Map
Detailed Information
- Place Types Bank
- Address Dhaka - Rangpur Hwy, Palasbari, Bangladesh
- Coordinate 25.2814649,89.3542049
- Website http://www.sonalibank.com.bd/
- Rating 4.4
- Compound Code 79J3+HM Palashbari, Bangladesh
Openning hours
- Monday 10:00 AM – 4:00 PM
- Tuesday 10:00 AM – 4:00 PM
- Wednesday 10:00 AM – 4:00 PM
- Thursday 10:00 AM – 4:00 PM
- Friday Closed
- Saturday Closed
- Sunday 10:00 AM – 4:00 PM
Photos
Reviews
A project titled Enterprise Growth and Bank Modernization Project (EGBMP) has been undertaken by the Government of Bangladesh (GoB) in July, 2004 under the guidance of and financed by World Bank. This project was designed with the aim to enhance the capacity building of the entrepreneurial skill of the industry and trade related sector and modernize the bank management through a program of reforms of the Nationalized Commercial Banks (NCBs).A.A World Bank Mission (Implementation Support Mission) visited Bangladesh over the period June 7 to 18, 2009 to follow up with the Government of Bangladesh on the progress of the banking component under the Enterprise Growth and Bank Modernization Project.The mission comprised the Local Specialists / Analysts of World Bank, Dhaka Office as well as Foreign Specialists of Washington Office. The mission discussed the banking reforms with Ministry of Finance, the Bangladesh Bank (Central Bank of Bangladesh) and the Management of Sonali Bank Limited. The mission submitted the Aide Memoire which contained the following on Sonali Bank Limited (SBL) performance:1.1Cash recoveries from NPA This is one of the most notable achievements made by Sonali Bank Ltd. in the overall performance indicators. The reduction in actual NPL level is attributed to various methods used for cash recoveries of NPL including write-offs, out of court settlements, rescheduling and appointment of private collection agents as well as bank-wide efforts and introduction of an incentive scheme to reward employees for recovering non-performing loans. Against the recovery target of Tk. 500 crore in 2008, SBL realized Tk. 496 crore which represents almost 100% of the target and is the highest amongst SCBs in terms of amount recovered in cash. All these contributed to reduction of NPL level as a share of gross loans from 47 percent in 2007 to 33 percent in 2008. Despite the remarkable progress in 2008, the NPL level of Sonali Bank is still the highest among the three state-owned commercial banks (SCBs) and needs further reduction, including realization of loans from State-owned Enterprises (SOEs).1.2The result for Business and revenue growth indicators and non-funded income is encouraging. Revenue targets were met with "good loan" portfolio having a robust growth of 46% in 2008. Meanwhile, conversion of Bangladesh Petroleum Corporation (BPC) loan into government bond and increased market competition has seriously affected Sonali Bank's net interest income and some of the operating efficiency indicators due to the larger share of BPC loan in the bank's portfolio relative to other SCBs. Although net interest income is still negative, increased business activity from remittances, letter of credit facilities, other fees and commissions contributed to 29% growth in non-funded income in 2008, surpassing the target. Strong inflow of remittances has helped increase deposits compared to 2007. Nonetheless, the Bank performed comparatively better under this category with all indicators meeting the target, but narrowly missing (69% in place of 70%) the target for low cost deposit as percentage of total deposit.1.3Operating efficiency indicators Sonali Bank Limited (SBL) has achieved the net spread & net interest margin targets. But it could be better enough which is missed because of its larger share of low-yielding BPC bonds and concessional interest rates and this position is indicating that banking sector is becoming more competitive. The target for net operating income to total assets and cost to income ratio have not been achieved largely due to increased operating expenses on amortization of intangible assets by Tk. 350 crore and salary. Recent interest controls imposed by Bangladesh Bank will reduce the net spread in the banking sector, but Sonali Bank would have to make extra efforts to enhance its revenue generation ability in the face of escalating competition in the banking sector. SBL has the scope to enhance its revenue generation by improving the Advance-Deposit ratio (AD ratio).
Sonali Bank was established in 1972 under the Bangladesh Banks (Nationalisation) Order, through the amalgamation and nationalisation of the branches of National Bank of Pakistan, Bank of Bahawalpur and Premier Bank branches located in East Pakistan until the 1971 Bangladesh Liberation War. When it was established, Sonali Bank had a paid up capital of 30 million taka. In 2001, its authorised and paid up capital were Tk 10 billion and Tk 3.272 billion respectively. Presently, its authorised and paid up capital is Tk 10 billion and Tk 9 billion respectively The bank's reserve funds were Tk 60 million in 1979 and Tk 2.050 billion on 30 June 2000. In 2013, $250,000 was stolen from the bank by Cyber criminals using the Swift International payments network. In 2016 the Bank signed an Memorandum of Understanding with PayPal.
Most popular and busy Bank in Palashbari.
Transection is good
Very good Bank...
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