PACRA MAINTAINS ENTITY RATING OF THE BANK OF PUNJAB TO “AA+”
LAHORE ( Web News )
In recognition of Bank’s strong financial position, the Pakistan Credit Rating Agency (PACRA) has maintained the long-term entity rating of The Bank of Punjab (BOP) to “AA+” and short-term rating to highest scale of “A1+” with a stable outlook. These ratings denote a very high credit quality, very low expectation of credit risk and indicate very strong capacity for timely payment of financial commitments.
As per rating notification issued by M/s PACRA, the Management of the Bank, led by a sound leadership, is poised to build on strong foundations with a vision and defined roadmap to make a place for BOP among top banks of the Country. During year 2021, pursuing an aggressive strategic plan, the Bank has achieved phenomenal growth in all facets of operations.
During the year 2021, first time in its history, as on December 31, 2021, Bank’s deposits also crossed the level of Rs.1.0 Trillion mark registering a growth of 20% which is higher than the industry’s growth. The Bank posted After Tax Profit of Rs. 12.4 Billion as against Rs. 6.9 Billion during year 2020 showing a significant increase of 79% which is highest profit surge in the banking industry.
The strong financial position of the Bank indicates that strategic decisions taken by the management have started yielding results, despite a very tough and competitive operating environment. The top management is very much motivated and focused in further enhancing profitability and strengthening the Bank’s relative position. PACRA’s decision to maintain BOP’s entity rating with stable outlook is also an endorsement of solid financial position of the Bank.