Press Release

JCR-VIS reaffirms the ratings of Faysal Bank Limited

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Karachi, July 13, 2005: JCR-VIS has reaffirmed the ratings of Faysal Bank Limited (FBL) at AA/A-1 (Double A/A-One) with a ‘Stable’ outlook. We have taken note of positive trends in the bank’s core earnings and further improvement expected in profitability for the year 2005. The bank has achieved substantial growth in its loan portfolio with the increase in net credit demand during the period, while having maintained credit quality. FBL’s fundamental strengths, i.e. high net worth and strong revenue generating capacity have supported the bank’s credit ratings. The bank’s liquidity profile is also commensurate with the assigned ratings.

FBL has reduced direct equity exposure in line with prudential regulations and as had been communicated to investors through our previous press release. However, during the first quarter of 2005, we noted a surge in the bank’s exposures against equity investments, while remaining in compliance with prudential regulations. Going forward, the bank is committed to manage total exposure to the equity market in a manner commensurate with its present outstanding ratings.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (Ext: 233) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2005 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