The Arab United Bank has announced that the global credit rating agency Moody’s has upgraded its long-term and short-term deposits in both foreign and local currencies to Baa2/P-2 from Baa3/P-3, with a “Stable” outlook. Additionally, Moody’s raised the bank’s baseline credit assessment (BCA) to ba2 from ba3, and the adjusted score to ba1 from ba2.
Moody’s confirmed that this elevation in ratings reflects the bank’s ongoing progress in executing its new strategy, which has led to improvements in asset quality, profitability, and financial strength.
Shreesh Bede, the bank’s CEO, stated that the recent upgrade signifies two consecutive improvements in the bank’s ratings over the last two years, showcasing the significant strides made in strengthening its financial position and implementing its revised strategy.
This achievement is a testament to the bank’s commitment to sustainable growth and enhancing the confidence of its customers and shareholders. The bank will continue its efforts to expand its operations and diversify its services, supported by a strong capital base and conservative risk management practices, which enhance its ability to tackle challenges and turn them into growth opportunities.