent of advances; and (II) 5 per cent of advances to consumers and SME

A.F FERGUSON & CO., Chartered Accounts A member firm of the PwC network

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2. Dividends received from asset Management Company

[Rule 6] seventh schedule of income tax ordinance, 2001

Presently, dividend income of a banking company is taxed at 10 per cent. It is now proposed that tax rate on dividend income that is received by a banking company from its asset management company (AMCs) is increased to 20 per cent.

3. PAYMENT OF ADVANCE TAX ON CAPITAL GAINS FROM SALE OF SECURITIES

[Section 147(5B)] of income tax ordinance, 2001

Adjustable advance tax on capital gains from sale of securities shall now be payable within a period of twenty one days after the close of each quarter as against a period of seven days previously prescribed under the Ordinance. Consequently, such advance tax shall have to be paid out by the following dates:

QUARTER PAYMENT DATE September December March June October 21 January 21 April 21 July 21

4. WITHHOLDING TAX ON CASH WITHDRAWALS

[Part IV - Division VI] first schedule of income tax ordinance, 2001

The withholding tax rate on cash withdrawals is proposed to be reduced from 0.3 to 0.2 Per cent of the gross amount of withdrawal. The currently applicable limit of per day cash withdrawal upto Rs 25,000 remains intact.

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B. SINDH SALES TAX ON SERVICES ACT, 2011

The Sindh Sales Tax on Services Act, 2011 (Act), which is effective from July 1, 2011, enables the Sindh Government to charge and collect Sales Tax (ST) on services, which were previously chargeable to tax under Table II of the First Schedule to the Federal Excise Act, 2005 (FED Act).

This provision enables the Sindh Government to charge and collect Sales Tax (ST) on Services provided by banking companies or nonbanking financial companies at 16 Per cent of the charges.

EXPLANATION: The banking industry is perceived to be totally ignored in the new budget with the latter inching towards 2005 and 2008-like crashes masterly on the back of daily low volumes that were unprecedented during the past eight years. Whereas the budget-makers appeared to have poured cold water on positive expectations of investors at the volumes-starved Karachi Stock Exchange (KSE) regarding the unpopular Capital Gains Tax (CGT), the cash-strapped Islamabad has, in the new financial plan, hinted that it would continue to rely on the banking system for budgetary borrowings during FY12.

The Budget FY12 measures for the banking sector include 0.1 reduction in withholding tax (WHT) on pay orders, demand drafts, maintenance of the taxation rate on corporate and investments in the government papers, permission for the banks to carry over of provisioning in excess of five percent on their loans to consumers and SMEs and 10 percent increase in tax rate on dividends received by the banks from the Asset Management Companies (AMCs). According to market observers, the cash-strapped governments sustained reliance on local sources for financing 84 percent of its Rs850 billion budget deficit would mean more dependency on the local bank and non-bank borrowings. That would keep the interest rate high and resultantly the Net Interest Margin (NIM) would also remain strong. In FY12 the economic managers would have to play a balancing game to meet the ambitious Rs849 billion, four percent of GDP, fiscal deficit target at one end, while providing impetus to the economic recovery to achieve the 4.2 percent GDP growth target.

The banks would be seeing their deposit base slightly improving on the back of a reduced WHT, whereas the carryover of bad-debts in excess of five percent would also prove slightly positive for the banking sector.

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About 10 percent tax increase on the dividends of AMCs is expected; the analysts said the move was unlikely to unveil any major impact owing to a nominal size of investment in the companies. This fiscal measure has apparently been proposed in order to discourage the practice of arbitrage by banks for receiving dividends from its AMCs.

This means that banks will be investing in funds then they need to hold their investment for more than one year to minimize their tax liability as the CGT on banks for more than a year is 10 percent which is less than 20 percent on dividends imposed in this budget.

The Finance Bill FY12 envisages the individual investors to keep paying the long-resented 10 percent tax on their capital gains as well as the banks, insurance companies, mutual funds and other corporations would also continue to pay the CGT as per their specific rules.

