Press Release
Update on Ratings of Silk Bank Limited
Karachi, September 12, 2024: In continuation of our previous press release dated June 07, 2024, we further note that the following has been informed by Silk Bank Limited, as per the announcement dated August 15, 2024, on Pakistan Stock Exchange (PSX):
“In this regard, we would like to inform you that the Court reviewed and considered the Bank’s application, and after detailed deliberation, the Court adjourned the matter regarding the extension of AGM till September 12, 2024, vide its order dated August 08, 2024 (received on August 13, 2024, after closure of business hours).”
The last entity ratings of Silk Bank Limited, 'A-/A-2' (Single A Minus/A-Two) with a 'Rating Watch-Negative' status, were issued on October 12, 2020. These ratings were based on the financial statements of Silk Bank Limited as of June 30, 2020, which reflected the Bank's performance at that time. The ratings are therefore reflective of the Bank's status as of June 30, 2020. VIS will review the rating upon any further developments or receipt of updated information.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf