October 2009

Karachi, June 29, 2009: JCR-VIS Credit Rating Company Ltd has reaffirmed the entity ratings of Samba Bank Limited (Samba) at ‘A/A-1’ (Single A / A- One). Outlook on the assigned ratings is ‘Stable’.

The ratings of Samba take into account the support emanating from its key sponsor – Samba Financial Group. In addition to equity support, Samba has benefited from its sponsor’s expertise in various aspects of banking operations, as reflected in ongoing improvement in technology and risk management infrastructure, strengthening of the policy framework and training of human resource personnel.

Although efforts to rationalize funding costs are beginning to post results, meaningful growth in low cost schemes and broad based funding access may take time to develop. JCR-VIS will continue to monitor the bank’s ability to develop access to a diversified funding mix, as new liability products currently in the pipeline, are introduced in the market.