Staff Reporter Lahore
In recognition of the outlook of the bank, as well as strong financial performance and considerable progress made in the areas of risk, compliance, governance, and all other facets of operations, the Pakistan Credit Rating Agency (PACRA), after the lapse of five years, has upgraded the long-term entity rating of The Bank of Punjab to “AA+”, with the short-term highest rating of “A1+”.
As per PACRA definition, “these ratings denote a very low expectation of credit risk and a very strong capacity for timely payment of financial commitments, which is not significantly vulnerable to foreseeable events.”
The upgrading of the Bank’s credit rating by PACRA is a testimony to the fact that The Bank of Punjab has come a long way during the past years and the astounding progress of the institution is being recognized and acknowledged by all of its stakeholders, including external monitoring agencies.
It took a long period which witnessed concerted efforts by the management duly backed by the sponsor’s support to reinvigorate the Bank.
Furthermore, the calculatively aggressive business plan and future roadmap set out by the new management, under the leadership of Mr. Zafar Masud, President/CEO, is poised to take the Bank to its well-deserved place among the top five financial institutions of the Country.
The CEO PACRA in his brief to the Board of Directors said, “The incumbent management has revamped and strengthened the overall governance and compliance structure, which is essential for oversight and dynamic operations of the Bank.”