Press Release

JCR-VIS Reaffirms Ratings of The Bank of Khyber at BBB+/A-2

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Karachi, June 30, 2008: JCR-VIS Credit Rating Company Limited has reaffirmed ratings of The Bank of Khyber (BoK) at ‘BBB+/A-2’ (Triple B Plus / A-Two). Outlook on the assigned ratings is ‘Stable’.

Growth in both the asset and liability book remained limited during 2007 due to limited branch expansion. Recently, a new President has assumed office while induction at other senior management positions was also undertaken over the last year. The new management team has developed a business strategy that will be implemented over time.

The control infrastructure requires improvement in order to contain the operational risk to which the bank may be exposed. An upgrade of core banking system is also required to improve monitoring capabilities. The management has recently decided to acquire a core banking application from a local vendor. BoK has prepared policy manuals, which will be approved by the Board over due course. JCR-VIS expects the performance of the bank to improve in due course.

Cost of funds mobilized by the bank needs to be optimized. In the backdrop of increased level of competition, limited outreach and franchise may continue to impact the quality of deposit mix raised by the bank.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.

Faheem Ahmad
President & CEO

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 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited