Money, Finance and Banking Blog in Pakistan
Posts tagged Financial Rating
PACRA Assigns Ratings to Bank of Khyber
Jul 13th
Posted by Saleem Chohan in Commercial Banking
The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term entity ratings of BBB (Triple B) and “A2” (A two), respectively, to the Bank of Khyber (BoK).
These ratings denote low expectation of credit risk emanating from an adequate capacity for timely payment of financial commitments.
The ratings reflect strong patronage of the government of NWFP, being the majority shareholder (51%), and sound risk absorption capacity of the bank. However, with weak institutional building over the years, the bank’s ability to mobilize deposits and their effective deployment remained constrained reflected by limited size of operations and high NPLs ratio.
With a recent More >
PACRA Downgrades Entity Ratings of Mybank Limited
Jul 11th
Posted by Saleem Chohan in Commercial Banking
The Pakistan Credit Rating Agency Limited (PACRA) has downgraded the long-term and short-term entity ratings of Mybank Limited to “A-” (Single A Minus) and “A2” (A Two), respectively, while a “Negative Outlook” has been assigned to these ratings.
The ratings denote low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect the bank’s substantially weakened equity profile and risk absorption capacity – a consequence of sharp deterioration in asset quality. Performance prospects are also subdued owing to increase in non-earning assets, mainly NPLs, and increasing provisioning requirement against infected portfolio.
Although the management is More >
PACRA Upgrades Rating of First Habib Modaraba
Jul 11th
Posted by Saleem Chohan in Financial Services
The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term entity rating of First Habib Modaraba (FHM) to AA+ (Double A plus), while maintaining the short-term rating at A1+ (A one plus).
The ratings indicate very low expectation of credit risk and very strong capacity for timely payment of financial commitments.
The ratings reflect FHM’s very strong risk absorption capacity emanating from a sound equity base with very low leveraging.
Meanwhile, FHM’s established risk management framework has enabled the Modaraba to sustain its very good asset quality. In addition, the management, while following a prudent approach, is working to diversify its Ijarah portfolio, More >
PACRA Upgrades Entity Ratings of JS Bank Limited
Jul 11th
Posted by Saleem Chohan in Commercial Banking
The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term and short-term entity ratings of JS Bank Limited to “A” (Single A) and “A1” (A One), respectively.
These ratings denote low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect the improvement in JSBL’s relative positioning amongst peers and appreciable progress accomplished in formulating a cogent business strategy, strengthening systems and controls, developing a core management team, expanding the branch network and successfully implementing the technology infrastructure.
The bank’s association with a diversified business group – the JS Group – is a key rating More >
Management Quality Rating of PICIC Asset Management Upgraded
Jul 11th
Posted by Saleem Chohan in Financial Services
JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Management Quality Rating of PICIC Asset Management Company Limited (PICIC AMC) from ‘AM3-’ (AM Three Minus) to ‘AM3′ (AM Three).
PICIC AMC is one of the largest asset management companies vis-à-vis the size of funds under management. Subsequent to acquisition of Pakistan Industrial Credit and Investment Corporation Limited (PICIC) by NIB Bank Limited (NIB) the company has become a wholly owned subsidiary of NIB.
An entirely new management team with prior experience of brokerage and asset management industry has been inducted during the last quarter of 2008.
Risk management and compliance function has been More >
