Research Paper on Child Abuse

Exploration Paper on Child Abuse Kid misuse is an essential issue which should be examined in extraordinary profundity with right measurement. Youngster misuse can not be recognized based on age, sex, race or religion. Any youngsters in any way, shape or form can be misled whenever. Today guardians and kids are confronting this issue. The dread is somebody deliberately or accidentally is harming the youngster by a few or other way. This individual can be any one among the entire parcel of social gatherings. He/she might be from the family, companions, neighbors, instructor or any one else. There are many key factors that have started the composing the examination paper on youngster misuse. Individuals today are not monetarily settled. They power their youngsters to gain from the toy playing age. Here kid in his blamelessness become the survivor of kid misuse without any problem. So for open mindfulness we need composing research paper on kid misuse. Today individuals need research paper on kid misuse with the goal that they could shield their kids from kid misuse. There is no better method to uncover the youngster mishandle however compose an examination paper on kid misuse. Composing research paper on youngster misuse is the main path by which we can tell the individuals about Child misuse. That is the reason today there is solid need of composing an exploration paper on youngster misuse. Individuals are eager to know more and they look into perusing research papers on youngster misuse. Examination paper on youngster misuse will mention to the individuals what is the power of kid misuse, what are the kinds of kid mishandle and how do these display various practices. Examination paper on kid misuse will reveal some normal maltreatment as passionate, sexual and physical. Passionate youngster misuse incorporates mental torment or boisterous attack by utilizing words that may hurt their dignity. Physical youngster misuse incorporates hurting a kid such that hurt their body truly. The maltreatment incorporate the beating, consuming, hitting, and kicking the youngster. Sexual maltreatment incorporate assault or any sexual misuse. This is basic maltreatment today. The majority of the sitters or day care individuals are discovered engaged with this sort of maltreatment also. For the anticipation of kid misuse, we have to investigate on youngster misuse and to compose research paper on kid abuse.â If you need some assistance recorded as a hard copy kid misuse research paper, our organization is here to get you out in research paper on kid misuse. We manage you how to compose a decent examination paper when you are thinking to compose a kid misuse research paper. Start research paper on kid maltreatment by composing great examination paper that determines what the youngster misuse is. Exploration paper on youngster misuse ought to incorporate the total and far reaching meanings of the kid misuse. Examination paper on youngster misuse ought to likewise incorporate some recorded point of view. After that you should peruse some exploration papers on kid misuse and should gather some factual information. Moreover youngster misuse research paper ought to investigate the kinds of the maltreatment which a kid faces in every day life. Examination paper on kid mi suse should give the subtleties of the effect for a specific maltreatment on the character of children.â Finally your youngster misuse research paper ought to remember some avoidance strategies for which you ought to do an exploration paper on kid misuse points and notice some anticipation methods in you research paper on kid misuse. We help you to compose an examination paper on kid misuse. Regardless of whether you need a custom youngster misuse research paper or you need to purchase an exploration paper on kid misuse; CustomWritings.com convey you custom kid misuse research papers in APA style, MLA research paper on kid misuse. We are consistently here to help you.

The Individuals with Disabilities Education Improvement Act

Presentation two or three decades prior kids with learning incapacities were infrequently distinguished. As the years cruised by, the quantity of youngsters with learning handicaps has been expanding quickly. Right now practically 50% of the youngsters with incapacities include kids with learning handicaps (Douglas Lynn, 2006, p. 93).Advertising We will compose a custom research paper test on The Individuals with Disabilities Education Improvement Act explicitly for you for just $16.05 $11/page Learn More That is the reason the United States thought of the Individuals with Disabilities Educational Act (IDEA) which has been utilized for more than thirty years to recognize youngsters with learning handicaps. As per this demonstration, recognizable proof of youngsters with learning handicaps was directed by the utilization of IQ test. In any case, the progressive increment in the quantity of people with learning inabilities prompted the objection to this strategy. It was important to ch ange this law and in the year 2004 President George Bush marked into law the Individuals with Disabilities Education Improvement Act, an improvement of the Individuals with Educational Disabilities Act (Douglas Lynn, 2006, p. 93). The primary point of this paper is to examine this law and its application because of communication. The Individuals with Disabilities Education Improvement Act This new demonstration has nearly indistinguishable components from the past law separated from a certain something; the utilization of reaction to mediation (RTI) in recognizing understudies with learning issue rather than IQ test. With this new strategy early distinguishing proof of youngsters with instructive disappointment is accomplished not at all like in the past technique. As per Lynn (2007) RTI offers down to earth answers for issues which IQ tests neglected to address since it encourages battling understudies to recuperate quicker (p.13). This is on the grounds that RTI recognizes those u nderstudies who perform ineffectively in light of inabilities from those understudies who perform ineffectively because of deficient activity. Because of this partition and early recognizable proof school exhibitions will in general improve and the quantity of youngsters with learning incapacities is limited making this program to be a fruitful device during the time spent learning handicap distinguishing proof. Reaction to Intervention (RTI) Response to mediation is the technique that is utilized by the Individuals with Disabilities Educational Act to distinguish understudies with learning handicaps. This strategy utilizes an assortment of steps to distinguish the youngsters with learning handicaps and has methodology which are important to help them scholastically. To distinguish kids with learning handicaps, a subgroup of failing to meet expectations understudies is first recognized. This is done in the main month of another scholarly year by utilizing the grades of the earlier y ear or by giving a test to all the understudies and utilize this outcomes. From these outcomes one can choose failing to meet expectations understudies by either choosing the understudies who score beneath the 25% imprint or the individuals who score underneath the normal imprint. This strategy ought to be done in all grades.Advertising Looking for explore paper on instruction? We should check whether we can support you! Get your first paper with 15% OFF Learn More Once this gathering has been distinguished then their responsiveness to training is checked over some stretch of time. So as to see if there is progress in these understudies, periodical high stake tests are led. The understudies who score over a specific percentile mark (20% for instance) display indication of progress while the individuals who score beneath the normal imprint ought to be exposed to an increasingly fiery preparing either inside or outside the homeroom. The advancement of these understudies can be surveye d as done before during the main level. As indicated by Douglas and Lynn (2006) it is prudent to lead the correlation of failing to meet expectations understudies at neighborhood and national levels. Week after week progress of these understudies ought to likewise be directed (p.94). Intercession in RTI Intervention in RTI is accomplished by a few strategies. The main type of communication targets recognizing early issue of perusing. This guarantees no youngster is lingering behind as others progress. Subsequently RTI is a basic part of the perusing first strategy in the present school educational plan in the United States. RTI has various levels making it to be multitired. As an understudy moves starting with one level then onto the next the preparation turns out to be increasingly exceptional. This guarantees essential intercession and consideration is given to the understudies in an offer to assist them with improving scholastically. Another intercession led in RTI is critical th inking. Specialists lean toward the utilization of standard conventions in critical thinking. RTI has up to four unique degrees of critical thinking (Ikeda and Gustafson, 2002). In level one the educator works inseparably with the guardians of the understudy to unravel his/her scholastic issues. In the second level the educator cooperates with his associates in the school to recognize the issue of the understudy and select which measures to actualize. Disappointment of this prompts level three which includes experts from Heartland staff who utilize conduct systems to take care of the issues of the understudy. In the event that this comes up short, at that point level four initiates and it involves specialized curriculum help. All through this procedure the understudy responsiveness to the program is the main impetus that figures out which strategy ought to be applied. Standard treatment convention is additionally utilized in critical thinking. In any case, dissimilar to in critical thinking where every understudy was exposed to an alternate strategy in standard treatment control all the understudies are exposed to comparable techniques for a particular timeframe and afterward evaluated.Advertising We will compose a custom research paper test on The Individuals with Disabilities Education Improvement Act explicitly for you for just $16.05 $11/page Learn More Those who react emphatically to the treatment are returned back to class while the individuals who react contrarily move to the second level to where increasingly exceptional preparing is directed. The individuals who react well to the subsequent level preparing are returned back to class. The individuals who react ineffectively are suspected to have handicaps and further examinations initiate. Explanations behind RTI inclination over IQ The fuse of recognizable proof of understudies with learning inabilities began in the 1970 and IQ tests were utilized with the end goal of ID. During that time just 2% of t he understudies were related to learning inabilities. The number anyway expanded to around 6% in 1999-2000 (Douglas Lynn, 2006, p. 96). Directing this program is very costly (around multiple times the expense of instruction a typical youngster). In this manner accordingly the legislature wound up going through a ton of cash running the program. The expansion in number of understudies with learning inabilities after some time likewise made the IQ technique not to be viewed as gainful. The IQ strategy has been censured since there is no standard system to figure it, its size and which tests are to be utilized to decide the IQ of a person. Because of these irregularities the IQ neglected to recognize accurately understudies with taking in inabilities from low scholastic achievers. That is the reason the legislature built up the new Act which utilizes RTI in recognizing learning handicaps. RTI has figured out how to discover answers for the issues which came up because of utilizing IQ. End Since the 1970's the US government has been utilizing IQ as a methods for distinguishing understudies with learning handicaps. Be that as it may, this program has demonstrated not to be powerful since the quantity of understudies with handicaps expanded with time. That is the reason the administration acquainted RTI with illuminate the weaknesses of the IQ technique. References Douglas, F., Lynn, F. (2006). Prologue to Response to Intervention: What, why, and how substantial right? Perusing Research Quartely, 93-99. Web. Ikeda, M., Gustafson, J.K. (2002). Heartland AEA 11’s critical thinking process: Impact on issues identified with a specialized curriculum (Research Rep. No. 2002â€01). Johnston, IA: Heartland Area Education Agency 11.Advertising Searching for explore paper on training? We should check whether we can support you! Get your first paper with 15% OFF Find out More Lynn, F. (2007). Specialized curriculum personnel pioneer Responsiveness to Intervention. Web. This examination paper on The Individuals with Disabilities Education Improvement Act was composed and presented by client Pale Worm to help you with your own examinations. You are allowed to utilize it for research and reference purposes so as to compose your own paper; in any case, you should refer to it as needs be. You can give your paper here.

