PACRA maintains entity/debt instrument ratings of Soneri Bank Limited

The Pakistan Credit Rating Agency Limited (PACRA) has maintained the long-term rating of “AA-” (Double A Minus) and a short-term rating of “A1+” (Single A One Plus) for Soneri Bank Limited (SBL) vide its notification dated: 15 December, 2017.

PACRA has also maintained the credit rating of unsecured, subordinated & listed Term Finance Certificate (TFC-2) issue of worth PKR 3.00 billion at A+ (Single A Plus) vide its notification dated: 15 December, 2017.

The ratings reflect Soneri Bank’s sustained business profile; system share remained intact YoY.

Going forward, the Bank, while focusing to improve asset quality, intends to follow a prudent strategy in terms of advances growth. Enhancing non-fund based exposure, in turn fee income and would be targeted while capitalizing on potential business opportunities expected from China-Pakistan Economic Corridor. At the same time, the strategy would be to mobilize low-cost deposits with an increase in branch network.