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Lahore, July 18, 2023 (PPI-OT): The assigned rating reflects NRSP’s significant contributions to poverty reduction, rural empowerment, and inclusive growth objective in Pakistan. With a robust track record of implementing impactful social development projects and fostering financial inclusion, NRSP has established itself as a trusted and reliable partner in the rural development space. The Rating also acknowledges the organization’s strong governance and presence of federal secretaries on the board.
The strength of NRSP’s governance structure lies in its esteemed body of members and board of directors, comprising reputable individuals. Their expertise and reputation contribute to the robustness of the organization’s governance framework. NRSP’s continued enhancement in business volumes, good management practices, and asset quality further strengthen its business profile in the rapidly growing microfinance sector. Supported by prudent financial management, diversified funding sources, and effective risk management systems, NRSP maintains a strong financial position. The rating also takes into account NRSP’s extensive geographic presence in 72 districts across all four provinces of Pakistan, including Azad Jammu and Kashmir.
This wide reach enhances NRSP’s ability to effectively serve diverse communities and implement impactful initiatives. The organization is supported by a strong force of field officers, further strengthening its operational capabilities. As at FY22, NRSP’s equity stood at PKR 12,233mln, and the organization reported a profit after tax of PKR 1,316mln. Furthermore, NRSP’s micro lending portfolio reached PKR 21,440mln.
The ratings are contingent on NRSP’s ability to maintain its asset quality and sustain growth in business volumes. The impact of technological advancements on the NRSP’s operational efficiency, performance of its investment book and risk management remain essential factors. The sustainability of improved margins will be crucial going forward.
For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com
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