Words free essay sample

Im about sure that all individuals have shared the magnificent experience of reprimanding. I affectionately review my dads visit requests, Tahirah! Dont compose on the divider! I despite everything cant very fathom why, since I was so exceptionally talented with crayola at six years of age, my dad wouldnt need my dazzling kaleidoscopic words upon the in any case dull, white dividers. At the point when I found books, the rebuke was for the most part, Turn out the light! Put that book down and rest! Thank heavens book lights can be effortlessly covered up under covers. The latest censures have respected my moms abnormal want that I turn my music off; evidently wearing headphones isnt adequate (lamentably regularly her voice doesnt appear to make it to my ears). Ive saw that the rebukes have kept up a closeness in reason, for they constantly demand that I disregard my wellbeing. We will compose a custom article test on Words or on the other hand any comparable theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Its ghastly to consider what could occur on the off chance that I didnt have the three necessities of life: music, books, and composing. In spite of the fact that Ive changed from composing on the dividers to utilizing one of my various journals or Steve, my dearest PC, the purpose has continued as before: to get out however many of my contemplations as would be prudent before my brain floods. Deplorably, this quite often prompts additionally chiding: Turn off that PC, you have school toward the beginning of the day! My brain doesnt appear to esteem rest as much as my folks do; in any event, when Im securely concealed underneath the spreads, I despite everything want to reach through the murkiness to get a pen and paper. If not kept wakeful around evening time by my need to compose, Im kept conscious by my need to peruse (surmise that is the reason Im not a morning individual). Various creators have been liable for keeping me from getting the imperative rest. It shouldnt come as any unexpected that one of my preferred areas is sitting in one of the dark comfortable seats inside Borders Books and Music. My three fundamental needs all for the most part include something very similar, which is that they express something utilizing words. Regardless of whether theyre sung or composed, I respect the utilization of words to take the bits of an idea and structure them into something fathomable. Almost certainly, this is the reason for my broad statement assortment. As portrayed by Anna H. Branch, God wove a trap of perfection, of mists and stars and winged animals, yet made no thing at all so wonderful as words.

Get the Scoop on Intoduction of Analytical Essay Samples Before Youre Too Late

<h1> Get the Scoop on Intoduction of Analytical Essay Samples Before You're Too Late</h1> <h2> Intoduction of Analytical Essay Samples - Is it a Scam? </h2> <p>Naturally, you aren't bound to compose definitely the manner in which different examples plot, yet it an amazing method to launch your learning approach. It's workable for you to go into supporting data inside the body of your exposition, and in this manner don't disclose to us everything all at once. Sometimes a better example of what you're endeavoring than accomplish is definitely justified even despite a 1000 expressions of exhortation! There are uncommon words and word mix used for expository purposes which should be adapted moreover. </p> <h2> New Questions About Intoduction of Analytical Essay Samples</h2> <p>There aren't any dates of distribution in every single one of the references. At the point when the paper is done, it's indispensable to amend, edit, pick a cha rming title, and make appropriate references. An essential examination article is such an a scholastic paper which exhibits an understudy's ability to break down a piece of writing or cinematograph. One of a kind sources could offer diverse craftsmanship exposition traces so you should be careful. </p> <h2> A History of Intoduction of Analytical Essay Samples Refuted</h2> <p>The chances are that you will find areas of the paper that are brimming with missteps or parts that need lucidity. At the point when you are mentioned to create an exposition, endeavor to find a few examples (models) of comparative composition and figure out how to watch the specialty of the author. An all around built blueprint will keep on keeping your thoughts and thoughts composed. The cut is used to exhibit a line break, which isn't extraordinary in sonnets. </p> <h2> The Importance of Intoduction of Analytical Essay Samples</h2> <p>You may utilize the example s as an establishment for turning out to be the means by which to write in the best possible style. All the reference things start with the title of the data asset. There's no specific style for the presentation, yet foundation data has become the most successive technique of approach. Give a brief depiction of the use of ethnic music in standard music. </p> <h2> Intoduction of Analytical Essay Samples Ideas</h2> <p>Possessing a goal is in reality important to composing a decent essential exposition and it is critical to diagram it plainly. Numerous mistakes are ordinary recorded as a hard copy. Editing is the most critical area of the post composing process. As you presumably didn't have to make an incredibly nitty gritty and expound piece, it is just going to take two or three minutes to skim through what you composed and ensure there are no blunders. </p> <h2> The Key to Successful Intoduction of Analytical Essay Samples</h2> <p>In differentiation to prevalent thinking by an impressive piece of understudies, basic exposition composing isn't tied in with censuring or concentrating on the negative component of investigation. In the event that you are looking for help with your article, at that point we give an extensive composing administration offered by completely qualified scholastics in your general vicinity of study. The foremost objective of an easily proven wrong composing is to win individuals take precisely the same position with respect to a specific point. Along these lines, instruction is a fundamental technique for killing the joblessness issue. </p> <h2>What's Really Happening with Intoduction of Analytical Essay Samples </h2> <p>Based on this issue, each exposition will change contingent upon the profundity of the theory. You can likewise observe postulation proposition. You can likewise observe theory articulation. Begin exploring and build up a theory that you could compo se around. </p> <h2> What You Should Do About Intoduction of Analytical Essay Samples Starting in the Next Two Minutes </h2> <p>The above are a couple of the phenomenal points for a workmanship exposition. Presently you are good to go to present your great significant examination paper! There's an interminable number of various article points that might be investigated. Proceed onward to see how to make an influential exposition in subtleties. </p> <p>Literary investigation isn't the main kind of article in its family tree. Examination articles are known to be among the hardest to compose. For sure, it's critical to choose intriguing points for examination paper. A progressively convincing meaning of an expository paper is that it's a review that gives you a perception about a particular subject of intrigue. </p> <h2>Ideas, Formulas and Shortcuts for Intoduction of Analytical Essay Samples </h2> <p>It's conceivable to utilize statements or reword districts of the content so as to include proof. The creator's name is basic to note just in the absolute first statement at whatever point you have only one source. The second a valid example is a genuine case of rewording where the creator isn't referenced by name. What's more, don't disregard to refer to any statements or paraphrases.</p> <h2> The Intoduction of Analytical Essay Samples Game </h2> <p>Therefore, an investigative e xposition is a touch of composing that offers an instructive perception about the specific theme or thought. It's additionally colossally advantageous to discover an individual to peer survey your work. You could make one specific case with heaps of proof, or five professes to back up your subject sentence. The point of the acquaintance is with present your peruser an unmistakable thought regarding what your paper will cover. </p> <p>If you ought to do any examination, you should file all the sources that you trust you will use for effortlessness of access during the creative cycle. Each Move has many stages. There are a ton of time tested strategies it is conceivable to connect with your perusers directly from the earliest starting point. Typically utilized for additional information and insights. </p> <p>The absolute first passage may comprise of just the consideration grabber and some story concerning the issue. In the occasion the creator is an individual , at that point their absolute first name is utilized first. You can get an article from our gathering of expert authors and use it like a format to make your own magnum opus. In case you're to truly pick up from model expositions, you should see how to peruse the procedures of the essayist'. </p> <p>The essential objective of the body passages is to completely show the theory articulation. They ought to follow an appropriate structure. It's conceivable to just see how to make magnificent initial sections for papers on the off chance that you apply the best basic passage tests. Each new body section begins with the primary idea, and it's trailed by the in-text references and proof accumulated from the key sources. </p> <p>What you will require is a blueprinta secure intends to get your article organized. You'll see that it's a mess more straightforward to create a systematic exposition than you previously suspected. Before you begin taking a shot at a logical article you must beginning with explanatory exposition definition. You ought to unquestionably look for an investigative article model. </p> <p>You can likewise observe understudy article. Your educator ought to advise you which sources are fundamental for the article. </p> <h2>What About Intoduction of Analytical Essay Samples? </h2> <p>Among the points is produce a profile and break down characters well. In this way, before figuring out how to make a fair expository paper, need to have a completely clear perception of what it really is. The above is of stupendous noteworthiness, particularly to understudies who feel that basic expositions should focus on the negative aspects of a subject. All in all, no doubt task articles keep on getting a noticeable part in tertiary training as an evaluation device. </p>

How to Write an Independent Essay?

<h1>How to Write an Independent Essay?</h1><p>TAET is a web based composing course that can assist you with building up the abilities expected to create a postulation, article, report, or report proposition, and get it read by affirmations officials at top colleges and research foundations. It was made by Karen Coleman, who utilized it in her undergrad learns at Princeton University, and has kept on utilizing it in graduate courses she educates. What I found out about TAET from the site is this:</p><p></p><p>The first thing that you ought to do when beginning a free paper is perused the directions as far as possible, a great deal of time is squandered during the training works out. You should peruse the bearings and practice segments so regularly that you will get comfortable with the composing rules and to monitor the advancement you make through the training segments. Additionally, take all the insights and help with the training practices that are given so as to explain your inquiries and questions. This will assist you with learning the standards of the entire course of composing just as assist you with improving the manner in which you approach the material.</p><p></p><p>The second thing that you should think about composing an article is that you need to begin with a point. The fundamental thought that you need to seek after, the theory articulation, will give you a beginning stage for composing. At that point you ought to compose a definite depiction of the theme, in light of the structure and organization of the paper. When composing a proposal explanation, you ought to abstain from utilizing the detached voice, since this is the manner in which this sort of composing is done in other contexts.</p><p></p><p>Your subsequent stage will be to recognize the central matters of your paper, and afterward you ought to compose an outline of your contentions. At long last, y ou ought to return to your subject proclamation and afterward depict the central matters once more. At long last, you ought to examine how your decision is identified with your postulation statement.</p><p></p><p>In request to compose a paper that can be perused, you should take a gander at the models for an example exposition. This will assist you with composing a goal and will give a case of the style of composing that you ought to apply to your own undertaking. You should take notes on these models, as they give fantastic instances of the style of writing.</p><p></p><p>The third thing that you ought to do when composing an article is to add sections to your body. On the off chance that you feel that your composing style is excessively casual, at that point you can compose your first section with some progressively formal language. Next, you should keep including sections after the principal passage. When including sections, you shou ld take a gander at the models for an example exposition and work on composing it so as to discover what will be anticipated from you.</p><p></p><p>Lastly, you should ensure that you reconsider your undertaking a few times before submitting it. One approach to do this is to ensure that your passage structure is reliable with the title. Besides, you should ensure that you consolidate your models into your body, and have them flawlessly arranged. Additionally, if your paper is long, it is astute to include an introduction clarifying that you are including some informative subtleties and realities at the end.</p><p></p><p>TAET is an extraordinary composing program for composing a free article and one that is straightforward. You ought to figure out how to follow the methods that are given so as to compose a goal and improve your abilities on the best way to compose an autonomous article as well.</p>

Essay For University Samples - Best Essay Examples to Use

<h1>Essay For University Samples - Best Essay Examples to Use</h1><p>The exposition for college tests is an ideal answer for understudies who are battling with composing an influential paper. With the assistance of these examples, you can improve your exhibition. Also, in this article, I will examine the best exposition models that you can use.</p><p></p><p>When it comes to composing papers for college tests, you need to endure as a top priority that it is about imagination. This is the reason you have to abstain from utilizing what others have done previously. You have to think about your own specific manner of communicating your considerations and emotions. It is on the grounds that the article for college tests ought to be something unique.</p><p></p><p>And it would be a smart thought to figure out what subjects are most generally utilized by understudies who go to college. This will help you in building up a point which you can use in your own exposition. Notwithstanding, you have to hold up under as a top priority that your subject ought not be equivalent to those referenced in the example. Rather, it ought to have a slight difference.</p><p></p><p>Another thing you have to remember is that your article ought to be written so as to not exhaust the peruser. To accomplish this, you can utilize pictures, diagrams, outlines, and so on. Likewise, you can give a few models. Along these lines, you have to make your exposition intriguing to peruse by having great and convincing ideas.</p><p></p><p>An fascinating article is extremely difficult to compose in light of the fact that it needs great arranging. Truth be told, with regards to arranging the material, try not to resemble a tenderfoot. Or maybe, you ought to be very much aware of what the reason for your exposition is and how to make it effective.</p><p></p><p>Besides, you have to ensure that the article tests that you will utilize don't contain spelling botches. Remember that what a peruser gets from perusing your paper is a feeling of fulfillment. On the off chance that the author commits errors on your exposition, it will just mean the general disappointment of the peruser. Thus, you ought make it look alluring as well as make it stream in an intelligent manner.</p><p></p><p>In expansion, you ought to likewise deal with spelling and syntax in your article. Try not to commit indiscreet errors regarding these matters and guarantee that you convey your article in a decent way. Besides, if the exposition that you will utilize has a theory articulation, you have to ensure that you utilize a particular format.</p><p></p><p>Last however not least, with regards to composing a paper for college tests, you have to recollect that the article ought to be unique. You can't rehash the thoughts or contemplations th at were available in other essays.</p>

Ideas For Common Essay Topics In IELTS

<h1>Ideas For Common Essay Topics In IELTS</h1><p>Common paper themes are ones that you can use for practically any degree of IELTS planning. They are likewise the subjects that you will probably use in your tests, so ensure you get them right the first run through round.</p><p></p><p>The IELTS test won't have a specific prerequisites for the articles, it requests that you compose. For whatever length of time that you can compose well, you will be alright. Be that as it may, a great IELTS readiness guide should give you an unpleasant thought of what subjects are normal for each level, so you can keep in touch with them easily.</p><p></p><p>The fundamental degree of IELTS for instance is level 4, and that implies you ought not have a lot of trouble with the point zones recorded previously. For this level, you are additionally permitted to utilize a mix of a portion of the propelled subjects and a couple of essential poi nts, yet you can't consolidate anything else than three themes at a time.</p><p></p><p>IELTS is one of the simpler IELTS levels to plan for, and there are moderately hardly any propelled points required. So if its all the same to you expounding on basic raw numbers and very much characterized designs, at that point you will be alright. It may assist with getting some training papers, either on the web or offline.</p><p></p><p>It's a smart thought to look at the IELTS level you need to take and verify whether you can expound on the fundamentals. There is no base level for these articles, so you can attempt to expound on anything, as long as you can utilize the sentence structure and composing abilities you have gained from your first IELTS exam.</p><p></p><p>You may think that its valuable to locate a general conversation board for your test. In the event that you have taken an assessment previously, you will loc ate a decent spot to post your test answers.</p><p></p><p>The subjects of your exposition ought to likewise mirror the paper design you utilized in your composed report. By utilizing this data, you will have the option to compose a decent paper with an IELTS level that coordinates your current knowledge.</p>

Conclusion Sentence Tips

<h1> Conclusion Sentence Tips </h1> <h2>Introducing a Conclusion Sentence </h2> <p>Reflecting on a specific point requests some profound measure of knowledge. Keep in touch with some more inquiries you're ready to use in future examinations in regards to the indistinguishable point. Assembling to a suitable end is unthinkable without a few stages. </p> <p>A finishing up sentence might be utilized to give a rundown of the chief purposes of the section. A finishing up sentence should be a review of the previous conversation, not join any new information. A finishing up sentence shouldn't be excessively long or excessively short. Composing a closing sentence can be more earnestly than you comprehend. </p> <p>An powerful end is careful and elaborative, it gives a reasonable and strong thought in regards to the whole content. At the point when you're composing an extraordinary end section, you should consider the significant point which you need to obtain across and be certain it's incorporated. An extraordinary end passage is fundamentally the one which sets the most significant purpose of your composition. Nothing can be simpler than to make the keep going section with our on-line generator! </p> <p>To make certain about an incredible exposition, you should get a firm end. Closure a paper with comparative situation may assist with indicating your point and improve a comprehension. Step by step instructions to start an end in an article will for the most part rely upon the sort of exposition you're dealing with. Step by step instructions to start an end for a pugnacious exposition isn't a similar issue. </p> <p>True, it is a little piece about rundown, yet by the by, it should make your article one stride further. The most significant aim of useful expositions is to instruct individuals on a specific subject. Which sort of papers will be there and what's anticipated to be composed. By complying with the above-given indications you will promptly accomplish a significant pugnacious article. </p> <p>The past issue to watch is the most ideal approach to make an end for an informative exposition. All things considered, it's a precarious inquiry to answer. Neglecting to acknowledge it is used to close the keep going considerations regarding a matter is a normal misstep numerous scholars make. You record a case in the subject of the paper, and it's your activity as a writer to gracefully hard proof on the side of your point inside the body of your exposition. </p> <p>Since you can see, how to start an end in an exposition, explore paper or some other scholarly task isn't absolutely an exact science there are bunches of strategies to make utilization of, and the result will for the most part rely upon you, as a paper author. At least one of these techniques may assist you with composing a beneficial end. Assuming be that as it may, the examination assumes control more than five pages, the perfect thought on the most ideal approach to start a determination for an exploration paper is recap what you've just composed. Obviously, a few understudies can't make an incredible last section, that is the motivation behind why we are providing you with an on-line end creator. </p> <p>There's no compelling reason to put immaterial data just for the enthusiasm of a bigger word tally. Normally, it's extremely difficult to end things. Another basic advance you should remember is the benefit of having a reasonable end. It's conceivable to utilize a closing sentence to state how you'd prefer to watch things change later on. </p> <p>Body sections should discuss the thought and can not veer off from it. As a rule, in spite of the fact that you may have a perfect presentation and body part, you can't hope to gain an incredible imprint without a decent last part. The absolute best tip is look out for the rationale and the all out feel' of your scholastic work, ensuring each passage contributes something to the essential thought you're endeavoring to demonstrate. The rest of the segments are distinctive dependent on the kind of task. </p> <p>For case, in the event that you start by portraying a situation, you can end with the indistinguishable situation as verification your article is helpful in building up another appreciation. The inquiry will demand that you select the end that repeats the genuine end in the contention or that is the most appropriate and sensible end give the data in the section. In the event that you are feeling uncertain at any stage, you ought to pick minimal effort exposition composing administrations promptly accessible online as opposed to gambling for any mistake. Only one theme is given in examination of a contention and you don't have any decision. </p>

Writing-College Essays - Tips to Help You Succeed

Writing-College Essays - Tips to Help You SucceedWriting college essays is a necessary part of your education. It shows that you have the ability to organize your thoughts and present them clearly. It will also show that you are very serious about the topic at hand and not just an academic who just wants to get good grades in the class.There are some tips that you should consider when you are writing your essay. Your reader should be able to easily follow what you are trying to say. A well-written essay will also be understandable by readers. Before you even begin your essay, you should plan your topics.You should decide on the topics of your essay. This can vary from school and profession. If you are just a student, the main topic will be one of your major subjects. If you are going to school for business, the topic may be related to a field you would like to specialize in. Whatever it is, make sure you have a topic before you start writing your essay.Now you have a topic. You shoul d focus on your ideas for your essay. This should not be done in the middle of a sentence. Plan out where you want to begin the topic or write down what you are going to write before you do anything else.Writing your topic does not have to be complicated. It is okay to leave out some information. Try to use simple words but with important words in order to really get your point across.When you begin writing, you should concentrate on your focus. Concentrate on the information that you want to include in your essay. Try to understand the main idea of the essay and make sure that you have a good beginning and an ending. Use effective and appealing titles to your essay and always read through your work several times.It is important to stick to your topic but to also come up with a strong idea that will tie everything together. You should also avoid jumping from one idea to another. Instead, write in a clear and organized manner. Write down your thoughts and keep a tape recorder by your side so that you can listen to it later. All of this will help you write a more powerful and clear essay.Writing college essays is a very exciting experience. You should not take this opportunity for granted. You should practice regularly and not get discouraged.

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The author declares that this research paper is original work. All the papers, reports and other material consulted during the preparation of this paper are duly acknowledged. The author understands the plagiarism policy at Lahore School of Economics and has followed good academic practices. Saba Javed Hayat Acknowledgements I would like to express my sincere gratitude to my supervisor; Professor Fareed. A. Fareedy who guided me at every step in writing this research paper. I truly appreciate his enduring patience, encouragement and intellectual insight during the formulation phases of this paper. His feedback for each query broadened my perspective about this research and made it a priced endeavor for me. I would also like to thank all the authors/researchers whose work has formed a foundation to this research. A sincere effort has been made to acknowledge their work wherever cited in this paper. Lastly I would like to thank my parents; Muhammad Javed Hayat and Zahida Javed, for their unequivocal support and great patience at all times. For any errors/inadequacies that may remain in this business research paper, the sole responsibility lies on me. Executive Summary Table of Contents Acronyms ABL Allied Bank Limited ALM Asset Liability Management CBG Corporate banking Group CLA Corporate Law Authorities DCMS Debt Capital Markets and Syndications Division DMU Decision Making Unit FI Financial Institution IBG Investment Banking Group MCB Muslim Commercial Bank NAV Net Asset Value OMO Open Market Operations PBC Pakistan Banking Council SBP State Bank of Pakistan T1capital Tier one capital UBL United Bank Limited YTD Year to Date Chapter 1: Introduction 1.1. Current Standing of Banking Industry in Pakistan The banking industry in Pakistan has been through the inception, nationalization and post nationalization phases. During all the phases, it has been involved in managing the three core portfolios; deposit portfolio, loan portfolio and investment portfolio. The management of asset and liabilities as under ALM has become a key feature for the commercial as well as specialized banks in Pakistan. Due to global integration of financial markets and systems, the impact of mismanagement can lead to severe repercussions for the financial institution. Moreover, in this time the banks are also more prone to external financial distress than ever before. The financial system of Pakistan comprises of private commercial banks, specialized banks, public banks, foreign banks, NBFIs, leasing companies, insurance companies, securities firms and the like. The commercial banks; irrespective of their ownership structure, play a crucial role as the other channels are yet under developed and as per Sta te Bank of Pakistan, almost 80% of money supply is held by these banks. The apex body for the banking sector is State Bank of Pakistan which sets the prudential regulations for their working. The financial system is too bank centered in Pakistan and hence the multitude of impact of activity in this sector has significant ramifications for the economy at large. In present economic condition of Pakistan, Banking industry is facing a multitude of macro factors that are causing a constriction in the core business of banks as the involuntary defaults are leading to impairment of the loan portfolio. Electricity shortages, devaluing currency, heightened inflation and political unrest is severely impacting the business of the banks. Hence forth the banking industry is undergoing a shift in asset mix; away from loan portfolio towards investment portfolio. It can be safely stated that on the supply side, banks are taking a foot back from lending and are showing a preference to maintain hig her liquidity. Moreover on the demand side, corporations are facing macro problem prevalent in economy and an uncertain business environment. According to Banking Surveillance Department at SBP, the profitability of banks has increased by 23% but it has been attributed by top five banks according to the asset structure. The increase in profitability is maintained by shift in asset mix towards quality investments primarily government t-bills and treasury bonds. It seems that banks are less eager to extend loans to the private sector and are more excited to invest in the risk free government papers in the presence of very high impairments on their existing loan portfolios. Although at present, the idea of the shift in asset portfolio mix is generating adequate income considering the macroeconomic situation prevailing in the country but it is also shifting the focus away from the development of parallel banking channels which can contribute to non funded income leading to more profi tability. 1.2. Business Research Problem and Relevance of Study The business research problem is to evaluate the investment portfolio of United bank Limited to determine the nature of shifts in asset towards risk free government securities at the expense of lower development of alternate delivery channels and core banking functions as potential avenues of profit for the bank. Commercial banks in Pakistan are steering towards increasing their investment portfolio and squeezing their loan portfolios in the past few to evade the economic repercussions in local economy after the outset of financial crisis in global market in 2008 which had its contagion effect on the local financial market despite the weak linkages between the two markets. As per Moodys Rating Agency (2012), large banks in Pakistan have around 430 percent of T1 capital as direct exposure in government bonds while the exposure in Public sector enterprises is another whopping 139 percent of T1 capital. This enlarged exposure influences their risk profile in foreign market as the banks will have to face more stringent conditions in the international markets. The core function of lending has also been neglected despite the fact that lending to private sector, as an activity, is usually able to generate higher spread due to involvement of higher risk. The foremost attention is geared towards investment in risk free securities which give a good return as the PLS accounts deposit is kept by the State Bank of Pakistan at 6%. Hence banks are earning good spread and are continuously increasing exposure to government securities as the government is increasingly financing its debt through the stated instruments. Moreover the continued focus on development of Investment portfolio is taking the focus away from the development of alternate delivery channels for the majority of unbanked population of Pakistan which account for around 85% of population. Although the a few banks are taking a foot ahead with the development but the volume wise expansion in alternate p rofit generating avenues is very small. According to Qayyum (2005), these channels are also low risk addendums but the development focus has been very small due to development of other areas particularly investment portfolio as a low risk prospectus. The gravity of situation is immense as it will determine the future profitability of banks as the rates on deposits are practically fixed by the central banks and the differential can be earned by higher interest and non interest income. 1.3. Theoretical Justification of the Business Research It is important to study the topic as the banks core function is intermediation of funds which is primarily exhibited by the deposit and loan portfolio. The normal operations of banks have been geared towards these two sets but by under the post reforms regulations of State Bank of Pakistan, the banks are allowed to manage their foreign currencies and can actively manage their investment portfolios. Though there is limit on overall investment portfolio as a percentage of total assets but the classification within the portfolio is not barred. Hence the composition is based on the sole discretion of banking authorities. Due to present high returns on risk free investment portfolios the profitability is on rise but the changes in discount rates can switch the odds and the lack of focus on other profit generating avenues will be studied. The study will draw attention to fact that is the shift towards risk free securities is causing a huge impact on the performance of financial marke ts and will give response to the myths pertaining to power of large banks in influencing capital markets. Moreover the study will draw attention to a newly evolving low risk phenomenon of alternate delivery channels in the banking sector and its prospective role in case of adverse situations for the investment and loan portfolio. 1.4. Key Definitions Term Source Definition Investment portfolio Glossary Banking Finance by Shakil Faruqi, Published by State Bank of Pakistan. Investment in a variety of assets, mainly financial assets such as shares, stocks, bonds, government or corporate securities, bills, commercial papers other financial instruments, real estate and investment in property. T-bills Glossary Banking Finance by Shakil Faruqi, Published by State Bank of Pakistan. Short term debt issued by government to raise funds for the government or to regulate money supply through OMO of central bank. Impaired Loan Glossary Banking Finance by Shakil Faruqi, Published by State Bank of Pakistan. A NPL with over dues of principal and interest for 90 days and beyond; or when a loan is secured by impaired collateral or with a loan security of doubtful value, which turns out insufficient to cover the accumulated over dues. Advances/Loan Portfolio Glossary Banking Finance by Shakil Faruqi, Published by State Bank of Pakistan. Of a bank or lending institution consists of all loans; disbursed and outstanding of different maturities; various types of loans extended to various types of borrowers of banks; the amount of loans advanced. Securities Markets Glossary Banking Finance by Shakil Faruqi, Published by State Bank of Pakistan. Is market for stocks, bonds and other securities, composed of buyers and sellers of securities, and market makers who may conduct their transactions at stock exchange, or OTC, not necessarily tied to a specific place 1.5. United Bank Limited United Bank Limited (UBL) is my Decision making unit as it is one of the six large banks of Pakistan and has a commanding market share. UBL has tried to keep up with the innovative image by working on project Genesis, Bloomberg Electronic Bond platform and Enterprise Banking Suite while keeping a track of costs as the overall economic conditions are rather challenging. Moreover it has been actively participating in the expansion of investment portfolio through purchase of risk free investments. Hence a research study conducted on the expansion in investment portfolio in the recent years can be of great use across banks with similar size, operations and ownership structure. 1.5.1. Vision and Mission According to the United Bank Limited Annual Report 2010, it has a vision to be a world class bank dedicated to excellence and to surpass the highest expectations of the customers and all other stakeholders and mission of setting the highest industry standard for quality, across all areas of our operation, on a sustained basis by optimizing people, processes and technology to deliver the best possible financial solutions to our customers to become the most sought after investment and be recognized as the employer of choice. 1.5.2. Core Values To achieve this long-term vision UBL has formed a firm stance by adopting six sets of core values including Honesty and integrity, Commitment and dedication, Fairness and meritocracy, Teamwork and collaborative spirit, Humility and mutual respect, and, Caring and socially responsible. 1.6. Banking Operations UBL has wide banking operations in retail, Islamic, corporate, investments, international and branchless categories. 