PACRA maintains Entity Ratings of First Women Bank Limited - Press Release issued by The Pakistan Credit Rating Agency Limited.

Lahore -- July 01, 2020 (PPI-OT)

Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)

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The ratings primarily reflect strong association of FWBL with the Government of Pakistan (GoP) - the major shareholder - demonstrating continued commitment and support. The bank received capital injections in previous years mainly to comply with minimum capital requirements. The current management team has taken initiatives to augment the revenue stream, while rationalizing the cost structure.

The resultant benefit is seen in the bank's financial performance during the ongoing calendar year. Cognizant of the matter, the management targets volumetric growth in deposits and advances, herein, efficient and effective use of the IT system along with synergies are being implemented with other institutions for calibration. The internal control system of the bank has depicted steady improvement. The management had taken various strategic initiates including, improvement of net spread through reducing its funding cost, expansion of retail customer base through launching BDO model, improving lending and trade business through onboarding investment grade rated corporate, highly performing SME business and re-branding corporate image.

The...