Press Release
VIS Reaffirms Broker Fiduciary Rating of BMA Capital Management Limited
Karachi, November 26, 2025: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of BMA Capital Management Limited (‘BMA’ or ‘the Company’) at ‘BFR2’. Outlook on the assigned rating is Stable. Rating of BFR2 denotes strong fiduciary standards. Last rating action was announced on November 08, 2024.
The rating signifies sound governance framework, internal controls and regulatory compliance and strong, management and client services, while business and financial sustainability is considered adequate.
BMA, with three decades of experience, has been engaged in the provision of equity brokerage services with presence in commodities, fixed income and forex segments. Additionally, economic research and corporate financial advisory are other value-added services offered by the Company. Headquartered in Karachi, the brokerage house has a nation-wide network of total 20 branches. The Company holds a Trading Right Entitlement Certificate (‘TREC’) for Trading & Self Clearing Services issued by the Pakistan Stock Exchange Limited (‘PSX’). External auditors of the Company are RSM Avais Hyder Liaquat Nauman Chartered Accountants. Auditors are on the approved list of auditors published by the State Bank of Pakistan (‘SBP’).
Assigned rating takes into account the Company’s sound franchise value, underpinned by its three decades long presence in the brokerage industry. Rating also incorporates the Company’s sound ownership and governance framework, a four-member board of directors and four board committees. Nonetheless, expanding the board size and adding independent directors may further strengthen the governance structure. Management and client services of the Company are considered strong, supported by extensive geographical presence, client facilitation tools, and research materials available to customers. Additionally, contingency measures of the Company are in place, with offsite backups under own control as well as outsourced to a third-party warehouse. Going forward, ensuring compliance with all applicable regulations will remain important from the rating’s perspective.
Assessment of the financial profile reflects strong profitability, primarily driven by higher brokerage revenue amid an overall positive industry trend. Consequently, the Company’s operational efficiency has improved notably. Liquidity profile of the Company remains adequate while market risk of the Company has declined, as it has reduced its proprietary investments. Capitalization profile of the Company has improved, marked by reduction in gearing ratio based on lower borrowings as well as increase in the Company’s equity base, supported by higher profitability. Going forward, company’s efforts to diversify its earning streams through its subsidiary company, in addition to maintenance of gearing and liquidity profile, along with prudent management of market risk will be important for the ratings.
For further information on this rating, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf