دانلود کتاب مدیریت راهبردی سودآوری در بانکداری از منظر دارایی-بدهی

There is a traditional way of understanding ALM. It is the one that places it, almost automatically, within the perimeter of treasury. It reflects a conventional approach focused on liquidity management, control of maturity transformation, balance sheet sensitivity to interest rates, hedging, and limit monitoring. This view is not only understandable, but for a long time it was also sufficient to explain a significant part of the ALM function. ALM emerged in response to the need to structure the institution’s financial profile, ensure its funding capacity, and prudently manage the risks arising from maturity transformation. However, the limitation of this perspective is that, when it becomes the only one, it ultimately reduces a discipline whose scope is in fact much broader. ALM is not merely about monitoring the balance sheet once it has been built. It is -or should also be- about participating in the decisions that shape it. That is where the real purpose of this book begins. This book is grounded in the idea that ALM can no longer be interpreted solely as a technical extension of treasury. Its natural domain should be broader, more nuanced and, above all, more strategic. In its most mature form, ALM should cease to be a back-end control function and become a function of balance sheet architecture and optimization, helping determine what kind of balance sheet should be built, with what mix of assets and liabilities, under which liquidity assumptions, with what sensitivity to interest rates, and with what required level of profitability given the risks embedded in the business model. This change in scale is critical. In practice, it means that ALM should not enter the conversation only when liquidity tensions arise, margins deteriorate, or duration mismatches become evident. It should be involved from the outset. The proposal included in this book is not simply for a more sophisticated ALM in terms of tools, but for a different positioning within the organization. A key component of ALM is the FTP framework. The book presents FTP as far more than an internal allocation mechanism. A well-designed FTP framework assigns an internal price to funds flowing between the ALM/treasury function and business units, reflecting the marginal cost of liquidity and capital across maturities. However, this book introduces a particularly powerful conceptual shift in FTP and pricing, integrating and connecting the balance sheet, risk, profitability, liquidity, capital, and strategy within a single analytical framework. In many instances, banking analysis rightly places significant emphasis on risk. However, this book challenges the idea that risk itself should be the core focus. Risk should not be seen on a standalone basis. Banks exist because they assume, transform, and distribute risk. The real issue is not the existence of risk, but the fact that it is not always properly remunerated. This distinction is fundamental because it reframes the key question. The issue is no longer simply how much risk an institution carries, but whether the pricing of itsb usiness adequately compensates for the risk structure embedded in its balance sheet. This shift in the ALM perspective pr oposed in this book is critical because it fundamentally changes the natuer of the discussion. The focus moves beyond measuring exposures, setting limits or allocating capital. It becomes a question of whether the bank is building profitability that faithfully reflects the underlying risk structure of its business.