KARACHI, Nov 9: The Moody’s Investors Service has upgraded the rating of the National Bank of Pakistan (NBP) amid reports of improved financial strength of the Bank.

According to a press release issued by the NBP, Moody’s upgraded the financial strength rating (FSR) of the bank to D- from E+. The rating outlook is stable. The upgrading reflects the consistent improvement in the Bank’s core profitability, asset quality, and economic capitalisation in the recent years. Moody’s notes that the NBP’s growing asset base meant higher earning capacity for the Bank.

The revised FSR takes into account the increasing earnings and enhanced bottom line profitability that NBP has demonstrated over the last few year on the back of enhanced net interest income as well as fees and commissions, said Moody’s.

NBP has also been able to improve its efficiency by containing operating expenses, despite the significant asset growth in recent years.