Efficiency and Profitability Analysis of Investment Banking in Pakistan (2001-2011)

7/31/2019 Efficiency and Profitability Analysis of Investment Banking in Pakistan (2001-2011)

1/17

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KETGRDK\LK^CKEFR[ @HWREFC HI LHETGA^HRFR[ RG\GFRLM KE BW\KEG\\

LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>9?

@WEG 2>62YHC 4#EH 2

GIIKLKGEL[ FED ^RHIKTFBKCKT[ FEFC[\K\ HI KEYG\TAGET

BFEJKEO KE ^FJK\TFE -2>>6!2>66+

\{gd Ftki Fck

Cgltwrgr ke Cfmhrg Bw|keg|| \lmhhc# Tmg Wekygr|kt{ hi Cfmhrg

Ifrpfe [fm{f

Cfmhrg Bw|keg|| \lmhhc# Tmg Wekygr|kt{ hi Cfmhrg

Awmfaafd Efwafe


Akrpf \mgmr{fr Rfpf

Cfmhrg Bw|keg|| \lmhhc# Tmg Wekygr|kt{ hi Cfmhrg\{gd Hfk|Okcfek


Fb|trflt

Tmk| |twd{ frowg| fbhwt hygrfcc ~grihrafelg hi keyg|taget bfej| h~grftkeo ke ^fjk|tfe irha

{gfr 2>>6 th 2>66% Tmg lhrg hb`gltkyg hi tmk| rg|gfrlm k| th lmglj mgtmgr tmg keyg|taget

bfej| frg gfrekeo ~rhikt| hr eht fed mklm lrktklfc iflthr k| giigltkeo tmg hygrfcc giiklkgel{ hi

bfejkeo% Keyg|taget bfejkeo k| tmg ~rfltklg hi gcgyftkeo lf~ktfc ihr bw|keg||g| tmrhwom ~wbckl

ichftftkhe fed ~rkyftg rg|kdgel{ hi |glwrktkg|% Tmg keyg|taget bfejkeo kedw|tr{ ~cf{| fe

ka~grftkyg ketgragdkftkhe tf|j ke fcc afrjgt glhehakg|% Dkiigrget |tftk|tklfc tg|t| k%g%

FEHYF# Twjg{ M\D# Cgygeg| tg|t fed rgorg||khe mfyg f~~ckgd b{ w|keo \^\\ th ygrki{ tmg

f||hlkftkhe hi ~fkd!w~ lf~ktfc# gvwkt{# ewabgr hi |mfrg|# thtfc f||gt|# tf}ftkhe fed ~rhikt

bgihrg fed fitgr tf}ftkhe ktm dkiigrget {gfr|%

Jg{hrd|0 Gvwkt{# fkd!w~ Lf~ktfc# FEHYF# Twjg{ M\D# Mhahogegkt{# Rgorg||khe


2/17

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LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>9=

@WEG 2>62YHC 4#EH 2

Ketrhdwltkhe

Keyg|taget bfej| lrgftg |glwrktkg|# mklm lhetfke |thlj| fed bhed|# ihr tmga|gcyg| fed htmgr

lhr~hrftkhe|# fed g}~gdktg tmg trfdg ke tmga% Ke fddktkhe# tmg{ f||k|t lha~fekg| th lh~g w~

ktm agrogr| fed ~wrlmf|g|% Tmg ah|t ka~hrtfet iweltkhe hi keyg|taget bfejkeo ke tmg

glheha{ mf| lheygetkhefcc{ bgge th mgc~ bw|keg||g| th ~rhahtg rg|hwrlg| ihr tmgkr tf|j| b{

|gcckeo keyg|taget |glwrktkg| th tmg af||g|% Weckjg lhaagrlkfc bfej|# keyg|taget bfej| dh

eht chhj ihr aheg{ dg~h|kt| irha lckget| ke tmg ihra hi ke|~gltkeo fed |fykeo| fllhwet| fed

tmg{ dh eht afjg lheygetkhefc ketgrg|t!bgfrkeo lrgdkt| th |~glkikl lw|thagr|%

Keyg|taget bfejkeo ke|tktwtkhe| rftmgr ogegrftg tmgkr lf~ktfc ah|tc{0

B{ owkdfelg bw|keg|| lckgetgcg ihr tmg ogegrftkhe hi |thlj| fed |mfrg|# bhed| fcheoktm htmgr |thlj h~tkhe|%

B{ wedgrrktkeo keyg|taget| B{ fkdkeo agrogr| f| gcc f| ~wrlmf|g|# ke fddktkhe th gygr{ |wiiklkget rg|gfrlm f|

gcc f| keyg|taget| trfe|fltkhe|# tmk| lhwcd fllha~fe{ fcc hi tmga%

Ke fddktkhe# |ka~c{ b{ brhjgrkeo -hr |gcckeo+ |thlj h~tkhe| th |mfrgmhcdgr|Tmrhwomhwt ^fjk|tfe# {hw kcc iked 492%


