Professional Documents
Culture Documents
Introduction
1.1 Origin of the report 1.2 Scope of the report 1.3 Objective of the study
1.3.1 General Objective 1.3.2 Specific Objective
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1.3
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Primary Sources
Discussion with officials Face to face interview
Relevant books and websites Various manual and Credit Mechanism Published reports and annual reports of the National Bank Limited Previous performance matters booklet Collected data from employee of the Branch and Division.
All types of required data were not available that may be helpful to make this paper more complete.
Chapter 02
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National Bank Limited was established on 23rd March 1983 with authorized capital TK. 100 million and paid up capital of TK. 80 million was subscribed by the sponsors/directors and TK. 4 million was subscribed to the government. Remaining TK. 36 million has been fully subscribed by the public. The management of the Bank is vested in a board of directors consisting of 21 members including the managing director of the Bank. Managing directors is the chief executive of the Bank. The Bank carries of deposits, investment of funds, financing of trades, businessmen, industrialists, importers and exporters etc. The National Bank Limited opened new branches eight during 1983, raising the total number branches 112 in 2009, total number of employees of the Bank was 242 in 1983 and increased to 2239 in 2009, and during the short periods of its operation the Bank has made notable progress in various activities. NBL determined to bring back the long forgotten taste of banking services and flavors. NBL want to serve each one promptly and with a sense of dedication and dignity. The then President of the People's Republic of Bangladesh Justice Ahsanuddin Chowdhury in angulated the bank formally on March 28, 1983 but the first branch at 48, Dilkusha Commercial Area, Dhaka started commercial operation on March 23, 1983. The 2nd Branch was opened on 11th May 1983 at
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Khatungonj, Chittagong. At present; NBL has been carrying on business through its 112 branches spread all over the country. Besides, the Bank has drawing arrangement with 415 correspondents in 75 countries of the world as well as with 32 overseas Exchange Companies. NBL was the first domestic bank to establish agency arrangement with the world famous Western Union in order to facilitate quick and safe remittance of the valuable foreign exchanges earned by the expatriate Bangladeshi nationals. NBL was also the first among domestic banks to introduce international Master Card in Bangladesh. In the meantime, NBL has also introduced the Visa Card and Power Card. The Bank has in its use the latest information technology services of SWIFT and REUTERS.NBL has been continuing its small credit programmed for disbursement of collateral free agricultural loans among the poor farmers of Barindra area in Rajshahi district for improving their lot. Alongside banking activities, NBL is actively involved in sports and games as well as in various SocioCultural activities. The Bank established extensive drawing arrangement network with Banks and Exchange Companies located in important countries of the world. Expatriates Bangladeshi wage earners residing in those countries can now easily remit their hard-earned money to the country with confidence, safety and speed. The number of workforce of NBL stood at 2239, which include 1689 officers and executives and 550 staff. Now NBL is on line to establish trade and communication with the NBL International banking companies of the world. As a result NBL will be able to build a strong root in international banking horizon. Bank has been drawing arrangement with well conversant money transfer service agency "Western Union". It has a full time arrangement for speedy transfer of money all over the world. Transparency and accountability of a financial institution is reflected in its Annual Report containing its Balance Sheet and Profit & Loss Account. In recognition of this, NBL was awarded Crest in 1999 and 2000, and Certificate of Appreciation by the Institute of Chartered Accountants of Bangladesh. With a strong sense in all business areas commercial banking, NBL could foresee tremendous growth in home in homebound remittance form Bangladesh expatriates in USA and UK, Middle East and different countries of the world. Consecutively NBL established a unique money remittance system with Western Union of USA for inbound and outbound remittance. At present
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NBL is the only authorized agent for this unique service in Bangladesh. From the very beginning NBL is playing a vital role in the private sector Banking. National Bank Limited is one of the leading private commercial bank having a spread network of 112 branches across Bangladesh and plans to open few more branches to cover the important commercial areas in Dhaka, Chittagong, Sylhet and other areas in 2009. National Bank Limited has been licensed by the Government of Bangladesh as a Scheduled commercial bank in the private sector in pursuance of the policy of liberalization of banking and financial services and facilities in Bangladesh. In view of the above, the Bank within a period of 25 years of its operation achieved a remarkable success and met up capital adequacy requirement of Bangladesh Bank.
