Press Release

Update on Ratings of Silk Bank Limited

Karachi, June 30, 2021: VIS Credit Rating Company Limited notes that State Bank of Pakistan has granted extension to Silk Bank Limited (Silk) till June 30, 2021 for finalizing and publishing its annual accounts for the year ended December 31, 2020 and first quarterly accounts for the period ended March 31, 2021. Further extension has been applied which is under process. Upon finalization of financial statements, VIS will review the ratings.

Silk Bank Limited (Silk) has an entity rating of ‘A-/A-2’ (Single A Minus/A-Two) and Tier-2 TFC rating of BBB+ (Triple B Plus) with Rating Watch-Negative Status. The previous rating action was announced on October 12, 2020.

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 .

Javed Callea

Applicable rating criterion: Commercial Banks Methodology - June 2020

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 2021 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited