Press Release

Update on Ratings of Silk Bank Limited

Karachi, August 17, 2023: VIS Credit Rating Company Limited notes that a further extension has been granted to the Silk Bank Limited for a period of 90 days till December 05, 2023 for convening its Annual General Meeting (AGM) and to present the latest audited financial statements as communicated by the Bank to Pakistan Stock Exchange as material information on August 10, 2023.

The last entity ratings of Silk Bank Limited of ‘A-/A-2’ (Single A Minus/A-Two) with ‘Rating Watch-Negative’ Status were announced on October 12, 2020, based on financial statements of Silk Bank Limited as of June 30, 2020, which depicted weak performance indicators. Upon any further development or receipt of up to date financial statements, VIS will review the rating.

For further information on this rating announcement, please contact the undersigned (Ext: 207) at (021) 35311861-64 or email at info@vis.com.pk


Sara Ahmed
Director


Applicable Rating Criteria: Financial Institution Methodology (June 2023)
https://docs.vis.com.pk/docs/FinancialInstitution.pdf

VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.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 August 17, 2023 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.