BoK’s entity rating upgraded

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JCR-VIS Credit Rating Company Ltd (JCR-VIS) has upgraded the medium to long-term entity rating of the Bank of Khyber (BoK), www.bok.com.pk, from ‘A-‘ (Single A Minus) to ‘A’ (Single A) while maintaining the short term rating a ‘A’-2 (A Two). Outlook on the assigned rating is stable.

The Bank’s Capital Adequacy Ratio is also well above the minimum regulatory requirement and indicates sound risk absorption capacity. The impact of past credit losses has largely been absorbed, with net NPLs representing about 10% of tier-1 capital.

BoK’s management is making proactive efforts to develop access to a broad based depositor profile and improve cost of deposits. Core earnings of the bank improved in FY11, on the back of equity injection, with the same trend continuing in 1Q12.

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