Picic Bank ratings reaffirmed

The JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term credit rating of Picic Commercial Bank Limited at A+ (Single A Plus) and the short-term rating at A1 (A-One).
These ratings continue to be on a 'Rating Watch' owing to its impending merger with its principal sponsor entity - Pakistan Industrial Credit and Investment Corporation.
The rating agency has incorporated the stable growth experienced by the bank during the year, while maintaining its capitalisation, asset quality, and liquidity at adequate levels.
The bank benefits from its relatively large branch network within its peers, allowing it better deposit mobilisation ability. However business generation might be affected in the interim period due to uncertainties stemming from the bank's impending merger.