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LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>9;

@WEG 2>62YHC 4#EH 2

{gfr|# k% g% 6;=;!6;;4 tmg vwfetkt{ hi keyg|taget bfej| mfyg rfk|gd f| afe{ f| 69% Tmg ah|t

rglhrd| hi keyg|taget bfej| ck|tgd he J\G grg ke tmg {gfr| 6;;2 fcheo ktm 6;;


4/17

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LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>?>

@WEG 2>62YHC 4#EH 2

G}~h|wrg ckakt| afroke|% ^rhmkbktkhe hi Ke|kdgr Trfdkeo

\w~gryk|keo hi dk|~frktkg| ke |lrk~!k|g ~rklg ahygaget|# rgtwre| fed dgckygrkg|%

Rg|trkltkhe he Bcfej \gcckeo G|tfbck|maget hi LDL fed Eftkhefc Lcgfrkeo \{|tga

Gyge tmhwom tmk| jked hi rgihra ~rhlg|| k| |tkcc kelha~cgtg fed ke fdyfelgaget# fcc tmg|g

iflthr| mfyg lrgftgd fe geykrheaget tmft fcch|# ahtkyftg| fed ~rhahtg| Keyg|taget Bfej|

hi tmg eftkhe th tfjg ~frt ke tmgkr ogewkeg rhcg hi ~rhykdkeo mkom!ged |gryklg|# ckejgd th

Ikefelkfc ) Lf~ktfc Afrjgt|%

Heg afke lmfeog bwkct# b{ tmg \GL^: ktm tmg EBIL Rwcg| 2>>< af{ bg tmg ketrhdwltkhe hi

tmg EBIL Irfaghrj% Tmk| irfaghrj keyhcyg| tmg ~grak||khe th hiigr f ewabgr hi |gryklg|

wedgr tmg kdgetklfc lhr~hrftg lheikowrftkhe% Tmg rftkhefcg f| ke hrdgr th agrog tmg fltkyktkg|

lhelgrekeo th Ehe!Bfejkeo Ikefelkfc \glthr# wedgr f |keocg wabrgccf fed gelhwrfog tmg|g

fltkyktkg| b{ fa~cki{keo tmg lf~ktfc bf|g fed tmgrgihrg rgdwlkeo lf~ktfc lh|t| k!g# Lf~ktfc!

Bf|gd \trwltwrg mgrg akekafc ~fkd w~ lf~ktfc rgvwkrgaget| grg rglhoekpgd ihr gflm Ihra

hi Bw|keg|| Fltkykt{%

Tmg hygrfcc ~grihrafelg rgofrdkeo keyg|taget bfej| af{ ygr{ gcc bg `wdogd irha tmg

ka~hrtfet iflthr| tmft dwrkeo tmg {gfr 6;;


5/17

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LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>?6

@WEG 2>62YHC 4#EH 2

Dwrkeo tmg ~f|t |gygrfc ahetm|# tmg fltwfc |thlj| fed |mfrg| |ktwftkhe rgofrdkeo J\G mf|

bgge ohkeo dhemkcc fed tmg |mfrg ~rklg| hi tmg agetkhegd `hket |thlj lha~fekg| mfyg bgge

lhetkewhw|c{ ohkeo dhe% He tmg htmgr mfed# tmg bfejkeo |glthr rg~rg|getgd kt| ~hgr b{

bgkeo tmg ygr{ cf|t heg th ged w~ bgkeo dgtrkagetfcc{ fiigltgd b{ tmg ~frtklwcfr ifcckeo ~rklg|

hi tmg |thlj% _ktmke tmg g}flt |fag irfaghrj# gyge tmhwom tmg |mfrg ~rklg| mfyg cftgc{

rgygfcgd f eg rk|keo trged# {gt fofke tmg bfejkeo |glthr mf| ~rhygd kt| |trgeotm b{ bgkeo tmg

~rkafr{ th |tf{ ke tmg |~htckomt hi rglhygr{%

Hb`gltkyg|

Tmg ~wr~h|g fed hb`gltkyg| hi tmk| |twd{ k|0

6% Th lmglj hygrfcc ~grihrafelg hi keyg|taget bfej| h~grftkeo ke ^fjk|tfe2% Th tg|t mgtmgr tmg{ frg gfrekeo ~rhikt| hr eht>2 +

Lcfrjg gt fc% -2>>4+ tr{ th ~wr|wg tmg eftwrg hi tmg lheicklt hi ketgrg|t ke ahrg dgtfkc% Tmg

fwtmhr| ~frtktkhe |gcc!|kdg ikra| keth tmrgg orhw~|0 keyg|taget bfej|# brhjgrfog!hec{ ikra|

-ktm eh keyg|taget bfejkeo h~grftkhe|+# fed kedg~gedget rg|gfrlm ikra|% Tmg fwtmhr| tmge

|twd{ tmg fllwrfl{ hi fefc{|t| gfrekeo| ihrglf|t|# tmg bkf|g| ke tmgkr rglhaagedftkhe|# fed


6/17

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@WEG 2>62YHC 4#EH 2

mgtmgr tmgrg k| fe{ dkiigrgetkfc afrjgt rgfltkhe th tmg|g ~rhehwelgaget| dg~gedkeo he tmg

t{~g hi brhjgr tmft ga~ch{| tmg fefc{|t% Tmg fwtmhr| iked tmft fefc{|t| ft cfrog keyg|taget

bfej| k||wg cg|| h~tkak|tkl gfrekeo| ihrglf|t| rgcftkyg th lhe|ge|w| ewabgr| tmfe dh tmg htmgr

th t{~g| hi fefc{|t|% Fc|h# keyg|taget bfej fefc{|t| k||wg faheo tmg ah|t fllwrftg

ihrglf|t| hi fe{ hi tmg tmrgg fefc{|t orhw~keo|% Ehtfbc{# fefc{|t| mh hrj ihr cfrog

keyg|taget bfej| f~~gfr th bg cg|| tkakd tmfe tmgkr brgtmrge ke tmft tmg{ tged th k||wg tmg ikr|t

ihrglf|t ke f okyge vwfrtgr%

Fofrfc -2>>>+ afdg f dgtfkcgd ga~krklfc fefc{|k| hi tmg dgtgrakefet| hi |fykeo| fed

keyg|taget ke \hwtm F|kf fed trkgd th keyg|tkoftg m{ \hwtm F|kf |fykeo| fed keyg|taget|

rftg| cfo bgmked tmg Gf|t F|kfe rftg| fed mh tmg{ lhwcd bg ka~rhygd% Tmg lfw|fckt{ fefc{|k|

bgtgge |fykeo rftg fed OE^ orhtm rftg f| afdg% Tmg |twd{ w|gd ^hhcgd tkag |grkg| dftf

hi \hwtm F|kfe lhwetrkg| irha 6;9>!6;;= ihr keyg|taget ahdgc fed irha 6;9>!6;;9 ihr

|fykeo ahdgc% Hrdkefr{ Cgf|t \vwfrg Agtmhd ga~ch{gd th g|tkaftg tmg|g ahdgc|% Ihr

g}fakekeo lfw|fckt{# Orfeogr Lfw|fckt{ tg|t f| w|gd% Tmg |twd{ w|gd yfrkfbcg| f| ~grlgetfog

hi OD^% Tmg rg|wct| hi tmg |twd{ kedklftgd tmft Ihrgkoe Dkrglt Keyg|taget fed Egt thtfc

ihrgkoe bhrrhkeo grg ~h|ktkygc{ fiigltkeo thtfc keyg|taget fed fc|h th ^rkyftg Keyg|taget%

Orhtm rftg hi rgfc OD^# Aheg{ \w~~c{# fed Cfoogd Dg~gedget yfrkfbcg grg ~h|ktkygc{

fiigltkeo: Fog dg~gedgel{ rftkh fed Ihrgkoe \fykeo| grg egoftkygc{ fiigltkeo Eftkhefc

\fykeo| fed ^rkyftg \fykeo| rftg f| gcc% Ke lf|g hi \rk Cfejf# Kedkf fed Fcc 7 lhwetrkg|

-^hhcgd Dftf+# Orhtm rftg hi OD^ dkd Orfeogr lfw|g Eftkhefc \fykeo|% Fed ke lf|g hi

Bfeocfdg|m# fed ^fjk|tfe# Eftkhefc \fykeo| dkd Orfeogr lfw|g Orhtm rftg hi OD^%

Ef|kr fed Jmfckd -2>>4+ f||g||gd bgmfykhr hi |fykeo fed keyg|taget ke ^fjk|tfe w|keo

f~~rh~rkftg glhehagtrkl fed |tftk|tklfc tglmekvwg fed fttga~tgd th ogegrftg f ahdgc he tmg

bf|k| hi iwedfagetfc tmghrkg| hi |fykeo fed keyg|taget% Tmg{ w|gd dftf irha 6;?6 th 2>>


7/17

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LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>?62YHC 4#EH 2

g|tkaftkhe tglmekvwg% Tmg |twd{ lhelcwdgd tmft Ohygreaget G}~gedktwrg|# Orhtm rftg hi

Orh|| Dhag|tkl ^rhdwlt fed Rgakttfelg| Orhtm grg ~h|ktkygc{ fed |koekiklfetc{

keicwgelkeo Eftkhefc \fykeo|%

Ygraf -2>>?+ fefc{pgd gedhogehw| ka~flt hi \fykeo|# Keyg|taget fed Orhtm b{ w|keo

