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Commenting on the occasion Mr. Ghazi Abdul-Jawad, President & Chief Executive of ABC said,
"The ratings upgrade from Moody's reflects the continuous improvement in the ratings which we already received from other international ratings agencies. This important achievement is a result of the continuous improvement in our financial standing, ABC's profitability and risk management methodologies."
"Yesterday ABC announced its first quarter results wherein shareholders return on equity (ROE) reached around 13%. ABC Group's total assets amounted to US$23.2 billion. Loans and advances increased to US$8.8 billion as the lending portfolio continued to grow to meet customer demand. Loans to deposits ratio decreased marginally to 48%. The Group continues to maintain a strong capital base as evidenced by the risk asset ratio of 15.6% at March 2007."
Mr. Abdul-Jawad averred that ABC would continue to build on its strength and its ratings by implementing the strategies which are already in place in various countries around the world where ABC has a presence.
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Posted by Anne-Birte Stensgaard, Senior News Editor
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