PACRA maintains A+ entity ratings of BankIslami Pakistan.
KARACHI -- The Pakistan Credit Rating Agency Limited (PACRA) has maintained BankIslami's long-term entity rating at A+ (short term rating at A1) with a Stable Outlook. The ratings reflect BankIslami's sustained risk profile. The Bank's profitability enhanced owing to asset yield driven by peaked policy rates and volumetric increase in financing and instruments. Higher increase in asset yield than cost of funds : resulting in increase in spreads. The Bank was able to achieve good operating profits; trend should continue. The management is emphatically pursuing for recovery of NPLs, leading to improvement in impairment ratio. Covid-19 has posed challenges to all segments of the economy, worldwide and domestically, most sectors are getting negatively impacted. The ramifications would continue to unfold, warranting vigilance and timely actions where needed. The Central Bank has taken well-tailored and comprehensive actions including reduction in key policy rates (625bps down since Jan-20) and deferment of repayment obligations. While reduction in policy rates would determine the Bank's profitability, these measures have cushioned the allied risks surrounding the credit exposures.
The Bank's deposit base recorded significant addition tilted towards term deposits leading to...
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