Press Release

Update on Ratings of Silk Bank Limited

Karachi, November 17, 2023: 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 90 days till March 05, 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 November 06, 2023. The Bank has also disclosed its due diligence being conducted by UBL and MCB.

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 (Ext: 207) at (021) 35311861-64 or email at info@vis.com.pk


Sara Ahmed
Director
Applicable Rating Criteria: Financial Institutions Rating Methodology (Oct 2023)
https://docs.vis.com.pk/docs/FinancialInstitution-2023.pdf

VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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