ASKARI BANK'S LONG-TERM RATING UPGRADED

 

Lahore: June 30, 2004

The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term rating of Askari Commercial Bank Limited to ‘AA+' (Double A Plus) while maintaining the short-term rating at ‘A1+' (A One plus). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. The ratings are applicable to the senior unsecured creditors (depositors) of the bank.

The ratings reflect ACBL's sustained ability of revenue growth from core operations while maintaining a low risk profile and also a dynamic as well as efficient fund deployment strategy. Going forward, given the strong technological platform and the enhanced geographical outreach, the bank is well positioned to maintain its competitive edge despite an increasingly competitive operating environment.