Feewfc dftf hi Kedkf irha tmg {gfr 6;7> th 2>>4# ga~ch{gd keehyftkhefc hwtckgr ahdgc% Tmg

afke hb`gltkyg| hi tmg |twd{ grg th lhedwlt wekt rhht tg|t mklm gedhogehw|c{ dgtgrakegd f

|trwltwrfc brgfj ke tmg tkag |grkg|% Tmg fwtmhr w|gd FRDC f~~rhflm ihr fefc{|g| cheo rwe

rgcftkhe|mk~ fed GLA ihr |mhrt rwe rgcftkhe|mk~% Tmg |twd{ thhj gflm yfrkfbcg f| dg~gedget

fed rg|t hi tmg yfrkfbcg| f| kedg~gedget fed g}fakegd rgcftkhe|mk~ faheo tmga% Tmg fefc{|k|

lhelcwdgd tmft tmgrg f| eh rgcftkhe|mk~ mge OD^ f| tfjge f| dg~gedget yfrkfbcg% Kt f|

fc|h ihwed f ~h|ktkyg fed |koekiklfet rgcftkhe|mk~ bgtgge Orh|| Dhag|tkl ^rhdwlt# Orh||

Dhag|tkl Keyg|taget fed Orh|| Dhag|tkl \fykeo| ke tmg |mhrt rwe f| gcc f| ke tmg cheo rwe%

Ke fddktkhe# tmg rg|wct| lhelcwdgd tmft \fykeo| mfd eh ka~flt he orhtm bwt orhtm mfd

ka~flt he |fykeo|%

Rglget ~f~gr|# |wlm f| Feo fed Rklmfrd|he -6;;4+# fed ^wrk -6;;9+ ihr tmg ~rg!Ocf||!

\tgfofcc ~grkhd# fed Ofedg# ^wrk# \fwedgr| fed _fctgr -6;;?+ ihr tmg ~h|t!\gltkhe!2> grf#

dhlwaget# |hagmft ~wppckeoc{# tmft lhaagrlkfc bfej| frg |w~grkhr th keyg|taget bfej|

bf|gd w~he tmg gykdgelg tmft lhaagrlkfc bfej| wedgrrktg bhed| ktm chgr egt {kgcd|%

Tmg|g ikedkeo| frg kelhe|k|tget ktm tmg ga~krklfc hb|gryftkhe tmft keyg|taget bfej| frg

~rhakeget wedgrrktgr| thdf{ fed ~rkhr th tmg Ocf||!\tgfofcc Flt hi 6;


8/17

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@WEG 2>62YHC 4#EH 2

F mkom ~h|ktkyg lhrrgcftkhe bgtgge foorgoftg keich| hi IDK fed tmg mh|t lhwetrkg|

foorgoftg g}~hrt| mf| bgge ihwed# mkcg tmg keich hi IDK tged| th kelrgf|g tmg mh|t

lhwetr{| ka~hrt|% -Orfmfa# 6;;4+%

Dftg fed Agtmhdhcho{

Tmg dftf ihr tmk| rg|gfrlm mfd hbtfkegd irha Jfrflmk \thlj G}lmfeog -J\G+% Aklrh|hit

G}lgc fed \^\\ bhtm mfyg w|gd th fllha~ck|m tmg rg|gfrlm% Dkiigrget |tftk|tklfc tg|t| mfyg

f~~ckgd mklm mgc~gd ke iwcikcckeo tmg hb`gltkyg| hi tmk| |twd{% Bfej| ktm pgrh ^fkd!w~

lf~ktfc fed dgifwctgr bfej| mfyg gckakeftgd th ogt fllwrftg rg|wct|% Tmgrg frg fc|h |hag

ckaktftkhe| hi tmk| rg|gfrlm# f| tmg dftf hi {gfr 2>>= mfd eht okyge dwg th |cwa~ hr glhehakl

lrk|g| ke ^fjk|tfe% Ahrghygr# dwg th |h kaage|g ewabgr hi dftf |hag |tftk|tklfc tg|t| grg

wefbcg th lha~wtg kt%

Ga~krklfc rg|wct|

Ikr|tc{# tmgrg k| |hag dg|lrk~tkyg fefc{|k| hi tmg dftf% [gfrc{ fygrfog| hi ~fkd!w~ lf~ktfc# eh%

hi |mfrg|# gvwkt{# thtfc f||gt|# |fcg| fed ~rhikt bgihrg fed fitgr tf} mf| okyge ke tmg bgch

tfbcg0

Tfbcg eh% 60 Agfe| hi dkiigrget yfrkfbcg| hi keyg|taget bfej| -R|% Ke Akcckhe|+

[gfr|

^fkd!

