Press Release
Update on Ratings of Silk Bank Limited
Karachi, June 07, 2024: VIS Credit Rating Company Limited notes that a further extension has been granted by the Islamabad High Court to the Silk Bank Limited for a period of two months i.e., till September 02, 2024 for convening its Annual General Meeting (AGM) for the year ended December 31, 2021. This is communicated by the Bank to Pakistan Stock Exchange (PSX) as material information on Feb 28, 2024.
It may also be noted that 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. The Ratings therefore represent the status of the Bank to the extent of June 30, 2020. 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 at (021) 35311861-64 or email at info@vis.com.pk
Applicable Rating Criteria:
Financial Institutions Rating Methodology
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf