Lahore: The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of Askari Bank Limited (AKBL) at AA (Double A) and A1+ (A one plus), respectively. The ratings of three unsecured and subordinated TFC issues (PKR 1,500mln, PKR 1,500mln, PKR 3,000mln) have also been maintained at “AA-” (Double A Minus).These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.
The ratings reflect AKBL’s strong franchise supported by its brand “Askari” and association with Army Welfare Trust. Although the bank experienced sizable infection to its assets quality due to tough socio-economic environment resulting in provisioning and suspended income. However, the rising trend has lately been arrested and recovery prospects are sanguine. Askari Bank continues to have strong risk absorption capacity emanating from robust equity base and supplemented by a sound liquidity profile. The ratings recognize established organizational structure and focus of the management on improvement in system and control environment.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425