KARACHI: Dubai Islamic Bank Pakistan Limited (DIBPL) entity ratings have been upgraded by JCR-VIS Credit Rating Company Limited from ‘A+/A-1’ (Single A Plus/A-One) to ‘AA-/A-1’ (Double A Minus/A-One). Outlook on the assigned ratings is ‘Stable’. Ratings assigned to DIBPL are driven by improvement in key performance areas and strong profile of its sponsor. During 2016, DIBPL pursued a consolidation strategy which has resulted in significant improvement in financing and deposit mix. Asset quality indicators of the bank compare favorably to peers. Profit before tax of the bank increased by 93% during 2016 on the back of improvement in core profitability. The ratings are underpinned by the projected growth in profitability, improved efficiency and sustained asset quality indicators. DIB Pakistan is a wholly owned subsidiary of Dubai Islamic Bank PJSC, UAE (DIB). DIB was established in 1975 as the world’s first Islamic Bank in the UAE. With Group assets of USD 50 bln, a market capitalization of around USD 7.0bln, and workforce of more than 8000 employees within the group, the organization is fast being recognized as a formidable force in Islamic Finance and one of the most progressive Islamic Finance institutions in the world. Currently, DIB has presence across all emirates in the UAE with growing international operations in South Asia, Far East, Middle East, Europe and Africa.