Press Release

JCR-VIS Reaffirms Entity Ratings of Pak Oman Microfinance Bank Limited
 

Karachi, April 29, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Pak Oman Microfinance Bank Limited (POM) at ‘BBB+/A-3’ (Triple B Plus / A-Three). ‘Rating Watch – Negative’ status assigned in 2009 has been removed on account of equity injection by major sponsors, meeting the minimum capital requirements set by the regulator. Outlook on assigned ratings is ‘Stable’.

The equity injection during the outgoing year has shown commitment of major sponsors to the bank’s mission. Core business activity of the bank has remained low as the bank has taken a cautious approach on the business front, amidst economic challenges during the period. A large portion of unutilized equity funds is placed with an associated concern. There is a need to increase focus on core business activities including development of a deposit mobilization strategy to ensure growth in future periods as planned. Going forward, JCR-VIS will monitor the performance of the bank and sustainability of the bank’s business model, as it achieves business targets.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 510) at 35311861-70 or fax to 35311873.



Faheem Ahmed
President & CEO

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2010 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited