Press Release

JCR-VIS Upgrades Entity Ratings of Sindh Bank Limited JCR-VIS Upgrades Entity Ratings of Sindh Bank Limited

Karachi, December 23, 2014: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) had assigned Positive Outlook to the entity ratings of Sindh Bank Limited (SBL) in June 2014. Following a recent review, JCR-VIS has upgraded the entity ratings of SBL from ‘AA-/A-1+’ (AA Minus/A-One Plus) to ‘AA/A-1+’ (AA /A-One Plus). Outlook on the assigned rating is Stable. The previous rating action was announced on June 30, 2014.

In just four years of operations, the bank has established significant outreach, with a network of 203 branches (including 8 sub-branches) by end September 2014. This is likely to contribute positively to the bank’s ability to pursue broad based growth in deposits, which have continued their upward momentum in the on-going year. Loan portfolio has also depicted growth, with portfolio quality continuing to remain intact. The bank continues to maintain sizeable exposure in commodity related sectors.

SBL was established by the Government of Sindh, with a paid-up capital of Rs. 10b. The capital base has augmented further over time on the back of consistent profitability; profit for the on-going year is expected to be higher than the preceding year, given the bank’s performance in the first nine months.

For further information on this rating announcement, please contact the undersigned (Ext: 507) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Deputy CEO

Applicable Rating Criteria: Commercial Banks (December 2001)

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