Prime Bank has retained its credit ratings for the long term and the short term illustrating its financial strength and stability.
Emerging Credit Rating Limited (ECRL) has affirmed ‘AA’for the long term and ‘ST-2’for the short term credit rating to Prime Bank which will be valid till June 30, 2022. The evaluation was basedon the bank’s audited financials of FY2017-2020 with the outlook of the rating remaining ‘Stable’.
The ratings reflect the strength of the bank which is backed by growth in loan, deposit and total assets despite adverse industry condition, strong capital base, good post-tax profit and experienced and well-organized management team.
ECRL hails Prime Bank by stating that the bank’s biggest strength lies in its capacity to meet financial commitments. It states that the bank would be able to counter any adverse effects that may arise in economic development, businesses and other external conditions.
Commenting on the credit rating, Managing Director and CEO of Prime Bank HassanO. Rashid, said, “Prime Bank is rooted to a solid financial foundation thanks to its asset quality, strong relationship with the customers and anextensive distribution network covering the entire country.” He also added, “Our capital to risk weighted assets ratio (CRAR)and non-performing loan (NPL)are well above the industry average. All these good governance practices and sound financial parameters have helped us retain the ‘AA’ credit rating for the consecutive years.”