June 01, 2023, Karachi – VIS Credit Rating Agency has upgraded the entity ratings of House Building Finance Company (HBFC) Limited from ‘A/A-1’ to ‘AA-/A-1+’. Assigned short-term rating of ‘A-1+’ indicates highest certainty of timely payment. The long-term rating of ‘AA-’ signifies high credit quality. Outlook on the assigned ratings has been revised from ‘Positive’ to ‘Stable’.

HBFC’s remarkable success is reflective of customers’ unflinching faith in the institution, reciprocated equally by the DFI through digitalization and infrastructure enhancement to better facilitate its customers.

Sharing his thoughts on this remarkable achievement, MD & CEO HBFC, Imran Ahad said that it is a moment of pride for the institution to secure a stable outlook from VIS. We would like to extend our heartfelt gratitude to our customers and stakeholders for their continued trust in us. We hope to continue with the winning streak in years to come.

As Pakistan’s oldest and most trusted housing finance institution, HBFC’s identity is deeply woven into the country’s history and heritage.

Banking on the power that comes from its ideology, people & customers, HBFC stands as the strongest housing finance institution in Pakistan. For seven decades, the institution has been serving the people of Pakistan with the same unshakeable trust, decade after decade, generation after generation.

During 2022, pursuing an aggressive strategic plan, HBFC has achieved exceptional growth in all facets of operations. The institution posted after-tax profit of PKR 1.48 billion in 2022; the institution’s income increased to 3.28 billion in FY’22 from 2.38 billion in FY’21 showing a strong increase of 38%, whereas, operating profit grew to 1.65 billion showing an increase of 92% from FY’21.