Performance Evaluation of Sonali Bank Limited

Himel Ahmed

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Performance Evaluation of Sonali Bank Limited

Himel Ahmed

URI: http://dspace.daffodilvarsity.edu.bd:8080/handle/123456789/4481

Date: 2019-04-25

Abstract:

Economic system is a complicated dynamic gadget in which banks play a critical role in mobilizing the economic system among exceptional marketers of society. The banking institutions are making the economic system extra dynamic in a dynamic financial system. Without a financial institution, the current economic capabilities are meaningless and seedless. Nobody can deny the bank's position with the help of any means to make the social machine evolve and dynamic. Banks at mobilizing funds from the excess to deficit financial gadgets as a financial intermediary. Now a day's banks are playing an essential role as the main economic intermediary to meet each economy's growing needs.

Description:

Sonali Bank Limited Is a state-owned leading Bangladesh commercial bank. It's the country's largest bank. Sonali Bank was established under the Bangladesh Banks (Nationalization) Order in 1972 by amalgamating and nationalizing branches of the National Bank of Pakistan, Bahawalpur Bank and Premier Bank branches located in Pakistan until the Bangladesh Liberation War in 1971. Sonali Bank had a paid-up capital of 30 million taka when it was set up. In 2001, Taka 10 billion and Taka 3.272 billion respectively were authorized and paid-up capital. Currently, 10 billion Taka and 9 billion Taka are authorized and paid-up capital respectively. The bank's reserve funds were Taka 60 million in 1979 and Taka 2.050 billion on June 30, 2000. The bank was converted into a government-owned public limited company and began operating as Sonali Bank Limited on November 15, 2007 to take over all Sonali Bank's assets, liabilities and business. After corporation, the bank's management was given the autonomy needed to make the bank competitive and effectively run its business. Cyber criminals stolen $ 250,000 from the bank in 2013 using the Swift International payment network. The Bank signed with PayPal a legal Memorandum of Understanding in 2016. There are a total of 1211 branches in Sonali Bank. Of these, there are 343 in urban areas, 862 in rural areas and 2 in overseas. It also operates the US-based Sonali Exchange Company Inc. and UK-based Sonali Bank (UK) Ltd. to facilitate foreign currency remittances. Sonali Bank UK directly delivers up to 14 destinations throughout Bangladesh, including Dhaka, Chittagong, Sylhet, Moulvibazar, Beanibazar, Balaganj, Biswanath, Jagan nathpur, Sunamganj, Gopalganj, Nabigonj, Hobigonj, and Kulauraor Tajpur. There are currently three branches in the UK, one in Osborn Street, London, one in Small Heath, one in Birmingham, and one in Manchester. Sonali Bank Limited is governed by an 11-member Board of Directors. The Managing Directors & CEO, who is a well-known banker and a reputable professional, heads it. The bank's corporate headquarters is located in Motijheel, Bangladesh, Dhaka. The capital's main shopping center.

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