Mubasher: Doha Bank on Sunday announced that Fitch Ratings has upgraded the outlook of the Qatari lender to stable from negative.

The New York-based agency has also affirmed the bank's Long-term Issuer Default Ratings (IDR) at 'A', according to a statement to the Qatar Stock Exchange (QSE).

Fitch has highlighted the support of Qatari authorities for the gas-rich nation's banking system,  CEO of Doha Bank R. Seetharaman commented.

This rating comes due to the revision of the Qatari sovereign's outlook to stable from negative and affirmation of the country's Long-Term IDR at 'AA-', Fitch noted. 

Moreover, it reflects Fitch's view that Qatar has successfully managed the fallout from last year's rupture of trade, financial and diplomatic relations with four Arab states, namely the UAE, Saudi Arabia, Bahrain and Egypt, the statement highlighted.

“In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy. Some of these reforms include landmark residency bill, relaxing entry visa requirements for citizens of 80 countries and enhancing food security,” Seetharaman added.

Doha Bank’s profits rose 4.7% to QAR 381 million for the first quarter of 2018, compared to QAR 364 million in Q1-17. 

By 10:43 am Qatar time, Doha Bank's stock rose 0.15% at QAR 27.04.