However, the short-term rating of A-1 remained stable.
According to a statement issued here, the credit agency said the medium to long-term rating of A+ was indicative of a lower anticipation of credit risk with adequate protection factors, which was not significantly susceptible of vulnerability to foreseeable events whereas the short-term credit rating of A-1 denoted high certainty of timely payments, excellent liquidity factors supported by good fundamental protection factors.
The advancement of the bank’s credit rating by the VIS is the proof of the immense progress made by BOK in the past years.
The enhanced credit ratings were drawn from various upgrades during the last 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, the BOK planned to expand
SBP renews status of VIS, PACRA as ECA Institutions
dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
December 29, 2020
LAHORE: VIS Credit Rating Company Limited (VIS) has reaffirmed the corporate governance rating of Allied Bank Limited (ABL) at âCGR-9+â, a statement said on Monday.
The rating signifies very high level of corporate governance. The previous rating action was announced on April 2, 2020, it added.
The corporate governance ratings are based on the evaluation of key governance areas of the rated institution, including regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with the stakeholders.
The assigned rating incorporates a well-established corporate governance framework rolled out by the bank and supplemented by strong financial transparency and effectively functioning board and management level committees.