National Bank Ltd is one of the leading banks which introduced first Credit Card in Bangladesh. Our technology has been upgraded to manage the growth of the bank and meet the demands of our customers. ATMs now allow customers to retrieve 24x7 hours cash withdrawals. National Bank Limited is a customer oriented financial institution. It remains dedicated to meet up with the ever growing expectations of the customer because at National Bank, customer is always at the center.
National Bank Limited has its prosperous past, glorious present, prospective future and under processing projects and activities. Established as the first private sector Bank fully owned by Bangladeshi entrepreneurs, NBL has been flourishing as the largest private sector Bank with the passage of time after facing many stress and strain. The member of the board of directors is creative businessman and leading industrialist of the country. To keep pace with time and in harmony with national and international economic activities and for rendering all modern services, NBL, as financial branches with computer network in accordance with the competitive commercial demand of time. Moreover, considering its forth-coming future the institution automated all its infrastructure of the Bank has been rearranging. The expectation of all class businessman, entrepreneurs and general public is much more to NBL. Keeping the target in mind
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NBL has taken preparation to open new branches by the year 2007. The emergence of National Bank Limited in the private sector is an important event in the Banking arena of Bangladesh. When the nation was in the grip of severe recession, Govt. took the farsighted decision to allow in the private sector to revive the economy of the country. Several dynamic entrepreneurs came forward for establishing a bank with a motto to revitalize the economy of the country. National Bank Limited was born as the first hundred percent Bangladeshi owned Bank in the Private sector from the very inception it is the firm determination of National Bank Limited to play a vital role in the national economy.
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Ensuring highest use of the professional workforce through enhancement of their Responding to the need of the time by participating in syndicated large loan
aptitude and competence. financing with like-minded Banks of the country, thereby expanding the area of investment of the Bank.
Personal Banking (Auto Loan, Vocational Loan, Personal Loan) Housing Finance
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Managing Director Deputy Managing Director Senior Executive Vice President Executive Vice President Senior Vice President
Asst. Vice President Senior Principle Officer Principle Officer Executive Senior Officer Officer Junior Officer Asst. Officer Page 12 of 51 Computer Operator
Area-wise Branches
Division Area Dhaka Area Chittagong Area Rajshahi Area Khulna Area Selhet Area
Number of Branches
44 23 16 09 16
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Chapter 03
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Loans
Continuous Loan
Demand Loan
Term Loan
The different types of loans and advances that NBL offers are as follows:
Secured Overdraft (SOD) Loan against Trust Receipt (LTR) Payment Against Document (PAD) House Building Loan House Building Loan (staff) Term Loan.
Loan (general) Bank Guarantee Cash Credit (Pledge) Cash Credit (Hypo) Foreign Documentary Bill Purchase (FDBP) Inland Documentary Bill Purchase (IDBP)
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LCA(Loan against cash Assistance) LC(Local & Foreign) sight & on Deferred payment basis PAD LTR LIM PC LDBP/FDBP BTB L/C Bank Guarantee Local/Foreign
PURPOSE Business capital/ Working capital. Against Financial organization /works/supply orders. Payment of Accepted bills at maturity before receipt of export proceeds. Acquiring capital assets/purchasing construction, finishing, expansion, repair, renovation of House/Flat /Real estate business etc Financing for the period of the L/C obligations against receipt of documents. For import/Local procurement of goods/ services. For making payment of the payment of the L/C obligations against receipt of documents. Retirement of shipping documents Retirement of shipping documents Meeting Financial requirement of the exporter at pre-shipment stage against Exporter L/C. As post shipment finances against local/ foreign export bills. Import of raw/packing materials against Exporter L/C For submission of tendency/to obtain and offer as security against work order, supply order/ For Gas, Electricity connection/against delivery of goods/against release of goods, without or against partial payments by customer etc.
National Bank will also finance any other activity under any credit nature, which will meet the institution basic principles of safety, liquidity and spread, upholding, credit norms and complying with the guidelines/ directives of the Central Bank/ regulatory body.
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*The Industry and Business Segment Focus will be revised from time to time depending on national requirement, market conditions, Cyclic of the economy, appetite for growth for each sector, shift in Government Policy and National Bank, credit planning.
