LAHORE: The Pakistan Credit Rating Agency (PACRA) on Wednesday upgraded the Bank of Punjab (BoP) to a long-term entity credit rating of AAA from AA+ with a stable outlook, and retained its top-tier A1+ short-term rating.

The bank has officially broken new ground as the first and only provincial bank in the country to ever reach the prestigious AAA tier.

The rating elevation follows a phenomenal performance in which the bank`s total deposits crossed the Rs2 trillion milestone, while its operating profit before credit loss allowance nearly doubled, skyrocketing by 98.5 per cent to Rs40.7bn.

`AAA is more than a rating; it is proof of what disciplined, professional banking can build. We have created a commercially strong institution that delivers sustainable value for shareholders while staying true to financial inclusion, responsible banking, and the development of Punjab and Pakistan,` said BoP President and CEO Zafar Masud.

The bank currently stands as Pakistan`s largest lender in SME, agriculture, low-cost housing, and women`s entrepreneurship, alongside being the country`s leading digital lender and largest credit card issuer.