Bank ABC (Arab Banking Corporation) announced that Standard & Poor’s Global Ratings (S&P) has affirmed its ‘BBB-/A3’ long and short-term issuer credit ratings with ‘Stable Outlook’.
S&P has announced the rating and outlook affirmation, citing the bank’s broad geographical diversification and performance track record in wholesale banking. It has also recognised the bank’s strong capitalisation, good asset quality and expected stable profitability.
Importantly, S&P’s capital and earnings assessment on its rating evaluation framework, remains “Strong”. This reflects the group’s maintenance of robust capital ratios while targeting selective asset growth to increase revenue and earnings.
The rating agency also recognises Bank ABC’s diversified portfolio with a broad geographic footprint, supporting the group’s consistent asset quality. This diversification mitigates risk from the uncertain geopolitical and economic conditions in the Middle East and volatility in trade flows and interest rates across various markets.
Commenting on the affirmation, Bank ABC’s acting group chief executive officer Brendon Hopkins said: “This affirmation of Bank ABC’s investment grade rating and stable outlook, provides a further reinforcement of the effectiveness of Bank ABC’s prudent capital and liquidity management and proven operating resilience, as we navigate a complex and uncertain external environment. This is underpinned by the strength of our franchise, our risk management discipline, our agility and our culture of putting our clients first with innovative banking. It is another testament to Bank ABC’s focus on maintaining a strong, diversified balance sheet and creating long-term value for all our stakeholders.”
&uuid=(email))