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Credit application processed by credit officers and recommendation by Credit In charge of the branch Branch Credit Committee
Branch Manager
Regional office
Regional Head
Managing Director
Executive Committee(EC)
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National Bank Limited is very much aware of over concentration of credit in particular area, which may under some situation, create disaster for the bank. Keeping this in consideration and also the overall business, trend, propose/potentials, risks& mitigate, pricing, owners stake in business, business competitors involvement, safety, liquidity, security etc. NBL will be guided by the following Lending caps generally:-
Sectors Caps Trade & Commerce SME Industry-working capital Project Finance Long Term Retail/Consumer (CCS) Agro Credit Work/ Supply order (contractual Finance) Others Total Government Policy and National Banks credit focus.
*The Caps will be revised from time to time depending on the market conditions, shift in
grade clients means where an obligor obtained higher aggregate score as per CRG score sheet or 100% cash covered or govt./international Top bank Guarantee). In fixing interest rate cost of fund & the prevailing rate in the competing market shall also be considered. Concessional interest rates to the deserving customers will be allowed within the declared interest rates band of the bank. Commission/charges on credit facilities will be realized taking the competing scenario in the banking market into account, involved risks in financing & overall policy of the bank. NBL will be provided loans by the following interest rates generally: Loans & Advances Cash Credit(CC) Secured Over Draft( SOD) SME Loan Housing loan Lease Financing Scheme Loan Retail Banking Interest Rates (%) 18% 16%, normally, Interest rate is 2.5% above from the instrument rate such as FDR,SS etc. 16% 16% 16% 14% (Officers)
20% (Non- officers) Term Loan 16% *The Interest Rates will be revised from time to time depending on the market conditions, shift in Government Policy and National Banks credit focus.
Raw materials, work in process, finished goods, stock in trade on hypothecation and pledge basis. Inventory is held in a warehouse/godown for financing against pledge under Banks control. Value of Inventory is checked.
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Land and building of acceptable type and value, under registered mortgage. Financial obligation after ascertainining its genuineness of issuance, ensuring marking of lien of the lender bank on the instrument and obtaining confirmation from the issuing bank that encashment including even before maturity date will be allowed to the lender bank on request without referring to the instrument holder.
Bills receivable against work order/supply order duly assigned/supported by registered P.A executed by the client favoring the bank, confirmed by the work entrusting authority that the cheques/ bills against the work shall be issued in the name of the bank A/C of the client.
Cars/ buses/water crafts/ vessels under hypothecation and joint registration. Shipping documents as lien against LC. Trust receipt (For LTR) Export documents-under lien (for LDBP/FDBP). Export LC/ Contact under lien (For LDBP/FDBP). Packing credit letter. (For PC) Personal guarantee/corporate guarantee/cross-corporate guarantee. Post dated cheques. 1st/2nd charge/1st ranking pari passu charge on fixed and floating assets of the limited companies financed.
Bank obtains authorization to debit clients account in order to keep policy in force.
Insurance:
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National Bank having insurable interest on a property/ an asset obtain insurance policy as per norms against credit facilities extended in order to protect this banks interest. Insurance policy shall be taken covering all possible risks. Branches shall ensure that insurance policy is current and renewed on a timely basis. Insurance shall be obtained from a reputed company.
General/Special conditions/Covenants:
General/Special conditions/Covenants will be according to the nature of advances, security arrangements, ownership pattern, and mode of acquisition, institutional norms / instructions, guide lines of the central bank / regulatory authority.
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Validity date for continuous credit is set at a period not exceeding 1 year. Short term loan mostly is allowed for trade/commerce. This expiry date is virtually the date for adjustment/ review of the facility, subject to periodical and satisfactory turnover of the limit. Conduct of the business during the whole of validity period determines the fate of continuation of the facility for the next period. Loans for short/ medium/long term are also sanctioned depending upon the requirement thereof and also on cash flow generation, repayment capacity and over all lending feasibility. Such loans are allowed for adjustment in installment.
Chapter
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04
Risk assessment
4.8 Credit Information Bureau Report (CIB report) 4.9 Credit Assessment System 4.10 National Banks Risk Grading Framework 4.11 Credit Risk Grade Matrix
4.12 Different categories of Credit Risk Grading Credit 4.13 Risk Grading Review 4.1 Types of CRM
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In perspective of National Bank Limited risk is defined as the possibility of losses, financial or else. Now a days risk management plays a vital role to reduce uncertainty of assets and or else. The major area of risk the bank think is that Credit Risk, Liquidity Risk, Market Risk, Operation Risk and Reputation Risk due to Money Laundering Risk. Market risks include Foreign exchange risk, Interest rate risk and Equity risk.
