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S&P Reaffirms Positive Ratings on ADCB
ABU DHABI — The credit rating agency Standard and Poor’s has reaffirmed an A/Stable A-1 rating on Abu Dhabi Commercial Bank, or ADCB, as Abu Dhabi’s second largest lender has adequate funding and liquidity.
The support and ownership by Abu Dhabi Investment Council, or ADIC, has been a key factor in the ratings, the agency amply recognises the improving domestic commercial position, increasing revenue diversification, good operational efficiency and the bank’s strategy to continue strengthening its customer franchise particularly in the Retail, Islamic and SME segments.
The agency took note that the bank’s funding and liquidity are adequate and that the bank has access to a substantial base of customer deposits.
The recent stress in the World economy and the consequent impact on asset quality of ADCB, was also reviewed. However, the recent infusion of capital further strengthened the bank and the support from the government of Abu Dhabi, a majority shareholder in ADCB provides financial flexibility whenever needed.
ADCB Chief Executive Ala’a Eraiqat said that the ratings reflect the affirmation of the bank’s strategy in improving the franchise, risk management profile and capital ratios and validate its efforts towards creating best practice standards, strengthening stakeholders’ confidence and maintaining high performance levels.
“We are committed to sustain the growth, profitability, and customer expectations and to enhance our hall mark in terms of performance, innovation, security and quality.” said Eraiqat.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, investment banking.
The bank also provides its services in the areas of corporate finance, foreign exchange, currency, derivative and Islamic products, project finance, property management and strategic investments.
ADCB is owned 64.8 per cent by the Abu Dhabi Government through the ADIC.
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