Press Release

Update on Ratings of Silk Bank Limited

Karachi, December 23, 2021: VIS Credit Rating Company Limited notes that Silk Bank Limited has applied for extension to Securities and Exchange Commission of Pakistan for convening its Annual General Meeting (AGM) and to present the annual audited financial statements for the year ended December 31, 2020.

The last entity ratings of Silk Bank Limited of ‘A-/A-2’ (Single A Minus/A-Two) and Tier-2 TFC rating of ‘BBB+’ (Triple B Plus) with ‘Rating Watch-Negative’ Status was announced on October 12, 2020, based on financial statements of Silk Bank Limited as of June 30, 2020. Upon finalization of latest financial statements, VIS will review the ratings.

For further information on this rating announcement, please contact Mr. Arsal Ayub, CFA (Ext: 216) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk .



Faryal Ahmad Faheem
Deputy C.E.O.



Applicable rating criterion: Commercial Banks Methodology - June 2020
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Meth-CommercialBanks202006.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright December 23, 2021 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.