VIS Credit Ratings Awaits Silk Bank’s Updated Financials for Review

Karachi, The Islamabad High Court has extended the deadline for Silk Bank Limited to hold its Annual General Meeting for the fiscal year ending December 31, 2021, until September 2, 2024. This extension grants the bank additional time to convene its AGM, which was initially scheduled earlier.

According to VIS Credit Rating Company Limited, Silk Bank communicated this extension as significant information to the Pakistan Stock Exchange on February 28, 2024. The bank’s last reported entity ratings from October 12, 2020, remain at ‘A-/A-2’ with a ‘Rating Watch-Negative’ status. These ratings are based on financial data up to June 30, 2020, reflecting the bank's performance indicators at that time.

VIS has noted that the ratings currently reflect the status of the bank as of mid-2020. The agency has stated that it will review Silk Bank's ratings following any major developments or upon receiving updated financial statements that reflect more recent performance.