Press Release

JCR-VIS Reaffirms Corporate Governance Rating of Allied Bank Limited at CGR-9+

Karachi, February 11, 2019: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Corporate Governance Rating of Allied Bank Limited (ABL) at “CGR-9+”. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest). The previous rating action was announced on January 11, 2018.

The rating reflects presence of a well-established corporate governance framework at ABL supplemented by effectively functioning board and management level committees. The board comprises seasoned professionals. The recent addition of an independent female director in place of a non-executive director further strengthens the best practices environment. Appropriate arrangements are made for the orientation of new directors to acquaint them with their duties and responsibilities. Overall attendance of all board committee meetings was satisfactory and the minutes of these committee meetings are considered comprehensive with follow up in place on actionable items.

Level of financial and qualitative disclosures in the public domain is considered sufficient. The institution maintains healthy stakeholder relations and actively engages in social and welfare causes. Overall control environment of the institution is considered satisfactory with adequate internal audit, sound risk management measures and largely effective compliance in place. The Bank regularly updates its technology to the latest version to improve its efficiency and efficacy. In pursuit of ABL’s vision to provide innovative digital banking experience to its customers, the Bank has introduced various business solutions.

For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Mr. Maimoon Rasheed at 042-35723411-13.

Javed Callea

Applicable Rating Criteria: Corporate Governance Rating (August 2017)

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 2019 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