Dubai – Mubasher: Fitch Ratings asserted Ajman Bank's long-term issuer default rating (IDR) at 'BBB+', with a stable outlook and viability rating (VR) at 'b+', according to a press release.
Mustafa Al Khalfawi, Group CEO of Ajman Bank, said: "We are proud to receive the 'BBB+' rating from Fitch, one of the world’s leading credit rating agencies, affirming our robust financial outlook and strategic direction.”
“This endorsement not only reflects our operational resilience and prudent risk management practices but also highlights our commitment to upholding the highest standards of corporate governance and financial integrity,” Al Khalfawi continued.
He indicated: “As we continue to navigate through the complexities of the financial landscape, this rating serves as a catalyst, encouraging us to further innovate, expand our service offerings, and enhance shareholder value."
The lender’s IDRs ratings are driven by support from the UAE authorities. As for the VR, it highlights the bank's narrow franchise, undiversified business model, high-risk concentrations, weak although improving asset quality, modest profitability and capitalisation.
Last year, Ajman Bank shifted to net losses valued at AED 390.35 million, compared to net profits of AED 162.06 million in 2022.
