Prime Bank has retained its credit ratings for the long-term and the short-term illustrating its financial strength and stability.
Emerging Credit Rating Limited (ECRL) has affirmed 'AA' for the long term and 'ST-2' for the short-term credit rating to Prime Bank which will be valid till 30 June 2022, read a press release.
The evaluation was based on the bank's audited financials of FY2017-FY2020 with the outlook of the rating remaining stable.
The ratings reflect the bank's strength which is backed by growth in loan, deposit, and total assets despite adverse industry conditions, and strong capital base, good post-tax profit and an experienced and well-organised management team.
Commenting on the credit rating, Managing Director and CEO of Prime Bank Hassan O Rashid, said, "Our capital to risk-weighted assets ratio (CRAR) and non-performing loan (NPL) are well above the industry average. All these good governance practices and sound financial parameters have helped us retain the 'AA' credit rating for the consecutive years."