Press Release

JCR-VIS upgrades ratings of Habib Bank Limited to AA /A-1+ (Double A/A-One Plus)

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Karachi, June 30, 2005: JCR-VIS Credit Rating Company Limited has upgraded the ratings of Habib Bank Limited to AA/A-1+ (Double A/A-One Plus) with a ‘Stable’ outlook, from A+/A-1+ (A Plus/A-One Plus).

The bank’s key advantage remains its country-wide access and its widely dispersed deposit base. Following its successful privatization in 2004, HBL’s financial indicators have improved further, with strong momentum in business growth and resultantly in core earnings. While profit retention has enhanced the bank’s loss absorption capacity, recoveries from non-performing accounts have also reduced the level of asset impairment.

The complete implementation of the core banking system is also expected before the end of 2005. However, further improvement may be required in risk management systems supporting the consumer finance function. The bank has recently concluded a voluntary separation scheme. However JCR-VIS believes that the utilization of human resource requires further optimization.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (Ext: 235) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2005 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited