Press Release

Update on Ratings of Silk Bank Limited

Karachi, September 19, 2024: In continuation of our previous press release dated September 12, 2024, we further note that the following has been informed by Silk Bank Limited, as per the announcement dated September 16, 2024, on Pakistan Stock Exchange (PSX):

“In this regard, we would like to update that the Court’s hearing was held on September 12, 2024. Following, extensive deliberations, the court dismissed the petition and granted the Bank an additional 30 days to request any extension from the regulators to publish the pending Annual Accounts and convening of the AGM.”

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

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