The JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) at 'BBB+' (Triple B Plus) with a 'Stable' outlook. The short-term rating has also been reaffirmed at 'A-2' (A-Two), says a press release.
The FCIB is jointly owned by National Bank of Pakistan and Wapda. Over the last year, efforts have been directed at strengthening the institution's infrastructure with additions to staff strength.
However, FCIB's plan to expand financing activities has fallen short of targets and a higher allocation of funds was made towards stock market-related activities. The JCR-VIS believes that the business model requires further diversification to sustain performance through market cycles. More focus is required on institution building particularly as regards technological systems.-PR
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