All the new budget means for the CGT-hit corporate sector is a two-week extension in the deadline for their quarterly filling. No major changes have been made on the turnover tax on shares trading and taxes on the stock brokers.

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Impact of Budget 2011-12 on Habib Metropolitan Bank (HMB) financials

1. The Finance Bill clarified the position of carry forward of excess provision of advances for consumers and SMEs, which enables Habib Metropolitan Bank to carry forward provision in excess of 5 per cent to succeeding years in order to get maximum benefit. This means that excess provision of current year will not be lost and can be deductible from income in succeeding years while computing income tax of the bank. Thus Profit before tax (PBT) of the succeeding years will be lowered by the excess carry forward provision which results in lowered tax liability and increase in the Net Profits. This proves slightly positive for the banking sector. 2. Presently, Habib Metropolitan Bank doesnt have its Asset Management company therefore the related provision of the law has not affected this bank.

3. The payment of adjustable advance tax on capital gains from sale of securities shall now be payable within a period of twenty one days after the close of each quarter as against a period of seven days previously prescribed under the Ordinance. This Provision relaxes Habib Metropolitan Bank to Pay CGT from sale of securities at the latter date as mentioned above.

4. After amendment of withholding provision, Habib Metropolitan bank has to withhold tax at 0.2 Per cent (previously 0.3 Per cent) on cash withdrawals. The currently applicable limit of per day cash withdrawal is upto Rs 25,000. This doesnt affect the banks profitability as the bank is the withholding agent and it has to pay the withhold tax to the government treasury. The Bill however does not proposes any reduction in rate of tax collection on transactions in banks covered in section 231AA (e.g. sale against cash any instrument including Demand Draft, Pay Order, CDR, STDR, SDR, RTC or any other instrument of bearer nature etc.) which shall continue to be at 0.3 percent.2

Budget Brief 2011 An Economic and Tax Commentary KPMG Taseer Hadi & Co. Chartered Accounts

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5. Reference to Sindh sales tax on services act, 2011, the Concerned Bank has to pay Sales tax on services at 16 Per cent to Sindh government which results in increase in overall tax liability of the bank which also affects the profitability of the bank. The increase in the tax liability will decrease the companys Profit margins.

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Industry Analysis as of March 2011

PEER BANK ANALYSIS
BALANCE SHEET HIGHLIGHTS

PROFIT & LOSS HIGHLIGHTS

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DEPOSIT

LOW COST COMPARISION

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CURRENT ACCOUTNS

SECTORWISE ADVANCES % (31 DEC 2010)

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NON PERFORMING LOANS - NPLS

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BIG FIVE BANK ANALYSIS

BALANCE SHEET HIGHLIGHTS

PROFIT & LOSS HIGHLIGHTS

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DEPOSIT

LOW COST COMPARISION

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NON PERFORMING LOANS - NPLS

ISLAMIC BANKS AND CONVENTIAL BANKS HAVING ISLAMIC WINDOW

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Recommendation
Following are the recommendations which have been placed after analyzing the financials of Habib Metropolitan Bank Limited.

Diversifying the portfolio Introducing the new product and service in the market. Change in Management Customer perceives value. To give importance to all customer. Increase the branches all over the country especially in remote area of sindh and other three provinces.

Focusing to grant loans to agriculture Improved standard of banking

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References
About HMB. (2008). Retrieved from Habib Metropolitan Bank: http://www.hmb.com.pk/AboutHMB.htm Pervez, A. (25th February 2011). Pakistan Banking Sector. Karachi: Business Network Switerland. A.F FERGUSON & CO., Chartered Accounts A member firm of the PwC network Budget Brief 2011 An Economic and Tax Commentary KPMG Taseer Hadi & Co. Chartered Accounts Habib Metropolitan Bank Annual Report 2010 & Accounts for the Quarter Ended March 31, 2011 (UN-AUDITED)

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