ICRA Nepal, the first credit rating agency in Nepal which follows world renowned Moody’s standard, has upgraded the issuer rating of Global IME Bank to [ICRANP-IR] A from [ICRANP-IR] A- and its existing subordinated debentures to [ICRANP] LA from [ICRANP] LA-. The ratings indicate an adequate degree of safety regarding the timely servicing of financial obligations and the instruments issued by the bank carry low credit risk.
For the ratings upgradation, ICRA Nepal has taken into consideration factors like the bank’s comfortable capitalization profile with adequate cushions, relatively granular credit portfolio with lower vulnerability, wide branch network, adequate earnings profile with healthy net interest margins, prudent risk management practices, along with strong promoter group and an experienced board/management profile.
The bank is currently operating 280 branches, 47 extension and revenue collection counters and 257 Branchless Banking facilities spread across the country as well as 3 foreign representative offices, serving over 23 lakh customers. The bank also operates 250 ATMs throughout the country strategically placed for the convenience of its customers. The Bank has an important contribution to bringing in remittance from countries like USA, UK, Canada, Australia, Malaysia, South Korea, Japan, Saudi Arabia, Qatar, UAE, Bahrain, Kuwait, India, Jordan, Hong Kong, etc., which plays a crucial role in economic development of the country.