Download - MCB Bank Ltd
INTERNSHIP REPORT
MCB Bank Ltd.
hShahdara mor Branch, Lahore.
PRESENTED TO: IMTIAZ ALI
PRESENTED BY: MARYAM AGHA
B.COM (Hnrs)
SESSION : 2009-2013
HAILEY COLLEGE OF COMMERCE
UNIVERSITY OF THE PUNJAB
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Dedication & Acknowledgements
I dedicate this internship report to my parents. Because of their prayers and encouragement I have been able to complete this report.
Praise is to Allah, the most Gracious and Merciful, who blessed me with the knowledge and wisdom and enabled me to overcome this task. Heartiest gratitude to my parents without their continuous encouragement and love I could not have accomplished this task.
I am also very grateful to all the staff members at MCB Shahdra Morh Branch Lahore.
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Executive Summary
MCB Bank Limited (Formerly Muslim Commercial Bank Limited) has a solid foundation of over 50 years in Pakistan, with a network of over 900 branches, over 750 of which are Automated Branches, over 222 MCB ATMs in 41 cities nationwide and a network of over 12 banks on the MNET ATM Switch.
MCB's operations continued to be streamlined with focus on rationalization of expenses, re-alignment of back-end processing to increase productivity, enhancement of customer service standards, process efficiency and controls. The Bank has taken the lead in introducing the innovative concept of centralizing Trade Services in the country by providing centralized foreign trade services to branches with a view to improve efficiency, expertise and reduce delivery cost.
During my internship in MCB I worked in Remittances, Advances, Foreign Exchange and Customer Service Office department and I successfully completed all the task/duties that were assigned to me.
During the course of internship I learned about different functions performed by Remittances, Advances, Foreign Exchange and Customer Service Office department and bank as a whole. I also learned bank’s correspondence with their customers and within branches. I learned about documentation requirements and record keeping for different activities and processes, especially the documentation requirement for different kinds of financing facilities.
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Table of Contents
About the Organization 1. MCB in Brief 05
1.1. History 05
1.2. The Mission 06
1.3. The Business 06
2. Principles of Performance 06
2.1. Customer Focus 06
2.2. Quest for Quality 06
2.3. Employees Respect 06
2.4. Team Based Approach 07
2.5. Good Corporate Citizenship 07
3. Corporate Information 07
4. Management Committee 09
Chapter 2
Business Operations
1. Banking Sector Overview 09
2. MCB’s Performance Overview 10
3. Products and Services 11
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3.1. Personal Banking 11
3.2. Corporate Banking 14
3.3. Online Services 15
3.4. Virtual Banking 16
3.5. Islamic Banking 17
4. MCB’s Competitive Strategies 17
Chapter 3
Learning asa Student
1. Duties & Accomplishments 18
Ratio analysis 23
Bibliography 24
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About the Organization
1.MCB in Brief
1.1. History
MCB Bank Limited (Formerly Muslim Commercial Bank Limited) has a solid foundation of over 50 years in Pakistan, with a network of over 900 branches, over 750 of which are Automated Branches, over 222 MCB ATMs in 41 cities nationwide and a network of over 12 banks on the MNET ATM Switch, which as a combination is considered to be the core competence of MCB.
MCB has become the only bank to receive the Euro money award for the fourth time in the last five years. MCB won the "Best Bank in Pakistan" in 2005, 2004, 2003, 2001, and in 2000 the "Best Domestic Bank in Pakistan" awards. In addition, MCB also has the distinction of winning the Asia Money 2005 & 2004 awards for being "The Best Domestic Commercial Bank in Pakistan".
Ten years after privatization, MCB is now in a consolidation stage designed to lock in the gains made in recent years and prepare the groundwork for future growth. The bank has restructured its asset portfolio and rationalized the cost structure in order to remain a low cost producer.
MCB now focuses on three core businesses namely Corporate, Commercial and Consumer Banking. Corporate clientele includes public sector companies as well as large local and multi-national concerns. MCB is also catering to the growing middle class by providing new asset and liability products. MCB looks with confidence at year 2005 and beyond, making strides towards fulfillment of its mission, "to become the preferred provider of quality financial services in the country with profitability and responsibility and to be the best place to work".