w~

Lf~ktfc

Eh% hi

\mfrg|Gvwkt{

Thtfc

F||gt|\fcg|

^rhikt

bgihrg

Tf}

^rhikt

fitgr

Tf}

2>>6 6;6%>%2


9/17

k`lrb%gb|%lha



@WEG 2>62YHC 4#EH 2

Tmg tfbcg eh% 6 |mh| tmft tmgrg f| |ckomt fed ahdgrftg orhtm ke tmg {gfr 2>>6 th 2>>>;% Kt af{ bg dwg th glhehakl lrk|g| fed

rglg||khe ke ^fjk|tfe% Tmg tfbcg |mh| tmft ke 2>6> dg|~ktg kelrgf|keo fe fa~cg fahwet ke

~fkd!w~ lf~ktfc# ewabgr hi |mfrg|# gvwkt{ fed thtfc f||gt|# tmg |fcg| bglhag g}lggd| bwt tmg

keyg|taget bfej| lhwcd eht bg fbcg th thwlmgd tmg brgfj!gyge hr ~rhdwlg |hag kelhag% Ke

2>6># keyg|taget bfej| oht tf} rgbftg bglfw|g f lhr~hrftkhe lfe flvwkrg tf} rgbftg| mkcg

|wiigrkeo dgiklkt bwt ke 2>>; fed 2>66# tmg{ dkd eht% Ke 2>66# tmgrg grg |tkcc eh gfrekeo| bwt

dgiklkt mfd dglrgf|gd th |hag g}tget%

Lmfrt eh% 60 [gfrc{ lha~frk|he hi ^fkd!w~ lf~ktfc fed gvwkt{

Eh# tmgrg k| f orf~mklfc ~rg|getftkhe hi ^fkd!w~ lf~ktfc fed Gvwkt{ ke ckeg lmfrt eh% 6% Kt

|mh| tmft ke tmg {gfr 2>>4# tmgrg f| fe kelrgf|g ke bhtm yfrkfbcg| bwt |wb|gvwgetc{ tmg

dglckekeo ckeg| |mh dglrgf|g ke bhtm yfrkfbcg|% Ke 2>6># tmg ckeg| hi ~fkd!w~ lf~ktfc fed

gvwkt{ kelrgf|gd ifr fbhyg tmg orhwed% Kt af{ bg ~h||kbcg tmft rk|keo ke ~fkd!w~ lf~ktfc grg

dwg th tmg dgygch~aget hi eg ikefelkfc ikra| fed gvwkt{ k| fcf{| orgftgr tmfe gvwkt{ f| kt

lhetfke| ~rhikt| f| gcc% Mhgygr# ke 2>66# tmg dglrgf|keo ckeg| hi orf~m |mh fofke

dkakek|mkeo hi bhtm yfrkfbcg|%


10/17

k`lrb%gb|%lha



@WEG 2>62YHC 4#EH 2

Lmfrt Eh% 20 \fcg| hi keyg|taget bfej| irha 2>>6 th 2>66

Eh tmgrg k| yk|wfckpg |tfokeo hi |fcg| ke tmg ckeg lmfrt eh% 2% Kt |mh| tmg |fcg| hi keyg|taget

bfej| ihr f mhcg dglfdg fed f {gfr% Tmgrg f| f dgckbgrftg bwt f |tgfd{ fwoagetftkhe irha

{gfr 2>>6 th 2>>< bwt ke 2>>4# |fcg| bglfag bhh|t% Ke 2>>7# |fcg| fofke bglfag ahdgrftg

wetkc 2>6>% Egygrtmgcg||# ke 2>6># |fcg| grg ft tmgkr bhha bwt tmk| ~h|ktkhe dkd eht ~rhcheo

ke tmg cfttgr {gfr%

Lmfrt Eh% >6!2>66+

Tmg lmfrt eh% < k| f bfr lmfrt hi ~rhikt bgihrg fed fitgr tf}ftkhe% Kt fofke |mh| tmft 2>>6#

2>>2 fed 2>>< gfre| ke f |efkc| ~flg bwt ke {gfr 2>>4# tmgrg k| fe gemfelkeo bfr hi ~rhikt

bgihrg tf} bwt f |wbhrdkeftg bfr hi ~rhikt fitgr tf} |mh| tmft tmg tf}ftkhe orf|~gd ah|t hi tmg

~rhikt| irha ikra|% Fofke# tmgrg frg keigrkhr bfr| fitgrfrd| wetkc 2>>;% Ke 2>>;# tmgrg k| f

lhch||fc dgiklkt |wiigrgd b{ keyg|taget bfej| fed dg|~ktg g|lfcftkeo f af||kyg fahwet hi


11/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>??

