Standard Chartered Bank Nepal reaffirmed with AAA Rating

NL Today

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Kathmandu: ICRA Nepal has reaffirmed the issuer rating of [ICRANP-IR] AAA to Standard Chartered Bank Nepal Limited (SCBNL).

The rating is considered to have the highest degree of safety regarding the timely servicing of financial obligations. Such issuers carry the lowest credit risk, the bank said in a statement.

This is the third year in a row that the bank has received the coveted rating.

In the rationale statement, ICRA Nepal states “The rating reaffirmation factors in the bank’s strong financial profile as reflected in robust capitalization and a healthy asset quality despite the impact of Covid-19 pandemic. The bank reported a capital to risk-weighted assets ratio (CRAR) of 16.09% and tier-I of 14.46% as of mid-October 2021, remaining much comfortable against the minimum regulatory requirement of 11% and 7% respectively.”

The rating also factors in SCBNL’s competitive positioning underpinned by its global brand reputation and competitive cost of funds, along with improved granularity of deposits, it added.

CEO of Standard Chartered Nepal, Anirvan Ghosh Dastidar said, “The reaffirmation of AAA rating for three years in a row is a strong validation of our commitment towards our clients and all our stakeholders in Nepal. We thank everyone for making this possible.”