PACRA assigns Initial Instrument Rating to Askari Bank Ltd

MG News | December 07, 2018 at 01:07 PM GMT+05:00

0:00

December 07, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has assigned Initial Instrument Rating to Askari Bank Limited | TFC VI (Additional Tier I) at ‘AA-’ for long-term, with a stable outlook forecast.

According to the credit rating agency, the rating reflects relative positioning of the Bank, driven by AKBL's strong ownership structure whereby Fauji Foundation Group - an established business conglomerate with strong financial muscle - holds majority stake.

The management of the bank is eyeing CPEC as an opportunity to capitalize and build its business through its dedicated China Desk and Representative Office in China. This would be supported by extending outreach and on-going focus on generating non-funded income and mobilizing low-cost deposits.

The ratings are dependent upon continuous improvement in asset quality, whereas, effective management of spreads remains important. Meanwhile, notable improvement in CAR is crucial

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	138,315.85 207.05M	1.42% 1935.88
ALLSHR	85,630.83 492.47M	1.16% 982.47
KSE30	42,182.12 67.82M	1.53% 635.90
KMI30	194,662.69 70.36M	1.54% 2942.93
KMIALLSHR	56,420.49 294.38M	1.06% 592.75
BKTi	38,337.83 10.50M	1.35% 510.22
OGTi	27,903.65 9.95M	0.84% 232.98

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,445.00	119,915.00 118,035.00	-1185.00 -0.99%
BRENT CRUDE	68.50	69.01 68.34	-0.02 -0.03%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	0.95 0.99%
ROTTERDAM COAL MONTHLY	104.50	0.00 0.00	-0.65 -0.62%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.46	66.99 66.31	0.08 0.12%
SUGAR #11 WORLD	16.75	16.82 16.54	0.19 1.15%