Press Release
VIS Reaffirms Entity Ratings of First Credit Investment Bank Limited
Karachi, June 29, 2026; VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of First Credit and Investment Bank Limited (‘FCIBL’ or the ‘Investment Bank’) at ‘A/A1’ (Single A/A One). The Medium-to-long-term rating of 'A' indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of 'A1' indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings remains ‘Stable.’ Previous rating action was announced on May 16, 2025.
FCIBL is a Non-Banking Finance Company (NBFC) with non-deposit taking status and its primary operations include the provision of funded and non-fund-based facilities and advisory services. The assigned ratings incorporate the strong sponsorship profile of the Investment Bank with two government-owned entities, namely, National Bank of Pakistan (NBP) and Water and Power Development Authority (WAPDA), having majority shareholding.
The assigned ratings also factor in FCIBL’s adherence to the regulatory governance framework. The Board has further strengthened governance practices through the appointment of a Shariah Advisor to oversee compliance with Islamic principles and support the Investment Bank’s planned Islamic product initiatives.
FCIBL’s asset profile remains predominantly concentrated in government securities, primarily PIBs, which significantly limit the company’s credit risk levels. During the review period, the Investment Bank continued to capitalize on arbitrage opportunities through repo-based funding and sovereign investments, supporting profitability. Lending activity also gained momentum through growth in secured term finance facilities, while asset quality indicators remained manageable. Liquidity profile remained adequate, supported by sizeable liquid assets, access to unutilized borrowing lines, and the repo-able nature of the sovereign investment portfolio.
Going forward, FCIBL plans to diversify its business operations through the introduction of new financing products and expansion into digital financing solutions. Management intends to enter the consumer financing segment through Islamic auto finance facilities, while also pursuing the launch of a fintech product in collaboration with an IT partner. In addition, FCIBL has applied for a deposit-taking license, which, if obtained, may enhance funding diversification and support future business growth. The ratings remain dependent on the Investment Bank’s ability to sustain profitability, prudently manage liquidity and refinancing risks associated with short-term borrowings, and successfully execute its planned business expansion strategy while maintaining asset quality indicators within manageable levels.
For further information on this ratings announcement, please contact 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Non-Bank Financial Companies
https://docs.vis.com.pk/Methodologies-2025/NBFC-Nov-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf