PACRA Updates the Rating of NRSP Microfinance Bank Limited - Tier II TFC - RW and Developing Outlook - Press Release issued by The Pakistan Credit Rating Agency Limited.
Lahore -- September 29, 2022 (PPI-OT)
Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)
Quote
NRSP Bank reflects a good presence across the country with about 150 branches in and around 10 regions. The geographical spread provides strength to the bank. NRSP Bank has been serving an increasing number of customers and has cemented its position in the industry amongst the top players of the microfinance sector with ~6.7% share in the total gross loan portfolio as of Mar'22. The Bank's GLP witnessed a slight decline. Asset quality was impaired significantly, as the deferred book to total GLP was sizeable. Furthermore, considering the devastation of the massive flood, since Jul'22 the NPLs of the bank are expected to increase significantly, due to which the profitability of the Bank may come under pressure. Immediate financial support is required for which tangible steps are being taken.
Timing is crucial to help the Bank remain current on its financial obligation to the bondholders. As challenges in recovery and markup suspension would arise. The bottom line of the Bank increased, depicting a profit of PKR 138mln during 1QCY22 (Loss in CY21: PKR 1,232mln). Management's commitment to recoup the asset health and consolidate the Bank's position...
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