April 29: ICRA Nepal has upgraded the issuer rating of NMB Bank Limited (NMB), indicating an adequate degree of safety regarding the timely servicing of financial obligations.
Such issuers carry low credit risk, NMB said in a press statement.
ICRA Nepal Limited is the first credit rating agency of Nepal and licensed by the Securities Board of Nepal (SEBON). It is a subsidiary of ICRA Limited of India.
The rating upgrade indicates the bank’s ability to successfully consolidate its business following a series of mergers/acquisitions, as reflected in the recent improvement in asset quality and delinquencies. The upgrade is a testament to the bank’s exemplary track record and improvement in overall performance even when the economy is reeling under the impact of COVID- 19 pandemic, the statement added.
‘The Banker Magazine’ of The Financial Times, London, has awarded NMB Bank with the prestigious Bank of the Year Asia 2021 award. The bank has also been awarded with Bank of the Year in 2017, 2018, 2020 and 2021. NMB Bank is currently providing its services through 201 branches, 138 ATMs and 11 extension counters.