Karachi, The Islamabad High Court has granted Silk Bank Limited a 90-day extension until March 5, 2024, for convening its Annual General Meeting for the fiscal year ending December 31, 2021. This extension, reported to the Pakistan Stock Exchange on November 6, 2023, is amidst the bank's ongoing due diligence by UBL and MCB.

According to VIS Credit Rating Company Limited, Silk Bank's last entity ratings, announced on October 12, 2020, were 'A-/A-2' with a 'Rating Watch-Negative' status. This assessment was based on the financial statements as of June 30, 2020, which showed weak performance indicators. The current ratings reflect the bank's status up to that date. VIS will review the rating following any significant development or receipt of updated financial statements.