In recognition of The Bank of Punjab’s (BOP) strong financial position, the Pakistan Credit Rating Agency (PACRA) has maintained its long-term entity rating to “AA+” and short-term rating to the highest scale of “A1+” with a stable outlook.
These ratings denote a very high credit quality, a very low expectation of credit risk, and indicate a very strong capacity for timely payment of financial commitments.
As per the rating notification issued by M/s PACRA, the Management of the Bank, led by sound leadership, is poised to build on strong foundations with a vision and defined roadmap to make a place for BOP among the top banks of the country.
During the year 2021, pursuing an aggressive strategic plan, the Bank has achieved phenomenal growth in all facets of operations.
During the year 2021, for the first time in its history, as of December 31, 2021, the Bank’s deposits also crossed the level of Rs.1.0 trillion mark, registering a growth of 20% which is higher than the industry’s growth.
The Bank posted an After Tax Profit of Rs. 12.4 billion as against Rs. 6.9 billion during the year 2020, showing a significant increase of 79% which is the highest profit surge in the banking industry.
The strong financial position of the Bank indicates that strategic decisions taken by the management have started yielding results, despite a very tough and competitive operating environment.
The top management is very much motivated and focused on further enhancing profitability and strengthening the Bank’s relative position. PACRA’s decision to maintain BOP’s entity rating with a stable outlook is also an endorsement of the solid financial position of the Bank.