1.6.1. Retail banking Retail banking at UBL encompasses branch banking business, domestic deposits, consumer lending, commercial lending and Agri-Lending. According to Banking Surveillance Departments Quarterly Performance Review (Dec, 2012), retail banking grew exceptionally in 2011 with 17% increase deposits and with addition of 87 full branches and 14 sub branches. CASA and fee income also followed an upwards trajectory. It also established Signature Priority Banking in nine lounges across Pakistan and introduced a Platinum Credit card for affluent customer. 1.6.2. Islamic Banking According to Banking Surveillance Departments Quarterly Performance Review (Dec, 2012), under Islamic Banking, UBL Ameen is becoming a priority product in the niche. Low cost deposits have exhibited a growth of 85%. On contrary the customer deposits have risen by 15% only. Ameen is striving to become the most reliable and efficient Shariah Compliant Islamic Banking Solution Provider. 1.6.3. Corporate Banking Corporate Banking has become a core function at UBL as loan book is managed proactively with enhanced focus on NPL recovery in the current difficult times by the Corporate Banking Group (CBG). Moreover with great relationship model and focused operations bank is able to provide quality services to corporate clients for their needs of trade financing, home remittances, cash management etc. 1.6.4. Investment Banking Investment banking is primarily geared towards overseas markets as the markets are slowing down in Pakistan. The biggest contribution of fee income under investment banking came in from Debt Capital Markets and syndications. Then the project and structured finance business has made some major contributions to the fee income under investment banking area. 1.6.5. International Banking International banking is conducted majorly in the UAE and Qatar markets as there are positive sentiments within the banking industry. There is cautious approach held in Bahrain and Yemen. CBG is working well across countries and the lending portfolio is unimpaired largely. Retail portfolio is adequately provisioned but the residential mortgage portfolio in Dubai saw a rise in provisions due to new requirements by Central Bank. 1.6.6. Branchless banking Branchless banking is also on rise as Omni is turning into a profitable venture as its Dukaan network has increased from 2300 to over 4600 outlets. Moreover it has also launched Global Net-banking product in 2011 to lay the foundation of internet banking platform and integrate the system internationally. 1.7. External Environment Analysis Banking Industry in Pakistan A PESTEL analysis of banking industry is conducted to know about the banking industry in Pakistan. This environmental analysis helps to understand the business problems more intricately and to recognize threats, avoid shocks, identify opportunities, and develop better long-term and short-term planning. The political impact on the banking industry is sizably reduced after the practical autonomy of central bank whereby the State bank of Pakistan has autonomy in making policies for the banking sector. But political forces do play in auction of t-bills and government securities in terms of acceptance amounts as the government is doing more than 60% deficit financing from commercial banks. Economic factors like interest rate discounting by 150 bps and depreciating rupee dollar exchange rate is shifting the dynamics of the industry. Social factors have a slightly growing part to play as the social class which now can access banking products has started to widen up. Financial inclusion through alternate delivery channels is a possible gateway ahead. Technologically the industry is at par with international standards where the top banks in industry are keeping themselves automated by using systems like Symbols, Unibank, LOS programming and other financial integration software environmental factors have no direct impact on the industry but they can indirectly impact the banks by causing damages to their clients. The legal status of banks at large is secured by SBP wher the banks are penalized as per the prudential regulations and special courts are also available in case of financial indiscipline on part of FIs or their clients. Chapter 2: Literature Review Evolution of Banking Industry in Pakistan Banking industry in Pakistan has played a significant role in the progression of economy. It has been impacting the growth of various sectors in economy and hence is not just a sector but a system. According to Wachtel (2001), banks perform core function of intermediation and hence investing is a secondary function. The division depends on the central bank regulations and risk return profile. Jaffe and Levonian (2011) say that banks determine asset allocation based on the risks and associated costs as well as their usage in generating value. Haque (1997) says that nationalized banks had lower efficiency due to non diversified group of assets. In view of Qayyum, A. (2005), the degenerated banking industry at inception was turned into publically owned enterprise in nationalization phase. Later it was privatized slowly to generate a mix of public and private owned banks. In nationalization phase the banking industry was primarily involved in servicing the needs of government with s econdary focus on the corporate businesses. Moreover nationalization wiped out the private sector. According to Khan, A H. (1995), due to marked regressive effects in economy, nationalization policy was repealed. Qayyum, A. (2005), further says that initially banking industry was regulated by SBP, PBC and CLA. In pre reform era, PBC was regulating the commercial banks of public sector and CLA regulated the capital markets and SBP was the apex body. After that SBP assumed the complete role in regulating the commercial banks in Pakistan. In his view, the SBP was later required to perform quarterly performance review of all banks. Later the banks were regulated under the revised Banking Companies Ordinance (1962) and amended State Bank of Pakistan Act (1976). After this, SBP rose as apex body for commercial banks with SECP as regulatory body for capital markets. Banking Sector Reforms The banking sector underwent nationalization giving complete control of operations and portfolio management to the government. According to Qayyum, A. (2005), this period was marked by concentrated ownership of assets, initiation of overly subsidized credit schemes with political motivations, restriction on private commercial banks, introduction of credit ceilings and controlled interest rate regime which lead to demise of banking system in Pakistan. The tax rate of 35% also contributed to increases in lending rate during the nationalization phase. Hayat, S. (2011), discusses that correction in the banking system practices was brought about by the financial sector reforms which were done in two sets of phases. The first phase of reforms were introduced in 1991 opening doors of banking business to private investor to reduce to negative sentiments created by nationalization. Accordingly, foreign first tier banks were allowed to make entry in the market. State Bank played a crucial role to regulatory as well as planning body to reduce the ramifications of nationalization and planned the recovery path for the banking system at large. The second phase was marked with suspension of Banking Council and State bank of Pakistan became the sole regulatory authority. International ratings like CAELS and CAMELS were introduced. The important reforms pertained to privatization, equity sufficiency model for the banks, better corporate governance and subsidized financing of non conventional sector. According to State Bank of Pakistan (2011), Banking Sector Strategy (BSS) has been strategized for the coming decade. BSS focuses on ten core areas that include implementation of a financial inclusion program, Strengthening consumer protection, Strengthening competition and efficiency, strengthening and consolidating the banking sector, Strengthening prudential regulation and supervision, introduction of a framework for consolidated supervision, development of a financial sa fety net, Strengthening of powers of SBP to maintain financial and monetary stability, deepening financial intermediation and developing the financial infrastructure, especially payment systems. Financial Standing of Banking Industry in Pakistan According to Financial Sustainability Review (2011), The asset base of the banking system has soared by 8 percent (Rs. 577 billion), the most significant rise in a half year since 2007, on the back of a robust increase in investments, overwhelmingly in government papers. This justifies the issue at hand and overall investment in the government papers. Overall banking deposits have increased by 9.4% aggregative. Moreover profits are rising and the overall contribution of top five banks in Pakistan is falling. Hence the smaller banks are also showing amore contribution in aggregate banking profits. A surprising element is that the earning from investment in government securities has become 30% of total interest income as compared to 24% in last year. The trend in government securities expansion beneficial to government as it is able to keep the deficit financing within SBP prescribed limits. But according to Financial Sustainability Review (2011), this trend is not sustainable as it subdues the core function of intermediation and its profitability is hinged upon the discount rate. Further Financial Sustainability Review (2011) says that rise in investments (22.4 percent) outpacing the growth in advances (1.04 %) by a wide margin, advances to deposits ratio (ADR) of the banking sector has further come off, dropping from 61.4 to 56.7 percent during H1-CY11. This shows that banks have adequate liquidity and also shows that banks are risk averse to the total advances to private sector. Private sector investment is crowding out and trend can be reversed only by better macro economic conditions. NPLs are rising progressively despite contraction in the loan portfolio. Credit risk pertains high and infection ratio though high is well curtailed. Capital adequacy as determined by CAR is showing favorable movements in the numerator and the denominator. This has improved the solvency profile of banks as CAR has increased from 11% to 14%. Investment Portfolio of Banks Anecdote of Last Decade Commercial banks are investing heavily in the financial markets of Pakistan, mostly in currency and money markets. According to Faruqi, S. (2011), banks have monopolized the short term money markets including t-bills market, funds market and repo market. They are also active in government bonds market investing heavily in T bills. He further says that banks are not active in the stock market of Pakistan for the investor risk and SBP imposed regulations. This breaks the myth of banks controlling the stock markets. According to Watchel, P. (2001), large banks tend to avoid undue exposure to securities market and invest only in less risky securities: t-bills, government bonds and AAA rated bonds. In reality, even though individually the exposure to stock market is small but is considered aggregative, the exposure to securities market is substantial reaching to around one third by the end of last year. Faruqi, S. (2011) says that average annual growth rate has been around 20% ov er the decade. It was faster in second half of decade where it outpaced the asset growth rate of 14%. In 2010, the investment was at around 43% of the total investment hence implying that the banks are preferring to enhance their exposure to securities market than to enhance their exposure in the credit markets. Investment Portfolio of Banks Share of Risk free Instruments Investment portfolio is concentrated in government securities and within those mainly in t-bills. As per Financial Sustainability Review (2011), more than 50% of investment portfolio is held in t-bills. Though it is difficult to gauge the overall investment flow as it is short term but stock follows of t-bills rose from 106 billion rupees to 1120 billion rupees over the last decade. According to Faruqi, S. (2011), there is considerable reshuffle of securities as well as size of those securities with a primary focus on shorter term t-bills. Moreover banks are also investing in government bonds; t-bonds and Sukuks. Faruqi, S. (2001) says that the proportion of investment in investment portfolio is declining and has taken a nosedive from 41% in start of decade to 11% in the end of decade. The proportional share of investment in securities to total assets of banking inclusive of all types of assets has grown from 16 percent in 2000 to 28 percent in 2010. There has been a steady s hift in composition of banks in favor of securities. Faruqi, S. (2001) says that rise share of investments has occurred with corresponding decline in share of banking credit and other asset, mainly cash balances held, inter-bank lending and loans to financial institutions and the like. Even though the overall exposure is rising in the end, but exposure is very volatile in case of both for long and short term securities. The exposure of securities of entire banking system is reported at 30 percent of securities market. Development of Alternate Delivery Channels as a Source of Revenue Performance Review According to the Infosyst Limited Report (2011), Channelize through channels is the new mantra for present day banks, which older days relied exclusively on the branch network to fulfill transactions, sell products and acquire customers. Before ADCs, expanding the business meant adding more branches at high real estate and licensing costs. Channels like the Kiosk, ATM and Internet Banking have enabled banks to reach a broad consumer base across geographies with little time and effort. Valluri (2011) says that in international market, there is a growing demand for channel and supporting technology. Banks are integrating channels in order to guarantee accuracy and integrity of transaction data. Channels are means of customer service as well as the means for sales and customer acquisition. With wealth banking customers becoming more technology savvy, their usage of alternate channels of banking is increasing. Banks are also investing in mobile banking applications to enable wealth banking customers transact over smart-phones. As per the Infosyst Limited Report (2011), banks around the world are searching for solutions that can reduce costs without impacting customer service. It is important that banks efficiently manage vendors for different service delivery channels along with the versions of software. Although alternate channels are not the most effective at generating new sales, they improve customer satisfaction and retention. With the help of technology, the banking industry can develop or expand into new channels to survive in the current competitive environment. Any new channel involves cost and in alternate channels, technology plays a vital role in terms of providing a near to branch experience to the well-informed wealth management customer. Alternate delivery channels by United bank Limited According to Aurora (2012), UBL has developed alternate delivery channels slowly by providing the opportunity to customers of using the internet banking, kiosks, ATMs and branchless banking. According to Branchless Banking Regulations announced by the State Bank of Pakistan (SBP) in June 2011, introduced a Level 0 branchless banking account to bring the low income segment into the financial services loop.ÂÂ   As one of the two major providers of branchless banking services in Pakistan, UBL Omni was the first to introduce Level 0 accounts. (Telenor EasyPaisa is currently in the preparatory phase of launching these accounts.) According to the latest edition of the SBPs Branchless Banking Newsletter (April-June 2012), UBL Omnis Level 0 accounts have been so popular that the branchless banking segment experienced a record growth of 37% in the second quarter of 2012 in terms of the number of mobile banking accounts opened. The Newsletter says that the growth is attributable to a notable increase of 370% in Level 0 accounts opened entirely by UBL Omni. Apart from the Level 0 accounts and ATM card, UBL Omni has achieved a great deal more in the last two years giving the new campaign stronger legs to stand on. Chapter 3: Financial Analysis United Bank Limited UBL has been able to achieve higher net income year on year basis and it has been able to generate Net Income of around 15.5 billion and has a large pretax profit amounting to 24.2 billion. Despite the turbulent situation in the economy due to fiscal indiscipline, inflationary pressures and power outages, UBL has managed to grow by 10% in its domestic network and has showed 37 percent increase in the pretax profit. Profitability Source: Published Annual Reports of UBL (2007-2011). The five year data analysis shows that UBL has been able to increase its overall interest income with a slight dip in 2010 and an 18 percent increase from last year. Similar results have transferred into total net revenue as the interest expensed out was not of the line. After accounting for operational expenses and other losses, the pre-provision profit was also 24% higher than last year. Provisioning done under both the general and specific heads, lead to 37% rise in pretax profit showing that lesser provisioning was required by the regulatory bodies due to better quality assets. Return on Assets Source: Published Annual Reports of UBL (2007-2011). Due to very high net income in comparison with the last years figure, the bank was able to generate a very high return on its assets base. Due was partly due to controlled expenses, prudent lending and increase in better quality investments. Moreover the proportion of earning assets in balance sheet is 87% hence the return received are high on every rupee invested as asset. Return on equity Source: Published Annual Reports of UBL (2007-2011). Moreover the return on equity is substantially large. Despite a slight fall in 2009 in return on equity due to macroeconomic financial turmoil, UBL has been able to move ahead and is rising again on the trajectory. According to the the largest shareholding in UBL is of Best-way group which have a commanding share of 51%. The next largest shareholder is State bank of Pakistan (SBP) with a shareholding of 19.5% and the next in line is general public with 13.7% stake in equity. Expenses Trend Source: Published Annual Reports of UBL (2007-2011). Due to the cost management efforts at UBL, it has been able to achieve higher profits as compared to last year. It has managed to control the growth in the administrative expenses to increase its branch network. It has slightly improved its cost to total revenue ratio from 42% to 40% due to its quarterly target of cost to income ratios. Moreover, the personnel expenses have also decreased over 5 years from 20% in 2007 to 16% in 2011. The heaviest cost that the bank pays is one pertaining to tax and is binding upon the bank. In 2011, 36% of pre-tax profits were given as taxes. Growth in Total Assets From Lending Investment Portfolios Source: Published Annual Reports of UBL (2007-2011). The date analysis shows that despite the macroeconomic instability, the bank was able to achieve a growth rate of 11.2% in its assets in 2011 as compared to 2.42% in 2009 where the growth was only 2.42%. It is interesting to look at the growth in advances/ finances as the last three year growth rates are negative with 1.98% in 2011. On the other hand, the growth in investments has been phenomenal in last two years with 48% growth in investments in 2011. Government Securities vs. Finances Source: Published Annual Reports of UBL (2007-2011). The break-up of total assets into finances and government securities shows that roughly 60% assets were the advances while only 18% of assets were government securities. By the end of last year, the trends seemed to revert back where the total finances were only 46% of total assets while government securities amounted to a staggering 33% of total assets. This shows that UBL is restraining back from the risky loans in the present economic times and it is investing heavily in the government securities to reduce its exposure to risky lending. Growth in Investments Source: Published Annual Reports of UBL (2007-2011). The overall investment growth is also huge based on year on year basis. The last two years have witnessed an investment increase of 79% and 48% respectively. The primary investment is done in government backed securities for both long term and short term but basic focus is on shorter maturity investment securities like government t-bills. Intermediation Efficiency Source: Published Annual Reports of UBL (2007-2011). The Net Interest margin Ratio is fairly stable for the time frame of 2009 to 2011 at around 60%. The ratio is stable because the increase in net interest is being matched by the increase in the average earning assets due to increase in the regional network. Earned Spread Source: Published Annual Reports of UBL (2007-2011). The bank is having a maintained spread of around 6% during the past four years. The spread in 2007 was larger due to increased lending at better rates. Since banks are looking to have safer and lesser risky securities by which they can make sufficient profits, hence the spread is falling due to change in risk absorption willingness of UBL in expanding its loan portfolio. Growth in Gross Finances and NPLs Source: Published Annual Reports of UBL (2007-2011). The reason of constriction in loan portfolio can be gauged from the impaired lending growth rates. These are also referred to as non-performing loans in different texts. The growth rate in NPLs has been phenomenal due to large amount of involuntary defaults owing to the electricity crisis and stammering price inflation. The growth in NPLs has been 261% in 2010 and 83% in 2011 showing that the amount thereof is substantially large and hence explains partly the reason of constriction of loan portfolio. NPLs Analysis Source: Published Annual Reports of UBL (2007-2011). The NPLs as percentage of gross finances are highest in the last two years with standing at 3% in 2011 but due to increase in the equity as per the SBP regulatory requirements and Basel III forming its footsteps for regulation, the NPLs as percentage of equity have fallen to 3% (2012) from a high of 15% (2007). Similarly their proportion is smaller as percentage of equity adjusted for revaluation of held to maturity financial instruments. Provisions as proportion of Impaired Lending Source: Published Annual Reports of UBL (2007-2011). The provisions (both for specific and general purposes) have been made and they were able to cover the NPLs to 100%. Capital Adequacy Source: Published Annual Reports of UBL (2007-2011). United Bank Limited is able to cover its regulatory requirements of capital adequacy. Hence the bank is adequately capitalized in form of both tier 1 and tier 2 capital to absorb any losses and act as a cushion for financial shock. The bank has been able to generate a Capital Adequacy Ratio of 14.88% in 2011 which is above the minimum requirement of 13% by State bank of Pakistan. Moreover the tier I CAR has improved from 10.3% to 10.4% from 2010 to 2011. The equity is 9% of total assets in 2011 and due to positive revaluation impact the adjusted equity is 10.2% of total assets. Liquidity Position Source: Published Annual Reports of UBL (2007-2011). The deposits mostly composed of current deposits (almost 50% 70 % of total deposits) and to maintain liquidity is a core function for the management to ensure the fluency of daily operations. The total liquid assets as percentage of total deposits and borrowing are on a rise since 2008 from 32% to 55% in 2011. Liquidity Risk Source: Published Annual Reports of UBL (2007-2011). The liquidity risk is closely monitored in Basel III Accord due to its contagion effect on entire financial system. The gross loans as percentage of deposits have fallen from around 80% to 56% over a period of last five years. It shows that the liquidity position is rather satisfactory as higher advances can increase liquidity risk. The demand deposits are increasing as percentage of total deposits. These are practically no cost deposits and banks look for them. Even after including SBP Refinancing Facility in extending loans, the liquidity risk is not substantial due to SBPs availability of lender of last resort provided that the SBP has second highest commanding shareholding of UBL. Chapter 4: Financial Analysis (Peer Analysis of UBL with MCB and ABL) The choice of reference DMUs (Decision Making Units) was taken based the size of bank, similarity in operations and branch network. Two closest peers of United Bank Limi ted were Muslim Commercial Bank Limited (MCB) and Allied Bank Limited (ABL). 