KARACHI, Feb 20: JCR-VIS credit rating company has reaffirmed the medium to long-term rating of Faysal Bank Ltd. at double A minus with a stable outlook. Short-term rating has been reaffirmed at A-one, says a press release.

“The repatriation of group funds and their subsequent replacement by locally mobilized deposits has contributed towards broadening of the funding base over time, resulting in a more stable and cost-effective deposit mix. The bank’s continually expanding branch network is expected to expand further during the current year.”

FBL posted improved profits during 2002 partly fed by an increase in net markup earnings and partly attributable to the larger than usual capital gains and dividend income.

“JCR-VIS will keep following the bank’s efforts in this regard.” It will also continue to monitor “the bank’s venture in the area of consumer financing.”