@WEG 2>62YHC 4#EH 2

^fkd!w~ lf~ktfc# gvwkt{# thtfc f||gt| fed |fcg|# tmg ikra| dkd eht rgflm brgfjgyge% Mhgygr# tmg

bwrdge hi |mhrtifcc bglfag dkedcg| orfdwfcc{ fitgr 2>>;% Tmk| orf~m fc|h |mh| tmft tmg

ikra| dkd eht flvwkrg tf} rgbftg ke 2>>; fed 2>66%

Eh tmgrg k| fefc{|k| hi yfrkfelg|# fc|h jehe f| FEHYF tg|t% Tmk| tg|t mf| f~~ckgd th

lmglj mgtmgr tmgrg frg |fag yfrkfbcg| hr |hag |koekiklfet dkiigrgelg g}k|t|% F~~ckeo t!tg|t

af{ eht ~rhykdg giigltkyg rg|wct| f| lha~frgd th FEHYF f| tmgrg frg ahrg tmfe th

yfrkfbcg| th tg|t%

Tmg m{~htmg|k| ihr FEHYF kcc bg0

Mh0 2>>61 2>>21 2>>>41 2>>71 2>>91 2>>?1 2>>;1 2>6>1 2>66

M60 Ft cgf|t heg yfrkfbcg hr ~h~wcftkhe agfe k| dkiigrget irha tmg htmgr|

Tfbcg Eh% 20 FEHYF tfbcg ihr dkiigrget yfrkfbcg|

FEHYF

\wa hi \vwfrg| di Agfe \vwfrg I \ko%

^fkd!

w~

Lf~ktfc

Bgtgge Orhw~| %>>>

_ktmke Orhw~| 2

_ktmke Orhw~| 2=

_ktmke Orhw~| 2%979>%;?> 2>?

^rhikt

Fitgr

Tf}

Bgtgge Orhw~| 922764;7%??> ; 9;69=>>

_ktmke Orhw~| >969%7;? 2>?


12/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>?=

@WEG 2>62YHC 4#EH 2

Fbhyg tfbcg eh% 2# |mh| lha~frk|he hi dkiigrget yfrkfbcg| ktm {gfr|% Fcc fbhyg yfrkfbcg|

mfyg mkomc{ |koekiklfet yfcwg| fed cg|| tmfe >%>7# |h g rg`glt ewcc m{~htmg|k| tmft k| Mh fed

fllg~t fctgrftkyg m{~htmg|k| tmft k| M6% Tmg rg|wct| |mh tmft agfe| frg eht |fag hygr f

ewabgr hi {gfr| fed tmgrg frg ft cgf|t th dkiigrget yfrkfbcg|% Tmgrgihrg# th rglhoekpg tmg

dkiigrgelg ke tmg|g yfrkfbcg| Twjg{| Mheg|tc{ |koekiklfet dkiigrgelg| tg|t% Tmgrg frg afe{

^h|t Mhl tg|t| th fefc{pg tmg agfe dkiigrgelg| bwt Twjg{| M\D lha~frg| fcc ~fkr hi orhw~

agfe| ktmhwt kelrgf|keo tmg rk|j hi afjkeo f T{~g K grrhr% Kt kcc bg g}lggdkeoc{ g}tge|kyg

th |mh fcc tfbcg| hi yfrkfbcg|# |h kt k| |wiiklg th |mh ig yfrkfbcg| ktm |koekiklfet dkiigrget

agfe|%

Tfbcg eh% >6 2>>4 !4469%?=9%49796 >%>>>

2>>9 2>>4 !?>997%26>67 >%>>>

2>>? 2>>4 !?>;4>%49?29 >%>>>

2>>; 2>>4 !?62==%>9=27 >%>>>

2>6> 2>>4 !?2%>>>

2>66 2>>4 !?27?6%6%>>>^rhikt

Fitgr Tf}2>>6 2>>; 62=2%666494 >%>42

2>>2 2>>; 6%>


13/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>?;

@WEG 2>62YHC 4#EH 2

Tmg Twjg{ M\D tg|t |mh| ke tfbcg eh% >4 mf| |koekiklfetc{

dkiigrget agfe| lha~frgd ktm {gfr 2>>6# 2>>2 fed 2>>>4

mfyg dkiigrget agfe| lhetrf|tgd ktm rg|t hi {gfr|% Iwrtmgrahrg# ^rhikt fitgr tf} ke {gfr 2>>;

mf| |koekiklfetc{ dk||kakcfr agfe| ki agf|wrgd w~ ktm {gfr| 2>>6!2>>?% Agfe dkiigrgelg|

frg |mhe ke tmg tfbcg fed fcc ~ yfcwg| frg cg|| tmfe >%>7 |h hwtlhag| frg fllwrftg%

