The financial strength rating has been upgraded to BBB (from BBB-), and reflects the strong first quarter result, as well as improvements in profitability and asset quality, which appear to be sustainable. The foreign currency long-term rating is affirmed at BBB. All ratings carry a Stable outlook.
ARBIFT is strongly capitalised with capital accounting for a fifth of the balance sheet. The growth in commercial lending and interbank placements, coupled with a widening interest differential, and good non-interest income growth, strengthened key profitability ratios last year. Shareholders have committed to a substantial increase in capital this year, which will enable ARBIFT to grow its operations in the years ahead.
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Arbift's ratings raised
- United Arab Emirates: Monday, July 02 - 2007 at 12:51
- PRESS RELEASE
Capital Intelligence (CI), the international credit rating agency, announced that it has raised the foreign currency short-term rating of Abu Dhabi-based Arab Bank for Investment and Foreign Trade (ARBIFT) to A2 (from A3) in view of the bank's good liquidity and the expected capital increase this year.
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Contact: Karti InamdarTel: 91 124 401 2142
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, July 02 - 2007 at 12:51 UAE local time (GMT+4)
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