Press Release

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

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Karachi, June 28, 2006: JCR-VIS Credit Rating Co Limited has reaffirmed the credit ratings of National Bank of Pakistan Limited (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 stand-alone ratings of the bank have also been reaffirmed at ‘AA+/A-1+’ (Double A Plus / A One Plus) with a ‘Stable’ outlook.

With a steep increase in lending rates vis-à-vis the cost of deposits, spreads have widened considerably during the last year. Strong profitability combined with a high retention rate has substantially enhanced the bank’s tier-1 equity. Net worth has received further impetus on account of revaluation gains arising on its holding in National Investment Unit Trust (NIUT) and Bank Al-Jazira (BAJ) resulting in the capital adequacy ratio of NBP being the highest amongst peer banks.

NBP holds the largest share of deposits in the banking sector. While deposit base remained stagnant during the last year, the proportion of public sector deposits has reduced over the previous years and the credit push continued as liquidity levels remained in excess. Though increase in corporate loan book accounts for a significant portion of the growth achieved during the last year, the bank’s consumer portfolio has also depicted sizeable growth. Further penetration in the retail segment requires presence of a robust information technology infrastructure. The bank is working towards achieving this end and acquisition of a core banking solution is also on the anvil.

For further information on this rating announcement, please contact the undersigned (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Safdar Kazi

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 2006 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