National Bank of Fujairah receives investment grade rating from international rating agencies Moody’s and S&P
National Bank of Fujairah (NBF) PJSC today announced that it has received a Baa1/Prime-2 deposit rating from Moody’s and a BBB+/A-2 rating from Standard & Poor’s (S&P), highlighting the success of the bank’s strategy to date as a bank for business in the UAE. This is the first time the bank has been rated by both rating agencies, with both firms assigning a stable outlook that is further strengthened by NBF’s robust capital position and risk management framework.
Moody’s commented that the ratings build on the positive profile the bank has established in recent years as one of the leading providers of business banking and trade finance solutions in the UAE. As a growing franchise that is supported by a comprehensive risk management framework, solid capitalisation metrics underpinned by stable profitability levels and healthy liquidity, the bank has achieved a well-established position in the corporate middle market.
This recognition follows a record year for the bank where it achieved its highest ever net profit of AED 393.1 million with total assets growing 22.3% to AED 21.5 billion.
S&P highlighted that the stable outlook reflects the expectation that NBF will remain a conservatively-managed niche bank in the UAE’s trade finance and business banking markets, with no major changes expected in its business or financial profile over the next two years.
The ratings from both agencies were also based on the understanding that timely and sufficient systemic support would also be provided to NBF in case of need due to the bank’s ownership structure and the country’s strong support of the local banking sector.
His Highness Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi, Chairman said, “We are extremely pleased with these external credit ratings, which are testament to how far the bank has come since it began operations 30 years ago, the remarkable progress it has made in recent years and most importantly, the recognition of NBF’s long-term approach of growing in a sustainable and prudent fashion. With a well-capitalised asset base and stable risk management framework, we are confident that these ratings will send a strong signal to the market of NBF’s capacity for balanced future growth.”
His Excellency Sir Easa Saleh Al Gurg, KCVO, CBE Deputy Chairman commented, “The bank’s external profile has been significantly enhanced due to its strong performance and the quality of its customer relationship management. In addition to these strong ratings, we have received widespread recognition from the industry for being a leader in trade finance, treasury and the business banking segments, further establishing NBF as an integral partner of the development of the UAE banking landscape. In light of the ongoing recovery of the local economy, coupled with positive developments such as the recent Expo 2020 win, NBF is well-placed to support its customers through the next exciting chapter of the UAE growth story.”
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