Karachi: Silk Bank Limited has received an extension from the court to request additional time from regulators for the publication of its pending Annual Accounts and the convening of its Annual General Meeting (AGM). This development follows a court hearing on September 12, 2024, where the bank’s petition for more time was addressed and approved.

According to VIS Credit Rating Company Limited, the court’s decision on September 12, 2024, came after “extensive deliberations” and resulted in the dismissal of the petition against the bank, granting an additional 30 days to meet regulatory requirements. The latest entity ratings for Silk Bank Limited were assigned on October 12, 2020, with an ‘A-/A-2’ (Single A Minus/A-Two) and a ‘Rating Watch-Negative’ status based on the financial statements as of June 30, 2020.

The ratings reflect the bank’s performance and financial status as of mid-2020. VIS has indicated that it will review and potentially update these ratings following any significant developments or upon the receipt of new financial information from the bank.