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Prefer lending which will be adequately secured with acceptable security. Borrowers stake in any activity will be ensured.
Encourage syndicated financing in prospective/ profitable ventures. Not incur any uncovered foreign exchange risk in lending fund. Invest at reasonable lending rates. Monitor End use of loans/ advances.
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Generally prefer short term lending promoting through lending small and medium enterprises.
Constantly explore prospective and profitable investment areas in order to achieve institutional and country objectives.
Extend of credit which should contribute within defined risk limitation to the banks achievement of profitable growth and superior return on the Banks capital.
To provide directional guidelines to all concerned to improve risk management culture & establish minimum standard for managing risks in credit operations.
To adopt an appropriate working method. To keep legal aspects relating to loans and advances vivid. To introduce and adopt uniform practice in working. To make lending correct information based. To identify proper lending correct area. To analyze all aspects related to credit and ascertain viability of lending. To make credit documentation exhaustive. To ensure proper supervision, monitoring & follow up. To ensure safe return of money lent, avoidance of credit loss and strengthen asset quality and to protect banks interest.
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Risk Origination by Business Units Credit Risk Operational Risk Market Risk Liquidity Risk Reputation Risk
Risk Control & Migration Recommend Measures to Control & Migrate Risks
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Figure: Risk Management Process In order to streamline risk control features in a more effective manner, National Bank Limited has put in places all manuals as suggested in the core risk management guide lines of Bangladesh Bank. To manage the risk, National Bank Limited takes some steps. They actively involve analysis, evaluation, acceptance and management of some risk. Risk management is not only for regular process but also improve financial performance of the Bank.
Customer having capacity and ability to repay shall only be lent. Possibility of default will be worked out before lending. Credit will be extended in the areas risks of which can be sufficiently understood and managed.
Independent Credit participation in the credit process shall be ensured. Ethical behavior in all credit activities shall be ensured. Be proactive in identifying, managing and communicating credit risk.
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Be diligent in ensuring that credit exposures and activities including processing function complying with NBL requirements as well requirement of regulatory authority.
Risk and reward to be optimized. Diversified Credit Portfolio to be built and maintained. Credit will normally be financed from customers deposits and not out of short-term temporary funds or borrowing from other banks.
The bank shall provide suitable credit services and products for the market in which it operates.
Credit will be allowed in a manner which will in no way compromise with the Banks standard of excellence and to customers who will not compromise such standards.
All credit extension must comply with the requirement of banking companies Act. 1991 and amendments thereof from time to time.
Prevailing credit practices in the market. Credit worthiness, background and track records of the borrower. Financial standing of the borrower supported by financial statement and other documentary evidences.
Legal jurisdiction and implication of applicable laws. Effect of any applicable regulations and laws.
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Purpose of the loan/ facility. Tenure of the loan/facility. Viability of the business concern. Cash flow analysis and also projections thereof. Quality, value and adequacy of security, if available. Risk taking capacity of the borrower. Entrepreneurship and managerial capabilities of the borrower. Reliability of the sources of repayment. Volume of risk in relation to the risk taking capacity of the bank or company concern. Profitability of the proposal to the bank or company concerned. Credit Risk Grading Yield from the facility Market aspect Total global exposure of the borrower CIB status
An analysis of a minimum of 3 years historical financial statements of the borrower shall be presented.
4.7.1.8. Collateral
Collateral offered against a credit facility shall properly be valued and verified by the concerned relationship officer or Relationship Manager and revalued and re-verified annually in the subsequent period(s). In addition to the valuation of the Relationship Officer, the same Collateral must be valued and verified by an enlisted surveyor of the bank if the total credit facility to the concerned customer exceeds Tk 25.00 lac. Any valuation of the collateral must be supported by the photograph and side map, where applicable.
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Adequacy and extent of insurance coverage must be assessed in the credit Assessment Form. Customer preference for not taking required insurance policy must be obtained from approved insurer of the Bank.