4.1. Return on Assets Source: Published Annual Reports of MCB, UBL and ABL (2011) The return on assets ratio shows that the United Bank Limited is able to generate more profit per unit of input due to its higher earning ability and better cost controls than its peers. 4.2. Growth Rates (2009 vs. 2011) Source: Published Annual Reports of MCB, UBL and ABL (2009 2011) The growth in total assets for MCB and ABL has remained fairly close to 15% from 2009 to 2011 but UBL assets have shown a lower growth rate of 2.4% in 2009 but around 11% growth in 2011. The gross finances have experienced a negative growth rate in case of all three DMUs. Even though the trend is persistent for past three years in case of MCB and UBL, ABL had an expansion in finances in 2009. Moreover NPLs for all banks have a positive growth rate in both years but NPL management should be a cause of concern at UBL. Investments have been on rise for all the three DMUs with 150% growth in investments of ABL. Customer deposits are also growing steadily with sharp rise in UBL customer deposits. Equity growth is also in appropriate over all years. 4.3. Earning spread Source: Published Annual Reports of MCB, UBL and ABL (2011) The earning spread as measured by the differential in asset yield and cost of funds is positive for all banks showing that they are profitable in their interest earning operations from the lending portfolio and investment portfolio while capping their interest expense in their deposit portfolio. 4.4. NIMR Source: Published Annual Reports of MCB, UBL and ABL (2011) The NIMR/avg. earning assets is also large for all banks and is largest for the MCB bank due to larger net interest margin. 4.5. Profit from noncore operations Source: Published Annual Reports of MCB, UBL and ABL (2011) Other operating income as percentage total net revenue is also higher for ubl showing that UBL is able to better manage its non core activities. ABL is closely following UBL at .21 and .24 respectively. 4.6. CAR Source: Published Annual Reports of MCB, UBL and ABL (2011) The CAR ratio above 13% for all banks as it shows that all banks have sufficient tier I and tier II and they are fulfilling the regulatory requirements of SBP. 4.7. Equity Proportions Source: Published Annual Reports of MCB, UBL and ABL (2011) Capital adequacy measured from the ratio of equity as percentage of total assets shows that the MCB has highest proportion of its assets financed by equity and hence explains the 40% CAR. ABL has managed to keep 7.3% equity as percentage of total assets and for UBL it is 9%. This snapshot across DMUs validates the snapshot received from CAR. 4.8. Adjusted Equity Proportions Source: Published Annual Reports of MCB, UBL and ABL (2011) After adjusting for the impact of revaluation of securities, the adjusted equity of all three banks comes closer to each other. The sharp difference in equity and adjusted equity shows deficit on revaluation of assets on the balance sheet of CB.ABL and UBL have both received a net positive revaluation surplus. 4.9. Government Securities Proportions Source: Published Annual Reports of MCB, UBL and ABL (2011) All three large banks have almost 33% of their assets parked into risk free government securities. MCB has invested the most heavily in risk free securities due to the growth trends in impaired lending. Chapter 5: Business Research Problem and Research Methodology 5.1. Business Research Problem The research problem is to evaluate the investment portfolio of United bank Limited to determine the nature of shifts in asset towards risk free government securities at the expense of lower development of alternate delivery channels and core banking functions as potential avenues of profit for the bank. Currently the commercial banks in Pakistan are routing towards expansion in their investment portfolio on expense of their loan portfolios in the past few years as a means to evade the economic repercussions in local economy. The trend is more pronounced in the larger banks as evident by the recent downfall in Moodys rating of five Pakistani commercial banks while maintain a negative outlook for them in the near future. The reason stated in a published article in The News International (2012, July 19) explains that the five affected banks hold sizable direct and indirect exposure to Pakistani government, which links the strength of their balance sheets closely to that of Pakista ns, whose downgrade to Caa1 implies a greater probability of default over the short term. According to Moodys Rating Agency (2012), these top banks have around 252 to 430 percent of T1 capital direct exposure in government bonds alone. Exposure in Public sector enterprises is another 63 to 139 percent of T1 capital. This enlarged exposure influences their risk profile in foreign market as the banks will have to face more stringent conditions in the international markets. The stated situation is grave because our financial system is a part of global financial system in terms of inter-related transactions. A fall in credit rating makes the banks foreign currency deposit ceiling to lower further. This will impact their financial activities in the international financial markets as the foreign banks look at the rating very seriously before establishing a contact. The core lending function has also taken a back seat in present times even though it is usally able to generate higher spread due to higher risk involved in lending to private sector. The major concentration is geared towards the risk free securities which are giving a good return provided the ceiling of interest expense on PLS accounts for banks is kept at 6% by the State Bank of Pakistan. Hence banks are earning good spread and are continuously increasing exposure to government securities as the government is increasingly financing its debt through the stated instruments. Moreover the continued focus on development of Investment portfolio is taking the focus away from the development of alternate delivery channels for the majority of unbanked population of Pakistan. Although the a few banks are taking a foot ahead with the development but the volume wise expansion in alternate profit generating avenues is very small. The gravity of situation is immense as it will determine the future profitability of banks as the rates on deposits are practically fixed by the central banks and the differential can be earned by higher interest and non interest income. According to Faruqi (2011), this expansion in investment portfolio is predicted to be a temporary phenomenon which will revert back as the economy gains momentum. They say that the fiscal consolidation can take place on part of government if fiscal discipline is observed. They say that capital inflows can be managed by the buoyant remittances inflow and hence the reliance on investment is a temporary phenomenon. As the economy improves the exposure to loans will outnumber the total exposure in investment portfolio. But another school of thought led by risk analysts at Moodys considers it as a more of a permanent phenomenon where the banks are geared towards getting the fee based income from investment portfolio expansion while avoiding the credit risk portion tagged with lending activities. This school strongly believes that now the unfavorable operating environment is here to persist as trade deficit is rising and capi tal inflows are falling due to political uncertainties and enduring structural inflationary pressures. 5.2. Research Objectives This business research aims to find answers to following myths about the banking industry in Pakistan and to find that whether the development of two most promising sources of profitability i.e. Alternate Delivery channels will continue to increase profitability of banks. The Myths along with relevant hypothesis are stated below. Whether the expansion in investment portfolio significant in amount and growth rate. Ho: Investment portfolio expansion is insignificant. H1: Investment portfolio expansion is significant. Whether this portfolio is actually geared towards the investments in the risk free government securities. Ho: Investment portfolio is not geared towards risk free government instruments. H1: Investment portfolio is geared towards risk free government instruments. Whether the profitability from investment portfolio is adequate and is this phenomenon sustainable in the dynamic financial environment while comparing with the loan portfolio. Ho: Profit ability of investment portfolio is not adequate and sustainable in relation to loan portfolio H1: Profitability of investment portfolio is adequate and sustainable in relation to loan portfolio Whether the development of alternate delivery channel will result as an alternate sustainable profitability source. Ho: Alternate delivery channels will not be an adequate and sustainable profitability source H1: Alternate delivery channels will be an adequate and sustainable profitability source Research Methodology The above stated business research objectives clearly specify that the one method of research will not be suffice for the accurate and valid conclusion hence a combination of research methods will be applied as Hansen Cottle (1998) have stated that a good research should not restrict to one method but should employ the research method that is most appropriate be it a singular method or a combination of methods. According to Saunders, M., P. Lewis, et al (2007), both the quantitative and qualitative facets of research method is necessary for this business research paper as Mode Two Knowledge is produced by this paper which is practical and applied knowledge coming from the rigorous analysis of business situation. Study settings are natural and hence are non-contrived. For this reason for this paper a deductive, interpretivist and objectivist approach is used and Greener (2008) defines these three terms as generation of research from a theory, power of subjective analysis of s ituation and ability to look into facts as they are respectively. Henceforth to test the first two research objectives, a completely deductive and quantitative analysis is required to formulate a numerical basis for the approval/disapproval of hypothesis. The last three questions require a combination of qualitative and quantitative research methods with major focus on deductive qualitative primary analysis. For the secondary/Content analysis, data is collected from published reports banks under study had no knowledge of the possibility of this study hence there are no artificial setting in the data pool. Cross sectional data is collected on three banks; United Bank Limited, Muslim Commercial Bank and Allied Bank Limited, over FY 2009 to FY 2011. The content research explores past three year trend in the investment portfolio in terms of capitalization and components at UBL while also discuss the investment funds managed by United bank Limited in both money and capital markets. To generate adequate response for the last two research objectives, qualitative/survey research methods are adopted under which two experience surveys, twenty five questionnaires and one focus group is conducted. Questionnaires are conducted in the investment banking department and credit disbursement departments. 