KARACHI: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the outlook on the assigned rating of Askari Bank Limited (AKBL) from `stable’ to `positive’, a statement said here Thursday.
The positive outlook takes into account the improved trend in financial indicators of the banks, which has augmented the relative positioning of the institution vis-a-vis peers.
The management has projected rapid growth in the ongoing year, the future direction of ratings will depend on the extent to which management is able to adhere to the strategic blueprint laid down for the bank.
The previous rating actions for entity [`AAA/A-1+’ (Double A/A-One Plus), TFC-IV [`AA-‘ (Double A Minus)] and TFC-V [`AA-‘ (Double A Minus)] were announced on July 8, 2014, September 9, 2014 and October 9, 2014, respectively.
The bank continues to benefit from the strong financial profile of the principal shareholder, Fauji Foundation Group (FFG) and the support extended to AKBL post acquisition. FFG is one of the largest business conglomerates in Pakistan with strong presence in various sectors of the economy.
Moreover, the group entities operating under the umbrella of FFG have been observed to exhibit a sound financial track record.