Bank Of Punjab: PACRA maintains credit rating
PACRA maintained the long-term and short-term entity ratings of The Bank of Punjab at AA- and A one plus A1+
LAHORE:
The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of The Bank of Punjab at Double A minus (AA-) and A one plus (A1+), respectively. The ratings denote a very low expectation of credit risk and indicate a strong capacity for timely payment of financial commitments. The ratings primarily reflect association of the bank with the government of Punjab as a majority shareholder, which has demonstrated continued commitment and support when required. The release further said that since Naeemuddin Khan has taken charge as the chief executive officer of the bank, core operations have come into profits showing marked improvement. The bank currently operates a network of 334 online branches across Pakistan, including seven branches which offer Islamic Banking Operations.
Published in The Express Tribune, July 16th, 2014.
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