JCR-VIS reaffirms HBL ratings of Triple, A-One Plus
 

KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Habib Bank Limited (HBL) at AAA, A1+ (Triple A, A-One Plus), a statement said on Thursday.

JCR-VIS has also reaffirmed TFC rating of HBL at AAA (Triple A), it said.

Outlook on the assigned ratings is Stable. Previous rating action for entity and TFC was an**unced on June 30, 2015 and December 17, 2015, respectively.

The assigned ratings reflect systematic importance of HBL in the financial sector being the largest commercial bank operating in Pakistan.

Growth in domestic operations during 20l5 also included acquisition of Barclays Pakistan business.

Moreover, the bank acquired controlling stake in the First Microfinance Bank Limited (FMFB) in May.

HBL also has sizeable presence outside Pakistan with 14 percent of the total assets of the bank deployed overseas.

Assigned ratings incorporate the sound liquidity profile of the bank illustrated by a cost effective and granular deposit base coupled with the presence of significant liquid assets on the balance-sheet the same depicted improvement on a timeline basis.

Capital adequacy ratio (CAR) of the bank at 15.9 percent remains healthy and maintenance of the same would commensurate with the assigned ratings, it said.

At the meantime, JCR-VIS Credit Rating Company Limited has also maintained the entity ratings of Al-Baraka Bank (Pakistan) Limited (ABPL) at A, A1 (Single A, A-One).

The Outlook has been placed under Rating Watch Developing status. The previous ratings were an**unced on June 29, 2015. Assigned rating of ABPL derive strength from its association with the Al-Baraka Group (ABG), a prominent Islamic banking Group having diversified operations in 15 countries.

ABG has demonstrated financial support to ABPL in the form of subordinated loans, the same is to be counted towards ABPL’s minimum capital requirement (MCR) as per the capitalisation plan approved by the State Bank of Pakistan (SBP).

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