5.1.5. Data Reliability and Sources of Potential Biases The data is collected from duly audited financial statements of banks and official website of State Bank of Pakistan. Due to divergent interest of researcher and collector, the data is assumed to be reliable and without any significant bias. Chapter 6: Content Research Finding The content research is conducted to know the growth actual break up of investment portfolio of banks to know the exact allocation to risk free and risky investments over past five years from (2007 to 2011). Furthermore the pattern of securities held in UBL investment funds is analyzed to infer about the preference of fund managers at United Bank even for general investment purpose. 6.1. Investment Portfolio and its Components Investment PortfolioDec-07 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 PKR mio PKR mio PKR mio PKR mio PKR mio Total 294,410.66 224,578.56 136,145.524 116,328.29 115,585.65 Source: Published Annual Reports of UBL (2007-2011). The investment portfolio of United Bank Limited has been expanding continuously since 2007. In FY 07 to FY 08 the growth in portfolio was minimal due to the turmoil economic situation and instable domestic capital and equity markets. But as the situation improved, banks increased their exposure gradually in FY 09 at rate of 17.2% but from FY09 to FY 10, the growth momentum was 64.7% year on year basis. This was primarily because of sudden increase in NPLs from the debtors of the bank who were not able to maintain their businesses given the inflationary pressure, fall in international business opportunities, slowdown in foreign direct investment and political instability. This portfolio remains profitable for UBL and the positive market conditions for the investments encouraged the bank to prudently invest in the money, capital and equity markets in the upcoming years. The trend persists in FY 11. It is interesting to state that all large commercial banks have taken huge exposures in the investment side of their balance sheet over the past three years. The exposure in each market and each type of product is explored further in the study. 6.1.1. Government Securities as part of Investment Portfolio Government Securities 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 PKR mio PKR mio PKR mio PKR mio PKR mio Federal Government Securities 235,037,038.00 160,179,234.00 77,673,427.00 82,375,853.00 86,029,117.00 Others 4,385,444.00 4,333,444.00 Foreign Securities 29,239,118.00 24,590,740.00 20,281,469.00 21,238,594.00 5,827,330.00 Provision for diminution in value of investments (2,726,226.00) (2,658,000.00) (2,252,653.00) (2,536,770.00) (351,191.00) Deficit on revaluation of available for sale investments (2,763,193.00) (3,320,862.00) (3,046,955.00) (9,781,967.00) (365,741.00) Deficit on revaluation for trading investments (43,750.00) (38,365.00) (3,006.00) (19,547.00) (15,755.00) Total Government Securities 258,742.99 178,752.75 92,652.28 95,661.61 95,457.20 As Percentage of total Investments 87.89% 79.59% 68.05% 82.23% 82.59% Source: Published Annual Reports of UBL (2007-2011). The data clearly shows that the entire investment portfolio is heavily geared towards investing in federal government securities which are issued by the central bank. Almost 80% of total investments go into government securities. Of the total government securities invested in, more than 80% is invested in federal government low risk securities irrespective of total proportion of government securities in the investment portfolio and the size of total portfolio. It is worthwhile to notice that bank is facing losses on the values of securities both in held for trading portfolio and available for sale portfolio and has been making provisioning all along. 6.1.2. Equity Investments as part of Investment Portfolio Equity Investments (including Mutual Funds Units) 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 PKR mio PKR mio PKR mio PKR mio PKR mio Listed Companies 6,193,076.00 3,638,227.00 3,639,088.00 6,229,255.00 3,449,960.00 Unlisted Companies 445,474.00 445,382.00 441,574.00 441,465.00 441,106.00 Total Equity Investment 6,638.55 4,083.61 4,080.66 6,670.72 3,891.07 Total Equity Investment as % of Investment 2.25 1.82 3.00 5.73 3.37 Source: Published Annual Reports of UBL (2007-2011). Equity investments including mutual funds form a very minute part of total portfolio ranging between 2% to 6%. Maximum exposure (almost 90 %) is taken in listed securities due to their active secondary market and potential to unload at a better rate and in quicker time. 6.1.3. TFCs, Debentures, Bonds and PTCs as part of Investment Portfolio TFCs, Debentures, Bonds and PTCs31-Dec-07 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 PKR mio PKR mio PKR mio PKR mio PKR mio TFCs/PTCs Listed 2,686,884.00 2,437,296.00 2,667,774.00 1,309,341.00 985,184.00 TFCs Unlisted 3,291,556.00 26,833,263.00 24,570,114.00 5,778,897.00 6,000,195.00 Total TFCs, Debentures, Bonds and PTCs 5,978.44 29,270.56 27,237.89 7,088.24 6,985.38 TFCs, Debentures, Bonds and PTCs as percentage of Investments 2.03 13.03 20.01 6.09 6.04 Source: Published Annual Reports of UBL (2007-2011). Bonds, TFCs and PTCs are also an integral part of investment portfolio. TFCs if issued by good companies are invested in even without their listing on stock exchange. UBL has a larger exposure in unlisted TFCs as the banks usually syndicate while helping to issue TFCs. Their concentration varies based on maturity of TFC and the frequency of initiation. Hence they are not the deciding factor in the investment portfolio composition. 6.1.4. Other Investments as part of Investment Portfolio Other Investments1-Dec-07 31-Dec-11 31-Dec-10 31-Dec-09 31-Dec-08 31-Dec-07 PKR mio PKR mio PKR mio PKR mio PKR mio Mutual Fund units 2,114,075.00 164,662.00 191,299.00 211,583.00 262,201.00 Preferred Shares 477,816.00 463,977.00 188,895.00 Investment in associates 18,859,065.00 9,584,140.00 9,123,028.00 5,101,611.00 8,249,575.00 Investments in commercial papers 50,438.00 Shares Repo Sukuk Bonds 1,534,237.00 2,235,268.00 2,640,040.00 1,549,648.00 685,000.00 Debentures 4,392.00 4,392.00 4,592.00 6,676.00 8,300.00 Participation Term Certificates 10,661.00 19,202.00 26,838.00 38,205.00 46,920.00 Total other Investments 23,050.68 12,471.64 12,174.69 6,907.72 9,252.00 other investments as Percentage of total Investments 7.83 5.55 8.94 5.94 8.00 Source: Published Annual Reports of UBL (2007-2011). The investment in other securities is also not a heavily argued subject as the denomination in each sub category is based on risk return profile of each category and the small PKR denomination that each of them has. In other investments, the most significant item is investment in associates and UBL has two associate companies in which it has continues to keep a old by taking its investment placed over there. The overall exposure in other investments has not been more than 8.00% over past five years. 6.2. UBL Investment Funds UBL has been continuously managing investment funds in both money market as well as capital market to generate profits. The fund activity gives a brief about how these funds are managed, their objective and the asset allocation. The allocation of resources within the funds will also give a view about how UBL perceives its investment objective to be. A few funds managed by United Bank Limited are discussed as under. 6.2.1. UBL Government Securities Fund According to Fund Manager Report (2011) this fund grew by almost 16% to PKR 4.9 bio due to high investor confidence. The objective of this fund was to generate competitive return with minimum risk. Hence the composition of asset allocation is given in the table below. Asset allocation Dec 11 Placement with banks 11% PIB/GOP Ijara 8% t-bills 71% Cash 10% Source: Fund Managers Report (Dec, 2011) This fund has constantly outperformed the bench mark of 10.67% and its YTD comes out to be 14%. The government securities have constantly made a higher profit and yielded a better return despite small risk attached to them. 6.2.2. UBL Liquidity Plus Fund This fund is primarily geared towards investing in low risk assets to achieve comparatively higher daily returns while managing high liquidity. The ULPF generated a return of 11.14% while the benchmark as defined in Fund Manager Report (2011) was 10.24%. The asset allocation of fund is given below Asset allocation Dec 11 Placement with banks 28% t-bills 67% Cash 5% Source: Fund Managers Report (Dec, 2011) Again this fund has a very high proportion of risk free t-bills and its calculated YTD is coming out to be 12.06% which is very high than the benchmark of 10.24%. 6.2.3. UBL Saving Income Fund It is an open ended fund with objective of providing competitive returns with moderate level of risk. The fund size has been around PKR 5 bio ass per Fund Mangers Report (2011). The asset allocation as per NAV comes out to be as following. Asset allocation Dec 11 Placement with banks 15% PIB/GOP Ijara 7% t-bills 69% Cash 9% Source: Fund Managers Report (Dec, 2011) The calculated monthly YTD comes out to be 13.34% and surpasses the benchmark rate of 12.66% even though almost 70% investment is done in low risk return instrument like t-bill while 7% in government bonds proving that the rate of return on these instruments are considerably favorable for the banks. 6.2.3. UBL Growth Income Fund UBIF was established with objective of long term, superior, risk adjusted returns by investing in medium to long term fixed instruments. The asset allocation as per NAV comes out to be as following. Asset allocation Dec 11 TFC/SUKUK 36% Placement with NBFIs 4% Cash 9% t-bills 29% PIB/GoP IJARAH SUKUK 20% Others 25 Source: Fund Managers Report (Dec, 2011) As per calculation, the YTD came out to be -30.18% due to pressure from restricting of corporate TFCs and Sukuks. But fund tried to pull its string by investing almost half of its NAV in the government securities to curb losses. The investment in t-bills doesnt fall in the medium to long term criteria of maturity defined in fund objective. 6.2.4. UBL Islamic Income Fund The UIIF is an Islamic aggressive fund with objective to gain superior returns from the fixed income instruments as well as money market instruments. The asset allocation as per NAV comes out to be as following. Asset allocation Dec 11 SUKUK 52% GoP IJARAH SUKUK 21% Cash 20% Others 6% Source: Fund Managers Report (Dec, 2011) The YTD calculations again give a negative return of -14.46% and benchmark is 9.08%. This return is distressed as one of the major issuer had been undergoing restructuring hence incremental provisioning had to increase. 6.2.5. United Composite Islamic Fund UVIF was formed to invest in diversified shariah compliant securities portfolio. The aim is to gain respectable medium to long term gains. The asset allocation as per NAV comes out to be as following. Asset allocation Dec 11 Equities 64% SUKUK 20% GoP IJARAH SUKUK 5% Cash 11% Source: Fund Managers Report (Dec, 2011) YTD comes out to be 0.06% while the bench mark is at 0.9% showing trouble in managing this fund due to market volatility, political instability and investor risk aversion in more riskier products. The analysis of fund managers portfolios clearly