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Commercial banks and financial institutions intermediate between lenders and borrowers. These financial intermediaries collect deposit and disburse it as loan and advance to the individual people, business, commercial, industrial entity. The loan and advance should be given to them who has the certain and predicted cash flow to repay the credit. If the credit officer fail to analyze the clients viability of repaying the loan and the projects cash flow possibility of default may arise due to the information. In sanctioning the loan, is the key to identify the borrowers ability, expertise, efficiency, and industry analysis, business performance to ensure the recovery of the credit along with the good supervision, monitoring and the relationship. The purpose of appraisal is to be sure that the proposed advance will be safe, liquid, and profitable and for acceptable purpose covered by adequate security.
different committees. In National Bank Limited, there are following hierarchies in approving credit facilities:
4.9.3.1
The branch credit department is maintained by the branch manager and the other members are second man or manager operation, credit in-charge, and other members are nominated by the branch manager and the credit officer who prepares the proposal calls them relation officer. As the ultimate performance of the branch depends on the loan all of the members are give importance. If the credit amount wanted is not under the sanctioning authority of the branch committee, it is sent to the Head Office Credit Committee for approval.
4.9.3.2
After receiving the loan proposal from different branches, credit committee (HO) seats after certain interval for analyzing the proposal. The credit officers review the proposal and look for what other
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information is needed to provide with it to present before the executive committee. Here they also appraise the loan proposal in the same way the branch does. The HO credit committee is headed by the Managing Directors of the bank and other members are selected by him. Mainly the HO credit department is responsible for the following activities:
The committee evaluates the quality of the lending staff posted in the branch and take appropriate steps to made them efficient and effective. Ensuring that all the required information and documents are collected and are in order.
4.9.3.3
Executive Department
If the limit of the loan proposal exceeds the authority delegated to the HO credit committee, the loan proposal is forwarded to the executive committee for sanction. Approving the credit facility as delegated by the Board of Directors.
Supervising implementing the directives of the Board of Directors. Reviewing of each extension of the credit approval by the HO credit committee or Managing Director. Communicate the result of all the above function to the Board of Directors.
4.9.3.4
Board of Directors
If the credit demand of the client crosses the delegated power of the executive committee, the proposal is sent to the board of directors for approval. The Board of Directors has, in the NBL; retain the following credit related responsibilities in their hand: Delegating authority to approve and review credit The board of directors will approve the credit for which authority is not delegated to anybody.
borrowers creditworthiness which will help the Bank to identify all possible risk underlying in a particular credit transaction. A former evaluation of borrowers financial health and ability to repay debt obligation is call credit rating which helps the bank to grade the customer. As such, it is also called credit risk grading. And risk identified through credit rating/risk grading is quantified for better understanding and takes appropriate technique. Besides, it helps the bank to charge commensurate risk premium on a particular credit facility. Therefore, it is important to accurately measure the risk in a transaction and grate the facility accordingly. As per recommendation of the Financial Sector Reform Project, Bangladesh Bank made it mandatory for the bank to conduct a Lending Risk Analysis in the prescribed format before sanction of a loan which is steel in force. Later, Bangladesh Bank instructed all commercial Banks to develop its own credit risk grading system vide its Guidelines on Credit Risk Management. In the said guideline, Bangladesh Bank provide sample Risk Grading Model and advised Banks to design their own model in line with that one.
position against each criterion. After analyzing borrowers financials or other relevant documents, the Relationship Officer will first find out the points the borrower earns against each criterion based on the parameters set and then multiply the points obtained by the relevant risk weight which will produce Weighted Score.
Sl. No. 01
Criteria Leverage
Weight (%) 15
Score 85+
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02 03 04 05 06 07 08 09
Liquidity Profitability Account Control Business Outlook Management/ Key Person Age of Business Size of Business Personal Banking
15 15 5 10 15 05 05
Good Acceptable Marginal/ Special Mention Substandard Doubtful Bad & Loss
GD ACCPT MG/WL SM SS DF BL
05 10 100
10 Total
Relationship Security
The Relationship Officer of the Branch will prepare Risk Grading Scorecard in case of new proposal, renewal and/or enhancement of existing facility, any deterioration in borrowers business position, any breach of contract by the borrower or as and when he/she feel it necessary. Customer is to be affixed in the relevant field of the Credit Assessment Sheet.
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2. Good (GD)
Strong repayment capacity of the borrower. The borrower has excellent liquidity and low leverage. The company demonstrates consistency strong earnings and cash flow. Borrower has well established, strong market share. Very good management skill and expertise. All security documentations are in place. Credit facilities fully covered by the guarantee of a top tier local bank Aggregate score of 85 or greater based on Risk Grade Score sheet.
