Press Release

Standalone Ratings of National Bank of Pakistan Upgraded

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Karachi, June 29, 2005: JCR-VIS Credit Rating Company Limited has reaffirmed the credit ratings of National Bank of Pakistan (NBP) at AAA/A-1+ (Triple A/ A-one Plus) with a ‘Stable’ outlook as the bank continues to be a beneficiary of the sovereign guarantee on deposits, extended under the Banks Nationalization Act (1974).

The medium to long-term standalone rating has been upgraded to AA + (Double A Plus) with a ‘Stable’ outlook, while short-term rating has been maintained at A-1+ (A One Plus). NBP has kept pace with growth in the banking sector over the most recent periods. Its reliance on government business has successively reduced with the corresponding increase in credit growth in the private sector. As a result, earning indicators have improved consistently and high profit retention continues to give the bank the necessary capital to allow further growth. NBP’s key advantage, and one of the primary rating considerations, remains its extended customer base and outreach throughout the country.

The bank has made efforts to improve the information infrastructure and risk management framework. However, the pace of efforts needs to be accelerated further.

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, 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 2005 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