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1.2. The Mission
“To become the preferred provider of quality financial services in the country with profitability and responsibility and to be the best place to work.”
1.3. The Business
MCB is in its over 50 years of operation. It has a network of over 900 branches all over the country with business establishments in Sri Lanka and Bahrain. The branch break-up province wise is Punjab (57%), Sindh (21%), NWFP (19%) and Baluchistan (3%) respectively.
2.Principles of Performance
2.1. Customer Focus
Over the years MCB has developed strong relationships with its customers by understanding their needs and treating them with respect, dignity and importance. The driving force behind its commitment and services is its focus on customers, ensuring that it not only meets, but exceeds their expectations.
2.2. Quest for Quality
MCB strives to achieve excellence by ensuring that every moment of our time is spent in adding value, making sure that we do things right, first time, and every time. With this quest for quality, MCB has always taken initiatives in bringing banking into a new arena; from cash to the convenience of plastic; from branch banking to internet banking and from face-to-face customer interaction to online accessibility.
2.3. Employees Respect
MCB encourages diversity and treat each of our employees with fairness. MCB gives constructive feedback for their continuous development and seek suggestions from all employees for further improvement. The bank ensures that quality performance is acknowledged and rewarded and exercise utmost responsibility in decision-making with regards to our employees.
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2.4. Team Based Approach
MCB believes in achieving its Mission and Vision by working together as a combined group. MCB treats its employees as its internal customers and ensure that the requirements of internal customer focus are always met. Equipped with in-depth product knowledge, and recognizing the strengths in each individual, the bank strives for optimum-results from our co-workers and bringing out peak performances by working towards common goals and objectives in today's dynamic banking environment.
2.5. Good Corporate Citizenship
MCB seeks to continuously improve the quality of life in our communities. The bank realizes that it has a responsibility to the society in which it operates and it seeks ways of playing a positive role for the betterment of the community at large for a progressive environment, better living and a brighter future.
3.Corporate Information
Board of Directors Mian Mohammad Mansha Chairman S.M.Muneer Vice Chairman Tariq Rafi Mohammad Arshad ShahzadSaleem Sarmad Amin MianUmerMansha Aftab Ahmad Khan AtifYaseen Mohammad AftabManzoor President & Chief Executive Advisor RazaMansha
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Audit Committee Mian Mohammad Mansha Chairman MianUmerMansha Member Aftab Ahmad Khan Member Chief Financial Officer
Ali Munir
Company Secretary Tahir Hassan Qureshi Auditors
A.F.Ferguson& Co.Chartered Accountants
Riaz Ahmed & Co.Chartered Accountants
Legal Advisors
Mandiwalla&ZafarAdvocates & Legal Consultants
Registered Office
MCB Building, F-6 / G-6,Jinnah Avenue, Islamabad.
Principal Office
MCB Tower I.I. Chundrigar Road, Karachi.
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Registrar's and Share Registration Office THK Associated (Pvt.) Ltd.
Shares Department, Ground Floor,Modern Motors HouseBeaumont Road, Karachi.
4.Management Committee
from left to right
M.U.Usmani Malik Abdul Waheed Salman Ahmed Usmani Ali Munir
Mohammad AftabManzoorShahidSattarAneeqKhawarShoaibQureshiMusaddiqIjazZafarAbrar
NaqviAamer Hassan Zaidi
Business Operations
1. Banking Sector Overview
Financial sector in Pakistan is going through a fast-paced transition as new groups were buying out foreign banks’ operations in Pakistan. The number of listed banks is also increasing. While the income from core banking activity has increasing due to higher business volume, earnings are also expected to improve due to ventures into consumer finance, housing finance and enhanced lending to the agriculture sector.
In just four years the banking industry has expanded tremendously and now there are more than two dozen commercial and investment banks operating in the country. Commercial banks in the private sector had performed well since their inception, registering overall growth in the deposit base and profits. The banks also managed to maintain a healthy credit portfolio.
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Foreign banks have a strong presence in all major cities and are targeting high net worth individuals and blue chip companies. Their strategy is quite successful as they account for about 34 percent of total sector profits, despite having only 15 percent of deposits and 16 percent of advances.
During the first six months of the ongoing fiscal year, total assets of all the scheduled banks increased by Rs 239 billion. Total assets grew by 8.5 percent from Rs 2,800 billion in June 2004 to Rs 3,039 billion in Dec 2004. During the first six months of 2004-05, there was also an increase of Rs 277 billion in the net advances of the scheduled banks. Net advances grew by 19.3 percent from Rs 1,437 billion in June 2004 to Rs 1,714 billion in Dec 2004.
2. MCB’s Performance Overview
The first half of 2010 was very promising for MCB, as the bank has achieved pretax profits of PRs. 4.2 billion, compared with PRs. 2.2 billion for the same period in 2009. Profit after tax has more than doubled compared to the corresponding period for 2009 and exceeds PRs. 3 billion – highest ever profit in the history of MCB. This translates into earning per shares of PRs. 7.43.
Advance and deposit increased to PRs. 156 billion and PRs. 241 billion reflecting a growth of 14% and 10% respectively. Additionally the bank’s assets expanded by 16% during the half year ended 2010 and crossed PRs. 300 billion marks.
Bank’s equity (capital and reserves) increased by 41% during the half year, which was due to the issue of right shares and retained earnings. Increase in equity would improve the lending limit and would provide the opportunity for significant growth of the bank’s balance sheet. This would also help to meet the capital requirement under Basel Accord II, which will be effective from 2008.
Based on continuing growth and consistently outstanding performance, MCB has once again received the Euro money Award 2005 for the “Best Bank in Pakistan”. MCB has become the only bank to receive the Euro money Award for Excellence for the fifth time in last six years. In addition, Asia Money has also declared MCB as “The Best Domestic Commercial Bank in Pakistan” for the year 2005.
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3.Products and Services
3.1. Personal Banking
Deposit Accounts
KhushaliBachat Account
KhushaliBachat Account, a Rupee savings account is one of MCB Bank’s most popular products. Due to the low initial deposit, the account can be opened by people from all walks of life and still avail the facility of daily product profit calculation.
MahanaKhushaliBachat
MCB Monthly Khushali Scheme provides you with a steady income every month. Just purchase a Monthly Khushali Certificate and you will enjoy a steady income of your total deposit every month.
Pak Rupee Savings Account
MCB’s Pak Rupee Savings Account offers you attractive returns on your Pak Rupee investment.
In addition, you have access to a countrywide ATM network convenient cash accessibility 24 hours a day. The facility also provides you with unlimited daily transactions with a limit on maximum withdrawal amount through the ATM machines.
Pak Rupee Current Account
MCB’s Pak Rupee Current Account offers you the convenience of unlimited withdrawals i.e. access to your funds whenever you want without any notice. There is no limit on the number of transactions you make in a day plus you can avail finance facility up to 75% of the total deposit.
In addition, you have access to a countrywide ATM network convenient cash accessibility 24 hours a day. The facility also provides you with
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unlimited daily transactions with a limit on maximum withdrawal amount through the ATM machines.
Pak Rupee Term Deposit
MCB Pak Rupee Term Deposit gives a higher rate of return. It gives you choice of 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 year term deposits.
Saving 365
The MCB Saving 365 calculates profits on a daily product basis and gives you the facility of unlimited withdrawals.
Foreign Currency Savings Account
MCB’s Foreign Currency Savings Account offers you attractive returns on your Foreign Currency investment.
You can invest in any of the four currencies i.e. US Dollar, UK Pound Sterling, Japanese Yen or Euro
Your foreign currency account is exempted from Zakat and withholding tax
Foreign Currency Current Account
MCB’s Foreign Currency Current Account offers you the convenience of unlimited withdrawals i.e. access to your funds whenever you want without any notice. There is no limit on the number of transactions you make in a day.
MCB Foreign Currency Term Deposit
MCB Foreign Currency Term Deposit gives a higher rate of return. It gives the choice of 1 month, 3 months, 6 months, 1 year, 2 years, 3 years, 4 years and 5 year term deposits.
Dollar Khushali Account
The Dollar Khushali Account, a Dollar based account was introduced in 1993 at selected MCB Bank branches. Today, you can open a Dollar Khushali Account at over 200 branches in Pakistan.
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Loan Products
MCB Business Sarmaya
“MCB Business Sarmaya” is the best Running Finance facility against your residential property which empowers you to manage your business dealings better. So act today and get MCB Business Sarmaya and thus improve your business, avail lucrative opportunities and expand your business, with absolute satisfaction of cash flows.
MCB Car4u
Life is like a chess board. You plan your career options. You analyze your business moves. But when you really want to improve your life, you make a power move. MCB CAR4U Auto Finance is the power move that assists you in more ways than you ever imagined. It is affordable, with lowest mark up, flexible conditions, easy processing and above all, no hidden costs.
MCB PyaraGhar
Some destinations require a long wait. Like waiting for a home of your own. But with MCB PyaraGhar it is now easy to step into your home and start living a real life.
MCB PyaraGhar is an ideal Home Finance from your own bank that lets you Purchase, Renovate or Construct your home the way you have always wanted. Having your own home was never so easy
Easy Personal Loan
MCB Easy Personal Loan provides you with the financial advantage to do things you've always wanted to but never had the sufficient funds for. Take that much-needed holiday. Buy a car. Refurnish your house. Purchase a new TV. Finance a better education for your children.
MCB Master Card
Since the beginning of time, people have tried to find more convenient ways to pay, from gold to paper money and cheques. Today, money is moving away
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from distinct hard currencies and towards universal payment products that transcend national borders, time zones, and, with the Internet, even physical space. Plastic or "virtual" money, credit, debit, and electronic cash products, inevitably will replace cash and cheques as the money of the future.
MCB Rupee Traveler's Cheques
MCB Rupee Traveler's Cheques were first introduced in 1993 as safe cash for traveling and travel related purposes. The product has been extremely popular and is preferred over cash by customers while traveling and in all walks of life.
MCB Rupee Traveler's Cheques- The safest way to Carry Cash
3.2.Corporate Banking
Cash Management Services
MCB’s network of over 900 branches in Pakistan enables it to collect and disburse payments efficiently with its cash management services. This also enables it to offer you a choice of paper based or electronic fund transfer solutions including collection amounts, cross branch on- line transactions etc.
Working Capital Loans
Based on the customer’s specific needs, the Corporate Bank offers a number of different working capital financing facilities including Running Finance, Cash Finance, Export Refinance, Pre-shipment and Post- shipment etc. Tailor- made solutions are developed keeping in view the unique requirements of your business.
Term Loans
MCB offers Short to Medium Term Finance to meet capital expenditure and short term working capital requirements of our customers. The loans are structured on the basis of underlying project characteristics and cash flows of the business.
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Trade Finance Services
Under Corporate Banking MCB offers trade finance services that include an entire range of import and export activities including issuing Letters of Credit
(L/Cs), purchasing export documents, providing guarantees and other support services.
3.3.Online Services
MCB ATM Services
With a solid foundation of over 50 years in Pakistan, with more than 750 automated branches, 269 online branches, over 222 MCB ATMs in 41 cities nationwide and a network of over 12 banks on the MNET ATM switch, MCB is positioned at the forefront of the banking industry in Pakistan. This success has been possible because of a never-ending drive to achieve higher levels of excellence, constantly striving to raise the level of performance.
MCB Mobile Banking
At the forefront of technological excellence, MCB proudly introduces MCB MOBILE BANKING. The convenience of accessing your account balance information and mini statements whenever you want or wherever you may need them, with comfort and peace of mind.
MCB Call Center
Keeping up with banking services can be tedious but not with MCB Bank, where phone service is at your fingertips. Just dial our Call Centre from the comfort of your home or office or wherever you happen to be. It offers basic banking services for your convenience, eliminating the need for you to make unwanted trips to your branch.
MCB Smart Card
MCB now brings you MCB SmartCard -a secure and convenient instrument of payment with unmatched functionalities. It provides 24-hour direct access to your bank account.
The convenience and flexibility of MCB SmartCard will help you live a smarter life. It not only helps you manage your expenses, but also eliminates undue
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interest on your day to day credit card transactions. Your balance is always within your reach and you spend accordingly.
MCB Debit Card
Now MCB brings a secure, convenient and quick payment facility that enables you to do purchasing by using your existing MCB ATM / MCB Smart Card as a DEBIT CARD.
3.4.Virtual Banking
MCB Virtual Internet Banking offers you the convenience to manage and control your banking and finances – when you want to, where you want to. MCB’s Virtual Internet Banking facility is simple and secure. And its free of cost. With MCB Virtual Internet Banking you can access any of the banking services, 24 hours a day, 7 days a week and throughout the year.
MCB Virtual Internet Banking offers a wide range of online services which makes your banking accessible anytime and from anywhere.
Detailed Account Summary of all listed accounts.
Mini-statements of each of the listed accounts showing recent transaction history for that account(s).
Statement-by-Period of each of the listed accounts, based on the period specified.
Immediate or Scheduled Transfer of Funds between your own accounts, as well as to third-party accounts setup as beneficiaries, maintaining accounts with MCB.
Scheduling of ‘One-Time’ as well as ‘Recurring’ Funds Transfers.
Payment of utility bills for registered Utility Companies.
Immediate or Scheduled Bills Payment.Scheduling of ‘One-Time’ as well as ‘Recurring’ bill payments.Option for ‘Full’ or ‘Partial’ payment based on the payment conditions specified by a particular Utility Company.
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Bulk Salary Transfer for Corporate Customers, to facilitate them in paying salary to the corporate employees, who maintain accounts with MCB.
Bulk Funds Transfer for Corporate Customers.
Cheque Book Request for any of your listed accounts.
Payment/Transfer Alerts for reminding, in advance, prior to the processing of specified payments and transfers.
Personal Alerts for reminding of pre-specified events and occasions.
3.5. Islamic Banking
Deposit Schemes
For customers who are looking for a deposit opportunity where they can purse their funds and reap halal returns on it, we offer the following products:
Al-Makhraj Saving Account
Al-MakhrajIanat Account
Al-Makhraj Term Deposit
Fund Based Facilities
Ijarah Products
MCB’s Islamic Ijarah, analogous to the English term 'leasing’, is based on the ‘IjarahwaIqtina’ concept which means the sale of the asset to the lessee after the Ijarah has matured. Under this scheme, MCB will be the owner of the asset, and the customer (lessee) will be given the asset to use for a certain period of time in return for monthly rental payments. MCB will give a separate unilateral undertaking that it will offer to sell the asset to the customer (lessee) at the maturity of the Ijarah agreement at a price that may be equal to the security deposit amount, hence the term ‘WaIqtina’.
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Types of Ijarah
o Car Ijarah
o Equipment Ijarah
Learning as a Student
1. Duties & Accomplishments
During my internship in MCB from 13 august 2012 to 24 september I worked in Remittances, Advances, Foreign Exchange and Customer Service Office department and I successfully completed all the task/duties that were assigned to me.
The duties that I performed and the thing I learned each day are given as follows:
Learned basic operations of remittance department
Learned how to make entries and vouchers for Incoming TT(Telegraphic Transfer)
Made vouchers and entries for Incoming TT
Observed other operations e.g. PO (Pay Order), DD (Demand Draft)
Learned bank charges for PO, DD, TT& MT
Made few Outgoing TT
Learned & Made Inter-Branch Credit Advices against the checks received from outer city branches
Learned about the payment against PO & DD received from other branches (usually the first activity in the remittance dept.)
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Learned how to issue a PO
Made entries against the TT and MT in the Day Book
Made Incoming and Outgoing TT
Made Inter-Branch Credit Advices against the checks
Made Debit vouchers against the TT, PO & DD charges
Made Credit vouchers (contra) against the TT, PO & DD charges
Learned Incoming & Outgoing TT Entries in the Daily Voucher Record Sheet
Learned basics of Remittance Software System
Learned about different Stamps on the PO
Learned and made entries and vouchers against Incoming MT
Issued Credit Advices against DD
Learned PO and DD issuance in detail
Made the entries against Intercity Received Checks
Learned how to make cancellation entries in the Remittance Software System in case of any discrepancy
Learned how to cancel a DD
Issued Credit Advices against DD
Made Inter-Branch Credit Advices against the checks
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Made entries in the Day Book
Learned about the entries against Monthly Installment for Car Financing
Learned about the different documents required for Credit Investigation
Learned about the documents required for Running Finance
Learned the Concepts of Demand and Cash Finance
Studied Export Refinancing from Manual
Made voucher for partial Adjustment of CF (Cash Finance)
Filled ‘’Credit Proposal cum Sanction Advice MCB Instant Financing, BBFS (Borrower Basic Fact Sheet) and Application for Finance for renewal of 3 cases of CF.
Studied Documentation/Collateral Guidelines
Made ‘’Disbursement Status-Leasing” Statement
Made Voucher Sheet
Studied ‘’Sanction Advice” & ‘’Approval for Financing”
Made Voucher and Voucher Sheet
Studied a Credit Report
Learned documentation requirement for each type of financing
Learned about L/C documents
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Learned basics of Foreign Exchange operations
Learned about different L/C related terms and definitions
Learned about Payment against Foreign Currency Checks
Made vouchers for Foreign Currency Cash withdrawal
Made vouchers for FITT(Foreign Inward Telegraphic Transfer)
Learned diff. types of SWIFT messages
Studied few chapters of Foreign Exchange Manual
Learned about diff. types of L/Cs
Learned about diff. parties involved in L/C
Learned about Payment modes for L/C
Worked as CSO(Customer Service Officer)
Made Vouchers
Sorted Foreign Currency Signature Verification Cards
Opened new accounts
Issued check books
Received ‘Check Book Issuance Requisition’
Made CCs(Check Collection)
Made SUI GAS Bills Vouchers
Made Telephone Bills Vouchers
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Made Electricity Bills Vouchers
On October 30, 2011
Business volume: MCB bank limited is public limited company listed on Karachi, Islamabad and Lahore stock exchange in Pakistan under license number BCD(1)17_66 dated 8th December 1966 and its external auditors M/s A.F. Ferguson & Company.(Chartered Accountants). Name of Regulatory Body is State Bank of Pakistan (Central Bank).
Rupee in (000)
Profit before tax 26,253,075
Profit after taxation 16,873,175
Total assets 567,552,613
Total liabilities 488,348,404
Deposits 431,371,937
Investment 213,060,882
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On October 30, 2011
Ratio analysis:
(All values in 000)
Liquidity ratios:
Liquidity ratio measures firm’s ability to meets its current obligations.
(i)Current ratio=current assets /current liabilities
Year 2010 Year 2009 Year 2008
438,055,296/473,754,539=0.924 383,724,636/425,221,031=0.902329,655,815/372,207,358=0.885
Working: Calculation of current assets: (rupee in thousand)
Items Year 2010 Year 2009 Year 2008
Cash and balances with treasury banks
45,407,183 38,774,871 39,631,219
Balances with other banks
1,478,569 6,009,993 4,106,526
Lending to financial institutions
4,401,781 30,00,000 4,100,079
Investment 195,651,545 147,434,703 82,099,385
advances 177,109,599 176,203,572 186,534,891
Other assets 14,006,626 12,301,497 13,183,715
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TOTAL 438,055,296 383,724,636 329,655,815
Calculations of current liabilities :( rupee in 000)
Items Year 2010 Year 2009 Year 2008
Bill payable 10,265,537 8,201,090 10,551,468
Borrowings 24,601,822 43,612,813 21,613,465
Deposit and other accounts
426,476,908 361,695,513 322,785,631
Other liabilities 12,410,272 11,711,615 17,257,794
Total 473,754,539 425,221,031 372,207,358
I calculated all these values from maturities table of assets and liabilities and added those values that are current (fall in one year).
Bibliography
The major sources of information and help were:
Websites
http://www.mcb.com.pk
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