The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of Soneri Bank Limited at AA- (double A minus) and Al+ (A one plus), respectively.
These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.
The ratings of unsecured, subordinated term finance certificates of Rs 1,200 million by the Soneri Bank Limited has been maintained at A+ (Single A plus). The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
The ratings reflect the bank's business philosophy that encompasses a conservative stance towards risk while maintaining a stable, albeit modest, asset growth.
The bank despite consistently higher growth by some peers intends to continue its prudent asset deployment strategy, while gradually expanding its outreach.
Meanwhile, it is working on enhancing its fee-based earnings mainly through investment banking activities. The ratings also take into account the management's structured efforts to further strengthen the risk management systems.-PR