Karachi: Silk Bank Limited’s application for an extension of its Annual General Meeting (AGM) was adjourned until September 12, 2024, by a court order, as the bank awaits further developments on its entity ratings which are currently under negative watch. The ratings, last assessed in 2020, are under review by VIS Credit Rating Company Limited pending new financial data.

According to VIS Credit Rating Company Limited, the latest court decision, dated August 8 and received by the bank on August 13, pertains to an ongoing review process concerning the bank’s request to extend its AGM. Silk Bank, which was last rated ‘A-/A-2’ with a negative outlook over four years ago based on its financial performance up to mid-2020, is pending a reevaluation by VIS following receipt of updated financial information or further developments.