AIRLINK 59.74 Decreased By ▼ -0.46 (-0.76%)
BOP 6.27 Increased By ▲ 0.02 (0.32%)
CNERGY 4.39 Increased By ▲ 0.33 (8.13%)
DFML 15.91 Increased By ▲ 0.16 (1.02%)
DGKC 71.25 Increased By ▲ 3.00 (4.4%)
FCCL 18.44 Increased By ▲ 0.82 (4.65%)
FFBL 26.10 Increased By ▲ 0.60 (2.35%)
FFL 9.15 Increased By ▲ 0.06 (0.66%)
GGL 10.33 Increased By ▲ 0.48 (4.87%)
HBL 114.80 Decreased By ▼ -0.20 (-0.17%)
HUBC 111.86 Decreased By ▼ -0.14 (-0.13%)
HUMNL 6.65 Increased By ▲ 0.10 (1.53%)
KEL 4.79 Increased By ▲ 0.26 (5.74%)
KOSM 4.68 Increased By ▲ 0.16 (3.54%)
MLCF 38.89 Increased By ▲ 0.99 (2.61%)
OGDC 123.17 Increased By ▲ 2.62 (2.17%)
PAEL 21.92 Increased By ▲ 0.17 (0.78%)
PIAA 10.95 Increased By ▲ 0.05 (0.46%)
PIBTL 5.99 Decreased By ▼ -0.03 (-0.5%)
PPL 108.34 Increased By ▲ 1.54 (1.44%)
PRL 28.12 Increased By ▲ 0.77 (2.82%)
PTC 11.07 Increased By ▲ 0.52 (4.93%)
SEARL 51.55 Decreased By ▼ -0.45 (-0.87%)
SNGP 67.81 Increased By ▲ 0.91 (1.36%)
SSGC 11.56 Increased By ▲ 0.03 (0.26%)
TELE 8.07 Increased By ▲ 1.02 (14.47%)
TPLP 11.72 Increased By ▲ 0.16 (1.38%)
TRG 75.71 Decreased By ▼ -5.04 (-6.24%)
UNITY 22.75 Increased By ▲ 1.60 (7.57%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 6,545 Increased By 61.1 (0.94%)
BR30 22,298 Increased By 199.8 (0.9%)
KSE100 63,703 Increased By 484.4 (0.77%)
KSE30 21,508 Increased By 202.1 (0.95%)

KARACHI: The VIS Credit Rating Company Limited (VIS) has upgraded medium to long term entity rating of The Bank of Khyber (BOK) from ‘A’(Single A) to ‘A+’ (Single A Plus), while the short-term rating of ‘A-1’ remains stable.

According to the credit agency, the medium to long term rating of ‘A+’ is indicative of a lower anticipation of credit risk with adequate protection factors, which is not significantly susceptible of vulnerability to foreseeable events whereas the short term credit rating of A-1 denotes high certainty of timely payments, excellent liquidity factors supported by good fundamental protection factors.

This advancement of the Bank’s credit rating by the credit agency, VIS is the proof of the immense progress made by BOK in the past years, and it’s astonishing performance has been acknowledged by its stakeholders including external monitoring agencies.

These enhanced credit ratings are drawn from various upgrades during the past year such as the Bank wide implementation of Temenos T-24 core banking system, increase in the advances portfolio, and notable improvement in profitability led by higher net markup income and increased sale of government securities strengthened by the new T-24 core banking system, BOK plans to expand its branch network in order to further grow its lending portfolio. In light of the COVID-19 relief program by State Bank of Pakistan, BOK rescheduled/restructured almost 10 percent of its advances portfolio. BOK recorded a notable increase in profits in FY20 despite of substantial prudent provisioning for high risk loans.

Ihsan Ullah Ihsan Managing Director, the Bank of Khyber commented on the occasion that “The bank’s performance took a long period of time to flourish, backed by rigorous efforts of its employees, our management is even more dedicated towards further enhancing the profitability and establishing an ever improving image of the bank in the industry.”—PR

Copyright Business Recorder, 2021

Comments

Comments are closed.