Press Release

JCR-VIS reaffirms ratings of National Bank of Pakistan Limited at AAA /A-1+

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Karachi, June 26, 2008: JCR-VIS has reaffirmed the credit ratings of National Bank of Pakistan (NBP) at AAA/A-1+ (Triple A / A-One Plus) with a ‘Stable’ outlook. NBP has recorded a significant turnaround in performance over the last few years from operating at break-even levels in 1999 to posting a profit of over Rs. 19bn in 2007, along with registering strong asset quality, liquidity and capitalization indicators.

NBP’s key strength remains its extensive outreach and a low cost, stable deposit base. Deposits are also guaranteed by the Government of Pakistan under the Banking Nationalization Act, 1974. There have also been significant improvements in the management practices of the bank and a focus on enhancement of systems and controls. In this regard the management has entered into an agreement for the acquisition of a core banking software which is likely to be implemented over the next few years.

JCR-VIS believes that the current economic situation puts certain leading industrial sectors and the general consumer under financial stress. Therefore, the second half of 2008 and 2009 are likely to be challenging for the banking sector as a whole, in terms of maintaining growth, asset quality and profitability.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( or Mr. Mansur Ali Shah ( at 5311861 or fax to 5311873.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited