MANAMA: Standard & Poor’s Global Ratings (S&P) has upgraded its outlook on Bank ABC to stable and reaffirmed its BBB-/A-3 long- and short-term issuer credit ratings.
The agency said the upgrade was attributable to the bank’s ability to withstand difficult conditions in its key markets and to deliver strong financial performance.
In a statement, S&P underscored that the stable outlook reflects its view of Bank ABC’s resilience to high economic and banking industry risks in the countries where it operates.
The agency added that despite challenges in many markets, Bank ABC’s stable financial performance supports the group’s capitalisation.
“We welcome this well-earned outlook revision from S&P. The agency has commended our continuing prudent risk management and ongoing efforts to adjust our business model to respond to a deeply changing industry,” said Bank ABC Group chief executive Dr Khaled Kawan.
He asserted that the bank takes particular pride in the confirmation of its prudent growth strategy and sound asset-quality metrics.
“We will continue to leverage our unique footprint, strong capital, and global product and service offering to better attend to the needs of our clients and deliver stronger value to our shareholders,” said Dr Kawan.
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