JCR-VIS
Credit Rating Company Limited (JCR-VIS) has assigned initial entity ratings of
‘AA+/A-1+’ (Double A Plus/A-One Plus) to Bank Alfalah Limited (BAFL). Outlook
on the assigned ratings is ‘Stable’.
The
assigned ratings reflect the bank’s diversified operations, healthy financial
risk profile, strong sponsors and existing market presence. BAFL has exhibited
sustained improvement across key performance areas including asset quality,
liquidity, capitalisation and profitability.
Majority
owned by the Abu Dhabi Group (ADG), comprising some of the prominent members of
UAE’s ruling family and leading businessmen, BAFL is the fifth largest private
sector bank in the country with a market share of 5.8% in domestic deposits at
end-September’2016.
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