Press Release

Update on Rating of Tier-2 Instrument of Silk Bank Limited

Karachi, October 22, 2024: In continuation of our press release dated June 16, 2023, we note that Silk Bank Limited, in its announcement on the Pakistan Stock Exchange (PSX) dated October 15, 2024, has informed that the Board of Directors has resolved to seek an additional extension from the Securities and Exchange Commission of Pakistan for holding the Bank’s Annual General Meeting (AGM). This request falls within the 30-day period granted by the High Court to seek necessary extensions from regulators, as previously communicated in the PSX notification dated September 16, 2024.

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. Additionally, the rating of outstanding Tier-2 TFC of the Bank was harmonized at ‘B’ (Single B) with a 'Rating Watch-Negative' status. 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
Rating the Issue
https://docs.vis.com.pk/docs/Rating-the-Issue-Aug-2023.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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