Press Release

Update on Rating of Tier-2 Instrument of Bank Makramah Limited (Formerly: Summit Bank Limited)

Karachi, September 30, 2025: In continuation of the press release dated June 07, 2023, VIS Credit Rating Company Limited (VIS) notes that the management of Bank Makramah Limited (formerly: Summit Bank Limited) has communicated the capital enhancement plan which is currently under advanced stage of implementation. Furthermore, the Bank has applied to the State Bank of Pakistan (SBP) for extension to conduct the credit rating assessment until November 30, 2025. VIS will review the ratings upon completion of the plan.

In the interim, the ratings remain harmonized at ‘B’ (Single B). Instrument rating of ‘B’ denotes that payments are not being made as per original schedule. Future performance is less likely. The instrument rating is placed on ‘Rating Watch-Negative’.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.

Financial Institutions
https://docs.vis.com.pk/Methodologies%202024/Financial-Institution-v2.pdf
Instrument Rating
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf
VIS Issue/Issuer 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 September 30, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.