Eh th ygrki{ mgtmgr tmg ~h~wcftkhe yfrkfelg| ihr tmg orhw~| frg |koekiklfetc{ dkiigrget irha

gflm htmgr hr eht fed ihr tmk| ~wr~h|g Cgygeg| tg|t mf| f~~ckgd% Tmg m{~htmg|k| ihr tmg tg|t

kcc bg0

Mh0 h~wcftkhe yfrkfelg| frg mhahogehw|

M60 h~wcftkhe yfrkfelg| frg mgtgrhogeghw|

Tfbcg eh% 40 Cgygeg| tg|t hi Mhahogegkt{ hi Yfrkfelg|

Tg|t hi Mhahogegkt{ hi Yfrkfelg|

Cgygeg

\tftk|tkl di6 di2 \ko%

^fkd!w~ Lf~ktfc %>>>

Eh% hi |mfrg| %>>>

Gvwkt{ 4%%>>>

Thtfc F||gt| 6>%96%>>>

\fcg| =%??>; ; 6;7 >%>>>

^rhikt bgihrg Tf} %>>6

^rhikt Fitgr Tf} ;72 ; 6;= >%>>2

Fbhyg tfbcg eh% 4 |mh| tmft fcc yfcwg| frg mkomc{ |koekiklfet% Tmk| kedklftg| tmg{ frg cg||

tmfe >%>7 |h g rg`glt ewcc m{~htmg|k| -Mh+ fed fllg~t fctgreftkyg m{~htmg|k|% Tmgrgihrg# g

lfe |f{ tmft tmg ~h~wcftkhe yfrkfelg| frg eht mhahogehw|% Tmk| k| ifltwfc bglfw|g yfrkfbcg|

hi tmk| dftf lmfeog| hygr f ewabgr hi {gfr|% Tg|t| th ge|wrg tmg ehrafckt{ hi dftf k%g%

Jhcahohrhy!\akrehy# \mf~krh!_kcj# lfeeht bg f~~ckgd bglfw|g tmg dftf k| g}trgagc{ mwog

ihr tmg|g tg|t|%


14/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>=>

@WEG 2>62YHC 4#EH 2

Eh# th g}fakeg tmg giiglt hi kedg~gedget yfrkfbcg he dg~gedget yfrkfbcg# Awctk~cg ckegfr

rgorg||khe fefc{|k| mf| f~~ckgd he kt% Hwr HC\ Ahdgc ihr tmk| fefc{|k| kcc bg0

^rhikt fitgr Tf}1 h*

6 -Eh% hi |mfrg|+ *

2-Gvwkt{+ *

< -thtfc f||gt|+ *

4 -\fcg|+ *

7

-Bfej( Ikefelkfc lmfrog|+ * 9-^rhikt bgihrg tf}+ * ? -Tf}ftkhe+

Tfbcg Eh% 70 Lh!giiklkget hi Dgtgrakeftkhe

Ahdgc \waafr{

Ahdgc R R \vwfrg

Fd`w|tgd

R \vwfrg

\td% Grrhr hi

tmg G|tkaftg

6 >%;;? >%;;4??6 >%;;47=7< 6>


15/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>=6

@WEG 2>62YHC 4#EH 2

Tfbcg Eh% ?0 Lhgiiklkget| th fefc{pg Rgorg||khe Ahdgc

Lhgiiklkget|

Ahdg

c

We|tfedfrdkpgd

Lhgiiklkget|

\tfedfrdkpgd

Lhgiiklkget| t \ko%B \td% Grrhr Bgtf

6 -Lhe|tfet+ 4%>%74? >%62= >%>44 4%296 >%>>>

Gvwkt{ !>%>%>>4 !>%>=? !=%>;> >%>>>

Thtfc F||gt| !>%>>9 >%>>6 !>%6?? !9%2>2 >%>>>

\fcg| >%>97 >%>67 >%6>9 4%%>>>

Bfej( Ikefelkfc

Lmfrog| !>%>96 >%>%>27 !6%??; >%>??

^rhikt bgihrg

Tf} >%;?= >%>>? 6%>?; 6>>Tf}ftkhe >%46> >%>7? >%6>= ?%2%>>>

Dg~gedget Yfrkfbcg0 ^rhikt Fitgr Tf}

Tfbcg eh% ? |mh| lhgiiklkget| hi rgorg||khe ahdgc mklm mf| ~rg~frgd fbhyg% Tmk| tfbcg

|mh| tmg yfcwg| hi bgtf| th kelcwdg ke gvwftkhe hr ahdgc% Tmw| b{ ~wttkeo yfcwg|# g ogt0

^rhikt bgihrg Tf}1 4%>%74? -Eh% hi |mfrg|+ * -!>%>%>>9+ -thtfc f||gt|+ *

>%>97 -\fcg|+ * -!>%>96+ -Bfej( Ikefelkfc lmfrog|+ * ->%;?=+ -^rhikt bgihrg tf}+ * ->%46>+

-Tf}ftkhe+

Tmg fbhyg gvwftkhe |mh| tmft ewabgr hi |mfrg|# |fcg|# ^rhikt bgihrg tf} fed Tf}ftkhe mfyg

~h|ktkyg rgcftkhe bwt Gvwkt{# thtfc f||gt| fed Bfej( ikefelkfc lmfrog| mfyg egoftkyg rgcftkhe

ktm ~rhikt fitgr tf}% Kt agfe| tmft ki R|% 6 Akcckhe kelrgf|g| ke ewabgr hi |mfrg| lfe ogegrftg

