Press Release

JCR-VIS Reaffirms Entity Ratings of The Bank of Khyber

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Karachi, July 1, 2011: JCR-VIS Credit Rating Co Ltd. has reaffirmed the medium to long-term and the short-term rating of The Bank of Khyber (BoK) at ‘A-’ (A Minus) and ‘A-2’ (A-Two), respectively. Outlook on the ratings is ‘Positive’.

The process of equity injection by the government of Khyber-Pakhtunkhawa (GoKP) to meet the Minimum Capital Requirement (MCR) was completed in 2010. However, a formal rights issue is likely to be completed soon. Equity has provided the bank with the necessary impetus for growth. BoK depicted a considerable increase in asset size while mainly focusing towards lending activities. The expansion in branch network has not only helped in developing new business relations but also enhanced its ability to attract deposits.

BoK introduced improved guidelines for credit control along with tightening of monitoring systems. However, quality of new exposures will be tested over time. Given the expansionary strategic plan, the bank is acquiring an integrated ERP system that would help in leveraging its position as a mainstream bank. Accordingly, HR is actively engaged in hiring/training staff members that could support the growth trajectory of the bank. JCR-VIS would monitor BoK’s growth against plans and developing trends in the quality of business underwritten.

For further information on this rating announcement, please contact Ms. Sabeen Saleem at 0213-5311861-10 (10 lines) or fax to 0213-5311873 or Mr. Maimoon Rasheed at 0423-6610681-84 (4 lines).

Javed Callea

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 2011 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