Prime Bank retains credit ratings

Prime Bank has retained its credit ratings for the long and short terms.  Emerging Credit Rating provided the "AA" and "ST-2" ratings respectively, valid till June 30, 2022, terming the associated outlook "stable".

The evaluation was based on audited financial reports of FY2017-2020.

The bank said the ratings reflect its strength backed by growth in loans, deposits and assets despite adverse industry conditions, strong capital base, good post-tax profit and an experienced and well-organised management team, says a press release.

It states that the bank would be able to counter any adverse effects that may arise in economic development, businesses and other external conditions.

"Prime Bank is rooted to a solid financial foundation thanks to its asset quality, strong relationship with the customers and an extensive distribution network covering the entire country," said Managing Director and CEO Hassan O Rashid. "Our capital to risk weighted assets ratio and non-performing loans are well above the industry average," he added.