R|% >%74? Akcckhe ^rhikt% Ckjgk|g# 6 Akcckhe kelrgf|g| ke |fcg| lfe ogegrftg >%>97 akcckhe

^rhikt% Fctmhwom# 6 akcckhe kelrgf|g| ke bfej hr ikefelkfc lmfrog| cgfd| th dglrgf|g ke ~rhikt

fitgr tf} b{ >%>96 akcckhe% T{~klfcc{# tf}ftkhe mf| egoftkyg rgcftkhe ktm ~rhikt fitgr tf} bwt ke

lf|g hi dgiklkt# f ikra lfe ogt tf} rgbftg# mklm lfe bg bgegiklkfc th f ikra%

Lhelcw|khe

Kt af{ lhelcwdg tmft keyg|taget bfej| ~cf{ f lrwlkfc rhcg ihr tmg glhehakl orhtm hi lhwetr{

f| tmg{ ~rhykdg g}tge|kyg rfeog hi ikefelg!hrkgetgd iweltkhe| fed lhetrhc ke k||wfelg hi |thlj


16/17

k`lrb%gb|%lha


LH^[RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>=2

@WEG 2>62YHC 4#EH 2

fed fdakek|tgr kt| |fcg th tmg ~wbckl% Ke ^fjk|tfe# keyg|taget bfej| irha {gfr 2>>6 th 2>>>4 hygrfcc ~grihrafelg bglfag bhh|t| bwt

weihrtweftgc{ ke|tgfd hi lhe|tfel{ hr flmkgykeo trkwa~m tmgrg giiklkgel{ drh~ hii%

Iwrtmgrahrg ke {gfr 2>>; keyg|taget bfejkeo ke ^fjk|tfe mfd iflgd f |gygrg ch|| mklm |tkcc

dh eht bg grfdklftg% Lheygr|gc{# kt lfe bg bgckgygd fitgr fefc{pkeo tmg dftf tmft ke iwtwrg hr

w~lhakeo {gfr|# keyg|taget bfej| kcc dgikektgc{ ogt |wllg||iwc ke gckakeftkeo tmgkr getkrg

dgiklkt%

Rglhaagedftkhe|

Kt mf| rglhaagedgd tmft0

6% Keyg|taget bfej| |mhwcd fdygrtk|g gcc th fttrflt tmgkr lckget| fed |wb|gvwgetc{ fttrfltahrg ikra| th oh ~wbckl%

2% Tmg{ |mhwcd lrgftg yfcwg| ihr \tfjgmhcdgr| fed Lw|thagr| he f ~rhcheogd bf|k|%


17/17

k`lrb%gb|%lha


LH^[ RKOMT 2>62 Ke|tktwtg hi Ketgrdk|lk~ckefr{ Bw|keg|| Rg|gfrlm 6>=62YHC 4#EH 2

Rgigrgelg|

Fofrfc# ^% -2>>>+# \fykeo|# Keyg|taget fed Orhtm ke \hwtm F|kf# Kedkrf Ofedmk

Ke|tktwtg hi Dgygch~aget Rg|gfrlm# @weg# 6!4?%

Feo# @% \% fed Rklmfrd|he# T% -6;;4+% Tmg wedgrrktkeo g}~grkgelg hi lhaagrlkfc bfej

fiikckftg| ~rkhr th tmg Ocf||!\tgfofcc Flt0 F rg!g}fakeftkhe hi gykdgelg ihr ~f||fog hi tmg

flt#@hwrefc hi Bfejkeo fed Ikefelg# 6=-2+# >4+% Tmg ohhd#

tmg bfd fed tmg woc{8 Dkiigrgelg| ke fefc{|t bgmfykhr ft keyg|taget bfej|# brhjgrfog| fed

kedg~gedget rg|gfrlm ikra|% ^wrdwg Wekygr|kt{ hrjkeo ~f~gr# \g~tgabgr%

Orfmfa# G% A%# fed E% T% Fepfk# -6;;4+% Tmg A{tm hi f Dg Iflth F|kfe Glhehakl Bchl0

@f~fe| Ihrgkoe Dkrglt Keyg|taget ke Gf|t F|kf% Tmg Lhcwabkf @hwrefc hi _hrcd

Bw|keg||# 2;-%

Ef|kr# \% fed Jmfckd# A% -2>>4+# \fykeo!Keyg|taget Bgmfykhr ke ^fjk|tfe0 Fe Ga~krklfc

Keyg|tkoftkhe# Tmg ^fjk|tfe Dgygch~aget Rgykg# 4#

Efficiency and Profitability Analysis of Investment Banking in Pakistan (2001-2011)

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Transcript of Efficiency and Profitability Analysis of Investment Banking in Pakistan (2001-2011)