3. Acceptable (ACCPT)
These borrowers are not strong as good grade borrowers, demonstrate earnings, cash flow and have a good track record. Borrowers have adequate liquidity, cash flow and earnings. Credit in this grade is secured acceptable collateral (1st charge over
inventory/receivables/equipment/property). Acceptable management. Acceptable parent/sister company guarantee. Aggregate score of 75-84 based on Risk Grade Score sheet.
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These borrowers have an above average risk due to strained liquidity, higher than normal leverage, thin cash flow and/ or inconsistent earnings. Weaker business credit and early warning signals of emerging business credit detected. The borrower incurs a loss. Loan repayment routinely falls past due. Account conduct is poor, or other untoward factors are present. Credit requires attention. Aggregate score of 65-74 based on Risk Grade Score sheet.
This grade has potential weakness that deserves managements close attention. If left uncorrected, this weakness may result in a deterioration of the repayment prospects of the borrower.
Severe management problems exist. Facilities are downgraded to this grade if sustained deterioration in financial condition is noted (consecutive losses, negative net worth, excessive leverage). Bangladesh Bank criteria for Special Mentioned (SM) shall apply. Aggregate score of 55-64 based on Risk Grade Score sheet.
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7. Doubtful (DF)
Full repayment of principal and interest is unlikely and the possibility of loss is extremely high. However, due to specifically identifiable pending factors, such as litigation, liquidation procedures or capital injection, the asset yet is not classified as Bad & Loss. Bangladesh Bank criteria for Doubtful Credit shall apply. Aggregate score of 35-44 based on Risk Grade Score sheet
Number 1 2 3 4 5 6 7
Risk Grading Superior Good Acceptable Marginal/ watch list Special Mention Sub- standard Doubtful Bad & Loss
Review frequency (at least) Annually Annually Annually Half yearly Quarterly Quarterly Quarterly Quarterly
Chapter 05
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Findings
within a limit for every bank which is notified by the Bangladesh Bank. Pricing for the credit varies for depending on the risk level of credit facility. Risk level is measure on some criteria like; CIB Report, CRG points, Personal Information. High risky credit facility charged high interest. Price of Credit facility also set up by the Head Office credit committee. Credit allocation is set-up by the Head Office Credit committee. The Head of the Branch can authorize credit up to Tk.20 Lac.
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Branch credit officer prepare the credit proposal containing details customer information. Some big credit facilities recommended by the Head Office credit Committee which is processed with fast monitoring and screening. Sometimes clients and customers are moving here and there inside the bank premises. So it hampers the smooth functioning and security system of the bank. Quality development may help the bank to hold on the old customers and attract potential customers. The number of Brochure is not sufficient to supply information to the clients for their query.
Chapter 06 Recommendation
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Conclusion
6.1 Recommendation
The process of sanctioning a loan is very time consuming. Management should give more effort to reduce the time of processing a loan.
The main portion of profit comes from the foreign exchange and credit division, but there are not enough employees on these departments to serve the clients. So number of employees should be increased in these departments.
The management must be more careful of sanctioning that loans which are recommend by powerful bodies. Because these loans sometimes become more risky.
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To reduce the credit risk the original documents of the client must be verified thoroughly.
The repayment capacity of loan of the client should be properly investigated to reduce the default risk.
6.2 Conclusion
The National Banks philosophy - "A bank Performance for potential" has been precisely an essence of the legend of success in Bangladesh. The bank has proved to be successful by offering quality services to its customers in time. Most of employees of National Bank are very efficient (with few exceptions); everyone knows their work very well and can perform efficiently to produce the best output. National Bank Limited has consistently remained focused on efficient customer service by providing wide range of products and services. Their products and services are as diverse as the market segment demand. Their customers group range from individuals, big corporate clients,
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NGOs to non residents. Financing to NGOs were done for extending microfinance to cover less privileged people who are struggling to fight poverty. NBL also focus on its delivery platform, its people and its brand to support the growth. Improvement in mix of deposit by developing more retail savings products remained in their policy objectives. National Bank Limiteds core value to remain socially responsible corporate citizen will remain integral part to its strategy and communicating them to all stakeholders is intrinsic to the plan.
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