Press Release

JCR-VIS reaffirms the ratings of Faysal Bank Limited

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Karachi, June 12, 2007: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Faysal Bank Limited (FBL) at ‘AA/A-1+’ (Double A/A-One Plus) and ratings of its unsecured, subordinated term finance certificates (Issue-I) at AA- (Double A Minus). JCR-VIS has also assigned a preliminary rating of ‘AA-’ (Double A minus) to the second unsecured and subordinated, proposed TFC issue of FBL. Outlook on the ratings is ‘Stable’.

The bank remains sufficiently well capitalized and depositor safety would be enhanced further with two proposed issues of subordinated and unsecured term finance certificates. With an expanded branch network, the bank’s deposit mix has registered an improvement with a relative reduction in large accounts, though there is room for improvement in liquidity reserves vis-à-vis financial obligations.

FBL experienced substantial improvement in net markup earnings, though increased provisioning requirements and higher operational costs resulted in profit levels that were largely comparable to the previous year.

The bank is in the process of implementing its newly purchased core banking software, which is expected to improve controls and operational efficiency.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861 or fax to 5311873.

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 2007 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