Press Release

Update on Ratings of Silk Bank Limited

Karachi, December 23, 2021: VIS Credit Rating Company Limited notes that Silk Bank Limited has applied for extension to Securities and Exchange Commission of Pakistan for convening its Annual General Meeting (AGM) and to present the annual audited financial statements for the year ended December 31, 2020.

The last entity ratings of Silk Bank Limited of ‘A-/A-2’ (Single A Minus/A-Two) and Tier-2 TFC rating of ‘BBB+’ (Triple B Plus) with ‘Rating Watch-Negative’ Status was announced on October 12, 2020, based on financial statements of Silk Bank Limited as of June 30, 2020. Upon finalization of latest financial statements, VIS will review the ratings.

For further information on this rating announcement, please contact Mr. Arsal Ayub, CFA (Ext: 216) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk .



Faryal Ahmad Faheem
Deputy C.E.O.



Applicable rating criterion: Commercial Banks Methodology - June 2020
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Meth-CommercialBanks202006.pdf

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